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...
WTI crude oil futures fell toward $66 per barrel on Friday, building on a more than 6% drop from the previous session, weighed down by continued pressure from the OPEC+ hike and global trade concerns. Eight key OPEC+ producers agreed to boost output by 411,000 barrels per day next month, well above the expected 140,000 and faster than planned. The group called the increase "equivalent to three monthly increments," noting it may pause or reverse hikes based on market conditions. This comes against a backdrop of broader market turmoil sparked by higher-than-expected US tariffs announced...
Gold hovered above $3,110 per ounce on Friday, poised for its fifth consecutive weekly gain after repeatedly breaking its all-time highs, driven by risk aversion stemming from US tariffs. Trump unveiled a 10% baseline tariff on imports from all countries, along with higher duties on some of the US's largest trading partners, triggering countermeasures from those nations. Meanwhile, gold pulled back on Thursday, pressured by profit-taking and reports that precious metals were excluded from Trump's tariffs. Despite this, gold's upward momentum remained intact, supported by safe-haven demand,...
GBP/USD briefly touched the 1.3200 level for the first time in six months on Thursday (03/4), climbing to a new high as the greenback turned sour across the board. The Trump administration's "reciprocal" tariffs and fixed tariffs have shaken market sentiment, although a delayed reaction to the tariff announcement came after the US market closed on Wednesday. Forex Today: US NFP to take centre stage The UK economic data schedule is relatively quiet this week, but a fresh report on US Nonfarm Payrolls (NFP) is due on Friday. The NFP data could have a significant impact on markets as the US...
During the Thursday (03/4) session, the USD/CHF pair experienced a sharp decline, falling to the 0.8600 region and marking its weakest level in almost six months. The bearish move came amid a broad-based US dollar weakness following President Donald Trump's aggressive announcement of reciprocal import tariffs. The US Dollar Index (DXY) took a heavy hit, falling decisively as traders fled US assets and reallocated portfolios away from the Greenback. Meanwhile, oversold signals from momentum indicators suggest the pair may be poised for a comeback. Tariff shock hits US dollar President...
Oil prices plunged on Thursday (03/4) and closed with their biggest percentage drop since 2022, after OPEC+ agreed to a surprise output increase a day after U.S. President Donald Trump announced sweeping new import tariffs Brent crude futures settled at $70.14 a barrel, down $4.81, or 6.42%. U.S. West Texas Intermediate crude <CLc1> settled at $66.95 a barrel, down $4.76, or 6.64%. Brent was on track for its biggest percentage drop since Aug. 1, 2022, and WTI was on track for its biggest drop since July 11, 2022. At a ministerial meeting on Thursday, OPEC+ nations agreed to advance...
Gold prices pared losses on Thursday after falling more than 2% from an all-time high, as a broad market sell-off triggered by U.S. President Donald Trump's tariffs on imports caught up with bullion traders. Spot gold fell 0.85% to $3,106.99 by 1:47 a.m. EDT (1747 GMT) after hitting a record high of $3,167.57 earlier in the session. U.S. gold futures settled 1.4% lower at $3,121.70 Traders attributed the decline to some profit-taking and margin calls in other asset classes that likely prompted investors to sell some of their gold holdings to cover losses. "When the market sells off on...
Silver prices fell nearly 5% during North American trading hours on Thursday (03/4), testing the sub-$32.00 region. The white metal prices became vulnerable after United States (US) President Donald Trump unveiled a detailed reciprocal tariff plan for its trading partners. The "Buy the Rumor, Sell the News" indicator forced traders to trigger the sell button for Silver prices. The metal had previously performed strongly, along with Gold, over the past few months as investors grew convinced that Trump's tariffs would be inflationary and weigh on economic growth globally, including in the US....
Gold fell more than 2% on Thursday, easing from an all-time high, as a wider market selloff triggered by U.S. President Donald Trump's import tariffs infected bullion traders. Spot gold fell 1.1% to $3,098.73 as of 10:04 a.m. EDT (1404 GMT) after earlier scaling a record of $3,167.57. U.S. gold futures fell 1.4% to $3,121.90. Traders attributed the dip to some profit-taking and margin calls in other asset classes likely prompting investors selling some of their gold holdings to cover losses. "While the whole tariff imbroglio has weighed on the dollar and should be good for gold, but...
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....