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...
USD/CHF moved lower after posting gains in the previous session, trading around 0.8170 during Asian hours on Monday (6/23). The currency pair depreciated as the Swiss Franc (CHF) gained support from rising safe-haven demand, which was driven by the United States' (US) attack on three Iranian nuclear facilities over the weekend. US President Donald Trump announced late Saturday that he had "obliterated" Iran's key nuclear sites, including Fordow, Natanz and Isfahan, in overnight strikes, coordinated with Israeli strikes. The Middle East conflict is set to escalate as Tehran vows to defend...
The Japanese Yen (JPY) started the new week on a weaker note, dropping to its lowest level since May 15 against the broadly stronger US Dollar (USD) during the Asian session. The Bank of Japan (BOJ) last week signaled its preference to move cautiously in normalizing its still-loose monetary policy, forcing investors to scale back their expectations about the likely timing of the next interest rate hike. In addition, concerns that the US tariffs of 25% on Japanese vehicles and a reciprocal levies of 24% on other imports will impact the Japanese economy turned out to be another factor that...
The GBP/USD pair extended losses to around 1.3405 during Asian trading hours on Monday (6/23). Concerns that Iran will retaliate against the US attack on its nuclear sites boosted safe-haven flows, supporting the US Dollar (USD). Investors await preliminary readings of the Purchasing Managers' Indexes (PMIs) for June from the UK and the US, due on Monday. The United States carried out airstrikes on three nuclear sites in Iran early Sunday despite US President Donald Trump's long-standing vows to avoid a new foreign conflict, according to Bloomberg. Trump said Iran's main nuclear enrichment...
The EUR/USD pair weakened to around 1.1480 during the early Asian session on Monday (6/23). The greenback moved higher against the Euro (EUR) as US President Donald Trump's decision to join Israel's war against Iran sharply escalated the conflict. Traders will be closely monitoring developments surrounding the Middle East conflict. The United States (US) waded into the conflict between Israel and Iran over the weekend, with American warplanes and submarines targeting three Iranian facilities in Iran, Fordo, Natanz, and Isfahan. Trump said Iran's main nuclear enrichment facility had been...
Oil prices jumped on Monday to their highest since January as Washington's weekend move to join Israel in striking Iran's nuclear facilities stoked supply concerns. Brent crude futures were up $1.88, or 2.44%, at $78.89 a barrel by 1122 GMT. U.S. West Texas Intermediate crude was up $1.87, or 2.53%, at $75.71. Both contracts jumped more than 3% earlier in the session to $81.40 and $78.40, respectively, their highest in five months, before giving up some of the gains. The price surge came after U.S. President Donald Trump said he had "destroyed" Iran's main nuclear site in an attack over...
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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