The US Dollar (USD) continued to weaken against its major peers on Tuesday, with the USD Index dropping to its weakest level since early December, pressured by growing concerns over an economic slowdown. Early Wednesday, the USD struggled to find demand as market focus shifted to the ISM Services PMI and ADP Employment Change data for February. After Monday's sharp decline, the USD Index fell nearly 1% on Tuesday. While addressing Congress at the end of the US session, US President Donald Trump reiterated that they would impose tariffs on products not made in the US. Meanwhile, during an...
Oil prices continued to slide after Commerce Secretary Howard Lutnick said the Trump administration could lift some tariffs on Mexico and Canada, adding to uncertainty in global markets. West Texas Intermediate crude was trading near $68 a barrel after falling 3% over the past three sessions, while Brent was hovering around $71. Lutnick did not explicitly say what action President Donald Trump was considering but dismissed the idea that the levies would be lifted entirely. He made the remarks on Fox. Crude prices have been falling since mid-January as Trump's trade policies raise the...
The USD/CHF pair continued its downtrend for the third straight session, trading around 0.8880 during European hours on Wednesday (05/03). The pair remained under pressure after the release of Swiss Consumer Price Index (CPI) data. The monthly CPI rose by 0.6% in February, marking the first increase in nine months and the fastest pace since February 2021, surpassing market expectations of 0.5%. The annual inflation rate eased slightly to 0.3% in February, beating the expected increase of 0.2% but down from 0.4% in January, marking the lowest level since April 2021. Meanwhile, core...