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%...
GBP/USD spun a circle on Wednesday, rising and falling through the Federal Reserve's (Fed) latest rate hold. Cable is caught in intraday consolidation near the 1.3400 handle, as Pound Sterling traders gear up for the Bank of England's (BoE) own interest rate decision, due early Thursday. The Federal Reserve (Fed) hit the mark on Wednesday and kept interest rates on hold, as most investors expected. Traders are still pricing in around 50 basis points in interest rate cuts through the end of 2025, and the Federal Open Market Committee (FOMC) generally seems to agree with that assessment....
EUR/USD trades almost flat after climbing past the 1.1500 figure, following the Federal Reserve's (Fed) decision to hold rates unchanged, amid increasing tensions in the Middle East. This, along with comments from US President Donald Trump, boosted the Dollar, capping the Euro's (EUR) advance. At the time of writing, the pair trades at 1.1476, virtually unchanged. Recently, the Fed kept rates at the 4.25%–4.50% range, reaffirming that the economy is expanding solidly, with strong labor market conditions. The US central bank reiterated its commitment to monitoring risks associated with both...
Oil prices settled higher on Wednesday in a volatile session as investors weighed the chance of supply disruptions from the Iran-Israel conflict and potential direct U.S. involvement. Brent crude futures settled 25 cents higher at $76.70 a barrel. U.S. West Texas Intermediate crude rose 30 cents at $75.14. Earlier in the session, prices were down around 2%. On Tuesday, prices jumped over 4%. Iranian Supreme Leader Ayatollah Ali Khamenei rejected U.S. President Donald Trump's demand for unconditional surrender, and Trump said his patience had run out but did not indicate what his next step...
The US Dollar Index (DXY) whipsawed on Wednesday after the Federal Reserve's (Fed) Federal Open Market Committee (FOMC) kept interest rates unchanged, as investors had broadly expected. The Greenback continues to churn in a long-tailed midrange near the 98.60 region as traders await Fed Chair Jerome Powell's upcoming press conference and follow-up Q&A session. The Fed still sees an average of 50 basis points in interest rate cuts by the end of the year, following closely with what is priced in according to the CME's FedWatch Tool. However, ongoing trade policy uncertainty has pushed...
Gold was steady as traders watched for signs the conflict in the Middle East could widen to include the US, while also awaiting an interest-rate decision by the Federal Reserve later in the day. President Donald Trump declined on Wednesday to say whether the US plans to join Israel's military offensive on Iran. He met with his national security team on Tuesday, fueling speculation that the US may join Israel's attack. Ahead of the Fed's rate decision, the latest US data showed jobless claims ticked down last week, stabilizing near the highest levels in...
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...