The Pound Sterling (GBP) is retreating during the North American session against the US Dollar (USD) after hitting a four-and-a-half-month high at 1.3000 before trimming earlier gains. At the time of writing, the GBP/USD trades at 1.2975, down 0.12%. Pound trims gains as traders brace for central bank decisionsEconomic data continues to be overlooked as traders digest United States (US) President Donald Trump's protectionist policies aimed at reducing the trade deficit. Earlier, US Industrial Production in February expanded 0.7% MoM, exceeding estimates of 0.2% and January's 0.3% print,...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, fell again and traded under pressure around 103.25 at the time of writing on Tuesday (3/18), nearing a five-month low at a level not seen since October. The move came after several headlines, rising geopolitical uncertainty, and significant events that occurred throughout the day. Any headline could act as a catalyst to push the DXY to a near six-month low and below the 103.00 level. On the geopolitical front, a high-stakes meeting between US President Donald Trump and...
Gold futures surged to a new record high on a weaker U.S. dollar and rising tensions in the Middle East. Gold futures rose 1% to $3,037.60 an ounce, beating Friday's previous record high of $3,017.10 an ounce. The U.S. dollar has been under downward pressure due to weak economic data and concerns about the pace of U.S. growth, alongside the growing burden of public debt, Linh Tran of XS.com said in a note. At the same time, geopolitical tensions continue to rise in the Middle East. The Israel-Hamas conflict escalated dramatically early Tuesday when Israel launched a series of attacks on...
The silver market is facing increasing pressure as trade war fears escalate, with higher interest rates on borrowing the metal adding to signs of global dislocation. A surge in rental rates for the precious metal has been the latest warning sign, with concerns growing over the impact of further tariffs from US President Donald Trump. That has prompted a rush to ship silver to the US in a bid to capture a premium in New York, which could put pressure on London. The precious metals gold and silver have been in a bearish spiral this year, as Trump has challenged the global trade order. That...