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 US Dollar Index (DXY), which tracks the performance of the US Dollar against six major currencies, is trading at 107.83 after the US Nonfarm Payrolls (NFP) report. Once again, the rule of thumb proves that buying the rumor and selling the fact pays off. With market expectations too high, betting on a weaker result, a knee-jerk reaction occurred and prevented the DXY from falling below 107.35. The actual Nonfarm Payrolls data came in at 143,000, below the consensus of 170,000, compared to 256,000 in December. The range of estimates was between 105,000 at the low end and 240,000 at the...
The Pound (GBP) surrendered all its intraday gains against the US Dollar (USD) and fell back near 1.2400 in the North American session on Friday (7/2) after the release of the US (US) Nonfarm Payrolls (NFP) data for January. The US NFP report showed that the economy added 143K workers in January, much lower than the 170K estimate and the previous reading of 307K, revised up from 256K. The Unemployment Rate slowed to 4% from the estimate and the previous reading of 4.1%. The Average Hourly Earnings data, a key measure of wage growth that drives consumer spending, surprisingly came in higher...
Oil futures rose on Friday from 2025 lows, but were on track for a third straight weekly decline amid rising U.S. inventories and concerns that higher U.S. tariffs on China would hurt growth and demand for crude. Price movement West Texas Intermediate crude for March delivery CL00 CL.1 CLH25 rose 52 cents, or 0.7%, to settle at $71.13 a barrel on the New York Mercantile Exchange, but was headed for a weekly decline of 1.9%. --Brent crude for April delivery BRN00 BRNJ25, the global benchmark, rose 55 cents, or 0.7%, to settle at $74.84 a barrel on ICE Futures Europe, on track for a weekly...
Gold futures rose, hovering just below their all-time high. Gold futures were up 0.55% at $2,892.50 an ounce, just shy of their all-time high of $2,906 set on Wednesday. Rather than the usual price drivers -- a strong U.S. dollar and interest rate expectations -- it was demand for safe-haven assets in turbulent political times that drove the rally, Commerzbank analysts said. This particularly reflects uncertainty surrounding President Trump's policies, they said in a note. A sharp rise in rental rates also points to tensions in the physical market. However, there are already signs of...
EUR/USD is steady in a tight range around 1.0400 during the European session on Friday (7/2) as the US Dollar (USD) trades cautiously ahead of the US (US) Nonfarm Payrolls (NFP) data for January, due to be published at 13:30 GMT. The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, is fluctuating around 107.80. Economists expect the US economy to have added 170,000 jobs, down from 256,000 in December. The Unemployment Rate is expected to remain steady at 4.1%. The official employment data is expected to drive market speculation about how long the...
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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