The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, held its upward momentum on Monday, tallying a four-day recovery. Strong S&P Services PMI as well as caution from Atlanta Federal Reserve President Raphael Bostic is benefiting the buck.US Dollar rises as economic signals clash with Fed cautionS&P Global Composite PMI rose sharply, showing improved economic momentum in March, led by robust service sector growth.Manufacturing PMI disappointed, slipping into contraction territory below 50 and falling short of market...
The AUD/USD pair edged higher on Monday, with the pair moving closer to the 0.6300 handle after bouncing off last week's lows around 0.6260. The recovery came during the American session amid increased optimism over a potential moderation in upcoming US tariff policy, supportive Chinese measures, and a solid set of Australian PMI data. Despite a still-firm US Dollar, AUD/USD managed to maintain mild gains, although technical indicators point to capped upside, particularly with the pair held below its 20-day Simple Moving Average (SMA) and momentum readings still in negative territory. The...
Gold price extended its drop for the third consecutive trading day as sentiment improved on news that reciprocal tariffs would be focused on some United States (US) trading partners. At the time of writing, XAU/USD trades at $3,002, down 0.67%. Wall Street trades on a positive mood, edging higher. The rise of US Treasury bond yields and broad US Dollar (USD) strength kept Bullion prices from prolonging its rally, with the yellow metal gaining over 13% in the year.An article by Bloomberg showed that the US President Donald Trump administration would target specific countries on April 2,...
Oil prices gained 1% on Monday as U.S. President Donald Trump said he will impose a 25% tariff on countries that buy oil and gas from Venezuela. Price gains were capped, however, as the U.S. gave oil producer Chevron (NYSE:CVX) until May 27 to wind down its oil operations and exports from Venezuela. Trump had initially given Chevron 30 days from March 4 to wind down that license. The two moves taken together alleviate some pressure on Chevron while putting more pressure on other consumers of Venezuelan oil, though it is uncertain how the Trump administration will enforce the tariff. Brent...