The U.S. dollar inched higher Wednesday, but was still set to register its weakest month in over two years, weighed by the uncertainty generated by the Trump administration's volatile trade policies. At 04:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, climbed 0.1% to 99.080, but remained not far from the three year low it touched last week. The index is down 4.6% this month, its weakest performance since November 2022. Dollar pulled by tariffs, economic data The greenback edged higher Wednesday, with sentiment boosted by the...
Oil prices extended declines on Wednesday and were set for their largest monthly drop in almost three and a half years as the global trade war eroded the outlook for fuel demand, while concerns over mounting supply also weighed. Brent crude futures fell $1.13, or 1.8%, to $63.12 per barrel by 0813 GMT. U.S. West Texas Intermediate crude futures dropped $1.11, or 1.8%, to $59.31 a barrel. So far this month, Brent and WTI have lost 15.4% and 17%, respectively, the biggest percentage drops since November 2021. Both benchmarks slumped after U.S. President Donald Trump's April 2 announcement...
Silver prices stabilized around $32.90 per ounce on Wednesday, following recent volatility as investors awaited clarity on US-China trade relations and key US economic data. While it remains uncertain whether formal negotiations are ongoing, both Washington and Beijing have signaled a willingness to ease tensions amid growing concerns over the trade war's economic fallout. Adding to the cautious sentiment, Chinese manufacturing activity contracted more than expected in April, suggesting slowing industrial demand. Meanwhile, markets are bracing for the release of the March PCE price...
Gold futures slide as market turmoil eases and investors take profits. Futures are down 1.5% at $3,282.70 a troy ounce, though they remain up 22% in the year to date. There is a general sense of calm in the markets, with Treasury yields sliding and equity markets rebounding, SP Angel analysts say in a note. Reducing trade tensions between the U.S. and China, alongside rising hopes of a Russia-Ukraine peace deal, are reducing safe-haven demand for gold, SP Angel says. Exchange-traded funds are reporting gold outflows, further reinforcing expectations that profit-taking is driving gold lower,...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades flat at 99.30 at the time of writing on Wednesday. The Greenback is not really going anywhere as investors stay on the sidelines against key data releases during the American session. United States (US) President Donald Trump signed an executive order to ease the tariff impact on car parts and, during a rally in Detroit, lashed out at Federal Reserve Chairman Jerome Powell again, proclaiming Trump knows more about interest rates than Powell does. On the economic calendar...