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 were little changed on Friday (August 1st) and headed for weekly gains, as investors weighed the impact of further tariffs and sanctions from US President Donald Trump. Brent crude futures rose 19 cents, or 0.26%, to $71.89 per barrel at 08:23 GMT. US West Texas Intermediate crude futures rose 20 cents, or 0.29%, to $69.46 per barrel. Oil prices stabilized on Friday after falling more than 1% in the previous session. However, for the week, Brent is expected to rise 5%, and WTI around 6.6%. Investors have been focused on the potential impact of US tariffs on oil prices this week,...
Silver prices fell 0.5% to near $36.50 during the European trading session on Friday (August 1). The precious metal faced selling pressure as the confirmation of tariff agreements by the United States (US) with several of its major trading partners, such as Japan, the European Union (EU), South Korea, and others, as well as growing investor confidence that Washington will reach a deal with China, has reduced demand for safe-haven assets, such as silver. Safe-haven assets have performed strongly since US President Donald Trump's announcement of tariff policies, which aim to reduce the...
Silver prices hovered around $36.60 per ounce on Friday and were on track for a weekly loss of about 4%, pressured by a stronger US dollar. The dollar's strength was underpinned by renewed trade tensions after President Donald Trump reaffirmed a 10% global tariff and imposed reciprocal levies of up to 41% on countries without finalized trade deals. Investors also remained cautious ahead of the July US jobs report, which is expected to guide the Federal Reserve's next policy move. On Thursday, core PCE prices, the Fed's preferred inflation gauge, rose 0.3% in June and 2.8% year-on-year,...
Gold prices ticked higher on Friday, supported by uncertainty stemming from a slew of U.S. tariffs slapped on trading partners, although a stronger dollar kept bullion on track for a weekly loss. Spot gold was up 0.2% at $3,299.08 per ounce, as of 0553 GMT. Bullion is down 1.2% so far this week. U.S. gold futures edged up 0.1% to $3,351.60. "Gold has been in a $3,250 to $3,450 range for about two months now, and we see it heading towards the bottom end of the range and perhaps breaking it," said Marex analyst Edward Meir, adding that the dollar's strength was driven by the Federal...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, remains stronger for the seventh successive day and is trading around 100.00 during the Asian hours on Friday. The Greenback surged as the US Personal Consumption Expenditure (PCE) Price Index report suggested that price pressures would increase in the second half of 2025 and delay the US Federal Reserve's (Fed) interest rate cuts until at least October. Traders await the United States (US) Nonfarm Payrolls (NFP), due later in the North American session, which is expected to hold in...
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...