The U.S. dollar fell sharply against major peers on Friday after crucial monthly jobs data showed that American employers hired fewer workers than expected, which affirms weakening labor market conditions and likely guarantees a Federal Reserve interest rate cut. Labor Department data showed that nonfarm payrolls increased by only 22,000 jobs last month, far short of the 75,000 positions estimated by economists polled by Reuters. The dollar fell across the board following the report. It weakened 0.70% to 147.44 against the Japanese yen , but was still on track for the second straight week...
Gold prices (XAU/USD) briefly strengthened on Tuesday (August 19th), but weakened again in the American trading session as the US dollar strengthened. Previously, gold had recovered from overnight losses following a White House meeting between US President Donald Trump, Ukrainian President Volodymyr Zelenskyy, and several European leaders. Although the meeting demonstrated diplomatic coordination, the lack of a ceasefire agreement has kept geopolitical uncertainty high, thus maintaining demand for safe-haven assets. At the time of writing, gold was trading around $3,335 per ounce, down from...
Oil prices fell as traders weighed the prospect of a ceasefire in Ukraine, with President Donald Trump pushing for a summit between Vladimir Putin and Volodymyr Zelenskiy after a series of high-level talks. Brent oil prices fell below $66 a barrel, remaining within a narrow range they have held for the past two weeks. Any peace deal could eventually pave the way for easing restrictions on Russian crude exports, although Moscow has largely maintained its oil supplies since the conflict began. Trump called the Russian president and urged him to begin working on plans for a one-on-one meeting...
Gold strengthened as traders monitored US-led efforts to end the war in Ukraine and counted down to the Federal Reserve's annual meeting in Jackson Hole, which may yield hints about a possible interest rate cut. Spot gold prices edged up to $3,345 an ounce, after ending nearly flat on Monday. Fed Chairman Jerome Powell is scheduled to deliver a keynote address at a meeting of central bankers on Friday, and his remarks could reinforce widespread investor expectations for looser monetary policy. Lower borrowing costs typically benefit precious metals, a non-yielding asset. Meanwhile, the US...
Gold prices edged higher on Tuesday (August 19th), boosted by a weaker dollar amid prospects for a US interest rate cut, while investors awaited the Fed Chair's speech in Jackson Hole later this week. Spot gold rose 0.2% to $3,336.88 per ounce at 08:14 GMT. US gold futures for December delivery rose 0.1% to $3,381.20. The dollar index fell 0.1% against a basket of major currencies, making gold cheaper for holders of other currencies. "Gold has been in a tight range for the past few weeks, pulled in various directions amid the ebb and flow of trade tensions, efforts to secure a...
World oil prices weakened on Tuesday (August 19th) as investors weighed the possibility of a meeting between Russia, Ukraine, and the United States that could potentially lead to the lifting of sanctions on Russian oil. This raised expectations of additional supply in the market. Brent futures fell 0.72% to $65.80 per barrel, while WTI September fell 0.63% to $61.93 per barrel. The more active WTI October contract also weakened 0.73% to $62.24 per barrel. The price decline occurred after oil had closed up around 1% in the previous trading session. The market responded to news from the White...
The USD/CHF pair weakened near 0.8070 during the early European session on Tuesday (August 19). However, the pair's downside potential may be limited amid optimism for a ceasefire in the conflict between Russia and Ukraine, with US President Donald Trump planning a summit between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy in the near future. Trump said on Monday that the United States (US) would help guarantee Ukraine's security in any deal to end the war with Russia. The 30-nation "Coalition of the Willing" reached an agreement to provide security...
The GBP/USD pair trades on a softer note near 1.3500 during the early European session on Tuesday. The US Dollar (USD) posts modest gains against the Pound Sterling (GBP) as traders pared bets on a rate cut at the US Federal Reserve (Fed) September 16-17 meeting. The UK July Consumer Price Index (CPI) inflation report will take center stage later on Wednesday. A report last week showed that the US Producer Price Index (PPI) increased by the most in three years in July amid a surge in the costs of goods and services. This, in turn, prompted traders to reduce expectations of rate reduction,...
Silver fell below $38 per ounce on Tuesday, giving up the previous session's gains as signs of progress in Ukraine peace negotiations dampened safe-haven demand. On Monday, US President Donald Trump met with European leaders to discuss security guarantees for Ukraine, adding that he had spoken with Russian President Vladimir Putin and was working to arrange a direct meeting between Putin and Ukrainian President Volodymyr Zelenskiy, followed by a potential trilateral summit. Meanwhile, attention turns to the Federal Reserve's annual Jackson Hole symposium later this week, where global...
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....