OPEC on Tuesday raised its forecast for global oil demand next year and trimmed its forecast for growth in supply from the United States and other producers outside the wider OPEC+ group, pointing to a tighter market outlook. World oil demand will rise by 1.38 million barrels per day in 2026, the Organization of the Petroleum Exporting Countries said in a monthly report, up 100,000 bpd from the previous forecast. This year's expectation was left unchanged. Oil supply from countries outside the Declaration of Cooperation - the formal name for OPEC+ - will rise by about 630,000 barrels per...
The GBP/USD pair attracted some sellers during the Asian session on Wednesday and eroded a part of its weekly gains recorded over the past two days, to the 1.3400 mark. The intraday downtick was sponsored by a modest US Dollar (USD) strength that dragged the spot prices below mid-1.3300s in the last hour. From a technical perspective, the GBP/USD pair started the week showing some resilience near the 1.3250-1.3245 support and bounced off the 100-period Exponential Moving Average (SMA) on the 4-hourly chart. Moreover, oscillators on the daily/hourly charts are holding in the positive...
EUR/USD retraced recent gains from the previous session, holding near 1.1360 during the Asian session on Wednesday (07/05). Technical analysis on the daily chart continues to show a bullish bias, with the currency pair remaining within an ascending channel pattern. The EUR/USD pair remains marginally above the nine-day Exponential Moving Average (EMA), signaling strong near-term bullish momentum. The 14-day Relative Strength Index (RSI) is also holding above the 50 mark, further supporting the prevailing bullish bias. On the upside, the EUR/USD pair could retest the April 21 high of 1.1573...
Silver (XAG/USD) weakened on Wednesday (07/04) during Asian trading hours, hovering around $33.00 an ounce after two consecutive days of gains. The decline came as safe-haven demand weakened following news that US and Chinese officials will meet this week to discuss trade, raising hopes of a de-escalation. In a key development, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are scheduled to meet Chinese Vice Premier He Lifeng in Geneva over the weekend. This marks the first high-level dialogue since the US imposed tariffs that sparked a global trade conflict....
The Japanese Yen (JPY) weakened across the board during the Asian session on Wednesday (07/05) as optimism over the US-China trade talks was seen denting demand for traditional safe-haven assets. This comes on top of uncertainty over the likely pace and timing of future interest rate hikes by the Bank of Japan (JPY), which was seen weighing on the JPY. This, along with a modest uptick in the US Dollar (USD), helped the USD/JPY pair to gain some positive traction and snap a three-day losing streak to a near one-week low touched on Tuesday. However, investors seem convinced that the BoJ could...
The dollar was steady on Wednesday before a Federal Reserve meeting to determine policy for an uncertain economy and as major investors in Asia continued to cash out of U.S. assets. News that the United States and China will hold talks on Saturday eased concerns about a trade war that has shaken investor confidence in the dollar and U.S. markets. Fed Chair Jerome Powell is expected to say more data is needed before deciding on the U.S. central bank's next move. There appears to be a slowdown in dollar selling since last week, which has been driven by investors globally, particularly in...
U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he referred to as "THE 12 DAY...
Gold moved above $2600 on Monday during the Asian trading session. Currently, Gold is still struggling to capitalize on last week's modest recovery from a one-month low and is fluctuating.
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