Gold price climbs amid a soft US Dollar (USD) as the trade war between the United States (US), Canada, Mexico and China escalates with new tariffs taking effect on Tuesday. Therefore, the plunge of the USD underpins the precious metal. The XAU/USD is trading at $2,918, gaining 0.62%. Market sentiment remains downbeat after 25% tariffs on Canada and Mexico and an additional 10% duties in China took effect around midnight. Consequently, traders seeking safety pushed Bullion prices higher on increased demand, while the Greenback dropped across the board. Source: FXStreet
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $67.65 during the early Asian session on Wednesday. The WTI price attracts some sellers amid geopolitical concerns, the OPEC+ production increase announcement and US tariffs on Canada, Mexico and China. On Monday, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, said it will proceed with a plan to increase oil production from April. This increase follows a series of output cuts made by OPEC+ to stabilize the market. "The change in OPEC strategy looks like they are...
Brent crude oil futures declined below $71 per barrel on Wednesday, remaining close to a four-month low, as concerns over OPEC+ production increases weighed on prices. The group confirmed plans to phase out 2.2 million bpd of output cuts starting in April, with monthly increases of 138,000 bpd until late 2026. Further pressuring prices, the Trump administration suspended all US military aid to Ukraine, following reports of potential sanctions relief for Russia, which could boost Russian oil exports. Additionally, new US tariffs on Canada, Mexico, and China took effect Tuesday, raising...
The U.S. dollar drooped near a three-month low versus major peers on Wednesday while shares in Asia were mixed after the latest round of U.S. tariffs and countermeasures from Canada and China stoked fears of an escalating trade war. China's yuan was firm in offshore trading following a rally of about 0.7% in the prior session, as annual parliamentary sessions of the National People's Congress (NPC) kicked off with Beijing retaining a 5% economic growth goal for 2025. The euro pushed to a near four-month peak as German political parties agreed to a 500-billion-euro infrastructure fund....
The Australian dollar slipped below $0.625 on Wednesday, reversing a two-day rally despite stronger-than-expected economic growth data. Australia's economy grew by 0.6% in the fourth quarter, up from 0.3% in the previous quarter and surpassing market expectations of 0.5%. On the monetary policy front, RBA Deputy Governor Andrew Hauser noted that the central bank is closely monitoring the impact of the escalating global trade war on domestic inflation. He emphasized that it's too early to declare victory over inflation and called for a cautious approach to further interest rate...