EUR/USD plunged more than 1% to near 1.0240 at the start of the week. The major currency pair plunged as US President Donald Trump reiterated his threat to impose tariffs on the European Union (EU). Over the weekend, Donald Trump imposed 25% tariffs on Canada and Mexico and 10% on China. Trump also warned that he would also increase levies on the trading bloc, but he did not provide much information. "That will definitely happen with the European Union. I can tell you that because they have really taken advantage of us," Trump said. He also accused the old continent of not buying enough US...
The U.S. crude benchmark outpaced gains in other oil markets after President Donald Trump announced tariffs that threaten flows from America's two biggest foreign suppliers. West Texas Intermediate crude rose to $2.65 a barrel on Monday, compared with $1.67 for Brent, narrowing the spread between the two grades to the smallest since September 2023. The narrowing gap underscores risks to U.S. supply, both from Canadian flows into the Oklahoma storage hub where U.S. crude futures are priced, and from Mexican shipments into the Gulf Coast. Source: Bloomberg
Gold futures rose 0.2% to $2,839.60 an ounce, although a stronger U.S. dollar limited its upside potential as a safe haven. The precious metal is up 2.5% for the week and 6.3% so far this year. Gold started the week on a mixed note, balancing between risk aversion and a stronger U.S. dollar after President Trump imposed tariffs on Canada, Mexico and China, said Nikos Tzabouras of Tradu.com. After hitting a new record high on Friday, the precious metal still has room to rise as the trade war boosts safe-haven demand, Tzabouras said in a note. However, the prospect of higher inflation under...