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...
Gold is trading in a narrow range on Monday, as economic data, easing trade tensions, and the fragility of the US Dollar continue to influence price action. At the time of writing, Gold is trading near $3,310 per ounce, down from earlier highs near $3,345. A US–EU trade deal has been announced, easing tariff risks and reducing demand for safe havens. The deal lowers the baseline tariff on most EU goods to 15%, down from the previously proposed 30%, in exchange for improved market access for US firms in digital services, agriculture, and clean energy. The agreement, modeled on the US–Japan...
The US dollar (USD) started the week on a positive note, continuing its modest recovery since Thursday, as easing global trade tensions boosted investor sentiment. Interestingly, the greenback, which typically underperforms in a risk-on environment, found support despite improved risk appetite, bolstered by expectations that the Federal Reserve (Fed) will keep interest rates unchanged at its monetary policy decision on Wednesday. Notably, a series of trade agreements concluded last week also provided support for the greenback, with the looming August 1 tariff deadline keeping markets on...
Oil prices rose after President Donald Trump said he would shorten the deadline for Russia to agree to a ceasefire in Ukraine, adding to earlier gains from the U.S.-European Union trade deal. Brent oil prices approached $70 per barrel after closing 1.1% lower on Friday. Trump said the European Union had agreed to buy $750 billion worth of American energy products, although he and European Commission President Ursula von der Leyen appeared to disagree on some key details of the agreement. Later on Monday, Trump also said he would shorten the 50-day deadline he gave Vladimir Putin to reach a...
Gold prices held steady on Monday (July 28), with gains capped by improved risk sentiment following the trade deal between the United States and the European Union, while investors awaited the US Federal Reserve's policy meeting later this week. Spot gold was unchanged at $3,335.87 per ounce at 10:35 GMT, after hitting its lowest level since July 17 earlier. US gold futures were unchanged at $3,335.30 per ounce. Washington reached a trade framework agreement with the European Union in Scotland on Sunday, imposing 15% import tariffs on most EU goods – half the threatened tariffs – and...
Oil prices edged higher on Monday (July 28th) as investors assessed the trade deal between the United States and the European Union, while a stronger US dollar and lower oil imports from India weighed on prices. Brent crude futures rose 30 cents, or 0.4%, to $68.74 a barrel at 08:13 GMT, while US West Texas Intermediate crude was at $65.43 a barrel, up 27 cents, or 0.4%. The US-EU trade deal and the possible extension of the US-China tariff pause supported global financial markets and oil prices, said IG market analyst Tony Sycamore. The US-EU trade framework pact announced Sunday imposes...
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...