GBP/USD briefly touched the 1.3200 level for the first time in six months on Thursday (03/4), climbing to a new high as the greenback turned sour across the board. The Trump administration's "reciprocal" tariffs and fixed tariffs have shaken market sentiment, although a delayed reaction to the tariff announcement came after the US market closed on Wednesday. Forex Today: US NFP to take centre stage The UK economic data schedule is relatively quiet this week, but a fresh report on US Nonfarm Payrolls (NFP) is due on Friday. The NFP data could have a significant impact on markets as the US...
Gold hovered above $3,110 per ounce on Friday, poised for its fifth consecutive weekly gain after repeatedly breaking its all-time highs, driven by risk aversion stemming from US tariffs. Trump unveiled a 10% baseline tariff on imports from all countries, along with higher duties on some of the US's largest trading partners, triggering countermeasures from those nations. Meanwhile, gold pulled back on Thursday, pressured by profit-taking and reports that precious metals were excluded from Trump's tariffs. Despite this, gold's upward momentum remained intact, supported by safe-haven demand,...
WTI crude oil futures fell toward $66 per barrel on Friday, building on a more than 6% drop from the previous session, weighed down by continued pressure from the OPEC+ hike and global trade concerns. Eight key OPEC+ producers agreed to boost output by 411,000 barrels per day next month, well above the expected 140,000 and faster than planned. The group called the increase "equivalent to three monthly increments," noting it may pause or reverse hikes based on market conditions. This comes against a backdrop of broader market turmoil sparked by higher-than-expected US tariffs announced...
The U.S. dollar sank on Friday and the safe-haven yen strengthened towards a six-month peak, as traders weighed the fallout from President Donald Trump's aggressive and far-reaching new tariff measures. The dollar slipped toward a six-month trough against the euro prior to the release of a crucial monthly U.S. payrolls report later in the day that will offer clues to the health of the economy and the outlook for monetary easing. Traders now predict four quarter-point interest rate cuts from the Federal Reserve in the remainder of this year, and reduced the odds of further Bank of Japan...
The EUR/USD pair trades in positive territory for the third consecutive day around 1.1080 during the early European session on Friday bolstered by the broader US Dollar weakness. Investors await the German Factory Orders and US employment report, which will be published later on Friday. US President Donald Trump on Wednesday unveiled sweeping global tariffs of at least 10% on goods imported from most US trading partners. The Trump administration plans to impose a 20% tariff on EU goods and higher duties on some of the country's biggest trading partners. The tariffs will take effect on April...