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 dollar index rose to around 104 on Friday, marking its third consecutive session of gains, as escalating global trade tensions pressured the euro and other major currencies. On Thursday, President Donald Trump threatened to impose 200% tariffs on all alcoholic products from the European Union, retaliating against the bloc's 50% tariff on American whiskey and other US goods. He also reaffirmed his stance on implementing reciprocal tariffs on global trading partners, set to take effect on April 2. Meanwhile, recent data showed that US inflation figures for February came in below...
Gold edges lower in the early Asian session on a likely technical correction after front-month gold futures settled at a record high overnight. The precious metal is now looking increasingly likely to reach and possibly exceed $3,000/oz level in the coming sessions, says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. The greenback continues to stay mostly under pressure and, with the U.S. government bond yields falling and stock markets volatile, it's a positive environment for the safe-haven asset, the analyst adds. Spot gold is 0.1% lower at...
Oil rose as fresh US sanctions against Iranian oil and shipping countered some of Thursday's slump following a dour demand forecast from the IEA. West Texas Intermediate rose toward $67 a barrel after sliding 1.7% in the previous session, while Brent crude closed near $70. The White House is imposing sanctions on Iran's oil minister, and targeted even more companies and vessels it said are used in the transport of crude. The decline on Thursday came after the International Energy Agency said a supply surplus is set to deepen as an escalating trade war...
GBP/USD churned chart paper for a second day in a row, holding steady just south of the 1.3000 handle as Cable traders take a breather and watch market headlines broadly sail past the Pound Sterling. US Producer Price Index (PPI) business-level inflation eased faster than expected in February. However, markets never got the chance to experience any joy from the easing inflation figures as US President Donald Trump continues his campaign to spark a global trade war between the US and everybody else. Despite the ongoing geopolitical headlines, Cable markets remain relatively untouched by...
The AUD/USD tumbles to near 0.6280 as the US Dollar outperforms on the Trump administration's tariff agenda. The pair faced sharp selling pressure on Thursday as renewed fears of a global economic slowdown triggered a flight to the US Dollar.Investors largely ignored softer US CPI and PPI data for February, instead focusing on US President Donald Trump's aggressive trade stance. His renewed commitment to "America First" policies stoked fears of retaliatory measures, weighing on risk-sensitive assets like the Australian Dollar.Australian Dollar under pressure as trade fears escalateThe US...
Gold prices skyrocketed on Thursday, with the yellow metal reaching a new record high of $2,989 yet poised to extend the trend towards the $3,000 figure. Uncertainty about the United States' (US) trade policies and increasing odds the Federal Reserve (Fed) would lower interest rates underpin the precious metal. XAU/USD trades at $2,988, up 1.86%.The yellow metal's advance is set to continue as US President Donald Trump embarks on a trade war with US allies and adversaries, as he tries to reduce the trade deficit. Fluctuations of imposing and removing duties on imports keep money flocking to...
The US Dollar (USD) bounced back on Thursday, reclaiming the 104.00 level as traders reacted to softer-than-expected Producer Price Index (PPI) data and positive jobless claims figures. The US Dollar Index (DXY) initially jumped following the data release but later pared gains as investors weighed the implications of slowing inflation and potential demand concerns. Meanwhile, United States (US) diplomats arrived in Russia for ceasefire talks over Ukraine, and President Donald Trump escalated trade tensions by threatening a 200% tariff on European wines and champagnes.Mixed economic signals,...
Euro drops slightly as traders gauged the outcome of a debt in Germany around major fiscal reforms, although the currency hovered around multi-month highs against the U.S. dollar. By 10:12 ET (14:12 GMT), the euro had dropped against the greenback by 0.3% to $1.0860, but stayed near a five-month peak touched earlier this week. Sterling inched down on the dollar to $1.2946. Lawmakers in Germany are considering a proposed 500 billion euro fund for defense and infrastructure spending, as well as a loosening to the country's traditionally strict borrowing rules. The plans have been put forward...
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....