Oil prices dropped on Thursday for a sixth consecutive session after the Kremlin said Russian President Vladimir Putin would meet U.S. President Donald Trump in the coming days, raising expectations for a diplomatic end to the war in Ukraine. Brent crude futures settled down 46 cents, or 0.7%, at $66.43 a barrel. U.S. West Texas Intermediate crude fell 47 cents, or 0.7%, to $63.88. Both benchmarks slid about 1% on Wednesday, touching their lowest in eight weeks, after comments from Trump on progress in talks with Moscow. Kremlin aide Yuri Ushakov said on Thursday that Trump and Putin...
GBP/USD extended recent bullish momentum on Thursday, gaining over two-thirds of one percent on the day and climbing above key technical indicators as market rebalance both a weaker US Dollar (USD) and a stronger Pound Sterling (GBP). A new Federal Reserve (Fed) Board of Governors member selected by Donald Trump is bringing protectionist policy home to the Fed, and a rate cut barely squeezed through the Bank of England's (BoE) Monetary Policy Committee (MPC), trimming expectations of follow-up rate cuts. United States (US) President Donald Trump has selected Stephen Miran, the current...
Gold consolidated early in the Asian session. President Trump said on Thursday that he would nominate Stephen Miran, head of the White House Council of Economic Advisers, to fill a short-term vacancy on the Fed's Board of Governors. Miran will replace Fed Governor Adriana Kugler, who decided to step down about six months before her term ends. "Miran was the architect of Trump's tariff policy, with the market viewing the appointment as a tilt toward a more dovish monetary policy," ANZ Research analysts said in a note. The prospect of further Fed rate cuts could boost the appeal of the...
Oil headed for its biggest weekly drop since June, as traders assessed that US efforts to end the war in Ukraine would not impact supplies, even as Washington imposed sanctions on India for importing Moscow's crude. West Texas Intermediate crude traded below $64 a barrel, down more than 5% this week, while Brent closed near $66. The US benchmark has declined for the past six days, marking its worst decline since 2023. US President Donald Trump, who has set a Friday deadline for Moscow to agree to a ceasefire, has said he is willing to meet with Vladimir Putin, although the Russian leader...
The US Dollar Index (DXY), a measure of the value of the US dollar (USD) against a basket of six global currencies, strengthened slightly to around 98.15, ending two consecutive days of declines during Asian trading hours on Friday (August 8th). Federal Reserve Chairman Alberto Musalem is scheduled to speak later on Friday. The DXY strengthened after Federal Reserve (Fed) Governor Christopher Waller reportedly emerged as a leading candidate to replace embattled Fed Chairman Jerome Powell. Waller argued that the US central bank could "view" the inflationary impact of tariffs as transitory....