The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday after tamer-than-expected producer price inflation last month calmed worries that price pressures would hold the central bank back from policy easing. Traders stuck to bets the Fed will start with a quarter-point reduction at its meeting next week, and continue with same-sized cuts through year-end, based on pricing of futures contracts that settle to the Fed's policy rate. The producer price index increased 2.6% in August from a year earlier,...
Gold hit a new record of nearly $3,160 an ounce after President Donald Trump unveiled his sweeping "reciprocal" tariffs, imposing a minimum levy of 10% on imports and stoking fears it may trigger a global economic slowdown. Bullion was one of the few commodities exempted from the tariffs, according to a White House factsheet. The metal's haven status was underlined when it rose as much as 0.8% at Thursday's open in Asia, shortly after the president's Rose Garden address. It closed 0.7% higher on Wednesday. Trump said he will apply a minimum 10% tariff on all exports to the US, with...
The US Dollar Index (DXY) moved lower during Wednesday's session, lingering near the 104.00 area after President Donald Trump confirmed sweeping tariffs on global imports. The initial surge in yields and volatility gave way to a more cautious tone as details revealed a 10% blanket tariff and an additional 25% duty on imported vehicles. The announcement, while bold, lacked the aggressive edge markets feared, prompting a partial retreat in safe-haven flows. Source: FXstreet
Gold prices rose towards their record high on Wednesday, supported by safe-haven demand as markets braced for U.S. President Donald Trump's latest tariff plans later in the day. Spot gold was up 0.4% at $3,123.05 an ounce at 01:46 a.m. EDT (1746 GMT). U.S. gold futures settled 0.6% higher at $3,166.20. "Risks remain that tariffs could stoke inflation, which has buoyed gold prices. While a U.S. recession is not our base-case scenario, the risk of such has helped maintain strong interest in gold as a safe haven," said Standard Chartered analyst Suki Cooper. "If the tariffs are not as...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, starts to turn red and dips below 104.00 at the time of writing on Wednesday, while equities sell off and bond yields drop. The Greenback remains sidelined just hours before United States (US) President Donald Trump announces the reciprocal tariff implementation at the White House at 20:00 GMT. The White House and the Trump administration are very sketchy in details, and until now, it remains unclear what the tariffs will mean for markets. On the economic data releases, this...
Gold prices steadied near all-time highs Wednesday, as traders awaited more clarity on fresh trade tariffs from the Trump administration. At 08:05 ET (13:05 GMT), XAU/USD traded largely unchanged at $3,123.72 per ounce, just below Tuesday's all-time high of $3149.03. Gold Futures rose 0.5% to $3,161.31 an ounce. Trump tariff details due The yellow metal had hit consecutive fresh record-highs in the last four sessions, but traders were cautious on the day of Trump tariffs, leading to increased volatility on Wednesday. U.S. President Donald Trump is poised to implement extensive reciprocal...
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...