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...
Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East. The ceasefire was on shaky ground with U.S. President Donald Trump accusing both Israel and Iran of violating it just hours after it was announced. Brent crude futures fell $4.34, or 6.1%, to settle at $67.14 a barrel. U.S. West Texas Intermediate (WTI) crude fell $4.14, or 6.0%, to settle at $64.37. Settlement was the lowest for Brent since June 10 and WTI since June 5, both before Israel launched a surprise...
The Australian Dollar (AUD) continues to strengthen against the United States Dollar (USD) on Tuesday as traders react to signs of easing geopolitical tensions. Reports confirming a ceasefire between Israel and Iran have helped calm market nerves, prompting a shift back into risk-sensitive assets. At the time of writing, AUD/USD is trading above the 0.6500 handle, buoyed by fading demand for traditional safe-haven assets, such as the US Dollar. In Washington, Federal Reserve (Fed) Chair Jerome Powell began his two-day testimony before Congress. His tone remained broadly consistent with...
Gold price tumbled below $3,350 on Tuesday amid broad US Dollar weakness, as US Federal Reserve Chair Jerome Powell pushed back against reducing borrowing costs, reiterating that the impact of tariffs on inflation remains uncertain. At the time of writing, XAU/USD trades at $3,315, down over 1.50%. Bullion prices had recovered some ground, even though Powell was hawkish at his testimony at the US House of Representatives. He said that rates are modestly restrictive, acknowledging that if inflation pressures are contained, the central bank could cut rates. Aside from this, the de-escalation...
The US Dollar Index (DXY) is trading lower on Tuesday following news of a ceasefire agreement between Israel and Iran, which has alleviated demand for the US Dollar (USD). At the time of writing, the DXY is trading near 97.65, just above the June low of 97.61. The Federal Reserve (Fed) Chair Jerome Powell delivered hawkish remarks at his testimony to Congress, stating that the Fed "is not in a hurry to cut rates". Although he reaffirmed his data-dependent stance, reducing expectations of a July rate cut, markets remained focused on easing geopolitical tensions. Market attention quickly...
Gold prices fell on Tuesday as investors fled from safe-haven assets and continued to monitor remarks from Jerome Powell, Chair of the Federal Reserve (Fed). As Fed Powell began his two-day semi-annual testimony before Congress, his prepared remarks stated that "the Fed's obligation is to prevent a one-time increase in price-level from becoming an ongoing inflation problem by keeping inflation expectations well-anchored." Although these comments are supportive of potential rate cuts in the last quarter of the year, easing geopolitical risks appear to be the dominant driver of current price...
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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