The pound (GBP) strengthened near 1.2450 against the US dollar (USD) in the European session on Wednesday (29/1). The GBP/USD pair strengthened as the US dollar weakened as investors liquidated some risk-off trades built on concerns that China's affordable DeepSeek Artificial Intelligence (AI) models would challenge the dominance of top-tier chatbots, such as OpenAI and Meta, narrowing China's technological gap with the United States (US). The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, fell near 107.75. The greenback is also trading...
The Silver price (XAG/USD) trades with mild gains around $30.40 during the Asian trading hours on Wednesday. The uncertainty surrounding new tariff policies under US President Donald Trump's administration could provide some support to the precious metal. Later on Wednesday, all eyes will be on the Federal Reserve (Fed) meeting. The Fed interest rate decision on Wednesday will play a pivotal role in shaping the direction of Silver price. The US central bank is expected to hold its benchmark rate steady at its January meeting at its current range of 4.25%–4.50%. In December Fed Chair Jerome...
Gold prices traded around $2,765 per ounce on Wednesday, extending a slight recovery from the previous session as uncertainty over US tariffs spurred safe-haven demand. On Monday, President Trump announced plans to impose tariffs on imported computer chips, pharmaceuticals, and steel to boost domestic production. White House spokeswoman Karoline Leavitt also confirmed on Tuesday that Trump still plans to follow through with tariffs on Canada and Mexico starting February 1st and is considering new tariffs on China. Investors' focus is now set upon the Federal Reserve's first policy meeting...
Oil prices steadied in Asian trade on Wednesday after industry data showed a slightly smaller-than-expected build in U.S. inventories, although caution over trade tariffs and a Federal Reserve meeting persisted. Crude prices were nursing some losses this week as traders fretted over weak Chinese economic data, as well as concerns that U.S. President Donald Trump's plans for trade tariffs will stymie oil demand. Oil was also pressured by Trump planning for increased energy production in the U.S., while the President also called on the Organization of Petroleum Exporting Countries to...
The Australian Dollar (AUD) extends its losses for the third consecutive day against the US Dollar (USD), driven by lower-than-expected Consumer Price Index (CPI) data from Australia released on Wednesday. Australia's CPI rose by 0.2% quarter-on-quarter in the fourth quarter of 2024, matching the growth seen in the previous quarter but falling short of the market expectation of 0.3%. On an annual basis, CPI inflation eased to 2.4% in Q4 from 2.8% in Q3, also below the consensus forecast of 2.5%. Australia's Monthly CPI for December 2024 increased by 2.5% year-over-year, in line with...
