Oil was little changed on Tuesday as traders assessed rising OPEC+ supply and worries of weaker global demand, against U.S. President Donald Trump's threats to India over its Russian oil purchases. The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, agreed on Sunday to raise oil production by 547,000 barrels per day for September, a move that will end its most recent output cut earlier than planned. Brent crude futures were down 36 cents, or 0.5%, to $68.40 a barrel at 0910 GMT, while U.S. West Texas Intermediate crude slipped 41 cents to $65.88....
Dollar steadied Tuesday, consolidating after its payrolls-inspired losses, with traders weighing up the potential for more Federal Reserve rate cuts along with a slowing economy. At 04:15 ET (08:15 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, gained 0.2% to 98.765, after falling to a one-week low earlier in the session. Dollar steadies after payrolls hit The greenback was hard hit after the disappointing July jobs report at the end of last week prompted traders to swiftly price in rate cuts next month. Traders are now pricing in an over...
The USD/JPY pair trades 0.35% higher to near 147.70 during the European trading session on Tuesday. The pair gains after attracting significant bids after refreshing the 10-day low around 146.60 earlier in the day. An underperformance by the Japanese Yen (JPY) has contributed significantly to a decent recovery move in the pair. The Japanese currency trades weakly even as the minutes of the Bank of Japan's (BoJ) June monetary policy meeting signal that officials are confident about raising interest rates further by the year-end. The support for further policy tightening from BoJ...
Gold futures retreat on rising risk-sentiment, though they remain higher on week. Futures are down 0.6% at $3,407.0 a troy ounce, though they remain up around 2.5% on week following Friday's weaker-than-expected U.S. jobs report. The precious metal has come under pressure from a more stable dollar and improved risk appetite after Nonfarm Payroll data prompted an initial flight to safety, Exness analysts say in a note. Still, gold could remain supported by increasingly dovish monetary policy expectations, Exness' Van Ha Trinh says in a note. The disappointing data and significant downward...
Oil prices slipped lower Tuesday, continuing recent losses as traders fretted over increased production and deteriorating demand amid increased global economic headwinds. At 08:05 ET (12:05 GMT), Brent oil futures for September fell 0.8% to $68.21 a barrel and West Texas Intermediate crude futures fell 1% to $65.65 a barrel. Both contracts fell by more than 1% on Monday to settle at their lowest in a week. Oil battered by oversupply concerns, demand fears The Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, over the weekend agreed to hike production by...