Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer tone made the market a little more willing to take risks, thus easing the pressure to buy gold as a safe haven. However, the big picture hasn't changed: gold remains in high territory because the world remains filled with uncertainty. Trade wars could resurface at any time, geopolitical tensions haven't completely subsided, and investors are...
Gold edges lower in the early Asian trade, after hitting a record high on Tuesday. There has been growing unease among investors about U.S. monetary policy, ANZ Research analysts write in a note. The Trump administration is looking to remake the Fed's board of governors with candidates more amenable to the President's policies, they say. Investors await the U.S. nonfarm payrolls data for August due Friday, which would shape the Fed's rate path trajectory. Weak data could benefit non-yielding assets, including precious metals, says Frank Walbaum, a market analyst at Naga, in a note. Spot...
Oil steadied after closing at the highest in a month as investors weighed a host of geopolitical risks, including a potential escalation of US sanctions on Russian flows, in the run-up to an OPEC+ meeting on supply. West Texas Intermediate was little changed below $66 a barrel, while global benchmark Brent settled above $69. President Donald Trump said he was watching closely to see how Russian President Vladimir Putin addressed efforts to set up a meeting with his Ukrainian counterpart, and signaled he was considering additional measures if talks did not progress. At...
The USD/JPY pair trades on a stronger note around 148.50 during the early Asian session on Wednesday. Heightened political uncertainty in Japan weighs on the Japanese Yen (JPY) against the US Dollar (USD). The US JOLTS Job Openings and the Fed Beige Book will be published later on Wednesday. On Friday, the US Court of Appeals for the Federal Circuit upheld a ruling that the sweeping tariffs the US President Donald Trump unilaterally imposed on most other countries were illegal. The decision impacts Trump's so-called "reciprocal" tariffs on most nations across the globe, including additional...
The USD/CHF advances for the third straight day, up by 0.57% on Tuesday trading at 0.8050 as risk aversion boosted the Greenback. Economic data revealed in the United States (US) was mixed, as business activity in the manufacturing sector showed that growth is slowing down. Despite this, threats to Fed independence courtesy of pressures from the White House, along with uncertainty due to policies by the Trump administration, triggered inflows towards the US Dollar. Source: Fxstreet
The Euro tumbles late in the North American session, down by over 0.60% due to a risk-off mood triggered by threats to the independence of the Federal Reserve (Fed) and controversial US policy. Concerns over fiscal deterioration in many countries sent the EUR/USD sliding, trading at 1.1642 after falling beneath the 1.1700 figure. The last word about the firing of Fed Governor Lisa Cook by US President Donald Trump is awaiting a court ruling as the White House continued to exert pressure on the Fed to reduce interest rates. At the same time, fixed income traders demanding a higher premium...
Oil prices settled up more than 1% a barrel on Tuesday after the U.S. imposed sanctions targeting Iran's oil revenue stream, and ahead of an OPEC+ meeting on Sunday where analysts expect the group will not unwind remaining voluntary cuts. Brent crude settled up 99 cents, or 1.45%, at $69.14 a barrel. U.S. West Texas Intermediate crude settled at $65.59 a barrel, $1.58 or 2.47% higher. WTI futures did not settle on Monday due to the U.S. Labor Day holiday. The U.S. Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman...
Gold prices soar to a new all-time high past the $3,500 figure on Tuesday, rallying more than 2% even though the US Dollar advances and US Treasury yields rise. Risk aversion dominates, despite forecasts of a potential Federal Reserve (Fed) rate cut in September. XAU/USD trades above the $3,520 figure, after bouncing off daily lows of $3,470. Bullion hits fresh all-time high at $3,530 despite stronger Dollar and surging US Treasury yieldsMarket mood is downbeat, hence favoring flows toward the yellow metal, which cleared April's 22 peak of $3,500 and hit a record high at $3,530, poised to...
Oil prices rose on Tuesday ahead of an upcoming OPEC+ meeting on Sunday, in which analysts expect the group will not unwind remaining voluntary cuts. Brent crude was up 72 cents, or 1.06%, at $68.87 a barrel by 11:07 a.m. EDT (1507 GMT). U.S. West Texas Intermediate crude was at $65.34 a barrel, $1.33 or 2.08% higher. WTI futures did not settle on Monday due to the U.S. Labor Day holiday. Investors will monitor a meeting of eight members of the Organization of the Petroleum Exporting Countries and their allies on September 7. Analysts said they believed the group would not unwind the...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....