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 dollar weakened against all G10 currencies except the yen, which pared Monday's gains, ahead of U.S. data and a slew of Fed speeches. The Bloomberg Dollar Index fell 0.1%, after a 0.5% gain Monday; its volatility trend shifted slightly lower as currency markets still favor a quarter-point interest rate cut by the FOMC this month. The U.S. jobs report is due later in the day, followed by private employment on Wednesday and key nonfarm payrolls data on Friday. Fed Governor Adriana Kugler, San Francisco Fed President Mary Daly and Chicago counterpart Austan Goolsbee are also scheduled to...
The euro edged up on Tuesday, regaining some poise after political turmoil in France sent traders scrambling for hedging protection against further price swings, while the yuan hit a 13-month low on tariff risks and weakness in China's economy. The yen, which has gained nearly 4.5% in the last two weeks, retreated slightly against the dollar, but remained near six-week highs, as traders are growing increasingly confident that Japan may hike rates this month. The euro, which had been the weakest G10 currency through November, began this month with a 0.7% fall on Monday and was last hovering...
Oil prices rose nearly 1% on Tuesday, as traders awaited the outcome of the OPEC+ meeting later this week. Brent crude was up 66 cents, or 0.92%, at $72.49 a barrel by 0909 GMT, while U.S. West Texas Intermediate crude was up 63 cents, or 0.93%, at $68.73. OPEC+ is likely to extend its latest round of production cuts until the end of the first quarter at its meeting on Dec. 5, sources have said. "Given the improved compliance with production cuts from Russia, Kazakhstan and Iraq, the decline in Brent prices and indications in press reports, we assume OPEC+ production cuts will be extended...
Gold (XAU/USD) prices struggled to capitalize on its modest intraday uptick to $2,650 area and turned flat during the first half of the European session on Tuesday (3/12). Traders now seemed reluctant and preferred to wait for further cues on the Federal Reserve's (Fed) rate cut signal before positioning for the next leg of a directional move. Hence, the focus remains on this week's important US macro releases, including the closely watched Nonfarm Payrolls (NFP) report on Friday. Apart from this, Federal Reserve (Fed) Chairman Jerome Powell's scheduled speech will be looked upon for the...
Gold prices were steady on Tuesday as investors took a cautious stance ahead of the upcoming U.S. economic data that could provide insights into the Federal Reserve's interest rate path. Spot gold was nearly unchanged at $2,636.50 per ounce, as of 0156 GMT, after falling as much as 1% on Monday. U.S. gold futures was flat at $2,659.00. The dollar drifted higher, making greenback-priced bullion more expensive for overseas buyers. Key U.S. data this week includes the job openings due later in the day, the ADP employment report on Wednesday, and the payrolls report on Friday. "It seems...
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...