Oil prices jumped about 2% on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day (bpd) reduction for another three months through December. Brent crude futures for November were up $1.44, or about 1.6%, to $90.44 a barrel by 1334 GMT,
Dollar is making a powerful rally today, breaking through near-term resistance levels against all its major counterparts. This surge is anchored by recent economic data, which paints a picture of a US economy that is cooling but not cracking. This robustness stands in stark contrast to the weakening growth conditions seen in other major economies,
Share: The NZD/USD lost nearly 1%, falling below the key level of 0.5900. The USD benefits from a cautious market sentiment. Factory orders decreased in the US in July at a higher pace than expected. The RBA held rates steady, just as expected. The NZD/USD faced selling pressure mainly driven by a stronger USD in
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US: The Fed hiked by 25 bps as expected and kept everything unchanged at the last meeting. Fed Chair Powell reaffirmed their data dependency and kept all the options on the table. Inflation measures since then showed further disinflation. The labour market displayed signs of softening although it remains fairly tight. Overall, the economic data
USD/JPY daily chart Treasuries are back open for business and with yields pushing higher again, that is underpinning the dollar ahead of European trading. In particular, USD/JPY is now up 0.3% to 146.87 as it looks to retest the highs for the year. That comes after buyers held yet another defense of the 145.00 mark
We expect volatility in bullion to continue as the global Central banks have made it clear that the era of high-interest rates is here to stay for some time unless they see sustained softening in inflation, says Pritam Patnaik, Head – Commodities, HNI & NRI Acquisitions at Axis Securities. The data trend will establish the
Australian Dollar finds itself on shaky ground today, trading lower due to lackluster investor sentiment, and stays soft after RBA’s decision to keep interest rates unchanged, a move that was widely anticipated. New Zealand Dollar is tracking its Australian counterpart, emerging as the day’s second-worst performer. Canadian Dollar is not far behind, showing weakness ahead
Share: Gold Price stays pressured for the fourth consecutive day despite lacking downside momentum. Upbeat headlines from China, Country Garden fails to impress XAU/USD buyers as US Dollar traces firmer yields. US Factory Orders, ISM Services PMI and risk catalysts eyed for clear Gold Price directions. XAU/USD bears have a tough time keeping control unless
Harvard legal scholar and Yeshiva University law professor Christine Kim recently published a research paper detailing arguments for not only taxing the metaverse but treating it as “a laboratory for experimenting with cutting-edge policy.” In the paper, dubbed simply “Taxing the Metaverse,” Kim argues that the metaverse allows participants to create and build wealth entirely
It’s increasingly evident that the market is taking the weaker labour market data as good news for inflation and the soft-landing scenario. In fact, last week we got many big misses heading into the NFP report, but the US Jobless Claims showed that the labour market is still fine and the NFP beat expectations. We
Florida continues to clean up from Hurricane Idalia but the season so far has been largely a non-event for the energy market. For the next week that will continue to be the case as we move through the peak of the hurricane season. At the moment,a couple storms are spinning in the Atlantic but they’re
Oil prices edged higher on Monday on expectations that OPEC+ would keep supplies tight and speculation that the U.S. Federal Reserve will cease its aggressive interest rate hike campaign. Saudi Arabia has spearheaded efforts to support prices, making large voluntary output cuts as part of a production deal agreed by the OPEC+ producer group comprising
Japanese Yen and Dollar are experiencing broad declines today, as rebound in Chinese and Hong Kong stocks that buoyed overall market sentiment. The mood lifted on news that Country Garden, a troubled Chinese property giant, has secured an extension for a critical debt payment deadline, effectively avoiding default. Reports suggest that the company’s Chinese creditors
European bank shares dropped significantly in August after a surprise announcement from the Italian government for a new tax. Stefano Montesi – Corbis | Corbis News | Getty Images Italy’s shock tax on banks continues to prove controversial, even as the government insists it can improve it. Europe’s main bank stock index fell almost 3%
Share: GBP/JPY jumped to 185.00, seeing nearly 0.50% daily gains, recovering the 20-day SMA. BoE tightening expectations remain steady, and BoJ will likely maintain its dovish outlook. Monetary policy divergences drive the pair upwards. At the start of the week, the GBP/JPY cross jumped towards 185.00 and recovered the 20-day Simple Moving Average (SMA) of 184.60.