The pound rose above $1.32, a six-month high, as markets responded to easing trade fears and shifting Bank of England (BoE) expectations. Hopes that Trump might delay auto tariffs helped UK exporters, especially car parts makers reliant on US trade, lifting sentiment for sterling. On the other hand, the BoE is seen as likely to cut rates soon — with markets nearly fully pricing in a rate cut in May — as UK firms shed jobs ahead of tax hikes and higher wage costs. While private-sector wage growth remains high at 5.9%, employment fell sharply in March, hinting at economic weakness. A...
The dollar held steady on Tuesday, trading near a three-year low against the euro and a six-month trough against the yen, as investors trying to make sense of the constant changes to President Donald Trump'stariffs remained wary of U.S. assets. Much of the volatility that hit the dollar last week and sent Treasury yields soaring appeared to have abated somewhat on Tuesday, although investor sentiment was still fragile. The euro , which has been one of the biggest beneficiaries of this month's dumping of U.S. assets, was a touch weaker on the day at $1.1336, narrowly below last week's...
Gold prices rose on Tuesday, as investors turned to the safe-haven asset amid continued uncertainty surrounding U.S. President Donald Trump's tariff plans, which could heighten an ongoing trade war and slow global economic growth. Spot gold was up 0.7% at $3,230.48 an ounce, as of 0815 GMT. Bullion hit a record high of $3,245.42 on Monday. U.S. gold futures rose 0.6% to $3,245.70. "The environment remains supportive for higher gold prices, but the journey towards higher prices will not be a straight line, there will likely be some temporary setbacks," said UBS analyst Giovanni...