Oil prices continued to slide after Commerce Secretary Howard Lutnick said the Trump administration could lift some tariffs on Mexico and Canada, adding to uncertainty in global markets. West Texas Intermediate crude was trading near $68 a barrel after falling 3% over the past three sessions, while Brent was hovering around $71. Lutnick did not explicitly say what action President Donald Trump was considering but dismissed the idea that the levies would be lifted entirely. He made the remarks on Fox. Crude prices have been falling since mid-January as Trump's trade policies raise the...
The US Dollar (USD) continued to weaken against its major peers on Tuesday, with the USD Index dropping to its weakest level since early December, pressured by growing concerns over an economic slowdown. Early Wednesday, the USD struggled to find demand as market focus shifted to the ISM Services PMI and ADP Employment Change data for February. After Monday's sharp decline, the USD Index fell nearly 1% on Tuesday. While addressing Congress at the end of the US session, US President Donald Trump reiterated that they would impose tariffs on products not made in the US. Meanwhile, during an...
Gold price (XAU/USD) halts its two-day winning streak on Wednesday as rising US Treasury yields pressured non-yielding assets. However, the precious metal could receive upward support from safe-haven demand amid the implementation of US tariffs. Trump's 25% levies on Mexican and Canadian imports took effect on Tuesday, alongside a hike in Chinese duties to 20%, escalating trade tensions and prompting retaliation. However, US Commerce Secretary Howard Lutnick suggested in a Fox News interview that Trump may reconsider his tariff policy less than 48 hours after its implementation. He noted...
Silver price (XAG/USD) extends its upside to around $32.15 during the early European session on Tuesday. The white metal edges higher amid uncertainty and trade war worries, which boost the safe-haven demand. Technically, the bullish trend of Silver remains in play as the commodity is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the 14-day Relative Strength Index (RSI), which stands above the midline near 55.00, displaying bullish momentum in the near term. The first upside target for white metal emerges at...