Gold futures in New York were steady as traders awaited clarification from the White House on its tariff policy, after a US government agency surprised markets last week by formally deciding that 100-ounce and one-kilogram gold bars would be subject to duties. Gold futures traded around $65 an ounce above the global spot benchmark on Monday, after surging to a record on Friday before erasing gains as the government told Bloomberg it would clarify what it called "misinformation" about tariffs on gold and other specific products. The price spread between trading centers in the US and London...
EUR/USD strengthened slightly after posting losses in the previous session, trading around 1.1650 during the Asian session on Monday (August 11th). The pair was supported by a strengthening euro (EUR), driven by prevailing expectations that the European Central Bank (ECB) will end its easing cycle in September. Furthermore, the euro was supported by improving market sentiment due to the possible end to the Ukraine-Russia war. News of a possible Trump-Putin meeting next week has some hoping for a deal that could end hostilities in Ukraine. The EUR/USD pair also strengthened as the US dollar...
The GBP/USD pair started the new week on a calm note, consolidating its relatively strong recovery from the 1.3140 area, its lowest level since April 14, reached earlier this month. Spot prices traded just below the mid-1.3400s during the Asian session, remaining largely unchanged throughout the day, although the fundamentals appear to be tilted toward bullish traders. The Bank of England (BoE), as widely expected, cut interest rates by 25 basis points (bps) last week, bringing the benchmark interest rate down to 4%, its lowest level since 2023. However, the narrow 5-4 vote indicated...