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...
Oil prices fell sharply in Asian trade on Monday, extending recent declines after U.S. President Donald Trump largely doubled-down on his recent trade tariffs, ramping up concerns over slowing economic growth and weakening demand. China- the world's biggest oil importer- retaliated against Trump's tariffs over the weekend, while other majors such as the European Union outlined plans for retaliation, driving up concerns over a global trade war. This notion had battered oil prices through the last week, as traders feared worsening economic growth, which could in turn dent global oil...
Gold steadied around $3,030 per ounce on Monday after an earlier drop of more than 1% that sent prices to their lowest levels in over three weeks. The initial drop sparked speculation that some investors were liquidating positions to lock in profits, possibly to cover losses or margin calls from sharp declines in other assets, triggered by fears that an intensifying global trade war could push the economy into a recession. Adding to investor concerns, Federal Reserve Chairman Jerome Powell warned that tariffs raised the risks of higher inflation and slower economic growth, underscoring the...
Gold dropped more than 1% to below $3000 in the early Monday session in Asia as investors offloaded bullion to offset losses from a broader market downturn triggered by escalating trade tensions and growing fears of a global recession. Nasdaq futures sank more than 5% and Dow lost more than 1300 points while Nikkei was down more than 8% at the open, extending the market rout to a third consecutive session as the White House continued to push for aggressive tariffs on major trading partners. Source: Trading economi
Oil prices plunged nearly 8% on Friday to their lowest levels since 2021, while copper, soybeans and other commodities also fell as China retaliated against U.S. President Donald Trump's aggressive tariffs. Safe-haven gold prices fell for a second day, dragged down by a broader market selloff as major equity indexes plunged and recession fears mounted. Beijing proposed additional levies of 34% on all U.S. goods, retaliating after Trump announced a minimum 10% tariff on most U.S. imports, with much higher duties for dozens of countries including China. "This is the first very explicit...
Gold fell more than 3% on Friday, erasing gains from earlier in the week, as investors sold bullion to cover losses from a broader market rout as escalating trade tensions stoked fears of a global recession. Spot gold fell 2.9% to $3,024.2 an ounce, after hitting a session low of $3,015.29 earlier in the session. It hit a record high of $3,167.57 on Thursday. For the week, gold is down 1.9%. U.S. gold futures settled 2.8% lower at $3,035.40. On the technical front, spot gold managed to hold above its 21-day moving average of $3,023. "We tend to view gold as a liquid asset that is used to...
Gold prices plunged nearly 2% on Friday as traders liquidated their bullion positions amid a broad market sell-off, after China retaliated with new tariffs against U.S. President Trump's massive levies. Spot gold fell 1.9% to $3,053.98 an ounce by 10:05 a.m. EDT (1405 GMT). It hit a record high of $3,167.57 on Thursday. U.S. gold futures fell 1.6% to $3,072.10. Investors sold some of their gold holdings to cover losses in other asset classes, driven by margin calls, analysts said. "We still see room for further upside risk, given the current risk-off environment... we expect prices to...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, rallied after some strong Nonfarm Payrolls numbers while markets look ahead for Federal Reserve (Fed) Chair Jerome Powell's speech up next. China meanwhile lashed out at the US tariffs by imposing a 34% tariff on all US goods from April 10th, a day after the US tariffs will be imposed. Question will be if other countries join China in retaliation while the 'deal-making' US President Donald Trump was referring to on Thursday, does not seem to be taking place right now. On the...
Oil prices plunged by 8% on Friday, heading for their lowest close since the middle of the pandemic in 2021, as China hit back in an escalating global trade war with the U.S. after President Donald Trump's barrage of levies this week. China announced it will impose additional tariffs of 34% on all U.S. goods from April 10. Nations around the world have readied retaliation after Trump raised tariff barriers to their highest in more than a century, leading to a plunge in world financial markets. Brent futures dived $4.70, or 6.7%, to $65.44 a barrel by 1314 GMT. U.S. West Texas Intermediate...
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....