Gold edged higher after a slew of tariff-related announcements from President Donald Trump signaled concerns over the impact of a potential global trade war remain, giving support to the haven asset. Bullion ticked up to about $3,330 an ounce after closing 0.6% lower on Tuesday. Trump said he had reached a deal with Indonesia, imposing 19% tariff on country. The president also said levies on pharmaceuticals were likely as soon as the end of the month, while rates on semiconductors were also looming. Meanwhile, the US opened an investigation into Brazil about its "unfair" trade...
The U.S. dollar rose alongside Treasury yields on Wednesday, which in turn kept pressure on the yen after the latest U.S. inflation report showed signs that President Donald Trump's tariffs were beginning to feed into prices. Rising prices on goods as varied as coffee, audio equipment and home furnishing pulled the inflation rate higher in June, with substantial increases in prices of the heavily imported items. That pushed the dollar and bond yields higher as investors pared back expectations of Federal Reserve interest rate cuts this year. The jump in the dollar was most apparent...
The Australian dollar strengthened to around $0.653 on Wednesday, snapping a three-day losing streak, as investors turned their attention to Thursday's labor market data, which could provide fresh insight into the near-term policy outlook. The Reserve Bank of Australia has recently adopted a cautious, data-driven stance, citing a more balanced inflation outlook and ongoing labor market resilience. And a robust jobs report could cast doubt on the 80% market-implied probability of a rate cut at next month's meeting. Markets are currently expecting a gain of 20,000 jobs in June and an...