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...
Gold prices held steady on Wednesday as investors adjusted positions ahead of US nonfarm payrolls data, seeking more clarity on the timing of the Federal Reserve's next interest rate cut. Spot gold was up 0.1% at $3,341.92 an ounce, as of 11:49 a.m. EDT (15:49 GMT), while US gold futures were up 0.1% at $3,352.50. "We're seeing a lull here with the holiday-shortened week, and we're going to get the unemployment report on Thursday. So there's kind of a positioning, with people just waiting to see what that report shows," said Jim Wyckoff, senior analyst at Kitco Metals. Earlier today, the...
The US Dollar (USD) is trading with a slightly positive tone on Wednesday, bouncing back a bit after hitting the lowest level since February 2022 on Tuesday. The modest rebound comes as traders digest US economic data and cautious comments from Federal Reserve (Fed) Chair Jerome Powell, which have slightly eased the downward pressure on the Greenback. Still, concerns over tariffs, fiscal policy and the Fed's next move continue to weigh on the USD broader outlook. The US Dollar Index (DXY), which measures the Greenback's performance against a basket of six major currencies, is moving...
Gold (XAU/USD) price is attempting to extend its recovery as traders digest Wednesday's Automatic Data Processing (ADP) employment report. With XAU/USD hovering near $3,350 at the time of writing, US President Trump's tax bill and interest rate expectations continue to drive demand for bullion. The ADP Employment Change report for June showed that the private sector contracted in June. Analysts had expected the June report to show that 95,000 jobs were added to the US private sector in May. Instead, a negative reading of 33K reflects potential weakness in the US labour market. As a...
Oil prices rose Wednesday after Iran suspended cooperation with the U.N. nuclear watchdog, lifting geopolitical tensions in the region. At 07:50 ET (11:50 GMT), Brent oil futures for September rose 1.2% to $67.94 a barrel, and West Texas Intermediate crude futures gained 1.3% to $66.30 a barrel. Iran suspends cooperation with UN Iran put into effect a law on Wednesday that stipulates that any future inspection of its nuclear sites by the International Atomic Energy Agency needs approval by Tehran's Supreme National Security Council. This decision comes amid growing tensions between Tehran...
The AUD/USD pair attracts some sellers on Wednesday and moves away from a fresh year-to-date high, around the 0.6590 area touched the previous day. Spot prices remain depressed near the 0.6565-0.6560 region through the first half of the European session, though the downside potential seems limited. The Australian Dollar (USD) is weighed down by unimpressive domestic data, which reaffirmed bets that the Reserve Bank of Australia (RBA) will cut interest rates again in July. The Australian Bureau of Statistics (ABS) reported that Retail Sales grew 0.2% MoM in May compared to 0% in April,...
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...