The US dollar index fell below 99 on Monday, hitting its lowest level in over a month, as the euro strengthened following President Donald Trump's decision to postpone the imposition of 50% tariffs on the European Union until July 9. Trump announced the delay on Truth Social after a call with European Commission President Ursula von der Leyen, who described the conversation as "good" but noted more time was needed to "reach a good deal." Adding to market unease, Trump threatened to impose a 25% tariff on iPhones sold in the US that are not manufactured domestically, raising concerns over...
The GBP/USD pair is seen building on last week's strong move up and gaining some follow-through positive traction during the Asian session on Monday. The momentum lifts spot prices beyond the 1.3550 level, to the highest level since February 2022, and is sponsored by a combination of factors. The British Pound (GBP) continues with its relative outperformance on the back of the upbeat UK Retail Sales figures released on Friday, which suggest that consumer spending remains a bright spot despite a gloomy economic outlook. This, along with higher-than-expected inflation in April, fueled...
EUR/USD extends its gains for the second successive session, trading around 1.1390 during the Asian hours on Monday. The Euro (EUR) gains ground as Bloomberg reported that US President Donald Trump agreed to extend the 50% tariff deadline on the European Union (EU) until July 9. On Sunday. European Commission President Ursula von der Leyen posted on social media that the EU was ready to move quickly in trade talks with the United States (US) but requires more time to reach a deal. US markets will be closed due to the Memorial Day holiday on Monday. On Friday, President Trump threatened in...
Oil prices edged higher in Asian trading on Monday after U.S. President Donald Trump extended a deadline for his proposed reciprocal tariffs against the European Union. However, gains were limited as oversupply worries persisted amid reports that the oil-procuring cartel, OPEC+, might hike production again in July. As of 21:18 ET (01:18 GMT), Brent Oil Futures expiring in July rose 0.2% to $64.93 per barrel, while West Texas Intermediate (WTI) crude futures gained 0.3% to $61.69 per barrel. "We're likely to hear lots of noise this week ahead of the OPEC+ meeting on Sunday, 1 June, where...
The Australian Dollar (AUD) continues to gain ground against the US Dollar (USD) on Monday, marking fresh six-month highs. The AUD/USD pair receives support as the US Dollar remains under downward pressure amid rising uncertainty surrounding the United States (US) economy. The AUD's upside could be restrained due to dovish sentiment surrounding the Reserve Bank of Australia's (RBA) policy outlook. Following the previous week's 25 basis points interest rate cut by the RBA, Governor Michele Bullock mentioned that the central bank is prepared to take additional action if the economic outlook...