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 USD/JPY rallies over 0.60% after the Federal Reserve held interest rates unchanged and as Fed Chair Jerome Powell, turned slightly hawkish and muted for a September rate cut. The pair trades at 149.38, refreshing three-month highs. During his post-meeting press conference, Federal Reserve Chair Jerome Powell stated that they have no made any decisions regarding the September meeting. He said that policy is moderately restrictive and that it will take time to fully understand the effects of newly imposed tariffs, noting, "Tariff passthrough to prices may be slower than thought." He added...
Gold (XAU/USD) attracts sellers on Wednesday, hovering near $3,293 during the American trading session, down nearly 1.0% on the day. The yellow metal is losing ground after stronger-than-expected US economic data. Easing trade tensions have dampened Gold's safe-haven appeal, keeping gains in check. However, a softer US Dollar (USD) and a modest pullback in Treasury yields are offering some support. Still, overall risk-on sentiment in the markets is limiting upside momentum as traders brace for the Federal Reserve's (Fed) monetary policy decision, due Wednesday at 18:00 GMT. Gold came under...
The dollar advanced against major peers on Wednesday following better-than-expected U.S. GDP data and as investors awaited the outcome of the Federal Reserve's policy meeting later in the session. U.S. economic growth rebounded more than expected in the second quarter, expanding by 3% compared with an estimate of 2.4% based on a Reuters poll of economists. The Fed is widely expected to leave interest rates unchanged, rebuffing persistent calls by President Donald Trump to cut interest rates. The euro extended losses against the dollar following the U.S. GDP data. It was down 0.65% to...
Oil prices rose after US President Donald Trump threatened to punish India for buying Russian energy, in an effort to increase pressure on Moscow to end the war in Ukraine. Brent oil prices approached $73 per barrel in volatile trading, following a two-day rally that shook prices out of a narrow range this month. Trump said on his social media platform Truth Social that India would face a 25% tariff "plus penalties," criticizing the country as one of Russia's largest energy buyers. Trump had previously warned of "tariffs and so on" if a ceasefire was not agreed within 10 days and said he...
Oil prices fell on Wednesday (July 30th) as investors awaited developments on US President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his threat of tariffs on countries that trade its oil. The most active Brent crude futures fell 58 cents, or 0.81%, to $71.10 a barrel at 10:14 a.m. GMT, while US West Texas Intermediate crude fell 58 cents, or 0.84%, to $68.63. The September Brent crude contract, which expires on Wednesday, fell 59 cents, or 0.81%, to $71.92. Both contracts had hit their highest prices since June 20th on Tuesday. Trump said on Tuesday that he...
Gold prices edged higher on Wednesday (July 30th), boosted by a slightly weaker dollar as investors awaited the Federal Reserve's policy decision and comments that could provide further clues about the timing of the US central bank's next move. Spot gold rose 0.2% to $3,331.03 an ounce, as of 08:28 GMT. US gold futures rose 0.1% to $3,328.30. The dollar index, weakened 0.1% after hitting a more than one-month high on Tuesday, making gold cheaper for holders of other currencies. "There are a variety of factors that, combined, are keeping gold prices subdued. From a geopolitical perspective,...
The US dollar index weakened on Wednesday (July 30th), snapping a four-day winning streak as investors remained cautious ahead of the Federal Reserve's policy meeting, following a sharp reaction to the US-EU trade deal earlier this week. Meanwhile, the euro was poised to post its first monthly decline since December 2024. The Japanese yen strengthened against the dollar after a powerful earthquake struck the Kamchatka Peninsula in Russia's Far East and triggered a tsunami, prompting evacuation warnings across much of Japan's eastern coast. Forex markets were largely stable as investors...
The EUR/USD pair fluctuates near a one-month low and is on track for its first monthly decline since December of last year. The euro remains weak, weighed down by negative reactions to the trade deal between the European Union (EU) and the United States (US). Investors are also eyeing the latest second-quarter GDP figures from major European economies, with France growing higher than expected and Germany recording a mild contraction. Eurozone Gross Domestic Product (GDP) figures and the Federal Reserve's interest rate decision are due soon. The euro (EUR) posted a slight recovery from a...
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....