The Pound Sterling (GBP) gains against its peers, except antipodeans, on Wednesday. The British currency attracts bids even as United Kingdom (UK) fiscal risks have resurfaced, following the government borrowings report from the Office for National Statistics (ONS) on Tuesday. The report showed that the administration raised the second-highest amount of funds since 1993 in order to mitigate the increase in debt costs, which accelerated due to higher inflation. Mounting UK borrowings pave the way for tax increases by the administration in its upcoming Autumn Statement. Meanwhile, investors...
Gold price (XAU/USD) trades firmly above $3,400 during the European trading session on Wednesday, the highest level seen in over five weeks. The precious metal strengthens as global trade tensions continue to persist even as the United States (US) has confirmed a trade agreement with Japan. On Tuesday, US President Donald Trump announced through a post on Truth.Social that Washington has reached a deal with Tokyo in which the baseline tariff on imports from Japan will be 15%, lower than 25% imposed at the start of this month. Escalating trade worries between the US and the European Union...
The U.S. dollar steadied Wednesday after a three-day decline, but the safe haven is still near its lowest level in two weeks with risk sentiment enhanced by the U.S.-Japan trade deal. At 04:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely unchanged at 97.110, just above its weakest level since July 10. The index has lost well over 6% since the start of the global trade uncertainty prompted by U.S. President Donald Trump's "Liberation Day" tariff announcement on April 2. Dollar near recent lows Trump's announcement of...