The US has signaled it will not relax its August 1 deadline for higher tariffs against the European Union as the bloc struggles to reach a deal on time. Over the weekend, US Commerce Secretary Howard Lutnick said he was confident a trade deal with the EU could be reached, but cautioned that the deadline for the 30% base tariffs was fixed. "That's a tight deadline, so on August 1, the new tariffs will go into effect," Lutnick said Sunday on CBS News when asked about his EU tariff deadline. He did hint that negotiations could continue beyond that date, stating: "These are the two largest...
The Australian Dollar (AUD) weakens against the US Dollar (USD) on Wednesday, weighed down by broad risk aversion. Concerns intensified due to policy shifts by US President Donald Trump, particularly tariffs that increased the likelihood of a prolonged trade war. Australian Prime Minister Anthony Albanese stated on Wednesday that "Australia will not impose reciprocal tariffs on the United States (US)" as "retaliatory measures would only raise costs for Australian consumers and drive inflation. His remarks follow Trump's decision to implement a 25% tariff on all imported steel and...
Silver price (XAG/USD) loses ground after registering gains in the previous session, trading around $32.80 during the Asian hours on Wednesday. Technical analysis on the daily chart indicates a weakening bullish bias, with the grey metal remaining below an ascending channel pattern. However, the Silver price remains above the nine-day and 50-day Exponential Moving Averages (EMAs), signaling that short-term momentum is stronger and further upward movement. Additionally, the 14-day Relative Strength Index (RSI) is positioned above the 50 mark, reinforcing the bullish bias. On the upside,...
The GBP/USD pair edges lower during the Asian session on Wednesday and erodes a part of the previous day's strong move up to over a four-month peak, around the 1.2965 area. Spot prices currently trade around the 1.2935 region, though the downtick lacks bearish conviction as traders keenly await the release of the US consumer inflation figures before placing fresh directional bets. The US Consumer Price Index (CPI) report will play a key role in influencing market expectations about the Federal Reserve's (Fed) rate-cut path, which, in turn, will drive the US Dollar (USD) demand and provide...
Gold steadied above $2,910 per ounce on Wednesday, holding a 1% gain from the previous session, sustained by its safe-haven appeal and weaker US dollar. On Tuesday, President Donald Trump walked back his trade-war threat against Ontario, hours after vowing to double tariffs on Canadian steel and aluminum to 50%, while Ontario Premier Doug Ford temporarily suspended a planned 25% surcharge on US electricity exports. The ongoing global trade uncertainties, combined with heightened concerns over a US tariff-induced recession, continued to drive investors toward safety assets. However,...
Brent crude oil futures extended gains toward $70 per barrel on Wednesday, supported by a weaker US dollar and reduced global oversupply forecasts. The US joined other agencies in lowering projections, with the IEA cutting its 2025 surplus forecast and halving its next year's glut projection due to potential declines in Iranian and Venezuelan flows. The EIA's monthly report also projected a decline in global oil inventories in Q2 2025. However, prices remained relatively near multi-year lows, pressured by erratic US trade shifts that prolonged risk-asset declines, along with concerns that a...
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...
Russia unleashed a renewed attack on Ukraine, targeting the country's central and western regions with drone and missiles as Kyiv's allies pledged increased air defense protection to help shield the...