The US dollar strengthened slightly and US Treasury bonds pared earlier gains after disappointing US jobs data proved insufficient to convince the market that the Fed would soon cut interest rates again. The dollar strengthened against G10 currencies, most notably against the yen, while the yield on the 10-year US Treasury note rose to around 4.17%. In commodity markets, the movement was much more violent. Oil prices rose about 1.3% after President Donald Trump ordered a blockade of tankers entering and leaving Venezuela, sparking supply concerns from the OPEC member. At the same time,...
Oil prices hit session highs as the US is reportedly preparing new sanctions against Russia if Moscow rejects a plan to end the war in Ukraine. Brent crude futures rose 2.4% to above $60 a barrel. Prices had previously risen after President Donald Trump increased pressure on Venezuela by ordering a blockade of sanctioned tankers. The US is considering options such as targeting vessels in a so-called shadow fleet of tankers used to transport Russian oil, as well as traders who facilitate those transactions, according to people who spoke on condition of anonymity to discuss private...
Gold prices strengthened as we entered the European session today, Wednesday (December 17th), holding around $4,320 per ounce and remaining close to October's record high of $4,381. This strengthening occurred after the market returned to seeking safe haven assets while awaiting the next major data from the US. The main drivers came from the US agenda: market participants were focused on Thursday's CPI inflation release and a series of comments from central bank officials. After the latest mixed employment data, the market didn't feel there was enough reason to aggressively increase...
Oil prices rebounded from their lowest close in nearly half a decade, as the US prepared new measures against Russia if Moscow rejects a peace deal and blocks sanctioned tankers off the coast of Venezuela. Brent futures rose as much as 2.5% to above $60 per barrel. Washington is considering options such as targeting a so-called shadow fleet of Russian oil tankers and the traders who facilitate their exports, if President Vladimir Putin rejects a proposed deal with Ukraine, highlighting the risk that a deal to end the conflict is far from over. President Donald Trump also said Venezuela is...
Gold continues to be supported by expectations of dovish monetary policy from the Federal Reserve, economic uncertainty, and geopolitical tensions, said ActivTrades analyst Ricardo Evangelista. Although non-farm payrolls increased by 64,000 jobs, the US unemployment rate rose to 4.6% in November, its highest level since September 2021. The market is awaiting key US inflation data this week, with the Consumer Price Index due on Thursday and Personal Consumption Expenditures on Friday. Last week, the Federal Reserve delivered its third and final quarter-point interest rate cut of the year,...