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 Japanese Yen (JPY) remained weaker against its American rival, with the USD/JPY pair eyeing the 156.00 level during the early European session on Tuesday (1/28). US President Donald Trump reiterated his push for higher universal tariffs, which could reignite inflationary pressures in the US. This, in turn, triggered a modest recovery in the US Treasury bond yields, which undermined the lower-yielding JPY and revived the demand for the US Dollar (USD). In fact, the USD Index (DXY), which tracks the Greenback against a basket of currencies, staged a solid rebound from its lowest level...
The EUR/USD pair extended its overnight modest retracement slide from the 1.0530-1.0535 region, or its highest level since December 17, and triggered a major follow-through sell-off during the Asian session on Tuesday (1/28). The spot price is currently trading around the 1.0430 region, down over 0.50% for the day and seems vulnerable to weakening further amid a strong pickup in the US Dollar (USD) demand. Investors remain concerned that US President Donald Trump's trade tariffs will reignite inflation concerns, which triggered a modest recovery in the US Treasury bond yields. This, in...
Gold price (XAU/USD) attracts some sellers following an Asian session uptick to the $2,745 area and turns lower for the second straight day on Tuesday amid a goodish pickup in the US Dollar (USD) demand. US President Donald Trump's trade tariff threats revive inflationary concerns and trigger a modest recovery in the US Treasury bond yields. This, in turn, assists the USD in staging a solid bounce from its lowest level since December 18 touched on Monday and undermines the USD-denominated bullion. However, bets that the Federal Reserve (Fed) would lower borrowing costs twice by the end of...
The dollar index climbed above 107.8 on Tuesday, rebounding from six-week lows as President Donald Trump ramped up his tariff threats. Trump announced plans to impose tariffs on imported computer chips, pharmaceuticals, and steel, aiming to encourage domestic production of these goods. Traders also became more cautious as the February 1 deadline for the first round of tariffs, as previously outlined by the President, draws near. Meanwhile, the Federal Reserve began its two-day policy meeting on Tuesday, with expectations that it will hold interest rates steady despite Trump's calls for...
WTI crude oil futures hovered around $73.2 per barrel on Tuesday after a sharp decline in the previous session, as traders remain focused on President Donald Trump's wide-ranging set of tariffs. Trump said he'd impose tariffs on foreign-produced goods such as steel, aluminum, and copper in the near future, raising concerns over the potential ripple effects on global demand for commodities. Additionally, his Treasury Secretary, Scott Bessent, is reportedly backing gradual universal tariffs on U.S. imports starting at 2.5%. On Monday, crude prices slipped 2% amid a broad risk-off trade led...
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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