The U.S. Federal Reserve holds its latest policy meeting this week with a historic challenge to its leadership pending in the courts and a rushed effort underway to confirm President Donald Trump's nominee to fill an open seat on the central bank's Board of Governors. The Fed is confronting a potentially intense pace of change between Trump's attempted firing of Governor Lisa Cook and the Senate's move to approve his nominee for a separate open seat. The move against Cook is both a first-of-its-kind test of the Fed's independence but also potentially disruptive to how the central bank is...
Silver (XAG/USD) prices extended its correction for the third trading day, dropping nearly 1.5% to near $35.50 during European trading hours on Thursday (6/12). The white metal corrected after failing to extend its more than a decade-high of $36.90 recorded on Monday. The asset faced sharp selling pressure despite the escalating tensions in the Middle East. According to officials in the United States (US) and Europe, Israel appears to be preparing to launch an attack on Iran soon, The New York Times reported. Meanwhile, Washington has announced that it will reduce the number of personnel...
Most Asian currencies rose on Thursday, led by gains in the South Korean won and the Japanese yen as the U.S. dollar weakened after President Donald Trump took a softer stance while affirming progress in U.S.-China trade negotiations. The US Dollar Index, which measures the greenback against a basket of major currencies, slid 0.3% in Asia hours, reaching its lowest level in over six weeks. The moves were also affected by expectations of Federal Reserve interest rate cuts this year after a benign consumer inflation print. US Dollar Index Futures were also trading 0.3% lower. Investors...
Gold prices rose on Thursday, bolstered by rising tensions in the Middle East and a weaker dollar, while softer-than-expected U.S. inflation data boosted expectations of Federal Reserve rate cuts. Spot gold was up 0.6% at $3,373.09 an ounce, as of 0552 GMT. U.S. gold futures gained 1.5% to $3,393.80. The U.S. dollar index (.DXY), opens new tab fell to a near two-month low, making greenback-priced bullion more attractive to overseas buyers. The weakness in the dollar index serves as a strong catalyst, said Kelvin Wong, a senior market analyst, Asia Pacific at OANDA, adding that a "bullish...
Oil prices eased on Thursday, reversing gains made earlier in the Asian trading session, as market participants assessed a U.S. decision to move personnel from the Middle East ahead of talks with Iran over the latter's nuclear-related activity. Brent crude futures were down 30 cents, or 0.4%, to $69.47 a barrel at 0433 GMT, while U.S. West Texas Intermediate crude was 23 cents lower, or 0.3%, at $67.92 a barrel. A day earlier, both Brent and WTI surged more than 4% to their highest since early April. U.S. President Donald Trump said the U.S. was moving personnel because the Middle East...
The Australian dollar depreciated past $0.649 on Thursday, extending its decline from the previous session as risk sentiment soured amid fresh tariff threats from US President Donald Trump. On Wednesday, he announced plans to dispatch official letters to major trading partners within the next one to two weeks, outlining unilateral tariffs aimed at compelling countries to negotiate trade deals. Adding pressure on the Aussie dollar were rising expectations of further interest rate cuts by the Reserve Bank of Australia. Markets price in an 80% chance of a 25 bps cut to 3.60% at the July 8...
President Donald Trump said he would fire Lisa Cook from the Federal Reserve's Board of Governors if she does not resign her post over mortgage-fraud accusations from a top...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...