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 Pound Sterling (GBP) faces selling pressure against its major peers on Wednesday. The British currency slides after the release of the United Kingdom (UK) Consumer Price Index (CPI) report for February, which showed that inflation cooled down at a faster-than-expected pace. Headline CPI increased 2.8% year-over-year (YoY) compared to estimates of 2.9% and the 3.0% increase seen in January. In the same period, the core CPI – which excludes volatile items – rose by 3.5%, against expectations of 3.6% and the former release of 3.7%. Month-on-month headline CPI grew 0.4% after deflating by...
Oil prices edged higher on Wednesday on supply concerns with the U.S. stepping up efforts to limit Venezuelan and Iranian oil exports, while a bigger-than-expected drop in U.S. crude inventories also lent support. Brent crude futures gained 15 cents, or 0.21%, to $73.22 a barrel by 0723 GMT, while U.S. West Texas Intermediate crude futures rose 16 cents, or 0.23%, to $69.16 a barrel. Both contracts hit their highest in three weeks in the previous session. "Crude oil prices maintain their bullish bias after Trump's sanctions on Venezuelan oil, raising supply-side concerns," Priyanka...
The Australian Dollar (AUD) was supported as copper futures surged to a new record high on the Comex exchange on Tuesday (3/26), benefiting from Australia's position as one of the leading copper exporters. Bloomberg reported that Trump could speed up the timetable for imposing tariffs on US copper imports. While the Commerce Department originally had 270 days from February 2025 to investigate and report on potential tariffs, recent developments suggest that the tariffs could be implemented within weeks, much sooner than the original deadline. The AUD weakened against the US Dollar (USD)...
Gold (XAU/USD) prices struggled to capitalize on the previous day's up-move and attracted some intraday sellers during the Asian session on Wednesday (3/26). The US Dollar (USD) regained some positive traction and moved back closer to near three-week highs touched on Tuesday. This, along with the general positive sentiment around equity markets, acted as a headwind for the safe-haven precious metal. However, uncertainty over US President Donald Trump's so-called reciprocal tariff plan for next week helped Gold prices hold above the psychological $3,000 mark. Additionally, bets that the...
The EUR/USD pair strengthened near 1.0780 during Asian trading hours on Wednesday (3/26). The greenback weakened against the euro (EUR) on weak US economic data and uncertainty surrounding US President Donald Trump's trade policies ahead of a new round of tariffs next week. The US Durable Goods Orders report for February is due on Wednesday. Weak confidence data and concerns about an economic slowdown in the United States could drag the US dollar (USD) lower. Data released by the Conference Board on Tuesday showed that US consumer confidence fell to its lowest level in more than four years...
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...