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...
EUR/USD plunged more than 1% to near 1.0240 at the start of the week. The major currency pair plunged as US President Donald Trump reiterated his threat to impose tariffs on the European Union (EU). Over the weekend, Donald Trump imposed 25% tariffs on Canada and Mexico and 10% on China. Trump also warned that he would also increase levies on the trading bloc, but he did not provide much information. "That will definitely happen with the European Union. I can tell you that because they have really taken advantage of us," Trump said. He also accused the old continent of not buying enough US...
Gold rose above $2,800 an ounce in February, holding near a record high amid a wave of monetary policy easing from major central banks as markets assess the impact of the ongoing trade war in North America and China on the global economy. The U.S. imposed 10% tariffs on China and 25% tariffs on Canada and Mexico, with concerns about lower growth weighing on the likelihood of an aggressive Fed reaction that limited the impact on rate-sensitive assets. However, markets are expecting the Fed to deliver two interest rate cuts this year. In turn, the Bank of Canada cut its key interest rate and...
Silver prices were steady at $31 an ounce on Monday, as the dollar surged following the imposition of new U.S. tariffs on major trading partners. Over the weekend, U.S. President Donald Trump imposed 25% tariffs on goods from Mexico and Canada and 10% levies on imports from China, prompting retaliatory measures from affected countries. Markets are now pricing in the rising risks of global trade disruptions, slower economic growth and resurgent inflation, along with expectations of fewer interest rate cuts from the U.S. Federal Reserve. In contrast, the Silver Institute recently forecast a...
Gold (XAU/USD) recovered most of its intraday losses and climbed back near the $2,800 mark during the first half of the European session on Monday (February 3). The safe-haven commodity remained within striking distance of its all-time peaks hit on Friday and continued to find support amid concerns about the potential economic impact of US President Donald Trump's trade tariffs. This, coupled with trade war concerns, dampened investors' appetite for riskier assets, acting as a tailwind for the safe-haven gold price. Further, speculation that Trump's protectionist policies will boost...
The Pound (GBP) is trading significantly lower near 1.2250 against the US Dollar (USD) during the European session on Monday (3/2). Earlier in the day, the GBP/USD pair gapped down at the open as US President Donald Trump's imposition of tariffs on Canada, Mexico and China sent global financial markets into panic mode, forcing investors to turn to safe-haven assets. The downbeat market sentiment has led to a sharp rise in the US Dollar (USD), which has been a strong performer in volatile environments. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major...
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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