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...
Gold gained on Tuesday amid continued uncertainty over US President Donald Trump's tariff plans and their impact on the global economy. Spot gold was up 0.4% at $3,221.70 an ounce, as of 0245 GMT. Bullion hit a record high of $3,245.42 on Monday. US gold futures were up 0.4% at $3,237.60. "Gold continues to strengthen today… on continued investor demand for defensive assets to reduce portfolio volatility as the US appears to be setting the stage for more tariffs to come," said IG market strategist Yeap Jun Rong. The US is continuing its probe into pharmaceutical and semiconductor imports...
The dollar was steady on Tuesday but remained close to a three-year low against the euro and a six-month low versus the yen hit last week as investors struggled to make sense of a flurry of U.S. tariffs. However, currency markets were much calmer in early Asian hours after last week's turmoil that hit the dollar hard despite a surge in Treasury yields, highlighting shaky investor confidence in the greenback and U.S. assets. The dollar was up 0.27% at 143.53 yen but remained close to a six-month low of 142.05 hit on Friday. The euro was down 0.22% at $1.1324, just below a three-year high of...
The Japanese Yen (JPY) moved lower during the Asian session on Tuesday (4/15), which, along with a modest uptick in the US Dollar (USD), lifted the USD/JPY pair closer to the mid-143.00s. US President Donald Trump's suspension of tariffs on major consumer electronics and hints that he may temporarily exempt the auto industry from the 25% levy remained supportive of the upbeat market mood. This, in turn, was seen denting demand for traditional safe-haven assets, including the JPY. However, the rapidly escalating US-China trade war and persistent concerns about the potential economic impact...
The Australian Dollar (AUD) strengthened for the fifth straight session against the US Dollar (USD) on Tuesday (15/4). The AUD/USD pair continued to gain momentum after US President Donald Trump exempted key technology products from his new "reciprocal" tariffs, boosting global risk sentiment. The exemptions covered goods largely manufactured in China—such as smartphones, computers, semiconductors, solar cells, and flat-panel displays—which provided a boost to the AUD, as China remains Australia's largest trading partner and a major consumer of its commodities. The minutes from the Reserve...
Gold edged higher in Asia this morning as traders digested mixed signals. On one hand, Fed Governor Waller said overnight that interest rates may have to be cut soon if President Trump's massive tariffs remain in place, which supported the appeal of the non-interest-bearing precious metal. On the other hand, Trump said Monday that he is considering temporarily suspending some tariffs to help automakers, which could dampen gold's appeal as a safe-haven asset. "In the short term, gold once again appears a bit stretched and a period of consolidation may be needed," Fawad Razaqzada, market...
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...