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 USD/JPY rallies over 0.60% after the Federal Reserve held interest rates unchanged and as Fed Chair Jerome Powell, turned slightly hawkish and muted for a September rate cut. The pair trades at 149.38, refreshing three-month highs. During his post-meeting press conference, Federal Reserve Chair Jerome Powell stated that they have no made any decisions regarding the September meeting. He said that policy is moderately restrictive and that it will take time to fully understand the effects of newly imposed tariffs, noting, "Tariff passthrough to prices may be slower than thought." He added...
Gold (XAU/USD) attracts sellers on Wednesday, hovering near $3,293 during the American trading session, down nearly 1.0% on the day. The yellow metal is losing ground after stronger-than-expected US economic data. Easing trade tensions have dampened Gold's safe-haven appeal, keeping gains in check. However, a softer US Dollar (USD) and a modest pullback in Treasury yields are offering some support. Still, overall risk-on sentiment in the markets is limiting upside momentum as traders brace for the Federal Reserve's (Fed) monetary policy decision, due Wednesday at 18:00 GMT. Gold came under...
The dollar advanced against major peers on Wednesday following better-than-expected U.S. GDP data and as investors awaited the outcome of the Federal Reserve's policy meeting later in the session. U.S. economic growth rebounded more than expected in the second quarter, expanding by 3% compared with an estimate of 2.4% based on a Reuters poll of economists. The Fed is widely expected to leave interest rates unchanged, rebuffing persistent calls by President Donald Trump to cut interest rates. The euro extended losses against the dollar following the U.S. GDP data. It was down 0.65% to...
Oil prices rose after US President Donald Trump threatened to punish India for buying Russian energy, in an effort to increase pressure on Moscow to end the war in Ukraine. Brent oil prices approached $73 per barrel in volatile trading, following a two-day rally that shook prices out of a narrow range this month. Trump said on his social media platform Truth Social that India would face a 25% tariff "plus penalties," criticizing the country as one of Russia's largest energy buyers. Trump had previously warned of "tariffs and so on" if a ceasefire was not agreed within 10 days and said he...
Oil prices fell on Wednesday (July 30th) as investors awaited developments on US President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his threat of tariffs on countries that trade its oil. The most active Brent crude futures fell 58 cents, or 0.81%, to $71.10 a barrel at 10:14 a.m. GMT, while US West Texas Intermediate crude fell 58 cents, or 0.84%, to $68.63. The September Brent crude contract, which expires on Wednesday, fell 59 cents, or 0.81%, to $71.92. Both contracts had hit their highest prices since June 20th on Tuesday. Trump said on Tuesday that he...
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...