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 Pound Sterling (GBP) demonstrates stability against its major peers on Tuesday, with investors awaiting preliminary United Kingdom (UK) S&P Global Purchasing Managers' Index (PMI) data for July, scheduled for release on Thursday. Investors will closely monitor the UK PMI data to get cues about whether the impact of a hiring slowdown has started flowing into the economy. The report is expected to show that the overall business activity grew moderately. The Composite PMI is expected to have dropped slightly to 51.9 from 52.0 in June. UK employers have restricted fresh hiring to...
The EUR/USD pair is posting marginal gains ahead of the US Session opening on Tuesday as the US Dollar retreats further with trade uncertainty growing. Meanwhile, a rather positive Lending survey from the European Central Bank (ECB), released earlier on the day, has provided additional support to the common currency. The Euro (EUR) has turned positive on the daily chart and returned above the 1.1700 level. The pair remains above Friday's high, at 1.1675, and also above the top of a bearish channel from July 1 highs, which suggests that further appreciation is likely. The ECB's survey...
The price of Gold started the new week with gains, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes. Recent record high at $3,500 is likely to approach quickly"The precious metal received support from dovish comments from the ranks of the US Federal Reserve: Fed Governor Christopher Waller reiterated his view that the Fed should cut its key interest rate as early as July. Overall, he advocates interest rate cuts of 125-150 basis points to bring the key interest rate to a 'neutral' level of around 3%. He pointed to the latest inflation data, which was again moderate...
The US Dollar (USD) is mixed against its major currency peers. The USD is up a little against the GBP, JPY, AUD and NZD but has lost marginal ground against the EUR, CAD and CHF as trading here gets going, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report. USD mixed versus majors"The DXY is slightly lower, holding near yesterday's session low at 97.7 which was in effect a retest of last Wednesday slump low in the index around the Powell firing reports. We think the USD's broader rebound seen through the first half of the month has stalled and may be reversing which...
Oil prices declined for a third consecutive session on Tuesday on concerns the brewing trade war between major crude consumers the United States and the European Union will curb fuel demand growth by reducing economic activity. Brent crude futures were down 49 cents, or 0.7%, to $68.72 a barrel at 0915 GMT. U.S. West Texas Intermediate crude was at $66.60 a barrel, down 60 cents, or 0.9%. The August WTI contract expires on Tuesday and the more active September contract was down 47 cents, or 0.7%, to $65.48 a barrel. "Oil prices fell for a third straight session ... as urgency builds in...
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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