The AUD/USD pair extends its winnings streak for the fifth trading day on Tuesday and revisits the monthly high of 0.6380. The Aussie pair performs strongly in the last few trading days even though the intensifying trade war between the United States (US) and China has dampened the outlook of the Australian economy. Historically, the Australian Dollar (AUD) underperforms when the economic outlook of China deteriorates, given the high dependence of the Australian economy on its exports to the Asian giant. US President Donald Trump has declared a 90-day pause on the execution of reciprocal...
Gold futures rise close to all-time records on strong safe-haven demand. Futures are up 0.4% at $3,238.40 a troy ounce, close to Friday's record high of $3,263/oz. The precious metal has also gained on reports of the Czech central bank further boosting holdings, alongside the Chinese central bank's higher gold import quotas for commercial banks. With central banks keeping up gold purchases, a continuation of the support seen throughout 2024, the precious metal's next leg higher is being supported by incremental purchases from the investment community, SP Angel analysts say in a note. ETF...
Oil prices fell Tuesday after the International Energy Agency cut its oil demand forecast, although losses have been curbed by a potential pause of U.S. tariffs on the auto sector. At 09:00 ET (13:00 GMT), Brent Oil Futures expiring in June slipped 0.8% to $64.37 per barrel, and West Texas Intermediate WTI crude futures dropped 0.8% to $61.04 per barrel. IEA cuts global oil demand growth The IEA cut its forecasts earlier Tuesday for global oil demand growth to 730,000 barrels per day (bpd) this year from 1.03 million bpd, and to 690,000 bpd next year, citing escalating trade tensions. On...