The Pound Sterling weakens against its major peers even though the United Kingdom (UK) Consumer Price Index (CPI) report for January showed that inflationary pressures accelerated at a faster-than-expected pace. In the 12 months to January, the headline CPI rose by 3%, faster than estimates of 2.8% and the December reading of 2.5%. In the same period, the core CPI – which excludes volatile components of food, energy, alcohol, and tobacco – grew by 3.7%, as expected, faster than the former reading of 3.2%. Month-on-month headline CPI inflation deflated at a slower-than-projected pace of...
Oil extended this week's advance on uncertainties around supplies from Russia, Kazakhstan and the rest of the OPEC+ alliance. Brent rose for a third straight session, trading above $76 a barrel. OPEC+ is weighing pushing back a series of monthly supply increases due to begin in April, which would be the fourth delay if implemented.At the same time, the exclusion of President Volodymyr Zelenskiy from US-led talks to end the war in Ukraine may slow an agreement and, consequently, the potential normalization of Russian crude flows.Source: Bloomberg
The dollar held steady against a range of currencies on Wednesday while the yen strengthened, as traders focused on talks over a Ukraine ceasefire and digested the latest round of tariff threats from U.S. President Donald Trump.The pound, meanwhile, got a small lift from a stronger-than-expected UK inflation print.The dollar index last stood at 107.06, up 0.047% after dropping 1.2% last week. The yen was stronger against the dollar , up 0.24% at 151.675.Source: Reuters
Gold's price (XAU/USD) extends this week's bullish momentum and hits a fresh all-time high at above $2,945 during the European trading session on Wednesday. The up-move comes after United States (US) President Donald Trump's harsh words on Ukraine overnight, just hours after first talks between the US and Russia officials raised concerns among traders if a peace deal is even in the cards. Meanwhile, President Trump confirmed again that 25% tariffs on automobile imports are coming, extending to pharmaceutical and semiconductor imports in addition. Meanwhile, the Federal Reserve (Fed) is set...