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...
EUR/USD has fallen to just above 1.1400 on Wednesday, as the US dollar strengthened following headlines that US and Chinese representatives have reached a framework to reduce trade tariffs. The deal must now be approved by US President Donald Trump and Chinese Premier Xi Jinping, and details are scant, leading to a lukewarm market reaction so far. Investors greeted the news with skepticism, as it leaves tariffs in place, albeit at a lower level, and offers little assurance about their sustainability. The currency pair's reaction remained confined to the same range between 1.1375 and 1.1455...
Silver (XAG/USD) prices traded in a tight range around $36.50 during European trading hours on Wednesday (6/11). The white metal consolidated as investors await the US Consumer Price Index (CPI) data for May, due to be released at 12:30 GMT. Economists expect US headline inflation to accelerate to 2.5% annually, compared to 2.3% in April. In the same period, core CPI – which excludes volatile food and energy prices – grew by 2.9%, faster than the previous release of 2.8%. On a monthly basis, headline and core CPI are expected to grow by 0.2% and 0.3%, respectively. The scenario of rising...
The British pound (GBP) is trading lower near 1.3480 against the US Dollar (USD) during European trading hours on Wednesday (6/11). The GBP/USD pair weakened as the US Dollar traded broadly steady ahead of the US Consumer Price Index (CPI) data for May, due to be released at 12:30 GMT. The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, edged up near 99.15. Investors will be watching US inflation data as it will influence market expectations on the Federal Reserve's (Fed) monetary policy outlook. As measured by the CPI, headline inflation is...
Silver prices slipped below $36.50 per ounce on Wednesday, extending losses for a second consecutive session as investors awaited the latest US CPI report. A stronger-than-expected reading could weigh on precious metals by limiting the Federal Reserve's scope for interest rate cuts. Markets also digested the outcome of US–China trade talks in London, where officials agreed on a framework to implement the Geneva consensus and reaffirmed commitments made during a recent call between Presidents Trump and Xi. Despite recent pullbacks, silver continues to find underlying support from robust...
Gold prices rose on Wednesday as uncertainty surrounding the finalisation of a U.S.-China trade agreement weighed on sentiment and fuelled some safe-haven buying, with investors awaiting key U.S. inflation data for further market direction. Spot gold gained 0.5% to $3,337.99 an ounce, as of 0544 GMT. U.S. gold futures rose 0.5% to $3,359.20. U.S. and Chinese officials said on Tuesday they had agreed on a framework to put their trade truce back on track and remove China's export restrictions on rare earths, following two days of negotiations in London, with both sides planning to seek...
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...