The Pound Sterling (GBP) registers back-to-back bearish days, dropping some 0.14% on Friday against the Greenback after economic data from the United Kingdom (UK) revealed that the Gross Domestic Product (GDP) contracted. Despite this, GBP/USD is trading above the 1.2900 figure, poised to finish the day near this level.GBP/USD pressured after UK GDP miss while rising US inflation expectations complicate Fed's next moveRecently, data from the University of Michigan (UoM) showed that Consumer Sentiment in March deteriorated, from 64.7 to 57.9, below forecast of 63.1. Notably, inflation...
Oil rose for a second day after China, the world's biggest importer, said it would take steps to revive consumption by boosting incomes. Brent crude climbed above $71 a barrel after advancing 1% on Friday, with West Texas Intermediate near $68. Beijing will also give details on policies to stabilize stock and real estate markets, lift wages and boost the nation's birth rate, state-run news agency Xinhua reported. Crude has fallen more than 10% from this year's high in January, as US President Donald Trump's escalating trade war, an OPEC+ decision to increase supply...
Gold edges higher in the early Asian session, underpinned by ongoing global trade tensions. "Tariff concerns that risk higher inflation and slower economic growth are spurring demand for safe-haven assets like gold," ING's Ewa Manthey says in a research report. "We see uncertainty over trade and tariffs continuing to buoy gold prices - and if trade tensions intensify and we see more retaliatory measures, safe-haven demand for gold will continue," the commodities strategist adds. Spot gold is 0.2% higher at $2,989.79/oz. Source: Marketwatch
The Australian Dollar (AUD) remains steady against the US Dollar (USD) following the release of China's economic data on Monday. Additionally, the AUD/USD pair gained ground as the US Dollar (USD) edges lower ahead of Retail Sales data release later in the North American session. China's retail sales grew by 4% year-over-year in January-February, improving from December's 3.7% increase. Meanwhile, industrial production rose 5.9% YoY during the same period, exceeding the 5.3% forecast but slightly lower than the previous reading of 6.2%. The AUD could gain ground as China unveiled a special...
The US dollar index hovered around 103.7 on Monday, hovering close to five-month lows as trade uncertainties and mounting economic concerns in the US weighed on the currency. Data released on Friday showed that US consumer confidence dropped to an over two-year low in March and inflation expectations soared as President Donald Trump's escalating tariffs stoked economic concerns. Investors now await US retail sales data on Monday to gain insight on consumption trends. Markets also looked ahead to the latest Federal Reserve policy decision on Wednesday, where it is widely expected to hold...