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 offered the latest gains recorded in the previous session, trading around 0.8220 during European hours on Wednesday (6/11). However, the pair may regain some ground as the Swiss Franc (CHF) may weaken on weaker haven demand, driven by improved risk sentiment amid easing tariff tensions between the United States (US) and China. US Commerce Secretary Howard Lutnick suggested, on Tuesday, a potential resolution with China, noting that the two countries have reached a framework to implement the Geneva Consensus. Meanwhile, Chinese Vice Commerce Minister Li Chenggang said that the...
EUR/USD has fallen to just above 1.1400 on Wednesday, as the US dollar strengthened following headlines that US and Chinese representatives have reached a framework to reduce trade tariffs. The deal must now be approved by US President Donald Trump and Chinese Premier Xi Jinping, and details are scant, leading to a lukewarm market reaction so far. Investors greeted the news with skepticism, as it leaves tariffs in place, albeit at a lower level, and offers little assurance about their sustainability. The currency pair's reaction remained confined to the same range between 1.1375 and 1.1455...
Silver (XAG/USD) prices traded in a tight range around $36.50 during European trading hours on Wednesday (6/11). The white metal consolidated as investors await the US Consumer Price Index (CPI) data for May, due to be released at 12:30 GMT. Economists expect US headline inflation to accelerate to 2.5% annually, compared to 2.3% in April. In the same period, core CPI – which excludes volatile food and energy prices – grew by 2.9%, faster than the previous release of 2.8%. On a monthly basis, headline and core CPI are expected to grow by 0.2% and 0.3%, respectively. The scenario of rising...
The British pound (GBP) is trading lower near 1.3480 against the US Dollar (USD) during European trading hours on Wednesday (6/11). The GBP/USD pair weakened as the US Dollar traded broadly steady ahead of the US Consumer Price Index (CPI) data for May, due to be released at 12:30 GMT. The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, edged up near 99.15. Investors will be watching US inflation data as it will influence market expectations on the Federal Reserve's (Fed) monetary policy outlook. As measured by the CPI, headline inflation is...
Silver prices slipped below $36.50 per ounce on Wednesday, extending losses for a second consecutive session as investors awaited the latest US CPI report. A stronger-than-expected reading could weigh on precious metals by limiting the Federal Reserve's scope for interest rate cuts. Markets also digested the outcome of US–China trade talks in London, where officials agreed on a framework to implement the Geneva consensus and reaffirmed commitments made during a recent call between Presidents Trump and Xi. Despite recent pullbacks, silver continues to find underlying support from robust...
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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