Brent crude is holding near $62, supported by developments tied to Venezuela and Russia, while persistent surplus expectations continue to limit follow-through. Demand for defensive assets remains strong: gold and silver have pushed to record levels, with gold moving beyond $4,480 per ounce, driven by steady central-bank buying and rising conviction that US rates will move lower.

Currency moves continue to reflect broad dollar softness. The euro is holding above 1.17, supported by the ECB’s firmer policy stance relative to the Federal Reserve as markets increasingly price in US rate cuts in 2025. 

Offshore trading near 7.04 per dollar keeps the currency close to a fourteen-month high after the PBoC left key rates unchanged. Authorities appear comfortable with current conditions, using gradual appreciation to discourage carry trades while avoiding sharp shifts that could unsettle exporters.

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