Traders await US inflation figures after crude stabilizes above $68 amid tensions near the Strait of Hormuz and China’s gold buying streak.
Oil prices remained steady above $68 USD as traders awaited US CPI data, with geopolitical risks near the Strait of Hormuz providing support. A crude oil tanker was reportedly damaged in the region, adding to supply concerns despite fading war premiums.
The S&P 500 showed a bullish tilt but stayed rangebound, reflecting cautious sentiment ahead of inflation figures. China extended its gold-buying spree for a 20th consecutive month, signaling ongoing demand for safe-haven assets.
USD/JPY climbed to its highest level since 1986, though intervention fears from Japanese authorities capped further upside. German industrial production rose 0.9% month-on-month in May, exceeding expectations and offering modest relief for Eurozone manufacturing.