The Japanese yen remains under pressure against the strengthening US dollar, reaching its lowest level since last February. Markets remain uncertain about when the Bank of Japan (BoJ) will raise interest rates, while Japan's new Prime Minister, Sanae Takaichi, is leaning towards continuing its massive fiscal spending policy and postponing policy tightening. This, despite strong inflation data in Tokyo, continues to pressure the yen. Meanwhile, the US dollar remains strong near its highest level since August, driven by the Federal Reserve's hawkish stance, which increases the likelihood of...
Oil prices rose in early Asian trading after OPEC and its allies (OPEC+) agreed to increase production by 137,000 barrels per day in December. Despite the increase, the group stated that it would not increase production during the first three months of 2026 due to seasonal factors. This decision was considered unexpected by some analysts. Jorge Leon of Rystad Energy called the decision to pause production increases in the first quarter of 2026 another surprise from the latest OPEC+ meeting. In the market, front-month WTI crude futures rose 0.6% to $61.37 per barrel, while front-month Brent...
Gold prices fell early in the Asian session after China's Ministry of Finance ended tax incentives for precious metal sales as of November 1st. This decision surprised the market, as the previous rules had helped ease the tax burden on gold transactions. Following the news, the spot gold price weakened by around 0.4% to $3,987.46 per ounce. According to ANZ Research, many investors in China were disappointed by this rule change. Now, retail investors can no longer offset value-added tax (VAT) when selling gold purchased from the Shanghai Gold Exchange. The impact could be widespread, as...
The Euro (EUR) weakens further against the US Dollar (USD) on Friday, with EUR/USD slipping to a three-month low. The pair remains under pressure as the Greenback draws support from the Federal Reserve's (Fed) hawkish tone after delivering a widely expected 25-basis-point rate cut earlier this week. At the time of writing, EUR/USD is trading around 1.1523, extending losses for the third consecutive day and on track to post its first monthly decline in three months. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, is hovering near...