The dollar hit a seven-week low on Tuesday as investors braced for revised US data that could indicate the labor market is in worse shape than initially estimated, strengthening the likelihood of a deeper Fed rate cut. The dollar weakened 0.7% against the Japanese yen to 146.32, its weakest level since mid-August, while the pound rose 0.2% to $1.3558. The euro weakened to $1.1752 after touching its strongest level since July 24. A Bloomberg news report that Bank of Japan officials believe benchmark interest rates could be raised again this year also contributed to the Japanese currency's...
Silver (XAG/USD) is trading higher on Friday and on track for a 3.5% weekly rally from $31.20 lows, but the precious metal is struggling to find acceptance in the upper range of the $38.00s, which might lead to some bearish correction. The Fundamental background remains favourable, with recent US data putting pressure on the US Dollar to lower interest rates, but comments from St Louis Fed President Raphael Bostic warning about the inflationary impact of Trump's tariffs have eased hopes of a September cut, providing some support to the US Dollar. Beyond that, news reports by Bloomberg...
Oil prices headed for their longest decline since 2021, as traders judged that US efforts to end the war in Ukraine would not impact overall supply, even as Washington punished India for taking Moscow's crude. Brent fell near $66 a barrel, down for the seventh straight session, while West Texas Intermediate fell below $64. US President Donald Trump, who has set a Friday deadline for Moscow to agree to a ceasefire, said he is willing to meet with Vladimir Putin, even if the Russian leader has not yet agreed to sit down with Ukrainian President Volodymyr Zelenskiy. Earlier this week, Trump...
Gold prices (XAU/USD) weakened from a more than two-week high in the $3,409-$3,410 range during the Asian session as traders opted to take profits ahead of the weekend. Furthermore, positive sentiment in equity markets and a modest recovery in the US dollar (USD) exerted downward pressure on gold bullion. However, a combination of factors acted as a boost for the precious metal, warranting caution for aggressive bearish traders. Investors remain cautious amid ongoing trade-related uncertainty, particularly following US President Donald Trump's new tariff threats this week, which could...
Silver traded above $38 an ounce on Friday (August 8) and is expected to rise about 3% this week, as expectations of a US interest rate cut and uncertainty over new tariffs boost demand for the precious metal. Higher-than-expected weekly jobless claims, coupled with last week's weaker-than-expected nonfarm payrolls report, have prompted traders to price in the possibility of a Federal Reserve rate cut in September, with another move possible in December. In political developments, President Donald Trump nominated Stephen Miran, chairman of the Council of Economic Advisers, to replace...
The Australian dollar (AUD) weakened against the US dollar (USD) on Friday (August 8), after three days of gains. The AUD/USD pair weakened as traders priced in a greater than 92% probability of a 25 basis point interest rate cut by the Reserve Bank of Australia (RBA) next week, which would lower the cash rate to 3.60%. The likelihood of an RBA rate cut increased as core inflation eased to 2.7% in June, well below the RBA's 2-3% target, along with rising unemployment and slowing wage growth. Supporting this outlook, Australia's Trade Surplus widened to $5,365 million (month-on-month) in...
The US Dollar Index (DXY), a measure of the value of the US dollar (USD) against a basket of six global currencies, strengthened slightly to around 98.15, ending two consecutive days of declines during Asian trading hours on Friday (August 8th). Federal Reserve Chairman Alberto Musalem is scheduled to speak later on Friday. The DXY strengthened after Federal Reserve (Fed) Governor Christopher Waller reportedly emerged as a leading candidate to replace embattled Fed Chairman Jerome Powell. Waller argued that the US central bank could "view" the inflationary impact of tariffs as transitory....
Oil headed for its biggest weekly drop since June, as traders assessed that US efforts to end the war in Ukraine would not impact supplies, even as Washington imposed sanctions on India for importing Moscow's crude. West Texas Intermediate crude traded below $64 a barrel, down more than 5% this week, while Brent closed near $66. The US benchmark has declined for the past six days, marking its worst decline since 2023. US President Donald Trump, who has set a Friday deadline for Moscow to agree to a ceasefire, has said he is willing to meet with Vladimir Putin, although the Russian leader...
Gold consolidated early in the Asian session. President Trump said on Thursday that he would nominate Stephen Miran, head of the White House Council of Economic Advisers, to fill a short-term vacancy on the Fed's Board of Governors. Miran will replace Fed Governor Adriana Kugler, who decided to step down about six months before her term ends. "Miran was the architect of Trump's tariff policy, with the market viewing the appointment as a tilt toward a more dovish monetary policy," ANZ Research analysts said in a note. The prospect of further Fed rate cuts could boost the appeal of the...
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....