OPEC+ agrees on raising output targets, starting in August

Dhwani Mehta FXStreet

The Organization of Petroleum Exporting Countries and its allies (OPEC+), including Russia, agreed to raise their output targets by 188,000 barrels a day starting in August.

This is in addition to the similar increases made for June and July.

“With the August increase now decided, they will have fully unwound the 2023 cut if they make one more hike of around the same size for September at their next meeting on August 2,” per Reuters.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD edges lower as USD steadies above three-month low; downside seems limited

The GBP/USD pair edges lower during the Asian session, and retreats further from its highest level since May 11, touched the previous day. Spot prices slip below the 1.3600 mark in the last hour, though the fundamental backdrop seems tilted in favor of bulls and backs the case for the emergence of some dip-buying.

EUR/USD consolidates near late May highs amid hawkish Fed, Iran risks

The EUR/USD pair enters a bullish consolidation phase after touching its highest level since late May during the Asian session on Thursday. Bulls now await a move beyond the 1.1700 mark before placing fresh bets and positioning for an extension of an over a three-week-old uptrend.

Gold retreats from June highs as hawkish FOMC minutes and US-Iran tensions support USD

Gold eases from its highest level since early June, touched during the Asian session this Thursday, eroding a part of the previous day's strong gains of over 3%. Hawkish FOMC Minutes released on Wednesday, along with persistent geopolitical uncertainties, ease retreating US bond yields-led US Dollar selling bias, which turns out to be a key factor exerting some pressure on the bullion.

Top Altcoins Price Forecast: Ripple rallies above $1, Solana eyes $85, Cardano eases gains

Top altcoins, such as Ripple, Solana, and Cardano, are holding steady on Thursday after a bullish rebound as the broader crypto market rebounds on US Treasury bond buybacks. The technical outlook for XRP and SOL suggests further upside, while ADA risks losing the recent gains. Ripple trades around $1.0951 following a 10% surge the previous day.

$20 billion offered, $2 billion taken: Why Treasury doubled its buyback cap

The US Treasury moved off its own calendar on Wednesday, and that is the part worth sitting with. At 12:32 GMT, the department said it would at least double the size of liquidity support buyback operations in the 10-year to 20-year and 20-year to 30-year sectors, lifting the maximum from $2 billion per operation to at least $4 billion, effective September 9 and running to November 4.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.