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...
Silver (XAG/USD) edges lower after testing the three-week top during the Asian session on Friday and currently trades around the mid-$33.00s, down 0.30% for the day. The technical setup, however, warrants caution before positioning for any meaningful depreciating move. This week's breakout above the $33.00 round figure, representing the top end of a multi-day-old range and the 61.8% Fibonacci retracement level of the March-April downfall, was seen as a key trigger for bullish traders. Moreover, oscillators on the daily chart have been gaining positive traction and are still far from being...
The Japanese Yen (JPY) edges lower during the Asian session on Friday as hopes for the potential de-escalation of the US-China trade standoff remain supportive of a positive risk tone and temper demand for traditional safe-haven assets. Apart from this, a modest US Dollar (USD) uptick assists the USD/JPY pair to climb back above the 143.00 mark and reverse a part of the previous day's pullback from a nearly two-week high. Meanwhile, government data showed that consumer inflation in Tokyo Japan's capital city accelerated sharply in April and reaffirmed market bets for more interest rate...
The dollar drifted higher on Friday, following small losses a day earlier, as traders grappled with the outlook for the U.S. economy following President Donald Trump's erratic messaging on trade deals and Federal Reserve interference. The U.S. currency has oscillated wildly this week, starting with a 1% tumble against major peers on Monday after Trump threatened to fire Fed Chair Jerome Powell for not cutting interest rates quickly enough, only to surge 1.5% a day later as Trump said he never had any intention of replacing Powell, and mooted a de-escalation in his trade war with China. A...
The GBP/USD pair attracts some sellers to around 1.3310 during the early Asian session on Friday, pressured by the renewed US Dollar (USD) demand. The UK Retail Sales data for March will be the highlight later on Friday. The Greenback edges higher amid the optimism about a US trade deal announcement, which acts as a headwind for the major pair for the time being. UK Finance Minister Rachel Reeves said on Thursday she was confident Britain could reach a trade deal with the US. Reeves is scheduled to meet US Treasury Secretary Scott Bessent on Friday. High on the agenda will be a possible...
Gold extended its recent gains above $3,350 per ounce on Friday, on track for its third weekly advance, as skepticism over a US-China trade deal continued to support the metal's safety appeal. On Thursday, President Trump stated that trade talks with China are in progress, countering Chinese claims that no discussions have taken place to ease the ongoing dispute. Meanwhile, US Treasury Secretary Bessent said the steep tariffs between the two countries must be reduced before negotiations can move forward, but emphasized that Trump would not unilaterally lower tariffs on Chinese imports....
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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