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 Pound Sterling (GBP) surges to near 1.2320 against the US Dollar (USD) in Monday's North American Session. The GBP/USD pair strengthens as the US Dollar nosedive soon after reports from the Wall Street Journal (WSJ) showed that there won't be tariff hikes on the first day of President Donald Trump at the White House. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, plummets to near 108.30According to the WSJ, the presidential memo directs federal agencies to study trade policies and evaluate US trade relationships with China and America's...
Gold prices steadied Monday as traders cautiously awaited US President-elect Donald Trump's inauguration speech, anticipating insights into his administration's policies and potential signals on future interest rates.Traders brace for volatility with incoming Trump administrationGold traders are bracing for increased volatility as Trump begins his second term, with his anticipated policy announcements expected to influence market dynamics. The precious metal, traditionally viewed as a safe-haven asset, has seen prices stabilize near a one-month peak, bolstered by subdued US inflation data...
The US Dollar Index (DXY), which tracks the value of the Greenback against six major currencies, traded lower and nearly broke below 109.00 on Monday (1/20) ahead of President-elect Donald Trump's inauguration as the 47th President of the United States (US). Several asset classes in the US will remain closed, such as Wall Street trading and US Treasury trading, in observance of Martin Luther King Day. This means volatile movements could occur in markets with thin liquidity. All eyes will be on the post-inauguration, with President-elect Donald Trump having confirmed at a rally on Sunday...
EUR/USD rose sharply to near 1.0300 in Monday's European session. The major currency pair gains as the safe-haven appeal of the US Dollar (USD) diminishes ahead of United States (US) President-elect Donald Trump's inauguration. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, declines to near 109.00. The Greenback faces pressure as investors digest the assumption that Trump will declare a national emergency soon after taking office. This move would allow him to boost domestic energy production and reverse some climate change policies executed under...
Oil prices fell on Monday as expectations that U.S. President-elect Donald Trump will ease restrictions on Russia's energy sector in return for a deal to end the Ukraine war offset concerns about supply disruptions from tougher sanctions. Brent crude futures fell 28 cents, or 0.35%, to $80.51 a barrel by 0739 GMT after closing down 0.62% in the previous session. The more active U.S. West Texas Intermediate crude for April delivery fell 21 cents to $77.18 a barrel. The front-month contract, which expires on Tuesday, was unchanged at $77.88 a barrel after closing down 1.02% on...
Gold (XAU/USD) prices struggled to capitalize on their intraday uptick and flat-lined above the $2,700 mark during the first half of the European session on Monday (January 20). The risk-on environment as depicted by a generally positive tone around equity markets turned out to be a key factor that acted as a headwind for the safe-haven precious metal. Traders also seemed reluctant to place any aggressive bets and preferred to wait for US President-elect Donald Trump's inauguration speech later today. Meanwhile, signs of easing inflation in the US fuelled speculations that the Federal...
The Australian Dollar (AUD) halted its two-day losing streak against the US Dollar (USD) on Monday (1/20), receiving support from rising metal prices. However, the upside in the AUD/USD pair may remain limited as the US Dollar (USD) could strengthen amid market caution ahead of President-elect Donald Trump's inauguration later in the day. US markets will remain closed on Monday for the Martin Luther King Jr. holiday. The People's Bank of China (PBOC) announced on Monday that it will keep the Loan Prime Rate (LPR) unchanged. The one-year Loan Prime Rate (LPR) remains at 3.10%, while the...
The USD/CHF pair moved lower near 0.9130 during the Asian trading hours on Monday (1/20), pressured by a weaker US Dollar (USD). Cautious market sentiment ahead of the inauguration of President Donald Trump provided some support to the safe-haven flows, which benefited the Swiss Franc (CHF). Technically, USD/CHF maintains the current bullish sentiment as the price is well supported above the 100-day Exponential Moving Average (EMA) on the daily chart. Moreover, the upside momentum is supported by the 14-day Relative Strength Index (RSI), which is located above the midline near 60.50,...
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....