Federal Reserve Bank of New York President John Williams said Thursday that he sees lower risks to inflation as tariffs have driven up price pressures less than expected. "I see on the margin...a reduction of some of the upside risks to inflation" from tariffs, Williams told reporters after speaking at the Economic Club of New York. He noted this reduction comes alongside greater clarity about future economic policy. Williams acknowledged that President Donald Trump's import tax increases are "definitely" affecting price pressures, but added that in terms of tariff pass-throughs to higher...
Gold (XAU/USD) prices are trying to maintain their gains from the past few days on Wednesday (05/03) after earlier suffering losses in the Asian trading session and are trading around $2,920 at the time of writing on Wednesday. With tariffs still in place and more to come for Europe and other countries, Gold will continue to be a good place to go when it comes to safe havens. However, some surprising comments from US Commerce Secretary Howard Lutnick overnight hinted that tariffs could be eased or lifted entirely for Mexico and Canada. This has weighed on Gold prices for now. Daily Market...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, extended its decline for the third straight day this week and was trading near 105.00 at the time of writing on Wednesday (05/03), its lowest level since early November. The down move came as traders further reduced their exposure to the Dollar across the board now that some analysts are calling for an end to US exceptionalism amid concerns that US President Donald Trump's tariffs could hurt economic growth. The move comes ahead of the European Central Bank's (ECB)...
Oil prices fell for a third day on Wednesday, as investors worried about OPEC+'s plan to continue raising output in April, and U.S. President Donald Trump's tariffs on Canada, China and Mexico escalated trade tensions. Brent crude futures fell $1.02, or 1.44%, to settle at $70.02 a barrel by 1149 GMT. U.S. West Texas Intermediate (WTI) crude futures fell $1.33, or 1.95%, to settle at $66.93 a barrel. Crude prices closed near their lowest levels in months the previous day, weighed down by expectations that U.S. tariffs and retaliatory tariffs by affected countries would slow economic growth...
EUR/USD strengthened above 1.0700 during the European session on Wednesday (05/03), the highest level seen this year. The major currency pair strengthened as the Euro (EUR) strengthened across the board after Germany's next chancellor candidate, Frederich Merz, and the Social Democratic Party (SDP) agreed to create a €500 billion (EUR) infrastructure fund and expand borrowing limits on Tuesday to boost defense spending and boost economic growth in the Eurozone. Such reforms could boost inflation in the Eurozone economy. Meanwhile, investors await the European Central Bank's (ECB) monetary...
The USD/CHF pair continued its downtrend for the third straight session, trading around 0.8880 during European hours on Wednesday (05/03). The pair remained under pressure after the release of Swiss Consumer Price Index (CPI) data. The monthly CPI rose by 0.6% in February, marking the first increase in nine months and the fastest pace since February 2021, surpassing market expectations of 0.5%. The annual inflation rate eased slightly to 0.3% in February, beating the expected increase of 0.2% but down from 0.4% in January, marking the lowest level since April 2021. Meanwhile, core...
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...