U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he referred to as "THE 12 DAY WAR." According to Trump's post, the ceasefire will begin approximately six hours after his announcement, when both nations have "wound down and completed their in progress, final missions." The agreement stipulates a 12-hour initial ceasefire period initiated by Iran, followed by Israel joining the ceasefire at the 12th hour. Trump stated that upon the 24th hour, there will be an "Official END" to the...
The GBP/USD pair enters a bearish consolidation phase during the Asian session and oscillates in a narrow band around the 1.3500 psychological mark, just a few pips above a three-week low touched on Friday. Moreover, the fundamental backdrop suggests that the path of least resistance for spot prices remains to the downside. A modest US Dollar (USD) pullback from its highest level since June 25 turns out to be a key factor lending some support to the GBP/USD pair. However, diminishing odds for a near-term reduction in borrowing costs by the Federal Reserve (Fed), amid concerns that US...
Oil steadied after President Donald Trump escalated the trade war, with threats of 30% tariffs on goods from the European Union and Mexico hurting appetite for risk and the outlook for energy demand. Global benchmark Brent was little changed above $70 a barrel, after gaining 3% last week, while West Texas Intermediate was above $68. US equity-index futures dropped after the latest tariff threats, which followed US trade measures against nations from Canada to Brazil and Algeria last week. At the same time, investors were on alert for a "major statement" promised from Trump on Russia later...
Gold gained, bolstered by haven demand as traders weighed fresh tariff threats from President Donald Trump after he declared a 30% rate for the European Union and Mexico effective next month. Bullion traded near $3,370 an ounce, following a 0.6% increase last week. US trading partners continued to navigate the final weeks of negotiations as Trump's patience with talks appeared to wear thin before his Aug. 1 deadline. The president on Saturday gave trade ultimatums to Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen, the latest in a string of...
Oil prices rose more than 2% on Friday (July 11) as the International Energy Agency (IEA) stated that the market is tighter than it appears, while US tariffs and the possibility of further sanctions against Russia were also in focus. Brent crude futures closed up $1.72, or 2.5%, at $70.36 per barrel. US West Texas Intermediate crude rose $1.88, or 2.8%, to $68.45 per barrel. For the week, Brent rose 3%, while WTI recorded a weekly gain of about 2.2%. The IEA stated that the global oil market may be tighter than it appears, with demand supported by peak refinery production in the summer to...
Gold prices rose more than 1% on Friday (July 11th) as investors sought safe-haven assets following the announcement of new tariffs by US President Donald Trump, while silver hit its highest level in more than 13 years. Spot gold prices rose 1% to $3,356.93 an ounce at 2:43 p.m. EDT (18:43 GMT), after hitting their highest level since June 24 earlier in the session. US gold futures closed up 1.4% at $3,371.20. Global stocks weakened after Trump escalated his tariff attack on Canada, saying the US would impose a 35% tariff on imports next month and plans to impose across-the-board tariffs of...
U.S. President Donald Trump announced Monday evening on Truth Social that Israel and Iran have agreed to a "Complete and Total CEASEFIRE" following what he referred to as "THE 12 DAY...
Gold moved above $2600 on Monday during the Asian trading session. Currently, Gold is still struggling to capitalize on last week's modest recovery from a one-month low and is fluctuating.
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