GBP/USD moved lower after two days of gains, trading around 1.2220 during Asian trading hours on Thursday (16/1). The pound (GBP) came under downward pressure following weaker-than-expected inflation data from the United Kingdom (UK) released on Wednesday. The yield on the benchmark 10-year UK bond fell to 4.73%, retreating from a multi-decade high, after official data showed an unexpected drop in UK headline inflation, raising expectations of a rate cut by the Bank of England (BoE). The UK Consumer Price Index (CPI) rose by 2.5% year-on-year in December, down from 2.6% in November and...
The Japanese yen (JPY) pared some of its strong intraday gains against its US counterpart, lifting the USD/JPY pair back above the 156.00 level heading into the European session on Thursday (16/1). Expectations that the Federal Reserve (Fed) could cut interest rates twice this year, coupled with easing concerns about disruptive trade tariffs from US President-elect Donald Trump, remained supportive of the risk sentiment. This turned out to be a key factor undermining the safe-haven JPY and helped the pair find decent support ahead of the 155.00 psychological mark. Additionally, the...
Gold price (XAU/USD) seesaws between tepid gains/minor losses through the early European session and consolidates its recent gains to over a one-month peak touched this Thursday. Growing acceptance that the Federal Reserve (Fed) will pause its rate-cutting cycle late this month assists the US Dollar (USD) to move away from a one-week low touched on Wednesday. This, along with the prevalent risk-on mood, turns out to be a key factors acting as a headwind for the safe-haven precious metal. That said, signs of abating inflationary pressures in the US suggest that the Fed may not necessarily...
Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $30.90 per troy ounce, up 0.61% from the $30.71 it cost on Wednesday. Silver prices have increased by 6.94% since the beginning of the year. Source: Fxstreet
Oil prices gained for a second session on Thursday, supported by worries over potential supply disruptions amid U.S. sanctions on Russia, a larger-than-forecast fall in U.S. crude oil stocks, and an improving global demand outlook. Brent crude futures rose 23 cents, or 0.3%, to $82.26 per barrel by 0731 GMT, after rising 2.6% in the previous session to their highest since July 26 last year. U.S. West Texas Intermediate crude futures rose 28 cents, or 0.4%, to $80.32 a barrel, after gaining 3.3% on Wednesday to their highest since July 19. U.S. crude oil stocks fell last week to their...