The British pound (GBP) traded higher against other major currencies, except for the Antipodean currencies, on Wednesday. The British currency showed strength as market sentiment remained optimistic amid strong expectations that the Federal Reserve (Fed) will cut interest rates next week. On the domestic data front, investors are awaiting UK Gross Domestic Product (GDP) and factory data for July, scheduled for Friday. Monthly GDP growth in the UK economy is expected to stagnate after rising by 0.4% in June. Monthly Manufacturing and Industrial Production data are also expected to remain...
The Japanese Yen (JPY) edges higher against a softer US Dollar (USD) during the Asian session on Thursday and recovers a part of the previous day's slide to its lowest level since early April. Data released from Japan earlier today showed that Industrial Production unexpectedly grew in June, while strong Retail Sales pointed to resilience in consumer spending. This, along with some repositioning trade ahead of the crucial Bank of Japan (BoJ) policy update, offers some support to the JPY. Investors will look for signals on how the recent US-Japan trade agreement might influence the BoJ's...
The Australian Dollar (AUD) appreciates on Thursday, halting its five-day losing streak. The AUD/USD pair maintains its position following the release of key economic data from Australia and its close trading partner, China. Australia's Retail Sales rose 1.2% month-over-month in June, compared to 0.5% in May (revised from 0.2%). The reading came in above the market expectations of 0.4%. Retail Sales climbed 0.3% QoQ in the second quarter, compared to 0.1% in Q1 (revised from 0%). China's NBS Manufacturing Purchasing Managers' Index (PMI) dropped to 49.3 in July, as against 49.7 reported in...
The dollar flirted with a two-month peak on Thursday after Federal Reserve Chair Jerome Powell stuck to his patient approach on rates in a closely watched policy decision and offered little insight on when they could be lowered. The greenback was also on track for its first monthly gain for the year, bolstered by a hawkish Fed and U.S. economic resilience, with uncertainty over tariffs beginning to ease given recent trade deals struck by Washington. Against a basket of currencies, the dollar was last steady at 99.77 , not far from a two-month peak of 99.987 it hit in the previous session....
Oil steadied after closing at the highest in almost six weeks as President Donald Trump threatened to penalize India for buying Russian crude and his administration tightened a crackdown on supplies from Iran. West Texas Intermediate traded above $70 a barrel after surging more than 7% so far this week. Brent settled near $73 on Wednesday. The US president said he would impose a tariff on India's exports and a penalty for its energy purchases from Russia. He later added the two sides were still in talks. Meanwhile, the US implemented its most sweeping Iran-related sanctions in seven years....
Gold edges higher in the early Asian trade on possible position adjustments following the Fed's decision to leave rates unchanged as widely expected. However, gold's gains may be curbed after Fed Chair Powell signaled at his press conference that a rate cut in September was far from guaranteed. A cautious approach by the Fed could weigh on gold prices, Traze's Erkin Kamran says in an email. Additionally, easing trade tensions may put downward pressure on the precious metal, the CEO notes. President Trump said Wednesday that the U.S. and South Korea have struck a trade deal. Spot gold is...
Oil prices settled 1% higher on Wednesday as investors focused on developments on U.S. President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil. The Brent crude September contract, which was set to expire on Thursday, closed 73 cents, 1.01%, higher at $73.24. U.S. West Texas Intermediate crude was up 79 cents, or 1.14%, at $70, with investors largely shrugging off mixed U.S. data on crude and fuel inventories. Both contracts had fallen nearly 1% earlier in the day. The more active Brent October contract settled...
GBP/USD sank for a fifth straight session on Wednesday, falling as the US Dollar (USD) catches a broad-market bid after the Federal Reserve (Fed) held rates steady and stuck to its stubborn wait-and-see stance, trimming hopes for a September rate cut. With odds of a rate cut on September 17 flying out the window, newfound market pressure will be on a hefty raft of economic data coming out of the United States (US) throughout the back half of the trading week. US PCE inflation, due on Thursday, is expected to accelerate slightly, with analysts anticipating an uptick to 0.3% MoM in June...
Gold price tumbled over 1.50% on Wednesday after the Federal Reserve, decided to hold rates unchanged, on a 9-2 split vote. Fed Chair Jerome Powell's leaning hawkish at the press conference, alongside strong Gross Domestic Product (GDP) figures for Q2 2025, weighed Bullion prices. At the time of writing, XAU/USD trades below $3,280 after hitting a high of $3,334. Risk appetite turned sour after the Fed Chair Jerome Powell pushed back against a rate cut at the September 16-17, adopting a meeting-by-meeting approach. This and uncertainty of when inflation would show tariffs effect on prices,...
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....