In its Global Energy Review published yesterday, the IEA identified trends for 2024 that are likely to continue this year, Commerzbank’s commodity analyst Barbara Lambrecht reports. Oil’s share of global energy consumption falls to a historical low “It was primarily the sharp global increase in electricity demand (2024: +4.3% year-on-year) that drove overall energy demand (+2.2%)….
New numbers show customers at JPMorgan Chase, Wells Fargo and Bank of America are piling money into unprotected accounts. The lenders’ quarterly Call Reports, submitted to the Federal Financial Institutions Examination Council (FFIEC), show the banks customers now collectively hold $2.62 trillion in uninsured cash. US banks and the FDIC promise customers that deposits up…
The dollar rallied in the hours leading to the FOMC announcement on the back of growing hawkish bets, which were, however, scaled back after the statement release. Despite the post-FOMC correction, DXY is still trading above Tuesday’s close, signalling that there is probably not enough in the Fed communication to build fresh USD shorts, ING’s…
A bank teller has been arrested for allegedly grabbing $1,000,000 in cash from his employer’s vault and successfully sneaking it out of the premises. Daniel A. Acebo was hired by a New York bank – which hasn’t yet been named – as a business banker, according to local reports. One of his jobs was to…
US Dollar could test 7.3100 vs Chinese Yuan; a sustained break above this level seems unlikely. In the longer run, strong advance indicates there is potential for USD to rise to 7.3250, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. There is potential for USD to rise to 7.3250 24-HOUR VIEW: “When…
The SEK is the best performing G10 currency in the month to date, Rabobank’s FX analyst Jane Foley notes. EUR/SEK hits a fresh 1 year low and bounces back “At the end of last week EUR/SEK hit a fresh 1 year low and has since been bumping along close to the 11.12/11.14 support area. A…
Euro (EUR) is expected to trade in a 1.0450/1.0505 range vs the US Dollar (USD). In the longer run, rejuvenated upward momentum suggests EUR could continue to advance; the levels to monitor are 1.0530 and 1.0560, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. Levels to monitor are 1.0530 and 1.0560 24-HOUR…
Supply uncertainty continues to support the oil market, which faces multiple risks, including disruptions to Kazakh flows, the potential for a delay in the return of OPEC+ barrels, weather events in the US, and ever-present sanctions risks hanging over the market. The concerns pushed ICE Brent back above US$76/bbl yesterday, ING’s commodity analysts Warren Patterson…
Euro (EUR) fell on headlines regarding universal tariffs. FT reported that Treasury secretary Scott Bessent favours universal tariffs on US imports, starting at 2.5% while Trump said he wants tariffs ‘much bigger’ than 2.5%. This puts tariff agenda back on the table and should restraint EUR bulls for now. Pair was last at 1.0428 levels,…
Current price movements are likely part of a range trading phase likely between 0.5620 and 0.5690. In the longer run, NZD is likely to continue to rise, potentially reaching the major resistance at 0.5750, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note. NZD is likely to continue to rise 24-HOUR VIEW:…