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/JPY pair slumped on Monday (4/21) during North American trading, falling sharply to the 140.50 mark as the broader market reacted to growing concerns about the Federal Reserve's independence. The greenback extended its downtrend after US President Donald Trump reiterated his displeasure with Fed Chairman Jerome Powell, accusing him of making politically motivated interest rate adjustments by the end of 2024. The situation has fueled intense speculation over Powell's future and raised doubts about the Fed's autonomy. Meanwhile, the US Dollar Index (DXY) is trading in the red, testing...
The Australian dollar (AUD) regained ground on Monday (21/4), lifting to the 0.6400 area during the American session, as improving risk sentiment and a generally weaker US dollar (USD) helped AUD/USD recover from recent losses. The earlier gains were driven by optimism around China's GDP, which grew 5.4% year-on-year in Q1, beating estimates. However, the recovery remains fragile amid ongoing US-China trade tensions and the Aussie's role as a proxy for Chinese demand. ING strategists continue to stress that the Aussie remains exposed as a barometer of the US-China trade dispute, noting that...
Oil prices plunged more than 2% on Monday on signs of progress in talks between the U.S. and Iran, while investors remained concerned about the economic hit from tariffs that could curb fuel demand. Brent crude futures fell $1.70, or 2.5%, to $66.26 a barrel, after closing up 3.2% on Thursday. Thursday was the last settlement day of the week due to the Good Friday holiday. U.S. West Texas Intermediate crude futures fell $1.60, or 2.5%, to $63.08 a barrel, after closing up 3.54% in the previous session. "The U.S.-Iran talks seem relatively positive, which allows people to start thinking...
Gold surged above $3,400 to a record high on Monday, as a weaker dollar and uncertainty over the economic impact of U.S.-China trade tensions spurred demand for safe-haven bullion. Spot gold rose 2.7% to $3,417.62 an ounce by 1:46 p.m. ET (1746 GMT). It hit a record high of $3,430.18 earlier in the session. U.S. gold futures settled 2.9% higher at $3,425.30. The dollar fell to its lowest level in three years as investor confidence in the U.S. economy took another hit over President Donald Trump's comments about Federal Reserve Chairman Jerome Powell. A weaker dollar makes bullion more...
The US Dollar Index (DXY) traded in the red on Monday (4/21), sliding towards the 98.50 region and marking a fresh three-year low. The sharp decline followed growing market concerns over the institutional integrity of the Federal Reserve (Fed) after US President Donald Trump again publicly criticized Fed Chairman Jerome Powell and confirmed that he was looking for ways to remove him. Trump accused Powell of manipulating interest rates for political purposes in 2024 and described him as "late" in reacting to economic conditions. Amid rising global uncertainties and deteriorating confidence...
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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