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 EUR/USD pair traded flat near 1.1400 during the early Asian session on Thursday (4/17). Markets remained cautious as traders wait to see if the US President Donald Trump administration reaches a new trade deal with its partners. The European Central Bank (ECB) interest rate decision will be the focus later on Thursday. Federal Reserve (Fed) Chairman Jerome Powell said on Wednesday that trade tensions risk undermining the Fed's employment and inflation goals. Powell added that US economic growth appears to be slowing, with consumer spending growing modestly, a rush of imports to avoid...
Gold rises in the early Asian session, buoyed by likely safe-haven demand after Fed Chair Powell warned overnight of economic risks. "The outlook for gold remains constructive, supported by a robust mix of macroeconomic and geopolitical factors that reinforce its intrinsic value as a store of value and diversification asset in uncertain times," Pepperstone's Quasar Elizundia says in an email. If current conditions continue, gold's medium- to long-term target is projected around $3,734/oz, the research strategist adds. Spot gold is 0.3% higher at $3,350.88/oz after earlier touching a record...
Oil rose for a second day after the U.S. pledged to reduce Iran's energy exports to zero. West Texas Intermediate traded near $63 a barrel after rising nearly 2% on Wednesday, putting futures on track for their first weekly gain this month. Brent crude settled below $66. Treasury Secretary Scott Bessent said the U.S. would apply maximum pressure to disrupt Iran's oil supply chain, as his department sanctioned a second Chinese refinery accused of handling crude from the Islamic Republic. The so-called teapot refinery sanctioned by the U.S. — Shandong Shengxing Chemical Co. Ltd. — is suspected...
Gold prices just wrapped up their biggest daily gain since April 2020, when panicked investors were hoarding the precious metal during the Covid market meltdown. Gold futures rose 3.4%, or $107.90 a troy ounce, Wednesday to settle at $3,326.60, a fresh record. Futures are up 40% over the past year, blowing past Wall Street's expectations for 2025, but it isn't just nervous investors who are gobbling up gold. Central banks, particularly those in countries with strained relationships with the U.S., have been stockpiling gold as well. This trend took off in 2022 after Russia was sanctioned...
Gold prices keep their upside impulse well in place and hit an all-time peak just below the $3,330 mark per troy ounce on Wednesday. Further gains in the precious metal come from a weaker US Dollar, unabated uncertainty surrounding United States (US) tariffs and declining US yields across the curve. Source: Fxstreet
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...