The United States and the European Union agreed on a framework trade deal to end months of uncertainty for industries and consumers. The two sides aim to produce a joint statement to clarify what they have agreed to, but here are the main elements of the deal that will enter into force on August 1 through an executive order by President Donald Trump, according to EU officials: * BASELINE TARIFF RATE: Almost all EU goods entering the U.S. will be subject to a 15% baseline tariff. The 15% tariff is not added to any existing rates. * CARS: Cars and car parts will be subject to the 15%...
The Japanese Yen (JPY) reversed modest Asian session gains against the broadly stronger USD and remained near monthly lows retested earlier this week. The Bank of Japan's (BOJ) cautious approach to winding down its decade-long monetary stimulus forced investors to push back their expectations about the likely timing of the next interest rate hike to Q1 2026. Additionally, concerns about the potential economic impact of the US's 25% tariffs on Japanese vehicles and a reciprocal 24% levy on other imports turned out to be key factors undermining the JPY. The USD, on the other hand, rose to...
Oil prices fell on Thursday as investors hesitated to take new positions after US President Donald Trump gave mixed signals about the country's potential involvement in the ongoing Israel-Iran conflict. Brent crude futures fell 37 cents, or 0.48%, to $76.33 a barrel by 0110 GMT after rising 0.3% in the previous session marked by high volatility, when prices fell as much as 2.7%. U.S. West Texas Intermediate crude for July fell 28 cents, or 0.37%, to $74.86 a barrel, after rising 0.4% the previous day despite falling as much as 2.4%. The July contract expires on Friday and the more active...
USD/CHF rallied for the fourth straight day after the Federal Reserve (Fed) decided to keep interest rates on hold, although they are still eyeing two rate cuts by 2025. This, coupled with US President Trump's statement that he is open to Iran talks, boosted the dollar. At the time of writing, the pair was trading at 0.8180, up 0.08%. USD/CHF Price Forecast: Technical outlook The price action suggests that the USD/CHF downtrend is still in play, although since June 13, it seems to be consolidating in the 0.8038-0.8350 range in the near term. This is because the Relative Strength Index...
Gold edges higher in the early Asian session amid ongoing geopolitical tensions. Israel's military said it struck more than 20 military targets in and around Tehran, including sites tied to Iran's nuclear weapons development and missile production. President Trump said that he wasn't looking for a ceasefire in Israel-Iran conflict and that he doesn't want Iran to have nuclear weapons. "Persistent geopolitical tensions continue to underpin safe-haven demand," DHF Capital's Bas Kooijman says in an email. There are growing worries that the U.S. could become directly involved, the CEO and asset...
Gold prices show minimal gains as the Asian session begins, following the Fed's decision to maintain rates, while indicating they are still considering two rate cuts. Meanwhile, US President Donald Trump's comments on Iran triggered a pullback towards a weekly low of $3,362, before settling at around current levels. The XAU/USD trades at $3,375, up 0.19%. On Wednesday, the Fed maintained rates as expected and updated its economic projections for the United States (US). The medians suggest that Gross Domestic Product (GDP) would be lower than the March forecasts, while the unemployment rate...
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...
The European Union and the U.S. will form a "metals alliance" to counter the impact of subsidised Chinese production on global markets, as part of their ongoing trade deal, EU Trade Commissioner...