The Pound Sterling (GBP) surges above 1.3100 against the US Dollar (USD) during the European trading hours on Thursday, the highest level seen in almost six months. The GBP/USD pair soars as the US Dollar plummets after United States (US) President Donald Trump unveils worse-than-expected tariffs for his trading partners. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, tumbles to near 102.70. US President Trump announced a 10% baseline duty on all products entering the US and additional specific levies on the majority of its trading allies, which...
Silver prices slid over 1% to dip below $33.50 per ounce on Thursday, reaching a one-week low as traders grappled with market uncertainties following US President Donald Trump's sweeping tariff measures. Trump imposed a 10% baseline tariff on all imports, with steeper levies targeting major trading partners such as China (34%), the EU (20%), and Japan (24%). Additionally, a 25% tariff on foreign-made automobiles took immediate effect. Defending the move, Trump framed the tariffs as a strategy to bolster domestic manufacturing and reduce trade deficits. While gold surged to a record high in...
The AUD/USD pair moves higher and advances toward the two-week high of 0.6350 in Thursday's European session. The Aussie pair strengthens as the US Dollar (USD) faces an intense sell-off, with traders becoming increasingly confident that the new suite of tariffs by President Donald Trump will lead to a United States (US) recession in the near term. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, is down more than 2% to near 102.00. This is the highest one-day correction seen in years. On Wednesday, US President Trump unveiled his reciprocal...