The dollar was lower against the euro and the yen on Thursday, as traders added to bets that the Federal Reserve will cut interest rates next month after New York Fed chief John Williams signalled such a move was possible. The U.S. currency has been under renewed pressure from President Donald Trump's ramped-up campaign to exert more influence over monetary policy, and as he attempted to fire Lisa Cook, one of the Fed's governors. Cook filed a lawsuit on Thursday, claiming Trump has no power to remove her from office. The buck did trim some of its losses after Thursday's data showed...
Gold edges lower in early Asian trade on possible position adjustments. However, gold's losses could be limited by safe-haven demand tied to worries about the Fed's independence and risks over France's political situation. U.S. President Trump's move to dismiss Fed Governor Cook has injected uncertainty over the Fed's independence, IG's Axel Rudolph says in an email. Also, the French prime minister's austerity plan and looming confidence vote on Sept. 8 have stoked risks of a potential government collapse, the senior technical analyst adds. Spot gold is 0.1% lower at $3,390.64/oz. Source:...
Oil steadied after dropping by the most since early August as investors counted down to the imposition of higher US tariffs on India. The US is due to double tariffs on some Indian goods to 50% in a bid to punish the country for taking Moscow's oil. Oil has shed more than 10% this year as the US-led trade war fanned worries about demand, and OPEC+ unwound supply curbs at a rapid clip. Oil steadied after dropping by the most since early August as investors counted down to the imposition of higher US tariffs on India over its purchases of Russian crude. West Texas Intermediate traded...
GBP/USD rebounded from early-week losses on Tuesday, bouncing back up from a fresh technical floor near the 1.3450 level. Cable has been drifting within familiar technical levels as broad-market investor sentiment grinds to a halt ahead of key US economic figures. It'll be a quiet market session on Wednesday; meaningful economic data is functionally absent on both sides of the Atlantic. Investors will be on the lookout for further political headlines from the Trump administration as traders await results from President Donald Trump's attempt to directly "fire" Dr. Lisa Cook from the Federal...
USD/JPY eased slightly on Tuesday, backsliding around one-quarter of one percent and keeping the pair hobbled just below the 148.00 handle. The pair has been adrift in a tight consolidation pattern since the beginning of August, and Yen traders are unlikely to find much of a reason to kick off a new trend ahead of key economic data. US and Japanese inflation looms large this weekUS Personal Consumption Expenditures Price Index (PCE) will land on markets on Friday. Investors will be increasingly apprehensive as the week progresses; global markets are broadly hoping for a fresh round of...
AUD/USD is holding steady between familiar technical levels after catching a thin bid on Tuesday. US economic releases will take a breather on Wednesday, giving Aussie traders a chance to catch their breath, at least after the next round of Australian Consumer Price Index (CPI) inflation data. The latest US Personal Consumption Expenditures Price Index (PCE) inflation figures loom large later this week, pushing investor sentiment into the middle ahead of the key data print. Before then, US data remains fairly limited, and data reactions will likely stay constrained. Australia's monthly CPI...
Gold price attracts some buyers on Tuesday. The precious metal edges higher amid concerns about the US Federal Reserve's independence after the report that US President Donald Trump says he is removing Fed Governor Lisa Cook. Spot Gold trades near its Friday peak at $3,378.91, consolidating gains yet confined to a tight intraday range at the beginning of the week. The US Dollar (USD) posted a modest intraday advance at the beginning of the day, a corrective advance that followed last week's sell-off. Still, the American currency had little scope for a steady advance following the United...
The U.S. dollar traded largely unchanged Tuesday in volatile trading, after U.S. President Donald Trump announced he had fired Fed Governor Lisa Cook, in his latest assault on the U.S. central bank's independence. At 04:35 ET (08:35 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded basically flat at 98.320, recovering after falling as much as 0.4% after Trump;'s announcement. This followed the U.S. currency registering its biggest daily gain of the month on Monday. Fed independence in questionTrump said in the letter to Cook he was firing...
Oil prices fell 2% on Tuesday, erasing gains from the previous session, as investors watched developments around U.S. tariffs, the war in Ukraine and the potential disruption of Russian fuel supplies. Brent crude was down $1.58, or 2.3%, at $67.22 a barrel, a day after hitting its highest price since early August. West Texas Intermediate (WTI) crude lost $1.55, or about 2.4%, to $63.25. "Given the huge amount of uncertainties in the oil market caused by the Ukrainian conflict and the tariff war, investors will remain unwilling to commit themselves to either direction on a prolonged basis,"...
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....