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 futures rise close to all-time records on strong safe-haven demand. Futures are up 0.4% at $3,238.40 a troy ounce, close to Friday's record high of $3,263/oz. The precious metal has also gained on reports of the Czech central bank further boosting holdings, alongside the Chinese central bank's higher gold import quotas for commercial banks. With central banks keeping up gold purchases, a continuation of the support seen throughout 2024, the precious metal's next leg higher is being supported by incremental purchases from the investment community, SP Angel analysts say in a note. ETF...
The AUD/USD pair extends its winnings streak for the fifth trading day on Tuesday and revisits the monthly high of 0.6380. The Aussie pair performs strongly in the last few trading days even though the intensifying trade war between the United States (US) and China has dampened the outlook of the Australian economy. Historically, the Australian Dollar (AUD) underperforms when the economic outlook of China deteriorates, given the high dependence of the Australian economy on its exports to the Asian giant. US President Donald Trump has declared a 90-day pause on the execution of reciprocal...
Oil prices inched down on Tuesday after the International Energy Agency followed OPEC in slashing its oil demand forecast, though price falls were limited by U.S. President Donald Trump's suggestion of some new tariff exemptions. Brent crude futures were down 50 cents, or 0.8%, at $64.38 per barrel by 1005 GMT. U.S. West Texas Intermediate crude also dipped 50 cents, or 0.8%, to $61.03 a barrel. Vacillating U.S. trade policies have created uncertainty for global oil markets and prompted OPEC on Monday to lower its demand outlook. The IEA also cut its forecasts on Tuesday for global oil...
Gold prices rose on Tuesday, as investors turned to the safe-haven asset amid continued uncertainty surrounding U.S. President Donald Trump's tariff plans, which could heighten an ongoing trade war and slow global economic growth. Spot gold was up 0.7% at $3,230.48 an ounce, as of 0815 GMT. Bullion hit a record high of $3,245.42 on Monday. U.S. gold futures rose 0.6% to $3,245.70. "The environment remains supportive for higher gold prices, but the journey towards higher prices will not be a straight line, there will likely be some temporary setbacks," said UBS analyst Giovanni...
The dollar held steady on Tuesday, trading near a three-year low against the euro and a six-month trough against the yen, as investors trying to make sense of the constant changes to President Donald Trump'stariffs remained wary of U.S. assets. Much of the volatility that hit the dollar last week and sent Treasury yields soaring appeared to have abated somewhat on Tuesday, although investor sentiment was still fragile. The euro , which has been one of the biggest beneficiaries of this month's dumping of U.S. assets, was a touch weaker on the day at $1.1336, narrowly below last week's...
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...