Gold price trimmed some of its earlier losses on Thursday, yet it remains negative in the day, down over 0.14% as the latest print of consumer inflation was aligned with estimates. Nevertheless, jobs data outweighed August's Consumer Price Index (CPI) report as the number of Americans filing for unemployment benefits rose. XAU/USD trades at $3,635 after hitting a daily high of $3,649. Bullion edges lower after soft CPI and higher Jobless Claims boost easing odds The US Bureau of Labor Statistics (BLS) revealed that inflation remained steady on the consumer side, with headline CPI standing...
The US dollar (USD) maintained a solid position on Wednesday (July 9), although its momentum weakened slightly after a strong start to the day. The greenback opened on a slightly bullish note amid ongoing tariff tensions and cautious market sentiment. Investors remained cautious following US President Donald Trump's latest tariff threats and the extension of the deadline for reciprocal duties, which continued to dampen risk appetite and supported safe-haven funds flowing into the USD. The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, rose...
The Australian Dollar (AUD) traded within a well-defined range against the US Dollar (USD) on Wednesday (July 9th), as markets digested the latest Fed Meeting Minutes and tariff-related headlines. Although tariffs are set to take effect in August, lingering trade uncertainty continues to weigh on the US Dollar. The latest tariff letters were sent to countries including Libya, Iraq, and the Philippines on Wednesday. At the time of writing, AUD/USD was trading around 0.6540, with strong resistance at 0.6550. The minutes of the June Federal Open Market Committee (FOMC) meeting revealed that...
Oil prices were steady on Wednesday (July 9) as investors weighed strong US gasoline demand data and attacks on shipping in the Red Sea, while US copper tariffs loomed. Brent crude futures closed up 4 cents, or 0.06%, at $70.19 a barrel. US West Texas Intermediate crude closed up 5 cents, or 0.07%, at $68.38 a barrel. US crude oil inventories rose while gasoline and distillate inventories fell last week, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 7.1 million barrels to 426 million barrels in the week ending July 4, the EIA said, compared with...
Gold rallied above $3,300 an ounce on Wednesday, recovering from earlier losses following the release of the latest FOMC minutes. At the June meeting, Fed officials differed on how quickly and aggressively to cut interest rates. While most predicted some rate cuts were likely this year, their views varied, ranging from calls for a rate cut in July to no rate cuts at all in 2025. The Fed kept its benchmark interest rate unchanged at 4.25%–4.5%, maintaining a cautious and data-driven stance amid mixed economic signals—tariff-driven inflation concerns, slowing consumer spending, and a...
Gold prices edged up on Wednesday (July 9) as investors monitored negotiations between the United States and its trading partners, while a stronger dollar limited further gains. Spot gold was up 0.3% at $3,309.24 an ounce at 11:59 a.m. ET (1559 GMT) after hitting its lowest level since June 30 the previous day. U.S. gold futures were steady at $3,318.10. Amid market volatility, fiscal concerns, and a widening U.S. deficit, investors are increasingly turning to gold, said Phillip Streible, chief market strategist at Blue Line Futures. On the trade front, the European Union said it is...
Oil prices fluctuated as traders weighed a large increase in US crude stockpiles against renewed US efforts to restrict Iranian crude exports. West Texas Intermediate crude prices fluctuated between gains and losses, trading above $68 per barrel, after two days of gains. US crude oil stocks rose by 7.1 million barrels last week, the largest increase since January, according to the Energy Information Administration (EIA) on Wednesday. At the same time, the US Treasury Department imposed sanctions on 22 foreign entities for their role in facilitating Iranian oil sales. "Despite the...
Currency markets have slipped into a mid-week lull by the look of things this morning. The US Dollar (USD) is little changed in broad terms and the core majors are narrowly mixed, with minor losses for the CAD and EUR against minor gains for the AUD, GBP, NZD (despite a 'dovish hold' decision by the RBNZ) and SEK, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note. USD idles US yields slip off yesterday's peaks"The MXN is the top-performing major currency with an intraday gain of less than 0.1%. Stocks are in a positive mood (amid signs that EU/US trade talk are...
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) Meeting Minutes. The US Dollar Index (DXY) is rising to its highest level in two weeks, pushing XAU/USD below $3,300 at the time of writing. The upcoming release of the FOMC Minutes from the June meeting is expected to shed light on the Fed's internal debate over the path of monetary policy. In June, the central bank opted to maintain its benchmark interest rate at 4.25% to 4.50%, citing 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....