Gold edges lower in early Asian trade amid mixed signals. Higher Treasury yields and a stronger U.S. dollar offset safe-haven demand on concerns of trade wars, says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. Meanwhile, gold has reached extreme levels with the relative strength index showing overbought signals across multiple timeframes, based on charts, the analyst says. These RSI levels suggest that a pullback or consolidation may be on the horizon, the analyst adds. Spot gold is little changed at $2,895.58/oz. Source : Dow Jones Newswires
The Australian Dollar (AUD) maintains its position against the US Dollar (USD) on Wednesday. However, the AUD/USD pair faced challenges due to US President Donald Trump's 25% tariff hike and Fed Chair Jerome Powell's indication that the central bank was in no hurry to cut interest rates further. President Trump's trade adviser, Peter Navarro, criticized Australia late Tuesday, accusing the country of "killing the aluminum market" just a day after Trump signed executive orders imposing import tariffs on certain metals. Australia is seeking exemptions from the new steel and aluminum tariffs,...
The Japanese Yen (JPY) drifts lower for the third straight day on Wednesday and slides to a one-week low against its American counterpart during the Asian session. Worries that US President Donald Trump's no-exemption tariffs on commodity imports could endanger Japan's economic stability, along with a generally positive tone around the equity markets, undermine the safe-haven JPY. Apart from this, the emergence of some US Dollar (USD) buying lifts the USD/JPY pair back closer to mid-153.00s in the last hour. Federal Reserve (Fed) Chairman Jerome Powell said on Tuesday that the US central...