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 British pound (GBP) surged higher to near 1.3330 against the US dollar (USD) during North American trading hours on Monday (05/05), rebounding from a fresh weekly low around 1.3260 earlier in the day. The GBP/USD pair moved higher as the US dollar (USD) faced strong selling pressure ahead of the Federal Reserve's (Fed) monetary policy decision, which is due to be announced on Wednesday. According to the CME FedWatch tool, the market is almost fully pricing in the central bank to keep interest rates unchanged in the range of 4.25%-4.50%. Therefore, the main trigger for the US dollar will...
Gold (XAU/USD) rose more than 1% on Monday (05/05) as traders turned to safe assets after an eventful weekend in the geopolitical sphere. Houthi attacks on Ben Gurion airport this weekend and Israel's pledge to fulfill its promises while preparing for a broad ground offensive in Gaza have again raised risks in the region. Meanwhile, US President Donald Trump said that military action could be an option for the US to take control of Greenland. Gold's appeal increased as traders prepared for the Federal Reserve's interest rate decision on May 7. Over the weekend, Trump again expressed his...
EUR/USD is trading slightly higher near 1.1325 during European trading hours on Monday (05/05), strengthening after hitting a three-week low of 1.1265 late last week. The major currency pair strengthened as the US dollar (USD) amid ongoing uncertainty over the United States (US)-China trade relations and as investors remained cautious ahead of the Federal Reserve (Fed) monetary policy announcement on Wednesday. The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, fell near 99.80 but traded within Friday's range. Over the weekend, US President...
Gold (XAU/USD) prices maintained its bid tone heading into the European session, albeit lacked any follow-through as traders opted to wait for more cues on the Federal Reserve's (Fed) interest rate hike path before placing any directional bets. Hence, the focus would remain on the outcome of the two-day FOMC policy meeting on Wednesday, which would play a key role in influencing the near-term US Dollar (USD) price dynamics and provide some meaningful impetus to the non-yielding yellow metal. Meanwhile, US President Donald Trump's erratic trade policies kept investors on their toes....
Oil prices plunged more than $2 a barrel in Asian trade on Monday as OPEC+ prepared to further accelerate oil output increases, stoking concerns about more supply coming into a market clouded by an uncertain demand outlook. Brent crude futures fell $2.21, or 3.61%, to $59.08 a barrel by 0653 GMT while U.S. West Texas Intermediate crude was at $56.00 a barrel, down $2.29, or 3.93%. Both contracts touched their lowest levels since April 9 at the open on Monday after OPEC+ agreed to accelerate oil output increases for a second straight month, increasing output in June by 411,000 barrels per...
The USD/CHF pair struggled to capitalize on Friday's US jobs data-led uptick from the 0.8200 level and attracted fresh sellers at the start of a new week. However, the spot prices remained confined within a familiar range for the past two weeks and are currently trading around the 0.8235-0.8230 region, down nearly 0.50% for the day. The better-than-expected release of the closely watched US Nonfarm Payrolls (NFP) report forced investors to push back their expectations for a 25 basis points (bps) interest rate cut by the Federal Reserve (Fed) to July from June. However, the US Dollar (USD)...
Silver (XAG/USD) prices halted a four-day decline, trading near $32.10 during the Asian session on Monday (05/05). The precious metal regained ground as ongoing uncertainty surrounding US-China trade talks fueled safe-haven demand. On Friday, China's Ministry of Commerce said it was considering a proposal from the United States (US) to resume trade discussions. This came after US President Donald Trump stated that negotiations were ongoing, although he clarified that no talks with Chinese President Xi Jinping were scheduled for this week. The US dollar (USD) also weakened, increasing the...
The GBP/USD pair strengthened to around 1.3290 during the early European session on Monday (05/05). The US dollar (USD) weakened against the British pound (GBP) amid rising economic uncertainties following US President Donald Trump's erratic trade policies. According to the daily chart, the bullish outlook for GBP/USD remains intact, as the price is holding above the key 100-day Exponential Moving Average (EMA). The upside momentum is supported by the 14-day Relative Strength Index (RSI), which is above the midline near 55.60, indicating the path of least resistance is to the upside. The...
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....