Market News - Gold, Oil &amp; Forex

Gold On Track For Third Weekly Loss On Rate Hike Concerns

(RTTNews) - Gold prices fell sharply on Friday and were on track for a third weekly loss amid expectations that central banks including the Federal Reserve will raise interest rates to curb inflation.

Energy

Philippines Seeks Long-Term Oil Supply Deal With Russia

The Philippines is looking to formalize a deal to buy oil from Russia on a more permanent basis amid the energy crisis and heightened geopolitical tensions, Philippines President Ferdinand R. Marcos Jr. has said. The Philippines has been one of the worst-hit Asian economies in the current oil supply crisis triggered by the Middle East conflict, and has turned to Russia for ad-hoc spot supply to cover the shortfall of cargoes from the Middle East. Now the Asian country is looking to make the...

ECB’s Lane Says Staying at 2% Was Not an Option, Wunsch Signals Hike Risk

The European Central Bank may have delivered its June rate hike, but its policymakers are already making the case for why the tightening cycle may not be over. Speaking in Paris today, Chief Economist Philip Lane dismissed suggestions that the ECB should have paused this month, arguing that “it would be very hard to make […] The post ECB’s Lane Says Staying at 2% Was Not an Option, Wunsch Signals Hike Risk appeared first on ActionForex.

EUR/USD Loses Ground as Market Sentiment Favours the US Dollar

EUR/USD fell on Friday to its lowest level since 31 March 2026 and is holding near 1.1457. The US dollar is being supported by rapidly growing expectations of further Federal Reserve policy tightening following more hawkish-than-expected signals from the regulator. This week, the Fed left interest rates unchanged. However, the updated forecasts showed that half […] The post EUR/USD Loses Ground as Market Sentiment Favours the US Dollar appeared first on ActionForex.

Economy

Hormuz relief may not ease the economic toll that's already 'baked in,' analysts warn

Early signs of reopening of the Strait of Hormuz have lifted the most acute threat to global energy supplies but economic damages from the war will take months to unwind.

Energy

India Isn’t Rushing Back to Middle Eastern Oil Despite Hormuz Reopening

Indian refiners have enough crude to last them two months, so they will not be scrambling to buy Middle Eastern cargoes expected to be coming out through the reopened Strait of Hormuz anytime soon. According to a Bloomberg report, however, Middle Eastern producers have approached Indian buyers to start taking in volumes under long-term contracts. The buyers are not eager to do so, unnamed sources told the publication. The Indian government is yet to give the green light to Indian tankers...

Sunrise Market Commentary

Markets Needless to say that new Fed chair Warsh made it clear that he wants to break with the Bernanke-Yellen-(Powell) era. Inflation has been running above target for five years and it’s time to fix that. The Fed will deliver on its price stability target and wants markets to take the lead. Less is more […] The post Sunrise Market Commentary appeared first on ActionForex.

Energy

Oil Prices Rebound as U.S.-Iran Peace Talks Are Postponed

Oil prices began to climb once again in early Asian trade on Friday due to uncertainty over the outcome of peace talks between the United States and Iran after Switzerland confirmed the talks had been postponed. At the time of writing, Brent crude had climbed back above $80 per barrel while West Texas Intermediate had risen to $76.28. Reuters reported on the statement, issued by the Swiss foreign ministry, without providing details. The statement followed earlier reports that said Vice...

EUR/GBP Gains as Markets Scale Back BoE Tightening Expectations, More Upside Ahead

EUR/GBP’s advance this week is telling a bigger story than simple Euro strength. What markets are really pricing is a fading belief that the Bank of England will need to deliver significantly more tightening than the European Central Bank. For months, Sterling benefited from the assumption that sticky UK inflation would eventually force policymakers into […] The post EUR/GBP Gains as Markets Scale Back BoE Tightening Expectations, More Upside Ahead appeared first on ActionForex.

Japan Core Inflation Holds at 1.4%, Fuel Subsidies Continue to Suppress Price Pressures

Japan’s core consumer inflation remained unchanged at 1.4% yoy in May, matching expectations and staying below the Bank of Japan’s 2% target for a fourth consecutive month. Headline CPI edged up from 1.4% yoy to 1.5% yoy. The closely watched core-core measure, which excludes both fresh food and energy, slowed from 1.9% yoy to 1.8% […] The post Japan Core Inflation Holds at 1.4%, Fuel Subsidies Continue to Suppress Price Pressures appeared first on ActionForex.

New Zealand Exports Jump 18%, But Faster Import Growth Limits Trade Surplus

New Zealand recorded a goods trade surplus of NZD 800m in May, slightly below expectations of NZD 875m, as strong export growth was more than offset by an even larger increase in imports. Goods exports rose NZD 1.4b, or 18% yoy, to NZD 8.9b, while imports climbed NZD 1.7b, or 26% yoy, to NZD 8.1b. […] The post New Zealand Exports Jump 18%, But Faster Import Growth Limits Trade Surplus appeared first on ActionForex.

Australia May CPI Preview: Underlying Pressures Persist

We expect May CPI to fall -0.3%mth, which will still see the annual pace lift to 4.4%yr. On a seasonally adjusted basis, we pencil in a modest 0.2%mth rise. Transport is expected to again be the main drag due to lower fuel prices, with clothing & footwear also subtracting. This will be partly offset by […] The post Australia May CPI Preview: Underlying Pressures Persist appeared first on ActionForex.