Oil prices rose after President Donald Trump threatened to punish any country that buys crude from Venezuela, raising concerns about a potential tightening of global supplies. West Texas Intermediate crude was trading above $69 a barrel after rising 1.2% on Monday, while Brent settled at $73. Trump has vowed to impose 25% tariffs on buyers of the South American nation's oil and gas on April 2, which could cut off supplies to refiners in China, India, Spain and the U.S. Trump's trade policies and retaliatory actions have led to increased volatility across global markets, with benchmark...
Gold consolidated early in the Asian session, but may be weighed down by easing concerns over U.S. tariffs that have dented the precious metal's appeal as a safe haven. President Trump said overnight that he may soften the reciprocal tariffs he plans to impose on U.S. trading partners next month, and that some countries may be exempted. "Gold looks quite pressured," given its recent rally through the $3,000/oz level, Fawad Razaqzada, market analyst at City Index and FOREX.com, said in an email. "A long-overdue cooling-off period may be in the offing," the analyst added. Spot gold was little...
The Australian dollar (AUD) extended its gains for the second straight session on Tuesday (3/25). However, the AUD/USD pair faces downward pressure amid a stronger US dollar (USD). Strong S&P Services PMI data and cautious comments from the Fed likely fueled the greenback's gains. The AUD is supported as investors anticipate the Reserve Bank of Australia (RBA) to leave rates unchanged in April, following its first rate cut in four years in February. Additionally, expectations of Chinese stimulus continue to bolster the Australian economy, given the strong trade ties between the two...