The USD/CHF pair retraces towards the critical round-level support of 0.8400 during the North American session on Tuesday. The US Dollar (USD) faced selling pressure following the release of the United States (US) Consumer Price Index (CPI) data for April, which revealed that inflation grew at a moderate pace, coming in below market expectations. According to the US Bureau of Labor Statistics (BLS), the headline CPI rose 2.3% year-on-year in April, down from 2.4% in March and missing the 2.4% forecast. The core CPI, which excludes volatile food and energy components, remained steady at 2.8%,...
Oil steadied after its biggest four-day rally since October, driven by trade war optimism and U.S. President Donald Trump's increasingly hostile rhetoric on Iranian supplies. West Texas Intermediate traded above $63 a barrel after rising nearly 10% in the previous four sessions, while Brent settled near $67. Trump said during a visit to Saudi Arabia that the U.S. would put maximum pressure on Iran's energy exports if a deal is not reached on the OPEC member's nuclear program, after the State Department earlier imposed sanctions on a pipeline that helps ship the Islamic Republic's oil to...
Gold edged up in early Asia, supported by mild US inflation signs that support the case for further Fed rate cuts that would boost the appeal of the non-interest-bearing precious metal. Economic data released Tuesday showed CPI rose a seasonally adjusted 0.2% in April, but year-on-year CPI cooled to 2.3% last month, the lowest level in four years. Moreover, a "thinning sell-off" in the precious metal appears likely, TD Securities' Daniel Ghali said in a research note. Despite the US-China trade deal, inflows into Chinese gold ETFs continued to strengthen, the senior commodity strategist...