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...
Oil prices fell on Monday (August 4th) after OPEC+ agreed to a major production increase in September, which will boost supply. However, concerns about disruptions to Russian oil shipments to top importer India limited losses. Brent crude futures fell 18 cents, or 0.26%, to $69.49 a barrel at 04:56 GMT, while U.S. West Texas Intermediate crude was at $67.21 a barrel, down 12 cents, or 0.18%, after both contracts closed about $2 a barrel lower on Friday. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed on Sunday to increase oil production...
Gold prices weakened slightly on Monday (August 4th) as investors took profits after a sharp rise in the previous session on weaker-than-expected US employment data, which raised expectations of a US Federal Reserve interest rate cut in September. Spot gold prices fell 0.1% to $3,360.62 per ounce, as of 04:32 GMT. Bullion prices rose more than 2% on Friday. However, US gold futures rose 0.4% to $3,412.80. "Gold started the week conservatively after Friday's price surge. A combination of profit-taking and a stabilizing dollar has led to a slight weakening of gold at the start of the week,"...
The US Dollar Index (DXY), which measures the value of the US dollar (USD) against six major currencies, held its position after recording a decline of around 1.5% in the previous session. The DXY traded around 98.70 during the Asian session on Monday (August 4). The US dollar weakened after a worse-than-expected US employment report released on Friday, which triggered a market reaction to two interest rate cuts by the Federal Reserve (Fed). Traders now expect a 63 basis point (bps) cut by the end of the year, up from around 34 bps on Thursday, with the first cut expected in September. US...
Silver held around $37 per ounce on Monday after gaining nearly 1% in the previous session, supported by rising expectations for a Fed rate cut following a weak US employment report for July. Data released Friday showed nonfarm payrolls rose by just 73,000, well below expectations, with a downward revision of 258,000 from previous months, signaling deeper labor market stress. The market is now almost fully pricing in a Fed rate cut in September, with more than 63 basis points of easing expected by the end of the year. A weaker dollar and falling US Treasury yields have further boosted...
The Japanese yen weakened toward 148 per dollar on Monday (August 4), weakening after the previous session's gains as investors reassessed the direction of US Federal Reserve policy. Although a weak US jobs report on Friday reinforced expectations of a near-term interest rate cut, Fed officials remained cautious, citing inflation risks associated with President Trump's massive tariffs. The dollar strengthened again as sentiment shifted, pressuring the yen. Meanwhile, markets awaited the minutes of the Bank of Japan's latest policy meeting for clues on the timing of a potential interest rate...
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...