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 steadied after closing at the highest in almost six weeks as President Donald Trump threatened to penalize India for buying Russian crude and his administration tightened a crackdown on supplies from Iran. West Texas Intermediate traded above $70 a barrel after surging more than 7% so far this week. Brent settled near $73 on Wednesday. The US president said he would impose a tariff on India's exports and a penalty for its energy purchases from Russia. He later added the two sides were still in talks. Meanwhile, the US implemented its most sweeping Iran-related sanctions in seven years....
Gold edges higher in the early Asian trade on possible position adjustments following the Fed's decision to leave rates unchanged as widely expected. However, gold's gains may be curbed after Fed Chair Powell signaled at his press conference that a rate cut in September was far from guaranteed. A cautious approach by the Fed could weigh on gold prices, Traze's Erkin Kamran says in an email. Additionally, easing trade tensions may put downward pressure on the precious metal, the CEO notes. President Trump said Wednesday that the U.S. and South Korea have struck a trade deal. Spot gold is...
Oil prices settled 1% higher on Wednesday as investors focused on developments on U.S. President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil. The Brent crude September contract, which was set to expire on Thursday, closed 73 cents, 1.01%, higher at $73.24. U.S. West Texas Intermediate crude was up 79 cents, or 1.14%, at $70, with investors largely shrugging off mixed U.S. data on crude and fuel inventories. Both contracts had fallen nearly 1% earlier in the day. The more active Brent October contract settled...
GBP/USD sank for a fifth straight session on Wednesday, falling as the US Dollar (USD) catches a broad-market bid after the Federal Reserve (Fed) held rates steady and stuck to its stubborn wait-and-see stance, trimming hopes for a September rate cut. With odds of a rate cut on September 17 flying out the window, newfound market pressure will be on a hefty raft of economic data coming out of the United States (US) throughout the back half of the trading week. US PCE inflation, due on Thursday, is expected to accelerate slightly, with analysts anticipating an uptick to 0.3% MoM in June...
Gold price tumbled over 1.50% on Wednesday after the Federal Reserve, decided to hold rates unchanged, on a 9-2 split vote. Fed Chair Jerome Powell's leaning hawkish at the press conference, alongside strong Gross Domestic Product (GDP) figures for Q2 2025, weighed Bullion prices. At the time of writing, XAU/USD trades below $3,280 after hitting a high of $3,334. Risk appetite turned sour after the Fed Chair Jerome Powell pushed back against a rate cut at the September 16-17, adopting a meeting-by-meeting approach. This and uncertainty of when inflation would show tariffs effect on prices,...
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...