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...
USD/CHF pair loses ground to near 0.8530 during the early European session on Thursday. The US Dollar (USD) weakens against the Swiss Franc (CHF) amid the escalating trade tension between the US and China, the world's two largest economies. President Donald Trump announced a 90-day pause on many new tariffs on trading partners to 10% to allow trade negotiations with those countries. However, US-China trade relations have reached a crisis level, with Trump raising tariffs to 125% on Chinese imports on Thursday, up from the 104% implemented just a day earlier. Escalating trade war between...
The EUR/USD pair attracts some buyers to around 1.0980 during the Asian session on Thursday. The Euro (EUR) edges higher against the Greenback as German conservative leader agreed on a coalition deal with the center-left Social Democrats on Wednesday. The US March Consumer Price Index (CPI) inflation report will be the highlight later on Thursday. On Wednesday, German conservatives under Friedrich Merz clinched a coalition deal with the center-left Social Democrats (SPD) to boost growth in Europe's biggest economy amid a global trade war that threatens recession. This development is likely...
Oil prices retreated on Thursday as U.S. President Donald Trump ramped up a trade war with China, even as he announced a 90-day pause on tariffs aimed at other countries. Brent futures fell 77 cents, or 1.18%, to $64.71 a barrel by 0320 GMT, while U.S. West Texas Intermediate crude futures fell 65 cents, or 1.04%, to $61.70. Following the tariff pause for most countries, the benchmark crude contracts had settled 4% higher on Wednesday after dropping as much as 7% during the session. Trump, however, raised the tariff rate for China to 125% effective immediately, from the previously...
The GBP/USD pair recovers its daily losses and continues its winning streak for the third successive session, hovering around 1.2850 during Asian trading hours on Thursday. The British Pound (GBP) came under pressure following the release of weaker-than-expected data from the RICS Housing Price Balance, which showed just a 2% increase in March. This marked a significant slowdown from the 20% and 11% gains recorded in January and February, respectively, and fell far short of the anticipated 8% rise highlighting a stagnation in price growth over recent months. Further weighing on the British...
The Japanese Yen (JPY) sticks to intraday gains led by the stronger-than-expected release of the Producer Price Index (PPI), which keeps the door open for further rate hikes by the Bank of Japan (BoJ). Furthermore, the optimism that Japan might strike a trade deal with the US turns out to be another factor underpinning the JPY. The US Dollar (USD), on the other hand, fails to capitalize on the overnight modest recovery against its Japanese counterpart and drags the USD/JPY pair drags the USD/JPY pair back below the 147.00 mark during the Asian session on Thursday. Meanwhile, hawkish BoJ...
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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