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 USD/CHF pair posts modest losses around 0.6410 during the early European session on Wednesday. The uncertainty surrounding trade policy continues to boost the safe-haven flows, supporting the Swiss Franc (CHF). The Swiss KOF Leading Indicator for April is due later on Wednesday. China exempted some US imports from its 125% tariffs last week, although China quickly knocked down US President Donald Trump's assertion that trade talks between the two countries were underway. On Monday, US Treasury Secretary Scott Bessent said that key trade partners have made "very good" offers to avoid US...
Gold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday. The global equity markets continue to rise amid signs of easing US-China trade tensions and US President Donald Trump's decision to give flexibility on tariffs to US carmakers. This, along with a modest US Dollar (USD) uptick, is seen as a key factor undermining demand for the safe-haven precious metal. Meanwhile, Trump's rapidly shifting stance on trade policies has been received poorly by investors and...
The Japanese Yen (JPY) trades with a negative bias against its American counterpart for the second straight day on Wednesday as a positive risk tone seems to undermine demand for traditional safe-haven assets. US President Donald Trump signed an order to ease the impact of new tariffs on the auto industry, which, along with signs of further trade deals, boosts investors' confidence. Apart from this, disappointing domestic data turns out to be another factor weighing on the JPY. Any meaningful JPY depreciation, however, seems elusive as traders might opt to move to the sidelines ahead of the...
The U.S. dollar was steady on Wednesday but poised for its weakest monthly performance since November 2022 as erratic U.S. trade policies under President Donald Trump left the greenback vulnerable while boosting the euro, yen and Swiss franc. The White House has retreated several times on the sweeping tariffs Trump unveiled in early April that led to a global stock market meltdown and prompted investors to flee the normally safe-haven U.S. dollar and Treasury debt. Trump signed a pair of orders on Tuesday to soften the blow of his auto tariffs with a mix of credits and relief from other...
Oil prices tread water in Asian trade on Wednesday as uncertainty over U.S. trade policy and global economic growth kept traders negative on the outlook for demand, with weak Chinese manufacturing data adding to the mix. Prices were headed for a steep monthly loss in April as fears of slowing demand and increased supplies battered oil markets through the month. Prices had also briefly hit a four-year low earlier in April. Brent oil futures for June fell 0.1% to $64.18 a barrel, while West Texas Intermediate crude futures steadied at $60.30 a barrel by 22:01 ET (02:01 GMT). Brent oil...
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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