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 (XAG/USD) experienced a slight correction during Monday's (August 25th) European trading session, after rallying for three consecutive days. The precious metal was trading around $38.80 per troy ounce, although the medium-term uptrend remains strong. Fundamentally, expectations of a Fed rate cut next month continue to support non-yielding precious metals like silver. The 14-day Relative Strength Index (RSI) is above 50, reinforcing the bullish bias. Furthermore, silver is trading above the nine-day Exponential Moving Average (EMA), indicating stronger short-term price...
The US dollar strengthened slightly on Monday (August 25th), but struggled to recover from a sharp decline triggered by Federal Reserve Chairman Jerome Powell's dovish stance, which left the door open for an interest rate cut in the world's largest economy next month. The euro fell 0.1% to $1.1701 but remained near Friday's high of $1.174225, a level not seen since July 28th. The pound and Swiss franc also weakened by about 0.1%. Powell, in a closely watched speech at the Fed's annual Jackson Hole symposium on Friday, hinted at the possibility of an interest rate cut at the US central...
The British pound (GBP) maintained its gains on Friday near 1.3530 against the US dollar (USD) during the European trading session on Monday (August 25th). The GBP/USD pair traded strongly as comments from Federal Reserve Chairman Jerome Powell, during his speech at the Jackson Hole Symposium on Friday, signaled that he had taken a dovish stance on the interest rate outlook. Investors had anticipated that Powell would reiterate his "wait-and-see" approach to interest rates. However, this surprisingly dovish tone has significantly increased investor risk appetite. However, the US dollar and...
The EUR/USD pair has opened the week with a moderate pullback from Friday's highs, at 1.1742. The pair is trading at 1.1700 at the European session opening on Monday, as the US Dollar picks up from the low levels reached after the Federal Reserve (Fed) Chairman Jerome Powell opened the door for monetary easing. Powell surprised investors with an unexpected dovish tone at the Jackson Hole Symposium, warning that "downside risk to employment is rising" and that if those risks materialize, they could quickly lead to a strong increase in unemployment. More specifically, he affirmed that the...
Gold price (XAU/USD) drifts lower to around $3,350 during the early European session on Monday(25/8), pressured by a stronger US Dollar (USD). Nonetheless, rising optimism of a September rate cut following comments by Federal Reserve (Fed) Chair Jerome Powell at the Jackson Hole symposium might cap the downside for the yellow metal. The Fed's Powell has opened the door to a rate reduction in the September meeting, but that position could become complicated if inflation pressures continue to rise. Powell added that the US economy is facing a "challenging situation," with inflation risks now...
Silver prices held steady around $38.8 per ounce on Monday, hovering near their highest levels since 2011 amid bets on US Federal Reserve policy easing. The metal rallied about 2% on Friday after Fed Chair Powell signaled that the central bank is likely to cut rates at its next meeting. Powell noted that while unemployment remains low, risks to the labor market are increasing and policy remains "restrictive," suggesting that adjustments may be warranted. Markets are now pricing in an 87% probability of a 25 bps rate cut in September, up from about 75% at some point last week. On the...
Gold slipped on Monday from a near two-week high, as the dollar crept higher, although increased expectations of U.S. interest rate cuts following Federal Reserve Chair Jerome Powell's dovish pivot last week lent some support to bullion. Spot gold was down 0.2% at $3,364.29 per ounce, as of 0256 GMT, after hitting its highest since August 11 on Friday. U.S. gold futures for December delivery eased 0.3% to $3,409.60. The U.S. dollar index (.DXY), opens new tab rose 0.2% against its rivals after dropping to a four-week low, making gold less attractive to overseas buyers. "There's a decent...
The Australian Dollar (AUD) loses ground against the US Dollar (USD) on Monday after registering more than 1% gains in the previous session. The AUD/USD pair gained ground as the US Dollar depreciated amid the rising likelihood of a Federal Reserve (Fed) interest rate cut in September. Fed Chair Jerome Powell said at the Jackson Hole symposium on Friday that risks to the job market were rising, but also noted inflation remained a threat and that a decision wasn't set in stone. Powell also stated that the Fed still believes it may not need to tighten policy solely based on uncertain...
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....