EUR/USD ticks higher but is broadly sideways around 1.0300 in Tuesday's European trading session as investors await the Federal Reserve (Fed) Chair Jerome Powell's testimony before Congress at 15:00 GMT. Investors will pay close attention to Powell's comments to know for how long the Fed will keep interest rates steady in the range of 4.25%-4.50% and the likely impact of 25% tariffs on all steel and aluminum imports on the monetary policy outlook. In January, the Fed left interest rates unchanged and Powell said that the central bank will remain in the waiting mode until it sees "real...
Gold's price (XAU/USD) has breached the previous all-time high and sets a new record high at $2,942 in early Tuesday trading before flipping into a loss for the day. Meanwhile, United States (US) President Donald Trump has imposed 25% tariffs on steel and aluminum imports for all countries as of March 12,, while China has quietly imposed retaliatory tariffs on some US goods. China is only showing its teeth by now and has not gone full blazing, while US President Trump is nowhere near his promised 60% levies on all Chinese products as announced earlier in his campaign, Bloomberg...
The US Dollar Index (DXY), which tracks the performance of the US Dollar against six major currencies, is broadly flat and still resides above 108.00. The Greenback looks to be immune to US President Donald Trump's tariff talks. While China silently slapped some minor tariffs on US goods in a tit-for-tat move on Monday, Trump introduced a 15% levy on steel and aluminum for all countries importing that will come into effect on March 12. Source: FXStreet