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 US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, rallies above 104.00 on Thursday after the weekly jobcless claims data. Borrowing costs were kept unchanged overnight by the Federal Reserve (Fed), and projected two interest rate cuts for 2025. During Wednesday's Fed meeting, Chairman Jerome Powell said that any tariff-driven bump in inflation will be "transitory." However, he added later that it will be very challenging to say with confidence how much inflation stems from tariffs versus other factors. He also said recession odds...
Gold (XAU/USD) price managed to reach an all-time high of $3,057 before dropping nearly 0.50% to around $3,041 at the time of writing on Thursday (3/20). Despite selling pressure from profit-taking, the previous uptick came after the Federal Reserve (Fed) interest rate decision overnight, where the central bank kept interest rates unchanged in the range of 4.25%-4.50%. Fed Chairman Jerome Powell reiterated that tariffs should only delay the time to achieve inflation targets. Meanwhile, on the geopolitical front, tensions are rising in Gaza and Turkey. Israel continues its attacks on Gaza...
Oil prices were little changed on Thursday, as a higher-than-expected drawdown in U.S. fuel inventories and fresh tensions in the Middle East offset a stronger dollar. Brent crude was up 8 cents, or 0.11%, at $70.86 a barrel by 1251 GMT, while U.S. West Texas Intermediate (WTI) crude for April delivery rose 4 cents to $67.20. The more actively traded May WTI contract rose 5 cents, or 0.07%, to $66.96. U.S. government data showed a larger-than-expected drawdown last week in distillate inventories, which include diesel and heating oil, which fell by 2.8 million barrels, more than the...
The dollar strengthened on Thursday after the Federal Reserve signaled it was in no rush to cut interest rates further this year due to uncertainty over U.S. tariffs, while the pound remained weak after the Bank of England kept interest rates steady. The Swiss franc weakened slightly after the Swiss National Bank cut its policy rate to 0.25%, while the Swedish crown weakened after its central bank kept rates unchanged. U.S. policymakers project two quarter-point interest rate cuts are likely later this year, the same median forecast as three months ago, even as they forecast slower...
EUR/USD slumped near 1.0830 as the US Dollar (USD) strengthened, while investors digested the gloomy outlook for the US economy under President Donald Trump, anticipated by the Federal Reserve (Fed). The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, rose near 104.00. On Wednesday, the Fed left its key lending rate unchanged in a range of 4.25%-4.50%, as expected, for the second straight day and stuck to its guidance for two rate cuts this year as projected in its December policy meeting. The Fed said it was in no rush to adjust monetary policy...
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...