Gold rose to around $2,870 per ounce on Monday, as concerns over U.S. President Donald Trump tariff policies prompted safe-haven flows into bullion. Trump's proposed tariffs on Mexican and Canadian goods, set to take effect on March 4, alongside an additional 10% duty on Chinese goods, have fueled concerns over potential retaliatory measures and broader trade tensions. The inflationary impact of these actions also supports gold, which is often seen as a hedge against rising prices. Adding to its appeal, the U.S. dollar retreated from a two-week high, making the metal less expensive for...
The dollar index slipped to around 107.2 on Monday, ending a three-day winning streak, as the euro strengthened following renewed optimism about a potential resolution to the Ukraine conflict. Ukrainian President Volodymyr Zelenskyy announced on Sunday that European leaders had agreed to draft a peace plan to present to Washington, just days after he was unable to reach a deal with US President Donald Trump in the Oval Office. The dollar also lost some ground after US Commerce Secretary Howard Lutnick stated on Sunday that tariffs against Mexico and Canada remain "fluid," suggesting they...
The Japanese Yen (JPY) touches a one-week low, around the 151.00 mark against its American counterpart during the Asian session on Monday, though the downside remains limited amid hawkish Bank of Japan (BoJ) expectations. In fact, investors have been pricing in the possibility of more interest rate hikes by the BoJ, which pushed the yield on the benchmark 10-year Japanese government bond (JGB) to its highest level since November 2009. Apart from this, the emergence of some US Dollar (USD) selling acts as a headwind for the USD/JPY pair. Meanwhile, BoJ Governor Kazuo Ueda warned last week...
WTI crude oil futures rose to around $70.3 per barrel on Monday, buoyed by strong manufacturing data from China, the world's largest crude importer, as well as lingering U.S.-Ukraine tensions that could sustain supply disruptions. Data released on Saturday showed that China's manufacturing activity rose to a three-month high in February, fueling optimism about increased fuel demand. Additionally, the recent clash between Ukrainian President Volodymyr Zelenskyy and U.S. President Donald Trump added uncertainty on the prospects of a Russia-Ukraine peace deal. This raises the likelihood that...
The EUR/USD pair attracts fresh buyers at the start of a new week and for now, seems to have snapped a three-day losing streak to over a two-week low, around the 1.0360 area touched on Friday. The momentum lifts spot prices further beyond the 1.0400 mark during the Asian session and is sponsored by a weaker US Dollar (USD). From a technical perspective, the EUR/USD pair showed some resilience below the 50% Fibonacci retracement level of the rally witnessed in February. The subsequent move above the 38.2% Fibo. level suggests that the pullback from the 1.0525-1.0530 area, or a one-month...