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...
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 $3,339.60 an ounce, as of 0350 GMT. U.S. gold futures rose 0.5% to $3,361.20. 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, while offering little sign of a durable resolution to longstanding trade...
Silver price (XAG/USD) holds ground after registering over a 0.50% loss in the previous session, trading around $36.60 per troy ounce during the Asian hours on Wednesday. The price of the grey metal maintains a position near a 13-year high of $36.89, which was reached on Monday. The US Consumer Price Index (CPI) data will be closely watched later in the North American session, with expectations of a 2.5% year-over-year (YoY) rise in May. However, precious metals, including Silver, may face challenges due to dampened safe-haven demand amid easing trade tensions between the United States (US)...
Oil prices edged lower from a seven-week high in Asian trading on Wednesday amid demand outlook worries, while focus remained on the outcome of crucial U.S.-China trade talks in London. As of 21:55 ET (01:55 GMT), Brent Oil Futures expiring in July fell 0.3% to $66.65 per barrel, after reaching its highest level since late April. West Texas Intermediate (WTI) crude futures also fell 0.2% to $64.86 per barrel, after jumping to its highest since early April. US-China trade talks outcome awaited U.S. and Chinese officials concluded two days of intense trade negotiations in London on...
The Australian dollar slipped to around $0.650 on Wednesday, ending two consecutive sessions of gains, pressured by growing expectations of further rate cuts by the Reserve Bank of Australia. Markets are now pricing in a 97% chance of a 25bps cut in July, with futures implying a total of 75bps of easing to 3.1% by the end of the year. This sentiment follows a string of soft economic data, including just 0.2% GDP growth in Q1, weak consumer spending, and falling business investment—raising concerns the RBA may have waited too long to act. Adding pressure, the US dollar firmed ahead of key US...
The US dollar index held steady around 99 on Wednesday, trading in a narrow range this week as investors remained cautious ahead of the latest Consumer Price Index report, which could offer insight into the economic impact of recent tariffs. Markets are also closely watching developments in US–China trade talks. US Commerce Secretary Howard Lutnick said both countries have reached a framework to implement the Geneva consensus and follow through on commitments made during a recent presidential call. He also expressed optimism that China will lift its restrictions on rare earth exports,...
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...