EUR/USD remains steady during the North American session on Friday, poised to end the week with modest gains of over 0.18% as traders brace for the next week's monetary policy decision by the Federal Reserve (Fed). At the time of writing, the pair trades at 1.1736, virtually unchanged. Euro ends week modestly higher as soft US data cements rate cut bets, narrowing policy divergence with ECB US economic data continued to drive price action on Friday as Consumer Sentiment in September deteriorated, while inflation expectations remain above the Fed's 2% goal. This, and the payrolls revision...
The dollar index fell to around 99.5 on Thursday, marking its fourth straight daily decline, as fiscal concerns weighed on sentiment. Investors are increasingly uneasy over Trump's proposed budget, which includes sweeping tax cuts projected to add between $3 trillion and $5 trillion to the national debt. However, the legislation hit a political snag as several blue-state Republicans warned they would withhold support unless the bill includes a larger deduction for state and local taxes. Further pressure on the dollar came from a lackluster 20-year bond auction, which signaled weakening...
Gold rose toward $3,340 per ounce on Thursday, gaining for a fourth straight session to reach a near two-week high, as investors sought safe-haven assets amid growing concerns over the US fiscal outlook. Risk sentiment weakened following the release of a proposed US federal budget that could further widen the already large deficit, compounded by Moody's recent downgrade of the US credit rating due to rising debt levels and the Fed's cautious outlook on the economy. Geopolitical tensions further amplified gold's appeal, with ongoing unrest in the Middle East and President Trump appearing to...
EUR/USD extended its rally for the third straight day on Wednesday (5/21) as the US Dollar (USD) continued to face headwinds following Friday's US credit rating downgrade. This, coupled with the vote for Trump's "One Big, Beautiful Bill," weighed on traders, as it would increase the national debt, which has been deemed unsustainable by Federal Reserve (Fed) Chairman Jerome Powell. The single currency continued to capitalize on broad US Dollar weakness. Moody's revision to downgrade the US government debt rating from AAA to Aa1 on Friday fueled investor concerns over the weekend as the Trump...
Gold prices rose for a third straight session on Wednesday, hitting a one-week high, helped by a weaker dollar and safe-haven demand amid economic and geopolitical uncertainty. Spot gold rose 0.7% to $3,312.77 an ounce, as of 1:55 p.m. ET (1755 GMT). U.S. gold futures settled 0.9% higher at $3,313.50. The U.S. dollar (.DXY), opens a new tab , fell 0.6% against a basket of other currencies, making gold cheaper for holders of foreign currencies. Wall Street's main indexes fell and Treasury yields rose, as investors eyed a key debate over President Donald Trump's tax cut bill that has stoked...
Oil prices fell on Wednesday after Oman's foreign minister said a new round of nuclear talks between Iran and the U.S. would take place later this week. Oil prices rose in early trading after a CNN report on Tuesday said U.S. intelligence showed Israel was preparing to strike Iran's nuclear facilities. CNN cited U.S. officials and added that it was not clear whether Israeli leaders had made a final decision. Brent crude futures fell 47 cents, or 0.7%, to settle at $64.91 a barrel. U.S. West Texas Intermediate crude fell 46 cents, or 0.7%, to settle at $61.57. Iran is the third-largest oil...
Gold prices traded higher, supported by a weaker U.S. dollar and ongoing economic and geopolitical uncertainty. Futures rose 0.9% to $3,315.90 a troy ounce and are up nearly 4% for the week. The dollar index fell 0.6% to 99.55, boosting bullion's appeal to holders of other currencies. Traders focused on the U.S. economic outlook and the Federal Reserve's next policy move, while in Washington, Republicans remained divided over President Trump's tax cut bill. Meanwhile, geopolitical tensions continued to fuel market uncertainty amid stalled talks to end the war in Ukraine, nuclear...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, faced losses of around 1.3% in just three trading days on Wednesday (5/21), trading near 99.58. Throughout the week, the USD has paid the price for the erratic policy changes of the Trump administration, which has faced difficulties on several fronts. US President Trump no longer seems to have a firm grip on Israeli Prime Minister Benjamin Netanyahu. During his tour of the Middle East, Trump declared it was time for a new nuclear deal with Iran and a second chance. However, in the...
Oil prices plunged on Wednesday after the U.S. government released disappointing data on crude and fuel inventories ahead of the start of the summer driving season in the United States, a time of higher demand. Prices had earlier risen about 1% after a report that Israel may be preparing to strike Iran's nuclear facilities raised concerns about supply disruptions in the Middle East. Brent crude futures were down 8 cents at $65.30 a barrel by 10:52 a.m. EDT (1452 GMT). U.S. West Texas Intermediate crude was down 3 cents at $62.00. U.S. crude, gasoline and distillate inventories all posted...
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....