EUR/USD advances for the second consecutive day, posting gains of over 0.70% and trades below the three-year high of 1.1631 hit earlier, as traders digest the latest Producer Price Index (PPI) report in the United States (US), alongside jobs data. At the time of writing, the pair trades at 1.1575 after the US Bureau of Labor Statistics (BLS) reported that the Producer Price Index (PPI) in May indicated continued disinflation, aligning with the Consumer Price Index (CPI) report released on Wednesday. Jobs data revealed that more people are applying for unemployment benefits in the US. The...
Oil prices settled slightly lower on Thursday as traders booked profits from a 4% rally in the prior session, driven by concerns that worsening tensions in the Middle East could cause supply disruptions. Brent crude futures settled down 41 cents, or 0.6%, at $69.36 a barrel. U.S. West Texas Intermediate crude fell 11 cents, or 0.2%, to settle at $67.97 a barrel. U.S. President Donald Trump on Thursday said an Israeli strike on Iran "could very well happen," but added that he would not call it imminent and prefers to avoid conflict. The U.S. had earlier decided to move personnel out of the...
Gold price rallies for the second straight day, shy of testing the $3,400 figure following the release of softer inflation and jobs data in the United States (US) as geopolitical tensions grow in the Middle East. The XAU/USD trades at $3,386 at the time of writing. Market mood remains upbeat, following back-to-back positive inflation reports in the US, which are pressuring the Federal Reserve (Fed) to reduce interest rates as the economy has yet to show the full impact of tariffs on prices. The labor market continues to exhibit some weakness, as the number of Americans filing for...
GBP/USD extended its gains on Thursday following the release of another inflation report in the United States (US), which increased the odds that the Federal Reserve (Fed) could resume its easing cycle sooner than expected. This, along with a rise in jobless claims, was a tailwind for the Sterling, which trades at 1.3600 against the US Dollar (USD), up by over 0.47%.The US Bureau of Labor Statistics (BLS) revealed that the Producer Price Index (PPI) in May increased by 2.6% YoY, one-tenth above April's reading. At the same time, core PPI, which excludes volatile items like food and energy,...
AUD/USD is trading just below key resistance as diverging economic signals between Australia and the United States drive renewed bullish momentum in the pair, which is currently trading at 0.6529, up 0.44% on Thursday. Traders are closely monitoring Friday's release of the University of Michigan Consumer Sentiment report and accompanying inflation expectations data. The preliminary June Consumer Sentiment Index is expected to be 53.5, up from 52.2 in May. Meanwhile, inflation expectations over the 1-year and 5-year horizons were previously reported at 6.6% and 4.2%, respectively. Any...