Market News
Stay on top of the major news, data and analysis moving forex and global financial markets.
$55: New YTD low for Silver price
Silver price (XAG/USD) is down 0.8% to near $55.00 during the early European trading session on Friday. The white metal posted a fresh Year-To-Date (YTD) low at $54.77 earlier in the day.
WTI price edges higher to near $79.00 as US-Iran war escalation threatens oil flows
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $79.00 during the early European trading hours on Friday. The WTI heads for its biggest weekly advance since April as rising tensions in the Middle East raise fears of oil supply disruption.Â
Indian Rupee holds early ground, elevated oil prices keep upside limited
The Indian Rupee (INR) trades marginally higher against the US Dollar (USD) while entering the weekend. The USD/INR pair ticks down to near 96.30 as the Indian currency rises, following Reserve Bank of India’s intervention.
Iran’s IRGC says no oil or gas will be exported through Hormuz as long as US attacks continue
The Iranian Islamic Revolutionary Guards Corps (IRGC) said that no oil or gas will be exported through the Strait of Hormuz as long as US attacks continue, Tasnim news agency reported on Friday.
Asian stock markets mirror US tech sell-off, Nikkei plunges over 4%
Asian stock markets face a sharp sell-off on the last trading day of the week, tracking seeking negative cues from United States (US) equity markets. US technology stocks fell sharply on Thursday as stocks of sophisticated chips extended their losses.
WTI extends range play around $79.00; bullish potential intact amid Mideast tensions
West Texas Intermediate (WTI) – the benchmark US crude oil price – edges higher during the Asian session on Friday, though it remains confined within a multi-day-old range.
Iran tells Houthis to close Red Sea oil route if US hits power network — Reuters
Iran has asked Yemen’s Houthi militia to stand ready to close the Red Sea oil route if the United States (US) strikes Iranian power infrastructure, posing a potent new threat to global energy supplies, Reuters reported on Thursday.
Crude Oil watches the region catch fire and still cannot clear its ceiling
West Texas Intermediate (WTI) Crude Oil is fading about one percent to just below $79.00 after a third consecutive failure at the $80.00 handle, where the 50-day Exponential Moving Average sits just above the figure and refuses to yield.
Crude Oil watches the Houthis aim at the last export route that still works
West Texas Intermediate (WTI) Oil spent Thursday's European morning grinding down to 78.37 before ripping nearly two dollars to 80.29 when the Houthis threatened to target all Saudi Oil sites and key facilities should Saudi Arabia escalate its actions against Yemen.
European Central Bank: Rate hike risk returns with Oil – ING
ING’s Carsten Brzeski argues that the European Central Bank is likely to keep rates unchanged next week but a surprise hike cannot be ruled out. He notes that renewed Middle East tensions and rising Oil prices have restored the macro backdrop seen before the June meeting.
Eurozone: Energy shock risks for inflation – Rabobank
Rabobank’s Bas van Geffen says renewed US-Iran hostilities have shifted Eurozone inflation risks upward. June’s softer-than-expected flash estimate may buy the ECB time in July, but the earlier decline in energy prices has reversed, pointing to firmer inflation readings ahead.
Euro pauses a two-day winning streak as the US Dollar steadies
EUR/USD trades with a downside bias on Thursday, snapping a two-day winning streak as the US Dollar (USD) steadies following recent losses driven by softer-than-expected United States (US) inflation data. At the time of writing, the pair trades around 1.1457, down modestly on the day.
Natural gas: Storage challenge grows on LNG competition – ING
ING’s Warren Patterson and Ewa Manthey highlight that investment funds have sharply increased net long positions in TTF natural gas, driven by fresh longs.