The dollar drifted higher on Friday, following small losses a day earlier, as traders grappled with the outlook for the U.S. economy following President Donald Trump's erratic messaging on trade deals and Federal Reserve interference. The U.S. currency has oscillated wildly this week, starting with a 1% tumble against major peers on Monday after Trump threatened to fire Fed Chair Jerome Powell for not cutting interest rates quickly enough, only to surge 1.5% a day later as Trump said he never had any intention of replacing Powell, and mooted a de-escalation in his trade war with China. A...
The GBP/USD pair attracts some sellers to around 1.3310 during the early Asian session on Friday, pressured by the renewed US Dollar (USD) demand. The UK Retail Sales data for March will be the highlight later on Friday. The Greenback edges higher amid the optimism about a US trade deal announcement, which acts as a headwind for the major pair for the time being. UK Finance Minister Rachel Reeves said on Thursday she was confident Britain could reach a trade deal with the US. Reeves is scheduled to meet US Treasury Secretary Scott Bessent on Friday. High on the agenda will be a possible...
Gold extended its recent gains above $3,350 per ounce on Friday, on track for its third weekly advance, as skepticism over a US-China trade deal continued to support the metal's safety appeal. On Thursday, President Trump stated that trade talks with China are in progress, countering Chinese claims that no discussions have taken place to ease the ongoing dispute. Meanwhile, US Treasury Secretary Bessent said the steep tariffs between the two countries must be reduced before negotiations can move forward, but emphasized that Trump would not unilaterally lower tariffs on Chinese imports....
The US dollar (USD) weakened on Thursday (4/24) as a mix of mixed economic data, dovish Federal Reserve (Fed) signals, and unclear US-China tariff messages rattled market sentiment. After testing highs near 100.00 earlier in the day, the US Dollar Index (DXY) reversed course and was last seen hovering around 99.41, down 0.37%. Investors recalibrated expectations after US President Donald Trump and Treasury Secretary Scott Bessent rejected claims of unilateral tariff cuts on Chinese goods. While Trump hinted at potential tariff relief if talks resume, Chinese officials reiterated that no...