European Commission President Ursula von der Leyen said she will travel to Scotland this weekend to meet with US President Donald Trump, as both sides aim to reach a trade deal before the August 1 deadline when 30% tariffs on the bloc's exports are due to take effect. After months of negotiations and back-and-forth diplomacy between Brussels and Washington, D.C., the two sides have zeroed in on a deal last week that will see the EU face 15% tariffs on most of its trade. Limited exceptions are expected to apply to aviation, some medical devices and generic drugs, some alcoholic beverages,...
Gold (XAU/USD) is currently under pressure as markets await more news of trade deals ahead of Wednesday's tariff deadline. In the European session, Gold is trading around $3,300 at the time of writing. Liquidity and trade volumes are increasing on Monday as the US returns to financial markets following Friday's Independence Day holiday. US yields have also firmed after Thursday's Nonfarm Payrolls (NFP) report revealed a resilient labour market. This reduced the prospects that the Federal Reserve (Fed) would lower interest rates in July. The positive economic data has eased fears of a...
The US Dollar and the Swiss Franc are the best performers among major currencies on Monday, as investors rush for safety, anxious that Trump's tariffs will cause a significant disruption in global trade. Between them, however, the Dollar is showing a mild advantage. The USD/CHF advances to levels right above 0.7970, yet still below the 0.8000 psychological level and less than 100 pips above the 14-year low, at 0.7875, hit last week. The US president announced over the weekend that he will send letters to some countries specifying the tariffs that will be applied to their products, but did...
Oil pared losses on Monday as a tight physical oil market offset the impact of OPEC+ hiking oil output more than expected in August as well as concern about the potential impact of U.S. tariffs on economic growth and oil demand. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August, more than the 411,000 bpd hikes they made for the earlier three months. Brent crude futures fell as low as $67.22 a barrel and by 0815 GMT were down 22 cents, or 0.3%, to $68.08. U.S. West Texas...
The EUR/USD pair is accelerating its reversal on Monday, as the US Dollar appreciates, in tandem with US Treasury yields. Growing uncertainty about the outlook of global trade, as the initial July 9 deadline approaches, has restored the traditional safe-asset status to the US Dollar, at least for now. The Euro (EUR) has returned to the lower range of the 1.1700s, at the early European trading session, and is moving right below 1.1720 at the time of writing. Correlation studies suggest a deeper Euro correction if the USD Index recovery extends below the key 97.00 level. Eurozone's upbeat...
Risk aversion is driving markets on Monday, as markets brace for the reintroduction of April's "Liberation Day" tariffs and the Aussie Dollar dives on a mix of fears of higher levies on exports to the US and a generalised disruption of global trade. Australia's economy is strongly dependent on international trade, and the uncertainty about the global trade outlook is hurting confidence in its currency. The AUD/USD accelerated its decline today and is losing about 0.9% in its third consecutive bearish day. Risk-sensitive currencies suffer with US tariffs loomingInvestors are rushing for...
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 locked horns with Federal Reserve Chair Jerome Powell during a rare presidential visit to the U.S. central bank on Thursday, criticizing the cost of renovating two historical...