Oil jumped after the US announced sanctions on Russia's biggest producers, as President Donald Trump ramps up pressure on his counterpart Vladimir Putin to negotiate an end to the war in Ukraine. West Texas Intermediate surged as much as 2.8% to trade above $60 after the US blacklisted state-run giant Rosneft PJSC and Lukoil PJSC, citing Moscow's lack of commitment to Ukrainian peace. Trump is also seeking to squeeze Russia's key crude buyers — India and China. Brent closed above $62 on Wednesday. The sanctions mark a U-turn for Trump, who had announced last week he would...
The pound sterling (GBP) exchange rate against the US dollar (USD) has continued to weaken for the fifth consecutive day and is now trading around 1.3340 in the Asian session on Thursday (October 23rd) morning. Pressure on the pound increased due to the strengthening of the US dollar amid growing market concerns ahead of the release of US inflation data on Friday. This situation was exacerbated by the partial US government shutdown, which delayed the release of important economic data, making investors more cautious. The US dollar also received additional support from growing optimism...
Silver climbed above $49 per ounce on Thursday, recouping some losses from earlier in the week as mounting global trade and geopolitical tensions boosted demand for safe-haven assets. Reports indicated that the US is weighing export restrictions on China involving US-made software, though President Donald Trump later confirmed plans to meet with Chinese President Xi Jinping. At the same time, the Trump administration blacklisted Russia's top oil producers, Rosneft and Lukoil, in an effort to push Moscow toward talks to end the Ukraine war. Despite the rebound, silver remains nearly 10%...
Dollar picks up slightly with CPI release in focus The U.S. dollar drifted higher Thursday as traders weighed up fresh trade threats between Washington and Beijing, ahead of the release of key inflation data. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher to 98.805, bouncing after recording hefty losses last week. The safe-haven dollar has edged slightly higher as traders have worried about the fragile state of U.S.-China relations, amid fears of a potentially damaging trade war between the world's two largest economies. Trump's...
Gold (XAU/USD) edges higher on Thursday, trading around $4,115, up nearly 0.40% for the day. Demand for safe-haven assets remains firm amid the prolonged budget deadlock in Washington and persistent geopolitical uncertainty. Expectations of further monetary easing by the Federal Reserve (Fed) continue to support the precious metal, with markets pricing in a 97% chance of a 25-basis-point rate cut next week, according to the CME FedWatch tool. Markets are treading carefully ahead of the September US Consumer Price Index (CPI) release, due Friday. This report will attract particular attention...