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Oil prices climbed for the fourth straight session on Tuesday due to low shale output, heightening OPEC and IEA's supply deficit fears.
The dollar's nine-week winning streak, its longest since 2014, saw hedge funds reduce net short positions by nearly $5 billion last week, per CFTC data.
Oil prices surged to a 10-month peak on China's cash reserve cuts to boost its economy and signs of global tightening cycles nearing their conclusion.
Consumer prices exceeded expectations, disappointing investors anticipating smoother inflation. Gas price surge drove over 50% of the increase.
Oil prices edged higher on Wednesday after surging nearly 2% to close at their highest levels since November 2022 on Libyan supply jitters.
Hedge funds are rapidly reducing their USD downside risk exposure, and at this rate, they could become bullish by month-end.
The yen gained as BOJ Governor Kazuo Ueda's comments on wage increase sustainability boosted monetary tightening expectations.
Senior Fed officials signaled on Thursday that the central bank will maintain interest rates in September, despite ongoing inflation concerns.
Despite weak US job market and inflation, the yen remains subdued at 147.60 against the dollar, below last year's intervention threshold.
Oil surged past $90 in 2023, reaching levels not seen since November, as Saudi Arabia and Russia prolonged supply cuts through year-end.
Oil prices rose Monday on OPEC+ supply expectations and the possibility of the Fed ending aggressive rate hikes.
US job market finally shows enough cracks to embolden some of the world’s largest bond investors to bet the tightening cycle will end sooner than later.
Euro weakened as ECB's Isabel Schnabel, known for hawkish stance, cited weaker-than-expected euro zone growth.
Gold gained for a 3rd day, backed by weak economic data that might make the Fed lean towards a long-awaited pause.
