Gold price surges on Wednesday, up by over 0.60%, folllowing US inflation data, which increased speculation that the Federal Reserve (Fed) will resume its easing cycle at the upcoming September meeting. At the time of writing, XAU/USD trades at $3,646, shy of the record high of $3,674. Bullion up 0.60% fueled by Fed cut bets, Middle East tensions and Russian drone incursion into Poland's airspace The Producer Price Index (PPI) in August revealed that the disinflation process resumed in August, as businesses seem to absorb some of the US President Donald Trump's tariffs, in exchange for...
The US Dollar Index (DXY), which tracks the greenback against a basket of currencies, fell for the second straight day and dropped to a fresh monthly low during the Asian session on Friday (1/24). The index is currently trading around the 107.80 region, down nearly 0.35% for the day, and remains on track to post a second straight week of losses. The market has been pricing in the possibility that the Federal Reserve (Fed) will cut borrowing costs twice this year amid signs of inflationary pressures in the US. Moreover, US President Donald Trump, speaking remotely at the World Economic Forum...
The EUR/USD pair attracted some buyers near 1.0450 during the early Asian session on Friday (1/24), supported by a weaker US Dollar (USD). The preliminary readings of the HCOB Purchasing Managers' Index (PMI) for January from the Eurozone and Germany are due later on Friday. On the US data front, the flash S&P PMI for January will be in the spotlight. US President Donald Trump's remarks at the World Economic Forum in Davos dragged the USD lower against a basket of major currencies. Trump said on Thursday night that he wants to see interest rates cut soon, and likewise, interest rates...
Silver (XAG/USD) prices recovered from recent losses, trading around $30.80 per troy ounce during the Asian trading session on Friday (1/24). Demand for non-interest bearing Silver increased following comments made by US President Donald Trump on Thursday night. Trump expressed his desire for the US Federal Reserve (Fed) to cut interest rates without delay. "With oil prices going down, I will demand that interest rates be cut immediately, and interest rates should be cut all over the world," he said during the World Economic Forum in Davos, Switzerland. Additionally, industrial demand for...
Gold rose above $2,770 an ounce on Friday, hitting its highest level since October, just shy of a record high of $2,790, after President Trump called for an immediate interest rate cut. That boosts gold's appeal as a safe haven, with lower interest rates making the non-yielding precious metal more attractive. Traders continued to flock to the safe haven asset, remaining cautious amid uncertainty over the impact of Trump's proposed tariffs and immigration policies. A weaker U.S. dollar also supported the uptrend. Meanwhile, investors are eyeing upcoming policy announcements from global...
GBP/USD extends its gains for the second straight day, trading around 1.2400 during Asian hours on Friday (1/24). The pair's gains could be attributed to remarks by US President Donald Trump on Thursday night. President Trump said that he wants the US Federal Reserve (Fed) to cut interest rates soon. "With oil prices going down, I'm going to demand that interest rates go down soon, and interest rates go down around the world," Trump said at the World Economic Forum in Davos, Switzerland. Traders expect the Federal Reserve (Fed) to keep its benchmark interest rate steady at 4.25%-4.50% at...
The Australian dollar (AUD) continued its upward momentum against the US dollar (USD) for the third straight session on Friday (1/24). The AUD/USD pair gained traction after the People's Bank of China (PBOC) conducted a medium-term lending operation. The Chinese central bank kept interest rates at 2.00% and injected 200 billion yuan ($27.46 billion) through a one-year medium-term lending facility (MLF) to certain financial institutions, according to Reuters. Traders are likely to keep an eye on the release of the preliminary US S&P Global Purchasing Managers' Index (PMI) and the...
The US dollar index fell below 108 on Friday (1/24), set to drop more than 1% for the week. The decline came as President Donald Trump refrained from imposing aggressive tariffs after his inauguration, contrary to market expectations. In his speech at the World Economic Forum, Trump also called for immediate interest rate cuts and reiterated his commitment to lower taxes on US-based manufacturers, while promising tariffs on companies that produce overseas. Despite Trump's comments, the Federal Reserve is widely expected to keep interest rates unchanged at its policy meeting next week. Market...
The yen was the currency market's leading currency on Friday(24/1) ahead of a Bank of Japan policy decision that will almost certainly raise interest rates, while the dollar headed for its worst week in two months. The BOJ ends its two-day policy meeting later in the day and markets have widely priced in a 25 basis point rate hike, with recent comments from BOJ officials also hinting at such a move. Ahead of the decision, the yen was little changed at 156.11 per dollar, near a one-week low hit in the previous session. The Japanese currency surged last week on rising expectations for a...
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....