The Pound Sterling (GBP) declines to near 1.2640 against the US Dollar (USD) in European trading hours on Wednesday. The GBP/USD pair faces selling pressure as the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, has shown a strong recovery move after sliding to near the 11-week low of 106.10 earlier in the day. The Greenback bounces back strongly as bond yields gain ground after a five-day losing streak. 10-year US Treasury yields recover to near 4.33% after posting a fresh more than two-month low near 4.28% during the Asian session.US bond yields...
Oil prices held around two-month lows on Wednesday as a potential peace deal between Russia and Ukraine continued to weigh on prices while lower U.S. crude stockpiles provided some support. Brent crude rose 16 cents, or 0.2%, to $73.18 a barrel by 0926 GMT. U.S. West Texas Intermediate crude oil futures were up 20 cents, or 0.3%, at $69.13. Prospects for a peace deal between Russia and Ukraine are improving, ING commodities strategists said in a note on Wednesday, adding that the market was also watching for potential implications of a minerals deal between the U.S. and Ukraine. "This...
Gold's price (XAU/USD) stabilizes and trades near $2,910 at the time of writing on Wednesday, following a 1.3% drop the previous day after markets got spooked by weak US consumer confidence data and more realistic tariff threats from President Trump's administration. Meanwhile, United States (US) yields have plunged substantially, with markets projecting a 25 basis points (bps) rate cut in June from the Federal Reserve (Fed). This is supportive for the precious metal and should see price action bottoming out from here. Markets are looking forward to March 4, when tariffs on Mexico and...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, orbits around 106.50 at the time of writing on Wednesday after not making any positive impressions in February. The DXY Index holds near yearly lows as traders shun the Greenback in a flight to safe havens from United States (US) President Donald Trump's tariffs, which are set to kick in on March 4 for Mexico, Canada, and China. Meanwhile, traders are seeing a second element of a weaker greenback.For the first time this year, Federal Reserve (Fed) rate cut bets are pricing in two...
Oil prices held at two-month lows on Wednesday as a potential peace deal between Russia and Ukraine continued to weigh on prices while lower U.S. crude stockpiles provided some support. Brent crude was down 19 cents at $72.83 a barrel by 1256 GMT and U.S. West Texas Intermediate crude oil futures fell by 13 cents to $68.80. Prospects for a peace deal between Russia and Ukraine are improving, ING commodities strategists said in a note on Wednesday, adding that the market was also watching for potential implications of a minerals deal between the U.S. and Ukraine. "This would take us a step...