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...
The dollar index held around 99.5 on Wednesday after surging more than 1% in the previous session, underpinned by hopes of de-escalation in the US-China trade war and easing concerns about the Federal Reserve's independence. Treasury Secretary Scott Bessent said Tuesday that the current tariff standoff with China is "unsustainable" and emphasized that the Trump administration is not seeking to decouple the two economies. Later that day, President Trump confirmed he has no plans to remove Fed Chair Jerome Powell, helping to ease investor uncertainty. The White House's efforts to reassure...
Gold prices drop as Wednesday's Asian session begins, which is sponsored by Trump's comments that he is not looking to fire Fed Chair Jerome Powell. At the time of writing, XAU/USD plunges over 1% and trades at $3,333. Recently, US President Donald Trump said that he had no intention of firing Powell. He said, "The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates." Earlier news from the United States (US) Treasury Secretary Scott Bessent revealed that he saw a de-escalation with...
Gold fell in early Asian trade on signs of easing U.S.-China tensions that usually reduce the precious metal's appeal as a safe haven. President Donald Trump appeared to soften his stance on his trade war with China on Tuesday, saying the U.S.'s 145% tariffs on Chinese imports would be reduced "substantially" once the two sides negotiate a deal. Additionally, gold has started to fall, likely on profit-taking, Fawad Razaqzada, market analyst at City Index and FOREX.com, said in an email. From a technical analysis perspective, there is support at the $3,300/oz level, Razaqzada added. Spot gold...
The USD/JPY pair struggled to regain ground on Tuesday, trading around the 142.00 mark during North American hours after bouncing off earlier lows near 140.65. The pair's modest rebound came as markets stabilized but its gains remained capped amid lingering concerns over the Federal Reserve's autonomy. President Donald Trump's continued attacks on Fed Chair Jerome Powell—whom he called a "big loser"—have shaken confidence in the greenback's credibility. White House officials have acknowledged that the administration is exploring legal avenues to remove Powell, adding to market jitters. The...
Oil prices rose more than $1 a barrel on Tuesday as fresh U.S. sanctions on Iran and a rally in equities helped fuel a recovery rally from the previous session's sharp selloff. Brent crude rose $1.18, or 1.8%, to settle at $67.44 a barrel. The U.S. West Texas Intermediate crude contract for May, which expires on Tuesday, rose $1.23, or 2%, to settle at $64.32. The more actively traded June WTI contract also rose 2% to settle at $63.47. The U.S. on Tuesday imposed new sanctions targeting the liquefied petroleum gas kingpin and Iran's crude oil shipments and its network of companies....
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...