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,...
Oil prices were steady on Tuesday as investors assessed expectations that OPEC+ will announce an output hike for August at an upcoming meeting as well as trade negotiations. Brent crude was up 5 cents to $66.79 a barrel at 0901 GMT, while U.S. West Texas Intermediate crude was up 4 cents to $65.15 a barrel. The market's main focus is the 411,000-barrel-per-day production hike that OPEC+ is expected to announce for August in a meeting on July 6, said Saxo Bank analyst Ole Hansen, adding that this was partially offset by potential trade deals improving the demand outlook. "The market is now...
The US Dollar Index (DXY) fell sharply below the 96.00 level on Tuesday, recording a decline for seven consecutive days and hitting its lowest level in 3.5 years. This weakening occurred after Eurozone economic data showed positive results, especially from the manufacturing sector and inflation, which immediately boosted the Euro against the Dollar. The US Dollar is currently burdened by a combination of factors: fiscal uncertainty due to Trump's controversial Tax Bill, new trade tensions with Japan, and expectations that the Fed will soon cut interest rates. Market concerns increased after...
The Swiss Franc is one of the strongest G8 performers, amid higher demand for safe havens as risk aversion increased during Tuesday's European market session. The USD/CHF, as a result, has extended its decline to fresh 14-year lows at the 0.7900 area. US President Trump's comments highlighting the challenges to cut a trade deal with Japan and Treasury Secretary Bessent's threats of higher tariffs from July 9 have crushed risk appetite on Tuesday. In the US, the uncertainty about Trump's sweeping Tax bill, which is expected to add another $3.3 trillion to an already high US debt load, is...
Gold price (XAU/USD) builds on the previous day's goodish recovery from the $3,248-3,247 region or a one-month trough and gains positive traction for the second successive day on Tuesday. The momentum remains uninterrupted through the early part of the European session and lifts the bullion to a multi-day peak, around the $3,340 area in the last hour. The US Dollar (USD) remains depressed on the back of the growing acceptance that the Federal Reserve (Fed) would resume its rate-cutting cycle in the near future. Adding to this, concerns about the worsening US fiscal conditions drag the USD...
Silver prices held steady around $36 per ounce on Tuesday following a strong performance in June, underpinned by a weaker dollar amid bets on deeper Federal Reserve rate cuts, rising fiscal concerns, and persistent trade uncertainties. A softer dollar typically boosts demand for dollar-denominated commodities like silver by making them more affordable to foreign buyers. Investors are now turning their attention to upcoming US jobs data, as signs of weakness in the labor market may strengthen the case for a rate cut as early as July. Meanwhile, market participants are closely monitoring the...
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...