Dollar, Chinese yuan in focus

U.S. dollar banknotes.

Liu Jie | Xinhua via Getty

The dollar nursed losses against most currencies on Thursday as a rally in riskier assets such as global equities and commodities put a dent in safe-haven demand for the U.S. currency.

China’s yuan rose to a four-month high against the greenback, extending recent gains as investors of all stripes increase positions in Chinese stocks due to growing optimism about the world’s second-largest economy.

Lingering worries about the spread of the coronavirus and a light calendar in Asia could keep some currency pairs in a tight range, but the dollar’s losses are gradually increasing as sentiment favours riskier bets on long-term economic growth.

“Rising stocks and a dip in Treasury yields are slight negatives for the dollar, but the market can’t move too far because we still have to worry about the virus,” said Minori Uchida, head of global market research at

Read More

U.S. crude stockpiles in focus

South Belridge Oil Field is the fourth-largest oil field in California and one of the most productive in the U.S.

David McNew | Getty Images

Oil prices eased in early trade on Wednesday as industry data showing a build in U.S. crude stockpiles and a forecast for U.S. crude output to fall less than anticipated in 2020 added to worries about oversupply.

Brent crude futures fell 13 cents, or 0.3%, to $42.95 a barrel by 0019 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents, or 0.3%, to $40.52 a barrel.

Prices were little changed in the previous session and have been held in a narrow band over the past two weeks as concerns about a spike in coronavirus cases globally tempers optimism about a recovery in fuel demand.

U.S. crude oil stockpiles rose last week, against expectations for a draw, although gasoline and distillate inventories fell more

Read More

Coronavirus, supply cuts in focus

A woman wearing face mask walks on the ocean front while Oil tankers are seen anchored off the coast of Long Beach, California, after sunset on April 25, 2020.

Apu Gomes | AFP | Getty Images

Oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand.

U.S. West Texas Intermediate (WTI) crude futures climbed 13 cents, or 0.3%, to $40.76 a barrel at 0103 GMT, recouping a 2 cent loss from Monday.

Brent crude futures rose 7 cents, or 0.2%, to $43.17, adding to a 0.7% gain on Monday.

The market is still being supported by a bigger-than-expected drawdown in U.S. crude stockpiles reported last week and by record supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, AxiCorp strategist

Read More

RBA interest rate decision, currencies in focus

Stocks in Asia Pacific were set to trade mixed at the Tuesday open as investors await the Reserve Bank of Australia’s interest rate decision.

Futures pointed to lower open for stocks in Japan. The Nikkei futures contract in Chicago was at 22,675 while its counterpart in Osaka was at 22,630. That compared against the Nikkei 225’s last close at 22,714.44.

Stocks in Australia, meanwhile, were set to open little changed. The SPI futures contract was at 6,019, as compared to the S&P/ASX 200’s last close at 6,014.60. The Reserve Bank of Australia (RBA) is expected to announce its interest rate decision at about 12:30 p.m. HK/SIN on Tuesday.

“The RBA this afternoon can confidently expected to be on hold as it continues to assess the outlook, where even in its best-case upside scenario, full economic recovery will take years,” Ray Attrill, head of foreign exchange strategy at National Australia Bank,

Read More