By Charles Ellinas Crude oil prices receded to $75/barrel following speculation Israel will focus on hitting military and intelligence targets rather than Iran’s oil export terminals and refineries. Prices are going down as the geopolitical premium fizzles out and Chinese demand concerns return, as weak Chinese economic data outweighs Middle East war concerns. OPEC oil
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Labour unions rejected the mediation proposal by the Cyprus labour minister, aimed at avoiding an all-out conflict in the hotel sector, citing that the collective agreement should have a more solid legal effect and be applicable to the entire industry. This means that, according to labour groups, even workers who are not unionised should be
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The Japanese Yen struggles to find demand to start the week as markets assess the outcome of the Japanese general election. Japan’s Liberal Democratic Party, which has been in power since 1955, lost its majority for the first time in 15 years in Sunday’s national election, prompting concerns about the world’s fourth-largest economy and the
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Germany wants to extradite an online scammer arrested in Cyprus on Thursday, involved in financial fraud worth €300 mln. A large-scale online investment scam was dismantled last week with the perpetrators allegedly running a fraud scheme that used fake investment platforms to deprive victims of at least €300 mln. At the request of the German
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The GBPUSD pair extends the decline to around 1.2945 in early European trading on Monday. A bullish US Dollar on the back of bets for a less aggressive easing by the Federal Reserve drags the pair lower. In the absence of top-tier economic data released from the UK and the US, the USD price dynamics will continue
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Economic growth in Cyprus is expected to accelerate this year and to remain robust in 2025, supported by favourable labour market conditions, the return of inflation to around-target rates, and gradual declines in interest rates, according to a University of Cyprus report. The quarterly economic outlook, prepared by the university’s Economics Research Centre, real GDP
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The price of Silver (XAGUSD) rebounds strongly above $34.00 in Thursday’s European session after declining to near $33.40 on Wednesday. The white metal recovered as US bond yields tumbled after a sharp rally in the past few weeks. 10-year US bond yields plummet to 4.19%, down 1.28% at the time of writing. Lower yields on
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USDJPY extended its uptrend and touched its highest level since late July above 153.00, gaining more than 1% on Wednesday. Reflecting the broad-based selling pressure surrounding the JPY, EURJPY rose 0.95% and GBPJPY added 0.6%. Early Thursday, USDJPY corrects lower and was last seen losing 0.35% on the day below 152.50. Speaking on the policy
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The UK Budget next week could spell financial shock for hundreds of thousands of ordinary families, as Chancellor Rachel Reeves appears to be preparing to hike the Capital Gains Tax (CGT). This tax hike, warns the CEO of a leading independent financial organisation, threatens not only individuals’ wealth, but also the country’s economic health. “Capital
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The GBPUSD pair edges higher toward 1.3000 during Asian trading on Wednesday. However, the Pound Sterling faces headwinds due to declining consumer and producer inflation figures, coupled with weak labour market data in the UK. These factors are fueling expectations that the Bank of England may implement a 25 basis point rate cut in November,
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