Former U.S. President Donald Trump threatened to impose tariffs on members of the BRICS group of nations on Friday, warning the alliance would quickly collapse if it ever becomes a significant economic force. "When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly," Trump said without specifying which nations he was referring to. The BRICS group currently includes Brazil, Russia, India, China, South Africa, and has recently expanded to include other nations. In addition to...
The dollar fell on continued concerns about the U.S. economic impact of President Trump's tariffs. "Questions are being raised about the U.S.'s exceptionalism and credibility as a reserve currency," Jefferies economist Mohit Kumar said in a note. In the medium term, tariffs could reduce U.S. reliability and investors will look for alternative destinations, he said. The era of a strong dollar has peaked and the currency is likely to face further weakness, he said. Gold prices could benefit as central banks look to diversify away from the dollar. The DXY dollar index fell 0.7% to 99.4730....
Oil prices fell about 1% on Wednesday, as a U.S. tariff policy change fueled uncertainty, prompting traders to weigh the potential impact of the U.S.-China trade war on economic growth and energy demand. Brent crude was down 66 cents, or 1.0%, at $64.01 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude was down 69 cents, or 1.1%, at $60.64. Both benchmarks fell 0.3% on Tuesday. Global oil demand is expected to grow at its slowest rate in five years in 2025 and U.S. production growth is also set to ease, due to U.S. President Donald Trump's tariffs on trading partners and their...
Gold rose to a new high as U.S. President Donald Trump ordered an investigation that could open a new front in the global trade war, triggering a pullback from equities and a move into safe-haven assets. Bullion rose as much as 1.89% on Wednesday to rise above $3,291 an ounce for the first time, surpassing its previous all-time peak set on Monday. Traders were again caught off guard by a series of tariff headlines, with Trump launching an investigation into the need for levies on critical minerals. The precious metal has risen more than 20% this year and hit a series of record highs as the...
The USD/CHF pair attracted fresh sellers during the Asian session on Wednesday and eroded a major part of the previous day's modest recovery move. The spot prices fell back to mid-0.8100s in the last hour and remained within striking distance of a ten-year low touched last Friday amid a broadly weaker US Dollar (USD). In fact, the USD Index (DXY), which tracks the greenback against a basket of currencies, languished near its lowest level since April 2022 amid weakening confidence in the US economy. Further, bets that the Federal Reserve (Fed) will soon resume its interest rate-cutting cycle...
EUR/USD traded around 1.1340 during Asian hours on Wednesday (4/16), recovering from two consecutive sessions of declines. The pair found support from a more positive global risk sentiment, supported by US President Donald Trump's decision to exempt major technology products from his newly announced "reciprocal" tariffs. However, further upside for the Euro (EUR) may be limited as markets widely expect the European Central Bank (ECB) to cut interest rates by 25 basis points on Thursday. The move comes amid growing recession fears linked to US trade policy. The ECB has already cut interest...
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...
President Donald Trump said Wednesday he plans to send a single letter to over 150 countries outlining the tariff rate they will face, saying, "It's all going to be the same for everyone, for that...