Gold trimmed losses after US inflation and labor market data strengthened bets that the Federal Reserve will cut interest rates next week. Consumer prices excluding food and energy rose 3.1% last month from a year earlier, in line with analysts' expectations, according to a Bureau of Labor Statistics report released Thursday (September 11). Separate data showed US initial jobless claims jumped to their highest level in nearly four years. The mixed data bolstered traders' confidence that the US central bank will lower borrowing costs at its two-day meeting ending September 17. Treasury bond...
The dollar index remained steady around 108 on Wednesday after pulling back in the previous session, as caution prevailed ahead of a critical inflation reading that could provide further guidance on the direction of interest rates. The January CPI report is expected to show a slight acceleration in US core inflation to 0.3% from 0.2% on a monthly basis, while the annual rate is projected to slow slightly to 3.1% from 3.2%. Meanwhile, Federal Reserve Chair Jerome Powell, in remarks before Congress, reiterated that the central bank is in no rush to cut interest rates, emphasizing the strength...
The USD/CHF pair trades on a flat note around 0.9130 during the early European trading hours on Wednesday. Traders await further information from US President Donald Trump on potential trade tariffs. The US Consumer Price Index (CPI) inflation data will be in the spotlight later on Wednesday. Also, the Federal Reserve's (Fed) Raphael Bostic and Christopher Waller are scheduled to speak. On Tuesday, Fed Chair Jerome Powell emphasized in testimony before the Senate Banking, Housing, and Urban Affairs Committee that the US central bank does not need to be in a hurry to adjust the monetary...
Oil prices edged down on Wednesday as an industry report showed an increase in U.S. crude stockpiles and tariff worries weighed on sentiment, though stronger refining margins limited the market's downside. Brent futures fell 25 cents, or 0.3%, to $76.75 a barrel by 0408 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 28 cents, or 0.4%, to $73.04 a barrel. The declines snapped a three-day streak of gains for prices with Brent climbing 3.6% while WTI rose 3.7%. Crude oil stockpiles in the U.S., the world's biggest oil producer and consumer, rose by 9.4 million barrels in the...
GBP/USD remains steady after registering gains in the previous session, trading around 1.2450 during the Asian hours on Wednesday. However, the pair could face challenges as US President Donald Trump's 25% tariff hike has increased trade war tensions.Additionally, Fed Chair Jerome Powell's cautious indication regarding the US policy outlook could provide support for the US Dollar (USD) and limit the upside of the GBP/USD pair. Powell said in his semi-annual report to Congress that the Fed officials "do not need to be in a hurry" to cut interest rates due to strength in the job market and...
EUR/USD remains steady around 1.0360 during Asian trading hours on Wednesday after gaining in the previous session. The pair could depreciate as US President Donald Trump's administration is advancing a plan for reciprocal tariffs through executive action, bypassing Congress. The initiative aims to match or exceed tariffs imposed on US exports by other nations and could also address non-tariff barriers such as foreign subsidies, taxes, and regulations. According to the Wall Street Journal, this move could lead to higher US tariffs on goods from Japan, the EU, and China. The Euro could face...
Gold price (XAU/USD) trades with a mild negative bias for the second straight day, though it lacks follow-through selling and holds steady just below the $2,900 mark during the Asian session on Wednesday. The US Dollar (USD) ticked higher in the wake of the Federal Reserve (Fed) Chair Jerome Powell's hawkish remarks on Tuesday, which, in turn, is seen as a key factor undermining the commodity. That said, concerns about the potential economic fallout from US President Donald Trump's trade tariffs and global trade war fears continue to act as a tailwind for the safe-haven bullion.Traders also...
Silver price (XAG/USD) retraces its recent losses, hovering around $31.90 per troy ounce during Wednesday's Asian session. Safe-haven demand for the precious metal rises amid growing risk aversion following new US tariffs and escalating geopolitical tensions in the Middle East. On Monday, US President Donald Trump implemented a flat 25% tariff on steel and aluminum imports, eliminating all exemptions and nullifying previous trade agreements with key US allies. The move aims to bolster struggling domestic industries but raises the risk of a broader trade conflict. Geopolitical tensions in...
The Japanese Yen (JPY) drifts lower for the third straight day on Wednesday and slides to a one-week low against its American counterpart during the Asian session. Worries that US President Donald Trump's no-exemption tariffs on commodity imports could endanger Japan's economic stability, along with a generally positive tone around the equity markets, undermine the safe-haven JPY. Apart from this, the emergence of some US Dollar (USD) buying lifts the USD/JPY pair back closer to mid-153.00s in the last hour. Federal Reserve (Fed) Chairman Jerome Powell said on Tuesday that the US central...
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....