The European Union and the US are moving toward a deal that would impose 15% tariffs on most products, according to diplomats briefed on the negotiations. Member states are likely ready to accept 15% tariffs, and EU officials are pushing for them to cover sectors including autos, diplomats said. Steel and aluminum imports above a certain quota would be subject to a 50% duty, one diplomat added. Diplomats said that while the EU is optimistic that a deal can be reached, they are also cautious that any final agreement would require the approval of US President Donald Trump, and his final...
Oil headed for a weekly decline as a strengthening US dollar pressured prices. West Texas Intermediate fell toward $69 a barrel, and is down more than 2% this week, while Brent crude closed below $73. The dollar has strengthened since the Federal Reserve signaled fewer interest-rate cuts next year on Wednesday, making commodities more expensive for many buyers. Crude is headed for a modest yearly decline, after trading in the narrowest annual range since 2019. Prices have been buffeted by the prospect of tougher sanctions on Iran and Russia, Donald Trump's imminent return to...
The US Dollar Index (DXY), which tracks the USD's value against a range of currencies, pulls back from its two-year peak following signals from the Federal Reserve (Fed) about fewer interest rate cuts in the future. Federal Open Market Committee (FOMC) members express concerns about inflation continuing into 2025 and take into account possible "Trump-effect" inflationary policies, such as tariffs and reduced labor supply due to deportations. The DXY stands at 108.00, with that level acting as support. Despite recent advances, traders are taking profits as they consider Chinese economic data...
Gold prices traded around flat on Thursday, erasing earlier gains after U.S. data reinforced market expectations the Federal Reserve will take a cautious approach to policy easing in the year ahead. Spot gold edged up 0.1% at $2,589.43 per ounce and U.S. gold futures fell 1.9% to $2,603.60. Data earlier showed the U.S. economy growing faster than expected in the third quarter, while jobless claims also fell more than anticipated. "With these GDP prints and the jobless claims, it's showing that the data is fairly firm," said Bart Melek, head of commodity strategies at TD Securities, adding...
Gold (XAU/USD) traded higher on Thursday, recovering some of its losses on Wednesday after the Federal Reserve's (Fed) monetary policy decision. At the time of writing, the precious metal had reached the $2,620 area after bouncing off a low of $2,580 the previous day. The Fed cut interest rates as expected but raised growth and inflation expectations and lowered its projection for rate cuts next year. This, coupled with an unusually hawkish tone from Fed Chair Jerome Powell, triggered a risk-off reaction, causing the US Dollar Index (DXY), which tracks the USD against a basket of six...
The US dollar eased slightly on Thursday, but remained near a two-year high after the Federal Reserve signaled a slower pace of interest rate cuts in 2025, while sterling strengthened ahead of the Bank of England's latest policy meeting. US dollar eases from two-year highs The dollar strengthened on Wednesday after the Federal Reserve cut its outlook for interest rate cuts in the coming year, after delivering on expectations for a rate cut. The US central bank's policymakers now see only 50 basis points of additional easing in 2025, instead of the 100 basis points indicated in their...
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...
US President Donald Trump announced that a 19% tariff will be imposed on goods from the Philippines, following trade talks prompted by Filipino President Ferdinand Marcos Jr.'s recent visit to the...