Market News - Gold, Oil & Forex

Readings for July on the prices consumers pay for goods and services came in pretty much on target.

Crude oil inventories in the United States saw a massive increase of 17.4 million barrels during the week ending August 7, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 424.4 million barrels, according to government data, which are now just 2% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude...

Norwegian aluminum producer Norsk Hydro's Alunorte plant in Brazil, one of the world's largest alumina refineries, reduced output by 50% following disruptions to natural gas availability. Bloomberg reports that disruptions to NatGas availability at Alunorte forced a 50% reduction in output and sent aluminum prices in London to a seven-week high. Hydro said production would return to full capacity once gas supplies normalize. Aluminum rose nearly 2% in London and traded at $3,373 a metric ton....

Indian state-controlled oil refiners continue to search the market for spot crude supply as term deliveries are constrained by the ongoing crisis in the Middle East and its key oil chokepoint, the Strait of Hormuz. Mangalore Refinery and Petrochemicals Limited (MRPL) and Hindustan Petroleum Corporation Limited (HPCL) are looking to buy a combined 6 million barrels of crude oil via spot tenders, Reuters reported on Wednesday, citing tender documents it has seen. HPCL is seeking up to 4 million...

The Consumer Price Index (CPI) rose by 0.1% month-on-month (m/m) in July – in line with expectations. On a twelve-month basis, CPI edged down to 3.4% (from 3.5% in June). Energy costs fell by 1.5% m/m, led by a 2.9% m/m decline in prices at the pump. Food prices rose 0.1% m/m – its softest […] The post US: Inflationary Pressures Remain Subdued in July    appeared first on ActionForex.

Dollar weakened broadly after July CPI matched expectations, with headline inflation slowing from 3.5% to 3.4% y/y and core easing from 2.6% to 2.5%. September hold odds rose to around 58% from roughly 51% a day earlier. Core inflation has now fully round-tripped back to exactly where it stood before the Iran war first disrupted energy markets. The post Dollar Falls as July CPI Closes First Oil-Shock Chapter - August Opens the Next appeared first on ActionForex.

The consumer price index was expected to increase 0.1% in July, with an annual rate of 3.4%.

US inflation eased as expected in July, reinforcing case for Fed to stay on hold while it waits for clearer evidence on both prices and labor market. Headline CPI rose from -0.4% to 0.1% m/m, while annual rate slowed from 3.5% y/y to 3.4%. Core CPI increased from 0.0% to 0.2% m/m, with annual core […] The post US CPI Slows to 3.4% as Core Inflation Eases to 2.5% appeared first on ActionForex.

The IEA has slashed its 2026 global oil supply forecast, with output now expected to plunge 4.3 million barrels per day this year as the failure to reopen the Strait of Hormuz pushes the market deeper into deficit. The latest forecast is considerably worse than the 3.7-million-bpd decline the agency projected just last month and would leave global supply at 102.02 million bpd, its lowest forecast for 2026 yet. Supply is now expected to fall 1.27 million bpd short of demand for the year,...

The UK could see a power supply margin shortfall during the solar eclipse on Wednesday amid high demand in the new heatwave that is sweeping through Britain and the rest of Europe this week. There is no risk to customer supplies, but a notice has been issued to the market and power generators as the eclipse will block sunlight between 6 p.m. and 8 p.m. local time on Wednesday evening. The National Energy System Operator issued a notice today to encourage market actions to increase system...