The euro weakened against the US dollar on Thursday following the release of June employment figures in the United States (US), which showed why the Federal Reserve (Fed) is not ready to ease borrowing costs. At the time of writing, EUR/USD was trading at 1.1744, down 0.45%. The Nonfarm Payrolls (NFP) report took center stage on Thursday, as it dropped in the shortened week for the US Independence Day. The data dashed investor expectations for a rate cut, beating estimates and May's figures. Additional metrics showed that the Unemployment Rate fell and Average Hourly Earnings held...
Gold edges higher in the early Asian session amid U.S. fiscal-deficit concerns that typically enhance the safe-haven appeal of the precious metal. The House of Representatives narrowly passed President Trump's "big, beautiful" tax and spending megabill on Thursday. "After factoring in the additional revenues from new tariffs, it appears that the budget deficit will remain close to 6% of GDP for the next few years," Capital Economics' Paul Ashworth says in a commentary. "The Federal debt is undoubtedly on an unsustainable path," the chief North America economist adds. Spot gold is 0.2%...
Gold edged up to around $3,330 per ounce on Friday, heading for a weekly advance as concerns over the US fiscal deficit and lingering tariff uncertainty boosted the metal's safe-haven appeal. On Thursday, the House approved President Donald Trump's massive package of tax and spending cuts, which is expected to add more than $3 trillion to the country's deficit over the next decade. Meanwhile, Trump said he would begin sending letters to countries on Friday specifying what tariff rates they will face on imports to the US—a clear shift from earlier pledges to negotiate individual...