United States (US) President Donald Trump and his administration have formally asked the federal appeals court to pause a federal order that would allow Lisa Cook to remain at her post at the Federal Reserve (Fed) pending an official probe into accusations of mortgage fraud. According to the Trump administration, potential mortgage fraud is so damaging to the Fed's credibility that Lisa Cook must be removed from the Fed's Board of Governors immediately and should not be allowed to remain in her position without waiting for the results of an official inquiry. Donald Trump, a sitting...
Gold prices fell more than 2% on Wednesday as U.S. President Donald Trump backed down from threats to dismiss Federal Reserve Chair Jerome Powell and expressed optimism for a trade deal with top metals consumer China, denting bullion's safe-haven appeal. Spot gold declined 2.2% to $3,308.81 an ounce as of 0704 GMT. U.S. gold futures shed 2.9% to $3,320.30. Hopes for a U.S.-China trade deal and Trump's softened stance toward Powell "caused the sell-off in gold price to hit a kind of a very extreme oversold level in the short term perspective here," said Kelvin Wong, senior market analyst,...
The dollar index rose above 99 on Wednesday, building on a 0.7% gain from the previous session, as concerns over the Federal Reserve's independence eased and hopes for a de-escalation in the trade war grew. President Trump stated he has no intention of dismissing Fed Chair Jerome Powell, alleviating fears of political interference in US monetary policy. He also signaled a softer stance toward China, saying he plans to be "very nice" in any trade negotiations. Meanwhile, Treasury Secretary Scott Bessent acknowledged that the tariff standoff with China is unsustainable and stressed the need...
Gold price (XAU/USD) attracts some sellers for the second straight day on Wednesday and extends the previous day's rejection slide from the $3,500 psychological mark or a fresh record high. US President Donald Trump's administration officials hinted at a potential de-escalation of the ongoing tariff dispute with China and fueled optimism about a trade deal. Adding to this Trump stepped back from his threats to dismiss Federal Reserve (Fed) Chair Jerome Powell. Furthermore, Russian President Vladimir Putin indicated he is open to the prospect of direct talks with his Ukrainian counterpart...
The GBP/USD pair remains weak near 1.3280 during the early Asian session on Wednesday. Comments by US Treasury Secretary Scott Bessent hint at a thaw in US-China trade tensions, fueling optimism in markets and strengthening the US Dollar (USD) against the Pound Sterling (GBP). Scott Bessent said on Tuesday that he expects a de-escalation in US President Donald Trump's trade war with China in the very near future. He further stated that the tariff standoff with China cannot be sustained by both sides and that the world's two largest economies will have to find ways to...
The EUR/USD pair attracts some follow-through selling for the second straight day on Wednesday and drops to a one-week low during the Asian session. Spot prices, however, rebound a few pips from the 1.1300 neighborhood and currently trade around the 1.1380 region, still down over 0.35% for the day. The US Dollar (USD) builds on the overnight bounce from the vicinity of a three-year low touched on Monday and turns out to be a key factor exerting downward pressure on the EUR/USD pair. That said, the weakening confidence in the US economy, along with the prospects for more aggressive policy...
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...