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...
Oil prices were steady throughout the day and week, with investors focused on the meeting between the US and Russian presidents on Friday night. West Texas Intermediate crude traded near $64 a barrel after surging 2.1% in the previous session to offset losses earlier in the week, while Brent closed above $66 in thin trade. Vladimir Putin ramped up his appeal before the summit in Alaska, while Donald Trump sought to dampen hopes for a breakthrough. Any sign of easing US sanctions on Russian energy could lead to a further decline in oil prices, which have fallen about 10% this year amid...
GBP/USD recoiled from rising US inflation metrics on Thursday, sending the US Dollar (USD) broadly higher and snapping a two-day winning streak in the Cable-Dollar pairing. GBP/USD saw its largest single-day decline in over two weeks, pushing the pair back toward 1.3500 after flubbing a technical push toward 1.3600. Despite getting trimmed lower by around one-third of one percent, GBP/USD is still holding firmly onto the bullish side. Cable is still trading well above the 200-day Exponential Moving Average (EMA) near 1.3170, and immediate technical support is priced in at the 50-day EMA...
Gold Price takes a hit and dives over 0.60% on Thursday following a red-hot factory gate inflation report in the United States (US), which prompted investors to price out the chances for a 50-basis-point rate cut at the Federal Reserve's (Fed) upcoming meeting. The XAU/USD trades at $3,334 at the time of writing. The US Producer Price Index's (PPI) July figure from the Bureau of Labor Statistics (BLS) crushed estimates and June's print. Core PPI soared and was shy of touching 4% amid an environment in which the White House demands lower interest rates, saying that tariffs are not...
The USD/CHF rises during the North American session as recent economic data from the States prompted investors to reduce bets that the Fed would cut rates by 50 bps, as stated by the US Treasury Secretary Scott Bessent on Wednesday. At the time of writing, the pair traded at 0.8077, up 0.26%. On Thursday, Bessent backpedaled and said that it is the Fed's job to set interest rates. Meanwhile, traders who piled in for a big size cut scrambled to get out of those positions as US PPI approached the 3.5% figure. Source; Fxstreet
EUR/USD dives sharply on Thursday as the latest inflation report in the United States (US) caught traders off guard, who were betting on a slim chance of a 50 basis points (bps) Federal Reserve (Fed) rate cut in September. Currently, the pair trades at 1.1638, down 0.57%. The US Bureau of Labor Statistics (BLS) revealed that the Producer Price Index (PPI) in headline and core prints accelerated sharply, mainly influenced by higher tariff levels imposed by the US. Meanwhile, jobs data showed that the number of people filing for unemployment benefits dipped compared to the previous reading,...
Oil prices climbed about 2% to a one-week high on Thursday after U.S. President Donald Trump warned of "severe consequences" if his talks with Russian President Vladimir Putin on Ukraine fail, and on optimism that a likely U.S. interest rate cut next month could spur oil demand. Central banks, like the U.S. Federal Reserve, use interest rates to control inflation. Lower rates reduce consumer borrowing costs and can boost economic growth and demand for oil. Brent crude futures rose $1.21, or 1.8%, to settle at $66.84 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.31, or...
The Japanese Yen (JPY) loses ground against the US Dollar (USD) on Thursday, snapping a two-day winning streak after stronger-than-expected US Producer Price Index (PPI) and steady Weekly Jobless Claims data lifted the Greenback. USD/JPY, which fell earlier in the day to its lowest level in three weeks near 146.22, attracted fresh buying interest and reversed sharply higher during the American session, last seen trading around 147.90, up nearly 0.35%. The rebound in the pair mirrors a broader recovery in the US Dollar, with the Dollar Index (DXY), which tracks the Greenback's value against...
Silver (XAG/USD) edges lower on Thursday, snapping a two-day losing streak as stronger-than-expected US Producer Price Index (PPI) and upbeat Jobless Claims data bolster the US Dollar. At the time of writing, the metal is trading near $38.00 during the American session, down nearly 1.30% on the day. Earlier in the Asian session, XAG/USD struggled to sustain gains above $38.50, peaking at $38.74 — its highest level since July 25 — before sellers pushed prices lower. Meanwhile, the US Dollar Index (DXY), which measures the Greenback against a basket of six major currencies, is staging a...
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....