Oil prices edged higher on Wednesday, boosted by a weaker dollar, but rising concerns about a slowing U.S. economy and the impact of tariffs on global growth capped gains. Brent crude futures were up 13 cents, or 0.2%, at $69.69 a barrel by 0730 GMT, while U.S. West Texas Intermediate crude futures were up 13 cents, or 0.2%, at $66.38 a barrel. Despite the weakening economic outlook, oil prices have held steady in a positive position, said Daniel Hynes, senior commodity strategist at ANZ. "That's a sign that near-term demand for crude oil remains strong," he said. The dollar index (.DXY)...
Gold (XAU/USD) prices extended its sideways consolidative price movement near weekly tops during the early European session on Wednesday (3/12) as traders remained on the sidelines ahead of the US consumer inflation figures. The crucial US Consumer Price Index (CPI) will be eyed for fresh cues on the Federal Reserve's (Fed) rate cut path, which in turn, will boost the US Dollar (USD) demand and provide a fresh directional impetus to the non-yielding yellow metal. Some repositioning trade ahead of the key data risk helped the USD gain some positive traction and reverse a part of its...
Gold (XAU/USD) prices were flat at $2,915 at the time of writing on Wednesday (3/12) ahead of the release of the US Consumer Price Index (CPI) for February. Market consensus is for a slowdown in all inflation measures, both monthly and yearly. However, many analysts and economists have commented that the current US tariff approach will be inflationary for the US, which could be reflected in the numbers. Meanwhile, traders remain cautious about tariffs after Chinese Foreign Minister Wang Yi commented that if the US wants to hit China with its steel and aluminium tariffs. Meanwhile, Europe...
The pound (GBP) traded subdued against the other major currencies on Wednesday (12/3) as investors looked for fresh cues on next week's Bank of England (BoE) monetary policy meeting. Traders are confident that the BoE will keep interest rates unchanged at 4.5% as a number of officials have been guiding a ‘gradual and cautious' approach to monetary easing. Last week, four BoE policymakers, including Governor Andrew Bailey, guided for a gradual path to "unwinding monetary policy restraint" as persistent inflation is unlikely to fade "on its own". Contrary to them, BoE member Catherine Mann...
The dollar struggled to recover from a five-month low against major currencies on Wednesday, as traders digested U.S.-EU retaliatory tariffs and a potential Russia-Ukraine truce, while awaiting U.S. inflation data amid concerns about the economy. President Donald Trump's unpredictable trade policy announcements have rattled markets and prompted retaliatory tariffs from trading partners, escalating a global trade war. The European Union will impose retaliatory tariffs on 26 billion euros ($28.39 billion) worth of U.S. goods starting in April, the European Commission said on Wednesday, in...