Indonesia has agreed to eliminate tariffs on more than 99% of U.S. goods and scrap all non-tariff barriers facing American firms, while the U.S. will drop threatened tariffs on Indonesian products to 19% from 32%, the two countries said on Tuesday. Trump hailed the deal, which he first announced on July 15, in a posting on his Truth Social media platform, calling it a "huge win for our Automakers, Tech Companies, Workers, Farmers, Ranchers, and Manufacturers." Details of a framework for the accord were released in a joint statement by both countries, and a fact sheet issued by the White...
Gold price dropped to a new weekly low of $2,633 on Tuesday following the release of strong Retail Sales data in the United States. This weighed on investors' expectations of the Federal Reserve (Fed), which is expected to adopt a gradual approach to easing in 2025. At the time of writing, the XAU/USD trades at $2,637, down 0.57%.The Fed has begun its two-day meeting in Washington, DC, and is expected to lower interest rates by 25 basis points (bps) on Wednesday. The markets have already priced in the decision, but participants are looking for the Summary of Economic Projections (SEP) and...
The US Dollar (USD) suffered a setback on Tuesday heading into the US trading session with the US Retail Sales figures taking the spotlight. Coming in at 0.7%, beating the 0.5% estimate for November, the reading was less impressive than the US Services Purchasing Managers' Index (PMI) on Monday. Even a revision to the previous reading to 0.5%, from 0.4% failed to cheer traders and add to their US Dollar positions. Instead, the US Dollar began to pare back some of its gains on the day. Meanwhile, the Federal Reserve is set to cut its policy interest rate by 25 basis points on Wednesday –...
EUR/USD dipped below the psychological resistance of 1.0500 on Tuesday. The major currency pair remained fragile as the US Dollar (USD) strengthened on expectations that the Federal Reserve (Fed) will take a slightly hawkish stance after cutting its key lending rate by 25 basis points (bps) to 4.25%-4.50% on Wednesday. According to the CME FedWatch tool, traders have priced in a 25 bps rate cut for Wednesday's policy meeting. The data also showed that the Fed is expected to leave rates unchanged at its January meeting. Analysts at Macquarie said that the Fed's stance could shift "slightly...
The AUD/USD pair fell to a yearly low around 0.6340 during the European session on Tuesday. The Aussie pair weakened as the US Dollar (USD) moved higher amid strong expectations that the Federal Reserve (Fed) could signal a more gradual policy easing approach at its policy meeting on Wednesday after cutting interest rates by 25 basis points (bps) to 4.25%-4.50%. Source: FXStreet
Oil prices fell on Tuesday as Chinese economic data renewed demand concerns, while investors remained cautious ahead of the U.S. Federal Reserve's interest rate decision. Brent crude futures were down 32 cents at $73.59 a barrel by 0949 GMT, while U.S. West Texas Intermediate crude futures were down 44 cents at $70.27 a barrel. Prices were "weighed down by profit-taking after last week's 6% rally and a batch of disappointing Chinese economic data yesterday," said IG market analyst Tony Sycamore. Prices fell from multi-week highs on Monday on unexpectedly weak consumer spending data from...
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.
It...
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...