Oil prices rose on Thursday after the United States issued new Iran-related sanctions and renewed tensions in the Middle East countered strength in the dollar. Brent crude futures were up $1.03, or 1.46%, to $71.83 a barrel at 12:13 p.m. EDT (1613 GMT). The U.S. West Texas Intermediate crude (WTI) contract for April, expiring on Thursday, rose $1.07 to $68.23. The more actively traded WTI May contract rose 99 cents, or 1.48%, to $67.90, having risen more than $1 during the session. The U.S. on Thursday issued new Iran-related sanctions, targeting entities including for the first time a...
The USD/JPY pair moves higher to near 149.00 in North American trading hours on Thursday. The pair gains as the US Dollar (USD) rallies sharply in the aftermath of the Federal Reserve's (Fed) monetary policy outcome. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, jumps to near 104.00 after attracting significant bids near the five-month low of 103.20. On Wednesday, the Fed kept interest rates unchanged in the range of 4.25%-4.50%, as expected, for the second time in a row. The central bank also maintained its forecast of two interest rate cuts...
Gold price retreats on Thursday as bulls take a breather following the Federal Reserve's (Fed) latest monetary policy decision and an escalation of hostilities in the Middle East. The XAU/USD trades at $3,042, down over 0.19%. Market sentiment turned negative, while the Greenback stages a recovery as depicted by the US Dollar Index (DXY), which tracks a basket of six currencies against the buck. Gold traders failed to drive prices higher, even though the Fed held rates unchanged at the 4.25%–4.50% range for the second consecutive meeting. Officials added that they will slow down the pace...
The British Pound (GBP) depreciated against the US Dollar (USD) after the Bank of England (BoE) decided to keep rates unchanged and warned about interest rate cuts due to "a lot of economic uncertainty at the moment," said BoE Governor Andrew Bailey. At the time of writing, GBP/USD is trading at 1.2964, down 0.29%. Sterling falls 0.29% as Bailey warns of economic uncertainty, dissent emerges within BoETraders are still digesting the BoE's decision, which wasn't unanimous, with Monetary Policy Committee (MPC) member Swati Dhingra being the dissenter, with her voting for a 25 basis points...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of currencies, is trading stronger against major peers on Thursday, avoiding further downside pressure. Traders remain focused on the Federal Reserve's (Fed) latest policy stance, which reinforced expectations for two rate cuts in 2025. Despite stronger economic data, the index remains confined within the 103.00–104.00 range.US Dollar rises as Fed keeps rates steady and geopolitical risks intensifyThe Federal Reserve left interest rates unchanged, reaffirming projections for two rate cuts in 2025.Fed...