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...
Oil extended gains after the US sanctioned a Chinese refinery for the first time in a marked step-up of measures to curb oil flows from Iran. West Texas Intermediate rose toward $69 a barrel after advancing on Thursday, with Brent crude closing at $72. The US penalized a Chinese oil refinery — Shandong Shouguang Luqing Petrochemical Co. — and its chief executive officer for allegedly buying Iranian oil, the Trump administration's first intervention in the Asian nation's refining system. Crude is on track for its biggest one-week gain since mid-January, after US data...
Gold price retreats on Thursday as bulls take a breather following the Federal Reserve's (Fed) latest monetary policy decision and an escalation of hostilities in the Middle East. The XAU/USD trades at $3,042, down over 0.19% Market sentiment turned negative, while the Greenback stages a recovery as depicted by the US Dollar Index (DXY), which tracks a basket of six currencies against the buck. Gold traders failed to drive prices higher, even though the Fed held rates unchanged at the 4.25%–4.50% range for the second consecutive meeting. Officials added that they will slow down the pace of...
The USD/CHF pair attracts some sellers to near 0.8760 during the Asian trading hours on Thursday. The Greenback edges lower after the Federal Reserve (Fed) indicated interest rate cuts were likely later this year despite the high degree of uncertainty around US tariff policies. Later on Thursday, the Swiss National Bank (SNB) interest rate decision will be in the spotlight. On Wednesday, the Fed kept interest rates unchanged in a range of 4.25% to 4.5% at its March meeting, as widely expected. The US central bank signaled it will cut rates two more times this year, in line with its previous...
EUR/USD slides to near 1.0830 as the US Dollar (USD) strengthens in North American trading hours on Thursday. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, jumps to near 104.00. The major currency pair gains as the Federal Reserve (Fed) expressed no rush for monetary policy adjustments amid "unusually elevated" uncertainty on President Donald Trump's policies after leaving key borrowing rates unchanged in the range of 4.25%-4.50%, as expected, on Wednesday. "We are not going to be in any hurry to move on rate cuts," Fed Chair Jerome Powell said...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of currencies, is trading stronger against major peers on Thursday, avoiding further downside pressure. Traders remain focused on the Federal Reserve's (Fed) latest policy stance, which reinforced expectations for two rate cuts in 2025. Despite stronger economic data, the index remains confined within the 103.00–104.00 range.US Dollar rises as Fed keeps rates steady and geopolitical risks intensifyThe Federal Reserve left interest rates unchanged, reaffirming projections for two rate cuts in 2025.Fed...
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...