The dollar dropped against the yen and hovered around multi-year lows versus the euro and the Swiss franc on Tuesday as President Donald Trump's attacks on the Federal Reserve raised concerns about the central bank's independence. Analysts said the dollar was left in an especially fragile state amid market concerns over the U.S. administration's tariffs, which could trigger a global trade war. Doubts about Fed independence threaten the dollar's value as a reserve currency, with analysts noting possible divestments from what many consider over-exposure to U.S. assets. The U.S. currency...
Oil prices bounced back as equity markets staged a recovery on Tuesday, though concerns persist over economic headwinds from tariffs and U.S. monetary policy that could dampen fuel demand. Brent crude futures rose 59 cents, or 0.9%, to $66.85 a barrel by 1423 GMT. The U.S. West Texas Intermediate crude contract for May, which expires on Tuesday, was up 67 cents, or 1%, at $63.75. The more actively traded WTI June contract gained 70 cents, or 1.1%, to $63.11. "The daily fluctuations in Brent crude oil prices have been quite well aligned with fluctuations in equity prices," said SEB analyst...
Gold extended its record run on Tuesday, breaching $3,500 per ounce, as weakness in the dollar, U.S. President Donald Trump's attacks on the Federal Reserve and trade war fears boosted demand for the safe-haven asset. Spot gold was up 0.5% at $3,440.51 an ounce by 09:21 a.m. EDT (1321 GMT), after rising as much as 2.2% to $3,500.05 earlier in the session. U.S. gold futures climbed 0.9% to $3,454.60. "Gold is continuing to find buyers on any short-term dips, and it is really difficult to say how much further it can go. Momentum is clearly strong, which is discouraging investors or traders...