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 USD/JPY pair slumped on Monday (4/21) during North American trading, falling sharply to the 140.50 mark as the broader market reacted to growing concerns about the Federal Reserve's independence. The greenback extended its downtrend after US President Donald Trump reiterated his displeasure with Fed Chairman Jerome Powell, accusing him of making politically motivated interest rate adjustments by the end of 2024. The situation has fueled intense speculation over Powell's future and raised doubts about the Fed's autonomy. Meanwhile, the US Dollar Index (DXY) is trading in the red, testing...
The Australian dollar (AUD) regained ground on Monday (21/4), lifting to the 0.6400 area during the American session, as improving risk sentiment and a generally weaker US dollar (USD) helped AUD/USD recover from recent losses. The earlier gains were driven by optimism around China's GDP, which grew 5.4% year-on-year in Q1, beating estimates. However, the recovery remains fragile amid ongoing US-China trade tensions and the Aussie's role as a proxy for Chinese demand. ING strategists continue to stress that the Aussie remains exposed as a barometer of the US-China trade dispute, noting that...
Oil prices plunged more than 2% on Monday on signs of progress in talks between the U.S. and Iran, while investors remained concerned about the economic hit from tariffs that could curb fuel demand. Brent crude futures fell $1.70, or 2.5%, to $66.26 a barrel, after closing up 3.2% on Thursday. Thursday was the last settlement day of the week due to the Good Friday holiday. U.S. West Texas Intermediate crude futures fell $1.60, or 2.5%, to $63.08 a barrel, after closing up 3.54% in the previous session. "The U.S.-Iran talks seem relatively positive, which allows people to start thinking...
Gold surged above $3,400 to a record high on Monday, as a weaker dollar and uncertainty over the economic impact of U.S.-China trade tensions spurred demand for safe-haven bullion. Spot gold rose 2.7% to $3,417.62 an ounce by 1:46 p.m. ET (1746 GMT). It hit a record high of $3,430.18 earlier in the session. U.S. gold futures settled 2.9% higher at $3,425.30. The dollar fell to its lowest level in three years as investor confidence in the U.S. economy took another hit over President Donald Trump's comments about Federal Reserve Chairman Jerome Powell. A weaker dollar makes bullion more...
The US Dollar Index (DXY) traded in the red on Monday (4/21), sliding towards the 98.50 region and marking a fresh three-year low. The sharp decline followed growing market concerns over the institutional integrity of the Federal Reserve (Fed) after US President Donald Trump again publicly criticized Fed Chairman Jerome Powell and confirmed that he was looking for ways to remove him. Trump accused Powell of manipulating interest rates for political purposes in 2024 and described him as "late" in reacting to economic conditions. Amid rising global uncertainties and deteriorating confidence...
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...