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,...
The Japanese Yen (JPY) attracts heavy selling during the Asian session on Thursday in reaction to the news that a US federal court blocked President Donald Trump's "Liberation Day" tariffs from going into effect. The development boosts investors' confidence and triggers a fresh wave of the risk-on trade, which, in turn, weighs heavily on traditional safe-haven assets, including the JPY. Apart from this, the Federal Reserve's (Fed) wait-and-see approach remains supportive of a strong follow-through US Dollar (USD) move higher and assists the USD/JPY pair to prolong its weekly uptrend for the...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its gains for the third successive day and trading more than 0.50% higher around 100.30 during the Asian hours on Thursday. Traders are likely awaiting the preliminary US Q1 Gross Domestic Product (GDP) Annualized, Personal Consumption Expenditures Prices QoQ, and Initial Jobless Claims, scheduled to be released later in the North American session. The Greenback receives support after a US federal court on Wednesday blocked President Donald Trump from imposing "Liberation...
Oil prices rose in Asian trade on Thursday, encouraged by improving market sentiment after a U.S. court ruled that President Donald Trump could not proceed with his plans for reciprocal trade tariffs. Crude also rose after the OPEC+ ducked market expectations for an increase in the group's output quota, while signs of a sharp drawdown in U.S. inventories spurred bets on tighter supplies. Focus is now on an upcoming OPEC+ decision on July production, although the group is now expected to leave output unchanged. Oil was sitting on some gains this week after a devastating Russian attack on...
Gold prices fell below $3,260 per ounce on Thursday, marking a fourth straight day of decline, as reduced tariff risks eroded demand for safe-haven assets. The drop followed a ruling from the US Court of International Trade, which found that President Donald Trump had exceeded his authority in imposing reciprocal tariffs. The court ordered the measures to be vacated and permanently blocked a significant setback for the president's economic agenda. The administration is expected to appeal the decision. Meanwhile, minutes from the Federal Reserve's May meeting showed that policymakers are...
GBP/USD pared further gains on Wednesday, slumping for the second straight session and dropping back below 1.3500 after failing to reclaim 1.3600 earlier this week. The pound market retreated from the peak of a bull run that took cable to multi-year highs, but momentum still favors the pound bulls. The Federal Reserve's (Fed) latest minutes from the Federal Open Market Committee (FOMC) interest rate meeting on May 6-7 revealed that the Fed's wait-and-see approach has deep roots. Policymakers at the latest Fed meeting noted that the US dollar's (USD) safe-haven status had taken a hit...
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...