The dollar was lower against the euro and the yen on Thursday, as traders added to bets that the Federal Reserve will cut interest rates next month after New York Fed chief John Williams signalled such a move was possible. The U.S. currency has been under renewed pressure from President Donald Trump's ramped-up campaign to exert more influence over monetary policy, and as he attempted to fire Lisa Cook, one of the Fed's governors. Cook filed a lawsuit on Thursday, claiming Trump has no power to remove her from office. The buck did trim some of its losses after Thursday's data showed...
Oil edged lower as traders looked past US efforts to force India to quit buying Russian crude, and broader markets carried a risk-off tone. West Texas Intermediate fell below $64 a barrel, while Brent closed above $68. White House trade adviser Peter Navarro stepped up the pressure on New Delhi to halt purchases of Russian energy after Washington doubled a levy on imports from the country to 50%. Calling Indians "arrogant," he cast the conflict in Ukraine as "Modi's war," referencing the Indian prime minister. Financial markets including stocks were softer in...
The US dollar (USD) exchange rate experienced significant pressure in today's trading, following market concerns about the independence of the Federal Reserve (The Fed), the United States' central bank. News of President Trump's plan to dismiss Fed Chair Lisa Cook sparked widespread uncertainty among market participants. Reasons for the Dollar's Decline Political intervention in the Fed is considered to diminish the central bank's credibility and independence in monetary policymaking. This has the potential to impact investor confidence in the Fed's ability to control inflation and...
The USD/JPY pair loses ground to near 147.20 during the early Asian session on Thursday. The US Dollar (USD) weakens against the Japanese Yen (JPY) as worries persist over the Federal Reserve's (Fed) independence. Traders brace for the second estimate of US Q2 Gross Domestic Product (GDP) Growth Rate, followed by the weekly Initial Jobless Claims and Pending Home Sales reports. The Greenback remains on the defensive due to US President Donald Trump's attempt on Monday to fire Fed Governor Lisa Cook. On Tuesday, Trump said that he will soon have a "majority" of his own nominees on the Fed...
The EUR/USD retreats a minimal 0.10% on Wednesday as developments about the Federal Reserve's independence dissipated, while the French Prime Minister Bayrou called for a confidence vote. At the time of writing, the pair trades at 1.1631, after hitting a daily high of 1.1647. The narrative in the financial market remains unchanged, with the White House exerting pressure on the Federal Reserve following Trump's firing of Fed Governor Lisa Cook. Good data in the United States (US) on Tuesday, reflected on an uptick in Durable Goods Orders and the Conference Board (CB) Consumer Confidence,...
Gold price remains steady on Wednesday, even though the Greenback recovered from earlier losses triggered by threats to the Federal Reserve's (Fed) independence. Nevertheless, Bullion sellers are not out of the woods as pressure from the White House continues. The XAU/USD trades at $3,397, up 0.12%. The US economic docket remains light, except for remarks of New York Fed President John Williams, who said that rates can fall at some point but emphasized that only data would indicate if it is appropriate to reduce rates, based on the economy's performance. In a CNBC interview, Williams added...
Oil prices rose on Wednesday on a larger-than-expected drop in U.S. crude inventories and the potential impact of new U.S. tariffs on India. Brent crude futures were up 55 cents, or 0.8%, at $67.77 a barrel by 12:10 p.m. ET (1710 GMT). West Texas Intermediate crude futures gained 62 cents, or 1%, to $63.86. Both contracts fell by more than 2% on Tuesday. U.S. crude inventories dropped by 2.4 million barrels to 418.3 million barrels last week, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 1.9-million-barrel draw. U.S. gasoline...
Gold edged lower on Wednesday morning as the dollar strengthened, even amid concerns over US President Donald Trump's move to take over control of the Federal Reserve Board, which continues to encourage safe-haven asset purchases. December gold last traded down US$4.00 at US$3,429.00, down from its highest level since August 8. Trump said on Monday he would fire Federal Reserve Chair Lisa Cook, as he continues to pressure the central bank to lower interest rates despite rising inflation. Cook was appointed to the Fed Board by Joe Biden and is the first African-American woman to hold the...
Oil prices rose slightly on Wednesday morning after the United States imposed high secondary tariffs on India to curb Russian oil imports, despite a report showing a smaller-than-expected decline in U.S. crude inventories last week. West Texas Intermediate crude for October delivery last week rose US$0.24 to US$64.49 per barrel, while Brent crude for October rose US$0.20 to US$67.42. The Trump administration followed through on its threat to impose a 50% tariff on most U.S. imports from India to curb Russian oil imports. The tariffs took effect just after midnight on Wednesday, doubling...
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....