The US dollar weakened on Friday after a surge in jobless claims and a moderate rise in inflation made markets increasingly confident that the Fed would cut interest rates next week—and possibly further thereafter. The dollar index stood at 97.585, heading for a second straight weekly decline after snapping a two-day rally on Thursday.Thursday's data showed the largest weekly increase in jobless claims in four years, overshadowing the August CPI release, which rose the fastest in seven months but remained moderate and in line with expectations. Some market participants called the current...
Oil prices fell slightly on Thursday as investors worried that U.S. tariffs could slow energy demand ahead of expected supply increases by major crude producers. Brent crude futures settled 31 cents, or 0.45%, lower at $68.80 a barrel. U.S. West Texas Intermediate crude fell 45 cents, or 0.67%, to $67 in thin trading ahead of the Independence Day holiday. President Donald Trump's 90-day pause on higher U.S. tariffs expired on July 9, and several major trading partners have yet to reach a trade deal, including the European Union and Japan. Oil traders are concerned about the impact on the...
Gold prices fell 0.80% on Thursday (03/07) as a strong US Nonfarm Payrolls report strengthened the US Dollar, leading market participants to believe that the Fed is unlikely to cut interest rates at its July meeting. At the time of writing, XAU/USD was trading at $3,332, having hit an intraday high of $3,365. The US June jobs report beat estimates and also surpassed May's reading. It is worth noting that the Unemployment Rate fell close to the 4% threshold, indicating that the labor market remains solid. The data called into question Wednesday's ADP National Employment Change report, which...
Gold fell 1% on Thursday as stronger-than-expected U.S. payrolls data reinforced expectations that the Federal Reserve is unlikely to cut interest rates as quickly as previously anticipated, denting the metal's appeal. Spot gold fell 1% to $3,323.49 an ounce by 11:02 a.m. EDT (1502 GMT), while U.S. gold futures fell 0.8% to $3,333. The dollar (.DXY), opens a new tab and U.S. stock index futures rose after nonfarm payrolls increased by 147,000 jobs last month, the Labor Department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast payrolls rising by 110,000. A...
Oil prices fell slightly on Thursday as the possibility of renewed U.S. tariffs raised questions about demand ahead of expected supply increases by major producers. Brent crude futures fell 63 cents, or 0.91%, to settle at $68.48 a barrel by 11:12 a.m. EDT (1512 GMT). U.S. West Texas Intermediate crude fell 77 cents, or 1.14%, to settle at $66.68. Both contracts hit one-week highs on Wednesday as Iran, a major oil producer, suspended cooperation with the U.N. nuclear watchdog, raising concerns that a lingering dispute over its nuclear program could escalate into armed conflict. A...
The campaign period for the July 20 election for the upper chamber of Japan's parliament kicked off earlier Thursday, and Bank of America Securities stated that the Japanese currency has not yet priced in election risk. At 08:00 ET (12:00 GMT), USD/JPY traded 0.1% higher to ¥143.84, but the pair is approximately 8.5% lower so far this year. "We have argued that the risk from Japan's Upper House election to be held on July 20 is skewed to a weaker yen with a rise in volatility in the case of a loss by the ruling coalition party," said analysts at Bank of America Securities, in a note dated...
The Pound Sterling remained steady against the Greenback on Thursday after a solid Nonfarm Payrolls report in the United States (US) cemented the case that the Federal Reserve would hold rates at the July meeting, as the Unemployment Rate ticked lower. At the time of writing, the GBP/USD trades at 1.3634, virtually unchanged. The US Bureau of Labor Statistics (BLS) reported that the US economy added 149,000 people to the workforce, exceeding estimates of 110,000 and May's 144,000 print. The Unemployment Rate came at 4.1% down from 4.2%. The data fortifies the Fed Chair Jerome Powell's...
The dollar index climbed above 97.3 after a stronger-than-expected June jobs report helped ease concerns over the health of the US labor market, despite lingering uncertainty surrounding trade policy. The US economy added 147,000 jobs in June, up from 144,000 in May and well above market forecasts of 110,000. Meanwhile, the unemployment rate unexpectedly dipped to 4.1%, defying expectations of a rise to 4.3%. Average hourly earnings increased by 0.2%, slightly below the projected 0.3%. Source: Trading Economi
The EUR/USD pair is practically flat on Thursday, trading right below 1.1800 at the time of writing, not far from the multi-year highs reached earlier this week. Investors' appetite for risk is fading as optimism about the US deal with Vietnam gives way to caution heading into the US Nonfarm Payrolls (NFP) data release. In the Eurozone, June's services activity was revised higher to 50.5 from the previously estimated 50.0 reading. These figures reveal that the sector grew again in the last month, following a slight contraction in May. The impact of the data in the Euro, however, has been...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....