Oil was little changed in the final trading session of the week as traders weighed the first U.S. sanctions on Chinese imports of Iranian crude against the uncertain outlook for global growth. Brent crude futures fell slightly below $72 a barrel, erasing earlier gains, while still posting their biggest weekly gain since January. The U.S. sanctioned a small Chinese refiner and its chief executive for allegedly buying Iranian oil, as well as a terminal operator. The market structure for Middle East crude firmed after the news. The Trump administration's first intervention in the Asian...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, extended its recovery and was trading around 104.00 at the time of writing on Friday (3/21). The DXY is trying to move away from a 2025 low of 103.20 hit on Tuesday, after the Financial Times reported that European countries are drawing up plans to take over responsibility for the continent's defense from the United States (US), including an offer to the Trump administration for a managed transfer over the next five to 10 years, which would reshape the North Atlantic...
The USD/JPY pair gives up entire intraday gains after facing selling pressure around 149.60 and drops to near 148.60 during North American trading hours on Friday. The asset drops as the US Dollar (USD) gains, with the US Dollar Index (DXY) rising to near 104.00. The Greenback attracts bids as the Federal Reserve (Fed) is unlikely to cut interest rates in the near term. On Wednesday, Fed Chair Jerome Powell stated that they are not in a hurry to cut interest rates amid "unusually elevated" uncertainty over the United States (US) economic outlook under the leadership of President Donald...
The Pound Sterling (GBP) is dropping some 0.29% against the US Dollar (USD) on Friday, set to end the week unchanged after major central banks featured monetary policy decisions led by the Federal Reserve (Fed) and the Bank of England (BoE). At the time of writing, GBP/USD is trading at 1.2931 after hitting a daily peak of 1.2969. Sterling drops 0.29%, set to end the week flat after dovish Fed and BoE toneThe market mood remains downbeat, as depicted by United States (US) equities posting losses, while the Greenback remains bid. On Thursday, the BoE kept rates unchanged and said there is...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, is able to print a third consecutive day of gains, trading around 104.00 at the time of writing on Friday. The DXY tries to move away from the 2025 low at 103.20 reached on Tuesday, after the Financial Times reported European countries are drawing up plans to take on responsibilities for the continent's defence from the United States (US), including a pitch to the Trump administration for a managed transfer over the next five to 10 years, which would reshape the North Atlantic Treaty...