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US President Donald Trump confirmed that he recently spoke by telephone with Venezuelan President Nicolas Maduro, but declined to reveal details, Reuters reported on Sunday.Key quotesConsiders Venezuela not to be a friendly country.Don’t read anything into me closing Venezuela airspace.Doesn’t mean airstrike imminent.Market reactionAt the time of press, the WTI price is up 0.71% on the day at $59.45. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because…

The Indian rupee, which has been under pressure for a host of reasons, is unlikely to depreciate further in the near term, Union Bank of India said in a report, providing a rationale that the rupee has already weakened by roughly 4 per cent this year.”Given that the rupee has already weakened by roughly 4 per cent this year, we do not expect significant further depreciation in the near term,” the report read. The Indian rupee vis-a-vis the US dollar is currently trading in a tight range, under pressure from a mix of domestic strength and external challenges, including US…

The U.S. dollar was heading for its worst weekly performance since late July on Friday as traders increased bets that the Federal Reserve will cut rates again next month. The dollar has dropped this week as traders conclude that weakening labor data will lead to more rate cuts, even as many Fed policymakers express concern about still-elevated inflation. “It feels like with the post-shutdown run of releases, it’s generally been soft … the data overall definitely leaned towards a cut,” said Eric Theoret, FX strategist at Scotiabank in Toronto.The U.S. federal government is releasing a backlog of economic data after…

EUR/USD steadies during Friday’s North American session set to finish the week and November’s in positive territory with gains o 0.81% and 0.59%, respectively as traders seem certain that the Federal Reserve will cut rates in December. The pair trades at 1.1601 after bouncing off daily lows of 1.1555.Euro ends week and month higher as dovish Fed signals outweigh mixed US dataThe US Dollar treads water amid growing speculation for a rate cut. Data from the CME FedWatch Tool shows that the odds for a 25-basis points reduction to the fed funds rate at 87% for the December meeting. The…

Gold (XAU/USD) rises over 1% on Friday amid a scarce economic docket, but traders are pricing further easing by the Federal Reserve (Fed) at the next meeting, pushing the non-yielding metal past the $4,200 mark for the first time in the last ten days.Bullion surges over 1% in thin holiday trade as easing expectations climb toward 87% despite mixed US dataExpectations that the Federal Reserve would continue its easing cycle increased as the CME FedWatch Tool shows odds for a 0.25% reduction at the December 9-10 meeting at 87%,. Meanwhile, Fed officials remained muted since Wednesday, heading for Thanksgiving, as…

Silver (XAG/USD) climbs to a fresh all-time high on Friday, buoyed by dovish Federal Reserve (Fed) expectations alongside strong industrial and investment demand. At the time of writing, XAG/USD is trading around $56.40, with prices up over 12% this week and on track to log a seventh straight monthly gain.A tightening supply backdrop is adding further support to the rally, with reports indicating that inventories at Shanghai Futures Exchange warehouses have dropped to their lowest level since 2015. Market data also show that physical Silver turnover on the Shanghai Gold Exchange has slipped to a nine-year low.According to the Silver…

West Texas Intermediate (WTI) US Oil trades around $59.30 on Friday at the time of writing, posting a 0.50% daily gain as investors adopt a cautious stance while monitoring ongoing efforts toward a Russia-Ukraine peace agreement.Market participants note that any potential breakthrough could eventually ease sanctions on Russian Crude Oil and release some restricted supply, although meaningful changes would likely be gradual and contingent on a concrete deal.Russian President Vladimir Putin indicated that proposals conveyed by US President Donald Trump could help shape a future security framework, expressing openness to further negotiations. On the Ukrainian side, President Volodymyr Zelenskiy confirmed…

Gold (XAU/USD) edges higher on Friday after a bout of volatility sparked by the CME trading outage briefly dragged prices lower. At the time of writing, XAU/USD is trading around $4,209, with the metal on track to notch its fourth straight monthly gain.Overall sentiment remains tilted to the upside as traders price in a greater likelihood of a Federal Reserve (Fed) rate cut in December, following dovish-leaning remarks from key policymakers earlier in the week. At the same time, the Russia-Ukraine peace talks remain fragile, keeping geopolitical risks elevated and offering a supportive backdrop for Gold.Market movers: CME halt, Fed…

After a quarter severely impacted by trade tensions, the Canadian economy returned to growth in Q3 with an annualized increase of 2.6%, surprising economists by a wide margin. Trade data was the main driver of this volatility, significantly boosting growth in the third quarter after holding it back in the second, National Bank of Canada economists note. Trade-driven GDP surge seen as unsustainable”This time around, the sharp drop in imports alone accounts for all the growth in the quarter, while exports essentially stagnated after last quarter’s strong decline. We note that Statistics Canada pointed out that, given the U.S. government…

The British Pound (GBP) treads water against the Japanese Yen (JPY) on Friday as the latest Tokyo inflation data keeps the Bank of Japan (BoJ) firmly on a tightening path. At the time of writing, GBP/JPY is trading around 206.70, though the cross remains on track to log its third straight weekly gain as the Yen stays under sustained pressure amid fiscal concerns following the approval of a large stimulus package.The Statistics Bureau of Japan reported that Tokyo’s headline Consumer Price Index (CPI) rose 2.7% YoY in November, matching market expectations and easing from 2.8% in October. The measure that…