Gold surged near a record high of $3,650 an ounce on Wednesday (September 10) after an unexpected decline in US producer prices reinforced expectations that the Federal Reserve will continue cutting interest rates at its meeting next week. Both headline and core PPI fell 0.1% in August, against projections for a 0.3% increase, driven by a sharp decline in wholesale margins for machinery and vehicles. The data follows a weak labor market report earlier this month that has prompted markets to price in several Fed rate cuts this year. Investors now await Thursday's consumer price inflation...
Oil prices edged higher on Monday (July 28th) as investors assessed the trade deal between the United States and the European Union, while a stronger US dollar and lower oil imports from India weighed on prices. Brent crude futures rose 30 cents, or 0.4%, to $68.74 a barrel at 08:13 GMT, while US West Texas Intermediate crude was at $65.43 a barrel, up 27 cents, or 0.4%. The US-EU trade deal and the possible extension of the US-China tariff pause supported global financial markets and oil prices, said IG market analyst Tony Sycamore. The US-EU trade framework pact announced Sunday imposes...
The British pound (GBP) weakened near 1.3400 against the US dollar (USD) at the start of the week. The GBP/USD pair weakened as the US dollar attracted buying interest following the announcement of a trade framework between the United States (US) and the European Union (EU). The US Dollar Index (DXY), which tracks the greenback against six major currencies, rose near 97.90 at the time of writing. Over the weekend, US President Donald Trump announced a trade agreement with the European Union, stating that the base tariff on imports from Brussels would be 15%, half the level Trump had...
Silver prices remained under pressure on Monday, holding below $38.50 per ounce after falling more than 2% in the previous session, as recent trade agreements between the US and key partners dampened demand for safe-haven assets. Over the weekend, the US and European Union reached a trade deal that imposes a 15% tariff on most EU exports, down from the 30% previously threatened. The US also secured agreements last week with Japan and Indonesia. Meanwhile, markets are awaiting further developments in US-China trade talks, set to begin later today in Stockholm, with expectations that...
The USD/CHF pair holds steady near 0.7950 during the early European trading hours on Monday. Progress on the US-EU trade deal might hit safe-haven demand and undermine the Swiss Franc (CHF). Investors brace for further developments surrounding the US-China trade deal as US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are scheduled to meet on Monday in Stockholm. The CHF pares gains against the US Dollar (USD) from improved risk appetite after the US and EU announced a trade framework agreement, setting a blanket 15% tariff on goods traded between them. The 15% tariff...
Gold prices gained in choppy trading on Monday, as a weaker dollar helped to offset pressure from improved risk appetite after United States and European Union announced a trade framework agreement. Spot gold was up 0.2% at $3,342.62 per ounce, as of 0421 GMT, after touching its lowest level since July 17. U.S. gold futures edged 0.2% higher to $3,342.90. The U.S. struck a framework trade agreement with the European Union on Sunday, imposing a 15% import tariff on most EU goods - half the threatened rate - and averting a bigger trade war between the two allies that account for almost a...
Oil prices rose on Monday after the United States clinched a trade deal with the European Union and may extend a tariff pause with China, relieving concerns that higher levies could have hurt economic activity and limited fuel demand. Brent crude futures inched up 20 cents, or 0.29%, to $68.64 a barrel by 0336 GMT, while U.S. West Texas Intermediate crude stood at $65.31 a barrel, up 15 cents, or 0.23%. The US-European Union trade deal and a possible extension in the US-China tariff pause are supporting global financial markets and oil prices, IG markets analyst Tony Sycamore said. "With...
Oil rose after the US and European Union agreed on a trade deal ahead of President Donald Trump's tariff deadline of Aug. 1. Brent was near $69 a barrel after closing 1.1% lower on Friday, and West Texas Intermediate traded above $65. The EU faces 15% levies on most of its exports, although Trump and European Commission President Ursula von der Leyen appeared to differ on some key details of the agreement. Trump's trade policies and threats of retaliation from targeted countries have raised concerns about the outlook for global economic growth, weighing on oil and...
The Japanese Yen (JPY) kicks off the new week on a softer note as the latest optimism over a trade deal between the US and the European Union (EU) undermines traditional safe-haven assets. Furthermore, reduced bets for an immediate interest rate hike by the Bank of Japan (BoJ), amid signs of cooling inflation in Japan and domestic political uncertainty, keep the JPY bulls on the defensive. Meanwhile, Japan's trade deal with the US keeps the door open for an imminent BoJ rate hike this year, which, in turn, is seen acting as a tailwind for the JPY. This, along with subdued US Dollar (USD)...
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....