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...
EUR/USD surged on Wednesday, climbing 1.75% and knocking on the 1.0800 handle as risk sentiment rises following yet another pivot from US President Donald Trump on his own tariff strategy. President Trump is once again pumping the brakes on his own trade strategy of threatening to impose stiff import taxes on his own citizens in order to punish other countries for a litany of Donald Trump's perceived slights. The European Central Bank (ECB) is set to trim interest rates by another 25 bps on Thursday, taking the Main Refinancing Operations Rate down to 2.65% and dropping its Rate on Deposit...
Oil held near the lowest level in six months as President Donald Trump's sweeping tariffs opened up trade wars on multiple fronts, raising concerns about the outlook for energy demand. West Texas Intermediate traded near $66 a barrel after losing more than 5% over the past four sessions. Brent closed below $70 on Wednesday. Trump is delaying some levies on automakers and considering exemptions for certain agriculture products, but still moving forward with reciprocal tariffs on April 2. Oil has tumbled by almost a fifth since mid-January as Trump's trade policies...
The Australian Dollar (AUD) strengthened on Wednesday, with the AUD/USD pair gaining traction after the United States (US) reported mixed ISM Services PMI and softer ADP Employment Change figures. The US Dollar (USD) remains under pressure amid concerns over slowing economic momentum, keeping the Aussie buoyed.Post-ISM, ADP data shape currency flows amid tariff warningsRenewed US tariffs on Chinese imports add more strain to global risk sentiment. The 10% levy from President Donald Trump compounds earlier duties and the potential for Chinese retaliation remains high, particularly concerning...
Oil prices settled down for the fourth consecutive session on Wednesday after U.S. crude oil stockpiles posted a larger-than-expected build, adding a further headwind as investors worried about OPEC+ plans to increase output in April and U.S. tariffs on Canada, China and Mexico. Brent futures settled down $1.74, or 2.45% to $69.30 a barrel. U.S. West Texas Intermediate crude (WTI) settled down $1.95, or 2.86%, to $66.31 a barrel. Prices pared some losses after hitting multi-year lows earlier in the session - Brent sank to $68.33, its lowest since December 2021, and U.S. crude futures...
Gold price remains firm on Wednesday amid speculation that the President of the United States (US), Donald Trump, could roll back some tariffs, at least duties on automobiles linked to the USMCA free trade agreement. Nevertheless, uncertainty remains, and XAU/USD trades at $2,919, virtually unchanged. Bullion prices had been seesawing around the $2,910 mark during the North American session as the news flow continued. The Federal Reserve (Fed) revealed the Beige Book in anticipation of the upcoming monetary policy, stating that overall economic activity rose, yet prices are higher amid...
Silver (XAG/USD) prices struggled to extend gains above the key resistance of $32.40 during the North American session on Wednesday (05/03). The white metal held firm as the global trade war led by the United States (US) President Donald Trump has escalated due to retaliatory tariffs on China, Canada, and Mexico. The escalating trade war tensions have raised uncertainty over the global economic outlook. Such a scenario increases the appeal of precious metals like Silver. Meanwhile, a sharp sell-off in the US Dollar (USD) is also a favorable scenario for Silver prices. The US Dollar Index...
Gold (XAU/USD) prices are trying to maintain their gains from the past few days on Wednesday (05/03) after earlier suffering losses in the Asian trading session and are trading around $2,920 at the time of writing on Wednesday. With tariffs still in place and more to come for Europe and other countries, Gold will continue to be a good place to go when it comes to safe havens. However, some surprising comments from US Commerce Secretary Howard Lutnick overnight hinted that tariffs could be eased or lifted entirely for Mexico and Canada. This has weighed on Gold prices for now. Daily Market...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, extended its decline for the third straight day this week and was trading near 105.00 at the time of writing on Wednesday (05/03), its lowest level since early November. The down move came as traders further reduced their exposure to the Dollar across the board now that some analysts are calling for an end to US exceptionalism amid concerns that US President Donald Trump's tariffs could hurt economic growth. The move comes ahead of the European Central Bank's (ECB)...
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....