Renewed tensions between the United States and Russia have resurfaced following an incident involving an oil tanker, sparking market concerns about potential disruptions to global energy supplies. Washington's move, associated with tightening oversight and enforcement of sanctions on Russian oil shipments, is viewed by Moscow as provocative and could worsen relations between the two countries. Russia views these actions as an attempt by the United States to suppress Russian energy exports and strengthen its dominance in the global oil market. Meanwhile, Washington argues that these measures...
Silver prices (XAG/USD) held below US$38 per troy ounce on Friday, after plunging more than 1% in the previous session. Pressure persisted as higher-than-expected US producer price inflation (PPI) dampened hopes for a significant Fed rate cut in September and kept interest in non-yielding assets low. Data-wise, weekly jobless claims came in at 224,000, better than the 228,000 forecast, indicating a still-resilient labor market. The combination of a hot PPI and solid claims has reduced the urgency for aggressive easing, reinforcing the "soft landing" narrative among market...
Gold is headed for a weekly loss, as traders scale back bets on a Federal Reserve interest rate cut next month following rising inflation. Gold bullion traded near $3,335 an ounce, after ending the previous session 0.6% lower following a report showing US wholesale inflation rose in July at its highest pace in three years. Treasury yields and the dollar strengthened after the data, weighing on non-interest-bearing gold as it is priced in that currency. Swap traders now see about a 90% chance the US central bank will cut interest rates in September, having fully priced in such a move...
Oil prices were steady throughout the day and week, with investors focused on the meeting between the US and Russian presidents on Friday night. West Texas Intermediate crude traded near $64 a barrel after surging 2.1% in the previous session to offset losses earlier in the week, while Brent closed above $66 in thin trade. Vladimir Putin ramped up his appeal before the summit in Alaska, while Donald Trump sought to dampen hopes for a breakthrough. Any sign of easing US sanctions on Russian energy could lead to a further decline in oil prices, which have fallen about 10% this year amid...
GBP/USD recoiled from rising US inflation metrics on Thursday, sending the US Dollar (USD) broadly higher and snapping a two-day winning streak in the Cable-Dollar pairing. GBP/USD saw its largest single-day decline in over two weeks, pushing the pair back toward 1.3500 after flubbing a technical push toward 1.3600. Despite getting trimmed lower by around one-third of one percent, GBP/USD is still holding firmly onto the bullish side. Cable is still trading well above the 200-day Exponential Moving Average (EMA) near 1.3170, and immediate technical support is priced in at the 50-day EMA...
Gold Price takes a hit and dives over 0.60% on Thursday following a red-hot factory gate inflation report in the United States (US), which prompted investors to price out the chances for a 50-basis-point rate cut at the Federal Reserve's (Fed) upcoming meeting. The XAU/USD trades at $3,334 at the time of writing. The US Producer Price Index's (PPI) July figure from the Bureau of Labor Statistics (BLS) crushed estimates and June's print. Core PPI soared and was shy of touching 4% amid an environment in which the White House demands lower interest rates, saying that tariffs are not...
Asian stock markets fell in unison on Thursday, following Wall Street's decline. A brief rally in tech stocks led by Nvidia quickly faded, prompting investors to turn away from riskier assets like...
European stock indices closed marginally lower on Wednesday as equities took a breather from their recent strong momentum, while investors continued to assess the outlook for the ECB's policy this...
The upcoming Supreme Court ruling on the legality of President Donald Trump's massive tariffs, which rocked markets in April, is one of the next major tests for US stocks and bonds.
Equity markets...