The USD/CHF pair attracts slight bids and rises to near 0.8025 during the European trading session on Friday. The Swiss Franc pair ticks up as the US Dollar (USD) trades marginally higher ahead of the United States (US) Personal Consumption Expenditure Price Index (PCE) data for July, which will be published at 12:30 GMT. During the press time, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, edges higher to near 98.00. Investors will pay close attention to the core PCE inflation data – which excludes volatile items such as food and energy – as it...
The Australian Dollar (AUD) extends its decline for the third consecutive day against the US Dollar (USD) on Wednesday, touching a three-week low before steadying. At the time of writing, AUD/USD is consolidating losses around 0.6432, down over 0.30% on the day, as the Aussie remains under pressure despite a softer Greenback. The US Dollar is easing back from a one-week high, weighed down by renewed political tension in Washington after President Donald Trump publicly called for the resignation of Federal Reserve Governor Lisa Cook. The move has injected fresh uncertainty into the central...
Oil prices climbed about 2% on Wednesday on a bigger-than-expected weekly drop in U.S. crude inventories as investors awaited the next steps in talks to end the Ukraine war, with sanctions on Russian crude remaining in place for now. Brent crude futures were up $1.05, or 1.6%, to settle at $66.84 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 86 cents, or 1.4%, to settle at $63.21. The U.S. Energy Information Administration said energy firms pulled 6.0 million barrels of crude from inventories during the week ended August 15. That was bigger than the draw of 1.8 million...
Gold prices are rising on Wednesday after US President Donald Trump continued to exert pressure on the Federal Reserve (Fed) as he demands Fed Governor Lisa Cook resign due to an investigation of mortgage fraud. Threats of curtailing the Fed's independence pushed XAU/USD higher, from around $3,330 toward $3,350, its daily high. At the time of writing, Gold trades at $3,342, up 0.84%. Domestic political issues in the US weighed on the US Dollar. The US Dollar Index (DXY), which tracks the performance of a basket of six currencies against the Greenback, is down 0.05% at 98.21. A Bloomberg...
The dollar fell on Wednesday after U.S. President Donald Trump called on Federal Reserve Governor Lisa Cook to resign, but pared gains after minutes from the Fed's latest meeting showed that only two policymakers supported an interest rate cut last month. Trump cited allegations made by one of his political allies about mortgages Cook holds in Michigan and Georgia, intensifying his effort to gain influence over the U.S. central bank. Trump has also told aides he is considering attempting to fire Cook, the Wall Street Journal reported on Wednesday. "The market has voted with its pocketbook...
Silver (XAG/USD) stages a sharp recovery on Wednesday, snapping a four-day losing streak after sliding to its lowest level in over two weeks, since August 4. The rebound comes as the US Dollar (USD) lost ground following renewed political pressure on the Federal Reserve (Fed), with US President Donald Trump publicly calling for the resignation of Fed Governor Lisa Cook. The safe-haven appeal of Silver re-emerged, helping the metal bounce from session lows. At the time of writing, Silver is trading around $37.80, up nearly 1.0% on the day, having rebounded strongly from an intraday low of...
Oil prices rose about 1% on Wednesday (August 20th) on a larger-than-expected weekly decline in US crude inventories, as investors awaited the next steps in negotiations to end the Ukraine war, with sanctions on Russian crude remaining in place for now. Brent crude rose 56 cents, or 0.9%, to $66.35 a barrel at 10:48 a.m. EDT (14:48 GMT), while US West Texas Intermediate (WTI) crude rose 66 cents, or 1.1%, to $63.01. The US Energy Information Administration (EIA) said energy companies withdrew 6.0 million barrels of crude oil from their inventories during the week ending August 15th. The...
The dollar weakened on Wednesday (August 20th) after US President Donald Trump called for Federal Reserve Chairwoman Lisa Cook to resign. Investors are also awaiting a speech by Fed Chairwoman Jerome Powell on Friday for clues on interest rate policy. Trump cited calls from the head of the US Federal Housing Finance Administration urging the Justice Department to investigate Cook for alleged mortgage fraud. Spokespeople for Cook and the Fed did not immediately respond to requests for comment. "The market has made it clear in its conscience that it doesn't like it when the president...
Gold edged higher as traders weighed the outlook for US monetary policy ahead of a key speech by Federal Reserve Chairman Jerome Powell later this week. Gold bullion prices traded near $3,330 per ounce as the market awaited clues from Powell's annual speech in Jackson Hole, Wyoming, on Friday. Swaps predict a high probability that the Fed will cut borrowing costs by a quarter point next month. Lower interest rates benefit gold because it doesn't pay interest. However, the Fed's monetary easing path was complicated by higher-than-expected inflation figures last week, which caused some...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
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....