Gold trimmed losses after US inflation and labor market data strengthened bets that the Federal Reserve will cut interest rates next week. Consumer prices excluding food and energy rose 3.1% last month from a year earlier, in line with analysts' expectations, according to a Bureau of Labor Statistics report released Thursday (September 11). Separate data showed US initial jobless claims jumped to their highest level in nearly four years. The mixed data bolstered traders' confidence that the US central bank will lower borrowing costs at its two-day meeting ending September 17. Treasury bond...
The Australian dollar edged higher to around $0.654 on Tuesday, following a notable decline in the previous session, largely driven by renewed optimism over US President Donald Trump's willingness to further engage in trade discussions. Despite maintaining a firm stance on the upcoming 30% tariffs set to take effect on August 1, Trump indicated a readiness to resume negotiations with the European Union and other major trading partners, hinting at a potential diplomatic opening and easing investor fears of a deepening trade conflict. Domestically, sentiment was further buoyed by positive...
The US dollar index held above 98 on Tuesday, hovering near a three-week high as investors awaited the June consumer inflation report that could provide clues on how the Trump administration's tariffs have been affecting prices. Federal Reserve Chair Jerome Powell recently indicated that inflation is expected to rise over the summer due to tariff pressures, reinforcing expectations that the Fed may delay interest rate cuts until later this year. Meanwhile, concerns over central bank independence resurfaced as President Donald Trump renewed criticism of Powell, arguing that interest rates...
Gold edges higher in the early Asian session. Key development is today's release of U.S. CPI, XS.com's Rania Gule says in an email. "Inflation remains the core variable steering the Fed's monetary policy, and therefore directly impacts market sentiment toward safe-haven or risk-on assets," the senior market analyst says. Should inflation be hotter than expected, expectations of a Fed rate cut in September may be scaled back, strengthening USD and putting downward pressure on gold. On the other hand, weak inflation readings would boost the case for Fed rate cuts and be strongly supportive of...
Oil held a drop after slumping by more than 2% on Monday as US President Donald Trump's latest plan to pressure Russia refrained from immediate new measures aimed at hindering Moscow's energy exports. US benchmark West Texas Intermediate traded near $67 a barrel, while Brent settled near $69 in the previous session. Trump boosted military support for Ukraine to resist Moscow's invasion, and threatened to impose 100% tariffs if the hostilities did not end with a deal in 50 days. The planned action effectively represents secondary sanctions on countries buying oil from Russia, according...
The EUR/USD remains pressured during the North American session, below the 1.1700 figure as the Dollar got boosted by Trump unveiling new tariff letters on two of its largest trade partners, increasing appetite for haven assets. At the time of writing, the pair trades at 1.1667, down 0.15%. US President Donald Trump revealed levies of 30% on the European Union (EU) and Mexico last weekend. Initially, investors' sentiment deteriorated, but traders seem to be fading from Trump's decision, amid speculation that Washington could backpedal on trade decisions. Analysts cited by Reuters revealed...
Silver retreated from a nearly 14-year high as the dollar pushed higher after US President Donald Trump escalated trade tensions on the European Union and Mexico, the world's top producer of the white metal. Spot silver slipped as much as 0.8% as the greenback advanced during US trading hours. The precious metal is priced in US currency, so the strength in the dollar makes it less attractive for foreign investors. Trump unleashed tariff threats this weekend, declaring a 30% rate for Mexico and the EU, and informing key trading partners of new rates that will kick in on Aug. 1 if...
Oil prices edged lower on Monday, as investors weighed new threats from U.S. President Donald Trump for sanctions on buyers of Russian oil that may affect global supplies, while still worried about Trump's tariffs. Brent crude futures fell 79 cents, or 1.12%, to $69.57 a barrel by 1:04 pm EDT (1704 GMT). U.S. West Texas Intermediate crude futures were down $1.07, also 1.56%, to $67.38. Trump announced new weapons for Ukraine and threatened to hit buyers of Russian exports with sanctions unless Russia agrees to a peace deal in 50 days. Oil prices rallied early, on expectations that...
Gold (XAU/USD) is trading between $3,340 and $3,370 on Monday in response to news that the US may impose a 30% tariff on imports from the European Union (EU) and Mexico, effective August 1. The latest tariff threats on two of America's largest trading partners have provided a tailwind for XAU/USD. At the time of writing, the Gold price is trading near $3,350 as bulls struggle to gain the momentum above $3,370. European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum received letters from US President Donald Trump on Saturday. His remarks fueled fears of 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....