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...
GBP/USD extends its gains for the second straight day, trading around 1.2400 during Asian hours on Friday (1/24). The pair's gains could be attributed to remarks by US President Donald Trump on Thursday night. President Trump said that he wants the US Federal Reserve (Fed) to cut interest rates soon. "With oil prices going down, I'm going to demand that interest rates go down soon, and interest rates go down around the world," Trump said at the World Economic Forum in Davos, Switzerland. Traders expect the Federal Reserve (Fed) to keep its benchmark interest rate steady at 4.25%-4.50% at...
The Australian dollar (AUD) continued its upward momentum against the US dollar (USD) for the third straight session on Friday (1/24). The AUD/USD pair gained traction after the People's Bank of China (PBOC) conducted a medium-term lending operation. The Chinese central bank kept interest rates at 2.00% and injected 200 billion yuan ($27.46 billion) through a one-year medium-term lending facility (MLF) to certain financial institutions, according to Reuters. Traders are likely to keep an eye on the release of the preliminary US S&P Global Purchasing Managers' Index (PMI) and the...
The US dollar index fell below 108 on Friday (1/24), set to drop more than 1% for the week. The decline came as President Donald Trump refrained from imposing aggressive tariffs after his inauguration, contrary to market expectations. In his speech at the World Economic Forum, Trump also called for immediate interest rate cuts and reiterated his commitment to lower taxes on US-based manufacturers, while promising tariffs on companies that produce overseas. Despite Trump's comments, the Federal Reserve is widely expected to keep interest rates unchanged at its policy meeting next week. Market...
The yen was the currency market's leading currency on Friday(24/1) ahead of a Bank of Japan policy decision that will almost certainly raise interest rates, while the dollar headed for its worst week in two months. The BOJ ends its two-day policy meeting later in the day and markets have widely priced in a 25 basis point rate hike, with recent comments from BOJ officials also hinting at such a move. Ahead of the decision, the yen was little changed at 156.11 per dollar, near a one-week low hit in the previous session. The Japanese currency surged last week on rising expectations for a...
Oil headed for the first weekly decline this year after Donald Trump raised the prospect of trade wars and said he will ask Saudi Arabia and OPEC to lower prices in his first few days as the new US president. West Texas Intermediate fell toward $74 a barrel, and is down almost 5% this week, while Brent closed near $78. Trump's first week in the White House began with tariff threats on Canada, Mexico and China, followed by a pledge that he would ask the producer group to "bring down the cost of oil." That's helped put futures on track for the biggest weekly loss since...
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.
In...