Gold (XAU/USD) prices struggled to gain any meaningful traction at the start of a new week and oscillated in a narrow range just below its all-time highs above the psychological $3,000 level touched on Friday. Meanwhile, the near-term bias seems tilted towards the bulls amid concerns over escalating trade tensions and its impact on the global economy. This, along with geopolitical risks, should continue to act as a tailwind for the safe-haven bullion. Meanwhile, traders are now pricing in the possibility of the Federal Reserve (Fed) cutting interest rates multiple times this year amid a...
Oil prices were trading higher on Monday after the United States vowed to keep up attacks on Yemen's Houthis until the Iran-aligned group ends its attacks on shipping. Brent crude futures rose 56 cents, or 0.8%, to $71.14 a barrel by 0800 GMT, while U.S. West Texas Intermediate crude futures rose 56 cents, also 0.8%, to $67.74 a barrel. The U.S. airstrikes, which the Houthi-led health ministry said killed at least 53 people, were the largest U.S. military operation in the Middle East since President Donald Trump took office in January. A U.S. official told Reuters the campaign could last...
The euro is nearing $1.09, near its November high, as traders await further updates on Germany's fiscal stimulus. A key spending plan vote is set for this week, with proposed reforms, exempting defense spending from debt limits and setting out a €500 billion infrastructure investment plan, expected to be passed in Germany's lower and upper houses. This follows a deal secured by the election-winning conservative CDU/CSU bloc with the SPD and the Greens. Meanwhile, investors are closely monitoring developments in the ongoing trade war and the situation in Ukraine. On the monetary policy...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, could see an outburst in volatility this week amid geopolitical developments and the Federal Reserve (Fed) meeting. At the time of writing on Monday, the DXY index edges lower and trades near 103.50 ahead of the United States (US) Retail Sales data for February. On the geopolitical front, a high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin is scheduled on Tuesday, with the two parties to discuss territory and to divide up certain assets,...
West Texas Intermediate (WTI), futures on NYMEX, posts a fresh weekly high near $68.00 in European trading hours on Monday. The Oil price strengthens on hopes that China's fresh monetary stimulus plan will boost domestic consumption. On Sunday, the Chinese ministry announced a comprehensive "special action plan" to ramp up economic growth. The ministry reported that the plan focuses on increasing residents' incomes, reducing financial burdens, and enhancing the consumption environment, Reuters report. Such a scenario is favorable for the Oil price given that China is the largest importer...