The US Dollar Index (DXY), which tracks the US dollar against a basket of six major currencies, traded near the 103.00 region during Tuesday's (09/04) session. Momentum picked up after upbeat labor market data last week helped the index bounce off recent lows. Investors cheered remarks from US Trade Representative (USTR) Jamieson Greer, who told the Senate Finance Committee that the US is engaged in tariff discussions with nearly 50 countries. However, selling pressure resumed after the US confirmed additional tariffs will take effect on April 9 against China. Daily market digest: US...
The euro gained on Tuesday following a report that German political parties have agreed to form a coalition, while the U.S. dollar weakened against major currencies and China's offshore yuan hit a record low. Germany's conservatives under chancellor-designate Friedrich Merz reached a deal on Tuesday with the center-left Social Democrats (SPD) to form a government, NTV reported. However, two people familiar with the matter denied to Reuters that a deal had been reached. Investors have been focused on the trade dispute sparked by President Donald Trump's massive tariffs that have roiled...
The Silver price (XAG/USD) recovers some lost ground to around $29.85 during the Asian trading hours on Wednesday. Analysts believe the recent correction could be a setup for a strong rebound amid rising trade tensions and recession fears. Traders brace for the FOMC Minutes, which are due later on Wednesday. US President Donald Trump said late Tuesday that he wasn't considering a pause on his plan to impose sweeping additional tariffs on dozens of countries despite contact from trade partners seeking to avoid the levies. However, he hinted that he could be open to some...
Gold price (XAU/USD) regains positive traction following the previous day's failed attempt to surpass the $3,022-3,023 hurdle and retakes the $3,000 psychological mark during the Asian session on Wednesday. Persistent worries about escalating trade tensions and fears of a recession continue to prompt investors to take refuge in the traditional safe-haven bullion. Apart from this, bets for multiple rate cuts by the Federal Reserve (Fed) this year and some follow-through US Dollar (USD) selling for the second straight day turn out to be key factors that underpin the non-yielding yellow...
The Japanese Yen (JPY) retains its bullish bias for the second straight day against a broadly weaker US Dollar (USD) and drags the USD/JPY pair back closer to the 145.00 psychological mark during the Asian session on Wednesday. Investors continue to take refuge in traditional safe-haven assets, including the JPY, amid concerns about a tariffs-driven global recession. Adding to this reports that US President Donald Trump has agreed to meet Japanese officials to initiate trade discussions fuel optimism about a possible US-Japan trade deal, which further underpins the JPY. Meanwhile, investors...