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 WAR." According to Trump's post, the ceasefire will begin approximately six hours after his announcement, when both nations have "wound down and completed their in progress, final missions." The agreement stipulates a 12-hour initial ceasefire period initiated by Iran, followed by Israel joining the ceasefire at the 12th hour. Trump stated that upon the 24th hour, there will be an "Official END" to the...
Oil prices were mostly steady on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group will do next on supply cuts while also monitoring geopolitical tensions in the Middle East. Brent crude futures were up 5 cents, or 0.07%, at $72.36 a barrel by 0730 GMT, while U.S. crude futures were at $68.60 a barrel, up 6 cents, or 0.09%. Both benchmarks fell nearly 2% on Wednesday. A bank sold a large number of U.S. futures contracts in afternoon trading on Wednesday, a person with direct knowledge of the matter said, pushing prices lower. The...
EUR/USD moved higher and attempted to stay above 1.0500 during European trading hours on Thursday (5/12). The major currency pair strengthened slightly as investors tried to recover from the anticipated collapse of Michel Barnier's three-month-old government after it lost a no-confidence motion brought by a coalition of right-wing and left-wing politicians. The dismantling of the French government has plunged the economy into a deeper crisis by limiting its capacity to tame a burgeoning fiscal deficit. Right-wing and left-wing lawmakers backed the no-confidence motion against Barnier after...
EUR/USD moved higher and tried to stay above 1.0500 during European trading hours on Thursday. The major currency pair edged higher as investors tried to recover from the collapse of Michel Barnier's three-month-old government after it lost a no-confidence motion brought by a coalition of the right and left. The collapse of the French government has plunged the economy into a deeper crisis by limiting its ability to tame a growing fiscal deficit. Left and right-wing lawmakers backed the no-confidence motion against Barnier after claiming his government's budget was "flawed and detrimental"...
Silver (XAG/USD) prices moved lower to around $31.20, snapping a two-day winning streak during the early European session on Thursday. The Federal Reserve's (Fed) cautious stance on rate cuts weighed on the white metal. Federal Chairman Jerome Powell said on Wednesday that the strength of the US economy means the US central bank can afford to be "a little more cautious" about its decisions on interest rate moves. Joseph Brusuelas, chief economist at RSM US, noted that he does not expect further rate cuts after the December meeting until March 2025 at the earliest. Increasing bets of a less...
Gold price (XAU/USD) drifts lower during the Asian session on Thursday, albeit it remains confined in a familiar range held over the past week or so amid mixed fundamental cues. The overnight hawkish remarks by FOMC members, including Federal Reserve (Fed) Chair Jerome Powell, reaffirmed expectations that the US central bank will take a cautious stance on cutting rates. This assists the US Treasury bond yields to rebound slightly from their lowest closing levels in more than a month and turns out to be a key factor undermining the non-yielding yellow metal. Apart from this, the prevalent...
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...