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...
EUR/USD continued to explore the bearish side of the chart on Monday (14/1), dropping to the 1.0200 level for the first time since late 2022, carving a fresh 26-month low before staging a half-hearted recovery later in the day. European economic data remained sluggish throughout the trading week. The European Central Bank (ECB) is set to continue lowering interest rates, further widening the euro's interest rate differential against the US dollar. Final pan-EUR and German inflation figures due mid-week are not expected to deviate significantly from the preliminary figures. The US Producer...
Gold prices fell during the North American session as traders seeking safety bought the greenback as US Treasury yields rose to their highest level since November 2023. At the time of writing, XAU/USD was trading at $2,657 after failing to break through $2,700, down 1.20%. A thin economic data on Monday left investors digesting the latest US Nonfarm Payrolls figures for December. While the economy performed better than expected, with the figure rising by 256K beating estimates of 160K and 212K in November, traders are eyeing the release of US inflation data. On Wednesday, the Consumer...
Gold prices dipped on Monday as the U.S. dollar soared to an over two-year high after a robust jobs report last week cemented expectations the Federal Reserve will proceed with caution with cutting interest rates this year. Spot gold fell 1% to $2,661.76 per ounce as of 03:57 p.m. ET (2057 GMT). Prices hit their highest in a month on Friday. U.S. gold futures settled 1.3% lower at $2,678.60. The dollar index (.DXY), rose to its highest since November 2022 after the U.S. jobs report underscored the strength of the economy and muddied the Fed outlook. A higher dollar makes bullion more...
Oil prices climbed about 2% to a four-month high on Monday on expectations that wider U.S. sanctions on Russian oil would force buyers in India and China to seek other suppliers. Brent futures rose $1.25, or 1.6%, to settle at $81.01 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.25, or 2.9%, to settle at $78.82. That put Brent on track for its highest close since Aug. 26 and WTI on track for its highest close since Aug. 12, and kept both benchmarks in technically overbought territory for a second day in a row. Moreover, with Brent and WTI front-month prices rising over...
The dollar index topped 110 on Monday, the highest level since October 2022, and extending a 0.6% gain in the first week of the year, as traders scaled back expectations for Federal Reserve rate cuts this year, driven by a stronger-than-expected jobs report on Friday. Concerns over inflationary policies under President-elect Donald Trump also added to the cautious outlook. Traders now anticipate only 27 basis points of rate cuts in 2024, a sharp reduction from the 50 basis points forecast earlier this month, with the expected single quarter-point cut likely postponed to the second half of...
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...