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...
Silver prices climbed above $38.7 per ounce on Tuesday, rebounding from the previous session's losses after US President Donald Trump announced the removal of Federal Reserve Governor Lisa Cook over alleged mortgage fraud. The move fueled concerns about the Fed's independence and its ability to maintain monetary policy free from political influence. Analysts noted that Cook's dismissal could raise the likelihood of earlier interest rate cuts, given Trump's persistent pressure on the central bank to lower borrowing costs. On the industrial side, silver demand was underpinned by strong...
Oil dropped after a four-day gain as investors waited for clearer signals on supplies, while also tracking the wider market fallout from President Donald Trump's move to oust a Federal Reserve governor. Brent fell toward $68 a barrel, while West Texas Intermediate was below $65. On Monday, the Department of Homeland Security issued a draft notice to double tariffs on all Indian imports to penalize the country for buying Russian crude. The move — due to take effect Wednesday — is part of broader effort to broker a peace deal between Russia and Ukraine. In wider markets,...
EUR/USD holds gains after registering more than three-quarters of a percent in the previous session, trading around 1.1630 during the Asian hours on Tuesday. The pair holds ground as the US Dollar (USD) faces challenges amid concerns over Federal Reserve (Fed) independence after the US President Donald Trump threatened to remove Fed Governor Lisa Cook. President Trump posted a letter on social media early Tuesday, saying that he was removing Fed Governor Cook from her position on the Fed's board of directors. However, Cook said that she will not resign as there is no cause exists for her to...
The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, corrects to 98.30 during the Asian trading session on Tuesday, following a decent recovery move the previous day. The US Dollar (USD) faces selling pressure as the independence of the Federal Reserve (Fed), which is an autonomous body and its decisions are not impacted by political influence, has been dampened after the removal of Federal Reserve (Fed) Governor Lisa Cook by United States (US) President Donald Trump over mortgage allegations. Last week, US President Trump called Fed Governor Cook to...
The Australian dollar held its decline around $0.648 on Tuesday, as investors weighed the latest minutes from the Reserve Bank of Australia. The central bank signaled that additional interest rate cuts are likely over the coming year, with the pace of easing dependent on incoming economic data. At its August 2025 meeting, the RBA Board lowered the cash rate by 25 bps to 3.6%, citing continued progress in bringing inflation closer to the midpoint of its 2–3% target range. While a gradual pace of easing may be appropriate due to a still-tight labor market, strengthening private demand, and...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $64.60 during the early Asian trading hours on Tuesday. The WTI extends the rally due to a pause in negotiations for a peace deal between Russia and Ukraine. Traders await the American Petroleum Institute (API) weekly crude oil stock data, which is due later on Tuesday. The latest drone strikes by Ukraine on Russian energy facilities have heightened concerns about oil supply disruptions, boosting the WTI price. Russian officials said that Ukraine carried out a drone attack on Russia on Sunday, causing a significant...
Gold falls in early Asian trade on possible profit-taking. The precious metal's decline is just a corrective move related to profit-taking rather than a structural shift in gold's broader trend, XS.com's Rania Gule says in an email. "The fundamental backdrop supporting the precious metal remains intact, both from the perspective of U.S. monetary policy and ongoing global geopolitical risks," the senior market analyst adds. Spot gold is 0.4% lower at $3,353.14/oz. Source: Bloomberg
Gold price holds firm at around $3,370 on Monday as the Greenback recovers some ground following Federal Reserve (Fed) Chair Jerome Powell's dovish tilt last Friday. A scarce economic docket on Monday, except for New Home Sales, keeps traders focused on labor market data and the Fed's preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index. The non-yielding metal lacks direction, with traders seeming to be booking profits following Powell's stance. Alongside the data mentioned above, Gross Domestic Product (GDP) figures will also be crucial in suggesting if...
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....