The US has signaled it will not relax its August 1 deadline for higher tariffs against the European Union as the bloc struggles to reach a deal on time. Over the weekend, US Commerce Secretary Howard Lutnick said he was confident a trade deal with the EU could be reached, but cautioned that the deadline for the 30% base tariffs was fixed. "That's a tight deadline, so on August 1, the new tariffs will go into effect," Lutnick said Sunday on CBS News when asked about his EU tariff deadline. He did hint that negotiations could continue beyond that date, stating: "These are the two largest...
The EUR/USD pair recovers a few pips from the vicinity of the mix-1.1300s, or the Asian session low, though it lacks any follow-through amid a modest US Dollar (USD) uptick. Spot prices currently trade around the 1.1375 area and remain confined in a familiar range held over the past week or so. The USD attracts buyers for the second straight day amid some repositioning trade ahead of this week's key US macro data. The shared currency, on the other hand, is undermined by dovish signals from the European Central Bank (ECB), which turns out to be another factor acting as a headwind for the...
The USD/CHF pair posts modest losses around 0.6410 during the early European session on Wednesday. The uncertainty surrounding trade policy continues to boost the safe-haven flows, supporting the Swiss Franc (CHF). The Swiss KOF Leading Indicator for April is due later on Wednesday. China exempted some US imports from its 125% tariffs last week, although China quickly knocked down US President Donald Trump's assertion that trade talks between the two countries were underway. On Monday, US Treasury Secretary Scott Bessent said that key trade partners have made "very good" offers to avoid US...
Gold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday. The global equity markets continue to rise amid signs of easing US-China trade tensions and US President Donald Trump's decision to give flexibility on tariffs to US carmakers. This, along with a modest US Dollar (USD) uptick, is seen as a key factor undermining demand for the safe-haven precious metal. Meanwhile, Trump's rapidly shifting stance on trade policies has been received poorly by investors and...
The Japanese Yen (JPY) trades with a negative bias against its American counterpart for the second straight day on Wednesday as a positive risk tone seems to undermine demand for traditional safe-haven assets. US President Donald Trump signed an order to ease the impact of new tariffs on the auto industry, which, along with signs of further trade deals, boosts investors' confidence. Apart from this, disappointing domestic data turns out to be another factor weighing on the JPY. Any meaningful JPY depreciation, however, seems elusive as traders might opt to move to the sidelines ahead of the...
The U.S. dollar was steady on Wednesday but poised for its weakest monthly performance since November 2022 as erratic U.S. trade policies under President Donald Trump left the greenback vulnerable while boosting the euro, yen and Swiss franc. The White House has retreated several times on the sweeping tariffs Trump unveiled in early April that led to a global stock market meltdown and prompted investors to flee the normally safe-haven U.S. dollar and Treasury debt. Trump signed a pair of orders on Tuesday to soften the blow of his auto tariffs with a mix of credits and relief from other...
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
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Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
Russia unleashed a renewed attack on Ukraine, targeting the country's central and western regions with drone and missiles as Kyiv's allies pledged increased air defense protection to help shield the...