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...
The Australian Dollar (AUD) held steady on Monday, holding onto last week's late gains against the US Dollar (USD). AUD/USD kept a tight grip on the 0.6470 region, keeping the pair locked in against the 200-day Exponential Moving Average (EMA). A much-needed moment of Greenback selling helped to snap the Aussie's six-day losing streak, and traders are now pivoting to watching for trade headlines. Australia's Melbourne Institute (MI) inflation gauge hit a 20-month high in July, rising 0.9% MoM, its highest single-month increase since December 2023. Australian Consumer Price Index (CPI) eased...
The Japanese Yen (JPY) extended its gains against the US Dollar (USD) on Monday, strengthening slightly after staging a sharp rebound from a four-month low of 150.84 following Friday's disappointing US employment report. The softer labor market print has fueled expectations of monetary policy easing by the Federal Reserve (Fed) at its next meeting in September, which is weighing on the Greenback and boosting demand for the safe-haven Yen. At the time of writing, the USD/JPY pair is hovering near 147.00 during American trading hours, having given up recent gains that were fueled by a strong...
Gold price posted modest gains on Monday as expectations that the Federal Reserve (Fed) could cut interest rates rose since last Friday, following last Friday's dismal US Nonfarm Payrolls report. The XAU/USD trades at $3,375, edges up 0.39%. Expectations that the Fed might cut interest rates are boosting the yellow metal. The odds for the September 17 meeting rate cut are 87%. Last week's jobs data revealed the first cracks of a deteriorating labor market. The US Bureau of Labor Statistics (BLS) revised down May and June figures by 258K. Hence, the data vindicated Fed Governor Christopher...
Oil prices fell to their lowest in a week on Monday after OPEC+ agreed to another large output increase in September, adding to oversupply concerns after U.S. data showed lacklustre fuel demand in the top consuming nation. Brent crude futures fell 43 cents, or 0.6%, to $69.24 a barrel by 11:39 a.m. ET (1539 GMT), while U.S. West Texas Intermediate crude declined by 48 cents, or 0.7%, to $66.85 a barrel. Both contracts were down more than 2% earlier in the session and hit the lowest in a week, after declining close to 3% on Friday. The Organization of the Petroleum Exporting Countries and...
The GBP/USD rallies for the second straight day, up by 0.12% following a dismal jobs report in the United States (US). The data prompted investors to price in a rate cut by the Federal Reserve at the upcoming September meeting. The pair trades at 1.3289, after bouncing off daily lows of 1.3253. Last week, the 258K revision to Nonfarm Payroll figures for May and June, along with July's 73K print, below forecasts of 110K, weighed on the Dollar amidst fears that the labor market begins to show some cracks. The NFP report triggered the firing of the US Bureau of Labor Statistics (BLS)...
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...