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 rose above $32 per ounce in February, the highest in three months, tracking the preference for safety in other precious metals as markets assessed the global growth outlook under threats of trade wars. US President Trump followed through with 10% tariffs on China, driving Beijing to announce retaliatory levies on US energy goods to be enacted next week. In the meantime, the JOLTS report indicated fewer job openings than expected in the US during December, while manufacturing orders declined sharply. Consequently, the market continued to bet on multiple rate cuts by the Fed this year,...
USD/CHF holds positive ground around 0.9125 in Tuesday's early European session. China announced a levy of additional tariffs of up to 15% on select US imports starting February 10. Swiss Real Retail Sales rose 2.6% YoY in December. The USD/CHF pair trades with mild gains around 0.9125 during the early European session on Tuesday. The markets might turn cautious later in the day as traders await the developments surrounding tariff negotiations with China. China's finance ministry on Tuesday announced a package of tariffs on a range of US products, including crude oil, farm equipment, and...
AUD/USD advanced to 0.6255 on Tuesday, extending Monday's rebound.China announced tariffs on specific US goods.Market sentiment improves on expectations of softer US data and potential RBA easing.On Tuesday, the AUD/USD rose to 0.6255 as the pair extended Monday's comeback. The recovery comes after renewed US tariffs on China prompted by President Trump followed delays in tariffs on Canada and Mexico, the latter of which have eased trade war fears. Meanwhile, aggressive bets on a February Royal Bank of Australia (RBA) rate cut and concerns over China's economic slowdown continue to weigh on...
Gold hits an all-time high of $2,845, gaining over 1% as trade war fears intensify safe-haven demand.Chinese retaliatory tariffs on US goods and export controls amplify market uncertainties.Upcoming Fed speeches may influence gold's trajectory, with potential hawkish shifts tempering gainsGold reached a record high of $2,845 late Tuesday during the North American session as the US Dollar tumbled, weighed down by falling US Treasury bond yields. The "trade war" between the United States (US) and China sparked a flight to the yellow metal's safe-haven status. The XAU/USD trades at $2,843, up...
The US Dollar Index (DXY), which tracks the US dollar against a basket of six major currencies, was looking downbeat on Tuesday after first hitting 109.00 before falling back to a lower 108.37 level in European trade. The DXY was trading around 108.50 at the time of writing. Markets reacted to a mix of headlines with relief from Mexico and Canada, which saw the imposition of US tariffs delayed. Meanwhile, China has retaliated against US President Trump's tariffs by issuing its own levies on US imports. The economic data calendar is taking shape ahead of Friday's Nonfarm Payrolls data. 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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