The US Dollar Index (DXY), which tracks the US Dollar against six major currencies, is currently trading at 108.25 at the time of writing after receiving a major boost on Friday (1/31). The first boost came from US President Donald Trump, who announced the first wave of tariffs on Mexico and Canada. The Trump administration will impose 25% tariffs on about $900 billion worth of goods from Canada and Mexico, Bloomberg reported. The US President also threatened to impose 100% tariffs on BRICS countries if they try to replace the US Dollar with a new currency in international trade. The second...
Gold price (XAU/USD) edges lower to around $2,795 during the early Asian session on Monday. The yellow metal faces some pressure from the stronger Greenback after US President Donald Trump set tariffs over the weekend. On Saturday, Canada was notified that the United States will place 25% tariffs on Canada and Mexico while China will be hit with 10% tariffs. Canadian energy will be tariffed at 10%, according to CTV. The tariffs will take effect on Tuesday. Canada, Mexico and China have vowed to respond to sweeping new tariffs on their exports to the US announced by Trump. This, in...
Oil prices jumped at the market open on Monday after U.S. President Donald Trump imposes tariffs on Canada, Mexico and China, raising fears of a trade war and disruption in crude supply from two of the United States' biggest suppliers. U.S. West Texas Intermediate crude was at $74.27 a barrel, up $1.74, or 2.4%, by 2319 GMT, after hitting more than a week's high at $75.18 a barrel earlier in the session. Brent crude futures rose 73 cents, or 1%, to $76.40 a barrel. Trump on Saturday ordered sweeping tariffs on goods from Mexico, Canada and China, kicking off a trade war that could dent...