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...
The Australian Dollar (AUD) maintains its position on Monday, after registering losses in the previous two sessions. The AUD/USD pair gained ground following the announcement of a newly established trade agreement between the United States (US) and the European Union (EU). Traders await further development on the meeting between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, scheduled on Monday in Stockholm. The two countries are expected to extend their tariff truce by another three months, according to a source cited by the South China Morning Post (SCMP) on...
The US dollar index dipped to around 97.5 on Monday, retreating after a two-day advance as the euro strengthened following the weekend's US-EU trade agreement. The deal, which imposes a 15% tariff on most European exports, down from the 30% initially threatened, eased transatlantic trade tensions and boosted demand for the euro. Meanwhile, investors are turning their focus to a pivotal week for US monetary policy and economic data. The Federal Reserve is widely expected to leave interest rates unchanged on Wednesday, but markets will closely watch for signals regarding a potential rate cut...
The euro climbed above $1.175 on Monday, snapping a two-day losing streak after the US and EU reached a trade agreement over the weekend. The deal includes a 15% tariff on most European goods, significantly lower than the 30% originally threatened by Washington, easing fears of a broader trade conflict. Announced jointly by President Trump and European Commission President Ursula von der Leyen in Scotland on Sunday, the agreement was hailed by Trump as "the biggest of all the deals," while von der Leyen said it would provide "stability" and "predictability." However, key details, such as...
Oil steadied after the US and European Union agreed on a trade deal ahead of President Donald Trump's tariff deadline of Aug. 1. Brent was above $68 a barrel after closing 1.1% lower on Friday, and West Texas Intermediate traded near $65. The bloc 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 other commodities....
Gold steadied after the US and European Union announced they had reached a tariff agreement, staving off some concerns about a potentially painful trade war between the economies. Bullion traded near $3,330 an ounce — following a 0.4% weekly loss — as investors weighed the outlook for the global economy in the wake of the deal, which will see the EU face 15% levies on most of its exports including automobiles. Still, there are lingering questions about the scope of the pact, including details over the impact on metals — signaling potential challenges when it comes to implementation. With...
Oil prices weakened on Friday (July 25th) and closed at a three-week low as traders worried about negative economic news from the US and China and signs of increasing supply. The losses were limited by optimism that a US trade deal could boost global economic growth and future oil demand. Brent crude futures fell 74 cents, or 1.1%, to $68.44, while US West Texas Intermediate (WTI) crude fell 87 cents, or 1.3%, to $65.16. This was the lowest closing level for Brent since July 4th and WTI since June 30th. For the week, Brent fell about 1% while WTI fell about 3%. European Commission...
Gold prices weakened on Friday, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations, which have dampened demand for safe-haven assets. Spot gold fell 0.9% to $3,336.01 an ounce at 2:01 PM ET (18:01 GMT). U.S. gold futures closed down 1.1% at $3,335.6. The U.S. dollar index, open a new tab, rebounded from a more than two-week low, making bullion more expensive for overseas buyers. "The Japan deal is significant, and there are hopes for a U.S.-EU deal before the August 1 deadline. That's reducing safe-haven demand as rising risk appetite drives capital...
Oil prices weakened on Friday due to negative economic news from the United States and China and signs of rising supply, despite optimism that a U.S. trade deal could boost global economic growth and future oil demand. Brent crude futures fell 32 cents, or 0.5%, to $68.86 a barrel at 11:02 a.m. EDT (15:02 GMT), while U.S. West Texas Intermediate (WTI) crude fell 47 cents, or 0.7%, to $65.56. This caused Brent prices to fall about 1% for the week and WTI to fall about 3%. U.S. President Donald Trump said on Friday there was a 50-50 chance, or even less, that the U.S. would reach a trade...
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....