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 retreated on Thursday as investors booked profits after bullion hit an all-time high, with traders assessing tariff negotiations between the U.S. and Japan. Spot gold was down 0.8% to $3,317.63 an ounce, as of 0717 GMT. Bullion has gained over 2% so far this week. U.S. gold futures shed 0.5% to $3,330.60. Bullion hit a record high of $3,357.40 earlier in the session and has risen more than 27% so far this year. "The retreat is largely driven by short-term profit-taking following the sharp rally over the past week. A temporary stabilization in U.S. bond yields and a modest...
Oil prices extended gains on Thursday on the prospect of tighter supplies after Washington imposed further sanctions to curb Iran's oil trade and as some OPEC producers pledged more output cuts to offset pumping above agreed quotas. Brent crude futures rose 56 cents, or 0.85%, to $66.41 a barrel by 0625 GMT, and U.S. West Texas Intermediate crude was at $63.12 a barrel, up 65 cents, or 1.04%. Both benchmarks closed 2% higher on Wednesday at their highest since April 3 and were on track for their first weekly gain in three weeks. Thursday is the last settlement day of the week ahead of the...
Gold (XAU/USD) prices attracted some intraday sellers following an Asian session rally to a fresh all-time high as positive risk sentiment was seen denting demand for traditional safe-haven assets. Further, a modest US Dollar (USD) uptick from near multi-year lows turned out to be another factor that undermined the commodity. However, a meaningful corrective slide for the precious metal seems elusive amid ongoing uncertainty surrounding US President Donald Trump's tariff announcement, escalating US-China trade war, and fears of a global recession. Meanwhile, the market is still pricing in...
The dollar rose from a seven-month low against the yen on Thursday as U.S.-Japan trade talks avoided a foreign exchange scare, while it gained slightly against other currencies ahead of the long Easter holiday. The dollar has been battered this month as the U.S. threatened, imposed and then delayed massive tariffs, denting confidence in U.S. economic growth and stability. The Swiss franc's nearly 8% gain since April 2 is the biggest among G10 currencies and at 0.8167 per dollar, it is close to testing resistance at a decade-high of 0.81. The euro and yen are not far behind with gains of...
The USD/CHF pair attempted to recover from recent losses recorded in the previous session, trading around 0.8160 during the Asian trading hours on Thursday (4/17). However, the pair remained close to the 0.8099 mark—its lowest level since September 2011, touched on April 11. The US dollar (USD) continued to face headwinds as investor uncertainty persisted over the unpredictable nature of US trade and economic policies. In contrast, the Swiss franc (CHF) was supported by safe-haven inflows, further pressuring the USD/CHF pair. Tensions escalated after US President Donald Trump launched an...
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...