While oil market remains the key drivers for the global financial markets, risk sentiment looks subdued, as rising geopolitical tensions in the Middle East curb the appeal of high-yielding assets. Against this backdrop, EURUSD has been on the defensive since the start of the week and has settled around the 1.10 handle. Late last week, the pair failed to get...
Crude oil prices jumped over 15% early on Monday amid the attack on a Saudi Arabian production facility over the weekend. Brent rose above $68 and then retreated partially but remains elevated as traders assess the damage for global oil supplies which declined by over 5% after the attack was on the world's biggest petroleum-processing facility. Meanwhile,...
Oil prices recovered from the recent lows, but the upside potential is still limited due to oversupply concerns. The recent geopolitical developments bode ill for oil bulls as the market surplus is set to grow into the next year and beyond and push the prices towards new lows, according to the recent report published by the International Energy Agency. A...
Oil prices attempt a recovery after a devastating collapse triggered by news that US President Donald Trump considered easing sanctions on Iran. Brent crude settled at $61.25 after a short-lived dip below $61.00 to $60.53; while WTI is changing hands at $56.27 at the time of writing, off the recent low registered at $55.61. The upside momentum offers a...
The euro has recovered from the previous week’s low of $1.0925; however, the upside potential of the single currency is limited as the market players prefer to postpone the investment decision before the European Central Bank delivers its monetary policy decision. At the time of writing, EUR/USD is changing hands at $1.1035, unchanged from this time on...
Saudi Arabia’s decision to replace its energy minister created a sense of uncertainty on the market; however the prices resumed the growth and refreshed new highs on Monday. During early Asian hours on Tuesday, the international oil marker Brent crude hit an intraday high above $63.00 and swiftly dropped to $62.70 by the time of writing. West Texas Intermediate...
British pound attempted a recovery on Monday and reached the highest level since July; however, the upside failed to gain traction. GBP bulls seem to have bumped into a brick wall on the approach to $1.2350 despite some positive developments on Brexit front. Speaking at a press conference with the Irish leader Leo Varadkar, the U.K. Prime Minister Boris...
Gold prices refreshed multi-year highs earlier this week but trimmed gains decently after yesterday’s plunge. The safe-haven demand has abated amid some signs of easing US-China trade tensions as the two countries agreed to resume talks in early October. Besides, dollar demand reemerged after ISM Non-Manufacturing PMI and ADP employment data exceeded...
EURUSD staged a robust rally yesterday and regained the 1.10 figure amid a weaker greenback across the board. The pair registered highs around 1.1040 but failed to extend the recovery on Thursday and shows early signs of a bearish correction. German industrial new orders dropped by 2.5% month-on-month in July from 2.7% MoM in the previous month. On the year,...
USDJPY recovered from three-year lows last week but struggles for direction these days as risk sentiment remains choppy amid contradictory political and economic signals. The pair has been oscillating around the 106.00 handle and has yet to confirm a break above this handle. In the short-term, the greenback could make further attempts to regain ground but...
Gold prices rally has stalled last week at fresh multi-year highs around $1,555 last week. Since then, the precious metal turned into a consolidation mode with a bearish bias and struggles to regain the upside impetus amid the overbought conditions and a generally stronger dollar. The greenback demand rose across the board, in part due to some recovery in the...
Brent crude is gradually extending gains for a fifth day in a row on Friday. Prices got back above the $60 handle but are yet to confirm a bullish breakthrough as the momentum seems to be fading in early trading, with the $60.60 area served as a local resistance on the way to $61. Risk sentiment has improved somehow after the US and China gave signs that the...
The greenback is marginally lower against major counterparts on Thursday after yesterday’s ascent. In general, most currency pairs have gone into a consolidation mode as traders are cautiously awaiting fresh signals from the US-China trade front and also shift focus to the upcoming economic data. For the EURUSD pair, German CPI data will be important in the...
Crude oil prices staged a local rally on Tuesday, with Brent registered daily highs above $59.60 though failed to challenge the $60 psychological barrier. Today, the futures have settled marginally below the above mentioned highs, struggling to maintain the bullish bias. The market received a portion of positive industry news, with the OPEC+ coalition...
Gold prices remain in a bullish trend, with the bullion refreshed six-year highs on Monday as the US and China announced fresh mutual tariffs. The prices extended gains to $1,555 but then retreated below $1,530 as risk aversion has somehow abated. Nevertheless, the precious metal will likely stay elevated and could register fresh long-term highs as trade...
The common currency came under the selling pressure following a short-lived rally witnessed on Friday, when the greenback was on the defensive. At the start of a new trading week, EURUSD resumed the decline and threatens the 1.11 handle once again. The dollar safe-haven demand has intensified after another portion of tariff threats between the US and China....
After failed attempts to challenge the $60.50, Brent crude retreated below the $60 psychological level and finished the day 0.5% lower. On Friday, the futures are trading with a modest bullish bias, moving in tandem with risk sentiment in the global financial markets. Oil prices continue to follow global developments amid a lack of meaningful industry news,...
Yesterday’s release of the FOMC meeting minutes confirmed that a rate cut last month was a “mid-cycle adjustment”. The document also showed that policymakers were sharply split on the course of action to take, which was assesses by investors as a not-so-dovish sign. Now, market focus shifts to Jackson Hole symposium, where Powell’s speech will set the tone. ...