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...
The EUR/USD pair posted modest gains on Thursday (July 31st), following a sharp sell-off over the past three days. The pair resumed its decline on Wednesday following strong US Gross Domestic Product (GDP) figures and a hawkish message from the Federal Reserve (Fed). The euro (EUR) was trading at 1.1435 at the European market open, up from a seven-week low of 1.1400 reached after the Fed's monetary policy decision on Wednesday, but still on track for a 3% depreciation in July. The US emerged as the best-performing nation in this eventful week. US data continued to show that the economy...
The USD/CHF pair weakened to around 0.8125 during early European trading hours. The US dollar weakened against the Swiss franc (CHF) despite a hawkish stance from US Federal Reserve officials. Traders are bracing for further developments surrounding US President Donald Trump's tariff policy ahead of the deadline. On Wednesday, Trump announced that the United States would impose a 15% tariff on imports from South Korea. The agreement includes a $350 billion commitment from South Korea for US-owned and -controlled investments. Meanwhile, US Secretary of Commerce Howard Lutnick announced that...
Silver prices hovered near $37 per ounce on Thursday, steadying after falling more than 2% in the previous session. The decline followed the Federal Reserve's decision to keep interest rates unchanged at 4.25%–4.5%, reflecting a cautious stance on future rate cuts despite political pressure from President Trump and dissenting votes from Governors Michelle Bowman and Christopher Waller. Fed Chair Jerome Powell reiterated that it is still too early to consider cutting rates and gave little indication of when easing might resume. In response, markets pared back expectations for rate...
Gold prices rebounded on Thursday from a one-month low hit in the previous session, as trade uncertainty sparked by the announcement of new US tariffs boosted bullion's appeal, even as expectations of a US interest rate cut in September eased. Spot gold rose 0.5% to $3,292.24 an ounce, as of 02:30 GMT. Bullion hit its lowest level since June 30 at $3,267.79 on Wednesday. US gold futures fell 0.2% to $3,287. "Gold at levels below $3,300 has attracted buying interest from traders as a value strategy, especially with the prevailing economic uncertainty, which aligns with Trump's threat of...
The Japanese Yen (JPY) edges higher against a softer US Dollar (USD) during the Asian session on Thursday and recovers a part of the previous day's slide to its lowest level since early April. Data released from Japan earlier today showed that Industrial Production unexpectedly grew in June, while strong Retail Sales pointed to resilience in consumer spending. This, along with some repositioning trade ahead of the crucial Bank of Japan (BoJ) policy update, offers some support to the JPY. Investors will look for signals on how the recent US-Japan trade agreement might influence the BoJ'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...