Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer tone made the market a little more willing to take risks, thus easing the pressure to buy gold as a safe haven. However, the big picture hasn't changed: gold remains in high territory because the world remains filled with uncertainty. Trade wars could resurface at any time, geopolitical tensions haven't completely subsided, and investors are...
The AUD/USD pair edged higher on Monday, with the pair moving closer to the 0.6300 handle after bouncing off last week's lows around 0.6260. The recovery came during the American session amid increased optimism over a potential moderation in upcoming US tariff policy, supportive Chinese measures, and a solid set of Australian PMI data. Despite a still-firm US Dollar, AUD/USD managed to maintain mild gains, although technical indicators point to capped upside, particularly with the pair held below its 20-day Simple Moving Average (SMA) and momentum readings still in negative territory. The...
Gold price extended its drop for the third consecutive trading day as sentiment improved on news that reciprocal tariffs would be focused on some United States (US) trading partners. At the time of writing, XAU/USD trades at $3,002, down 0.67%. Wall Street trades on a positive mood, edging higher. The rise of US Treasury bond yields and broad US Dollar (USD) strength kept Bullion prices from prolonging its rally, with the yellow metal gaining over 13% in the year.An article by Bloomberg showed that the US President Donald Trump administration would target specific countries on April 2,...
Oil prices gained 1% on Monday as U.S. President Donald Trump said he will impose a 25% tariff on countries that buy oil and gas from Venezuela. Price gains were capped, however, as the U.S. gave oil producer Chevron (NYSE:CVX) until May 27 to wind down its oil operations and exports from Venezuela. Trump had initially given Chevron 30 days from March 4 to wind down that license. The two moves taken together alleviate some pressure on Chevron while putting more pressure on other consumers of Venezuelan oil, though it is uncertain how the Trump administration will enforce the tariff. Brent...
The EUR/USD tanks and breaks below 1.08 after the March preliminary United States (US) Purchase Manager's Index (PMI) reading came in stronger on the Services sector than expected. Overall, the pair is expected to stay around 1.08 for now after United States (US) officials commented on Monday that the upcoming reciprocal tariffs will rather be targeted by sector and country, not at all simply broad-based as US President Donald Trump had originally announced. Meanwhile, on the economic data front, the preliminary Purchasing Managers Index (PMI) for March is being released on Monday. In the...
The Pound Sterling (GBP) is trimming some of its earlier gains versus the US Dollar (USD) on Monday and begins the week on an upbeat mood after Flash PMIs in both sides of the Atlantic came mixed. At the time of writing, GBP/USD trades at 1.2933, up 0.16%. Sterling trims early strength but stays afloat above 1.29, traders digest PMIs and brace for UK CPI, US PCEThe market mood improved as traders seemed relieved that the United States (US) reciprocal tariffs will be targetted to certain countries. Data-wise, S&P Global revealed that manufacturing activity in the US deteriorated...
The US dollar index rose above the 104.3 mark, reaching its highest level since March 4, as investors assessed the latest PMI data and awaited further clarity on President Trump's trade policies ahead of the April 2 deadline for his reciprocal tariffs. The latest survey revealed that US business activity picked up in March, with a significant rebound in the service sector offsetting a renewed decline in manufacturing output. However, business expectations for the year ahead fell to their second-lowest level since October 2022, driven by concerns over demand, tariffs, and broader policy...
Oil prices climbed in choppy trade on Monday as investors weighed the impact of fresh U.S. sanctions on Iranian exports against talks to end the war in Ukraine, which could increase supply of Russian crude to global markets. Brent crude futures rose 36 cents, or 0.5%, to $72.52 a barrel by 1004 GMT. U.S. West Texas Intermediate crude was up 40 cents, or 0.6%, at $68.68. "Crude remains rangebound as traders continued to weigh the impact of new U.S. tariffs, the risk of an economic slowdown, as well as increased OPEC+ supply from next month and the prospect of stepped-up U.S. sanctions...
Gold's price (XAU/USD) stabilizes near $3,030 at the time of writing on Monday as traders assess fresh tariff headlines over the weekend. News emerging that the Trump administration will ease off on the broad scope of tariffs being imposed on April 2 brings sighs of relief in markets. Instead, United States (US) President Donald Trump is said to be looking for more specifically targeted tariffs on specific sectors per country or region. This helps ease the fear of broad reciprocal tariffs. The idea behind these tariffs is to get companies to reshore back to the US. However, a 25% tariff...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
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....