EUR/USD strengthened after hitting a weekly low of 1.1210, up more than 0.70% on Thursday (5/29) as weak US jobs data weakened the US dollar, which was also hit by falling US yields. At the time of writing, the pair was trading at 1.1376. The US economic report revealed that Americans filing for unemployment benefits increased in the week ending May 24, as reported by the US Department of Labor. Moreover, confirmation of a contraction in Gross Domestic Product (GDP) figures for Q1 2025 weighed on the greenback and lifted EUR/USD above the 1.1300 mark. Following the release of the data,...
The AUD/USD pair gains ground to near 0.6445 during the early Asian session on Friday. The US Dollar (USD) edges lower against the Australian Dollar (AUD) due to the resurgence of trade uncertainty and disappointing US economic data. The US April Personal Consumption Expenditures (PCE) Price Index report Will be in the spotlight later on Friday. A US federal court on Wednesday blocked US President Donald Trump's "Liberation Day" tariffs from going into effect. A federal trade court ruled Trump didn't have the authority to impose across-the-board duties on imports from nations that sell more...
Oil is on track for a second weekly decline ahead of an OPEC+ meeting on output policy that is expected to lead to another supply increase. West Texas Intermediate crude was steady below $61 a barrel after falling 1.5% on Thursday. Brent settled lower near $64. A subgroup led by Saudi Arabia will meet on Saturday to decide on July output levels, with talks earlier this week discussing a third straight supply increase. The faster-than-expected production increase by OPEC and its allies has raised concerns about a looming supply glut and helped drag oil prices lower. Concerns about a global...
Gold recovered some heavy losses sustained earlier this week, as markets were once again rattled by uncertainties around US President Donald Trump's global tariffs agenda and the strength of the US economy. The precious metal traded near $3,314 an ounce, following a gain of nearly 1% on Thursday after a federal appeals court offered Trump a temporary reprieve from a ruling threatening to throw out the bulk of his tariff agenda. A weakening dollar also helped, driven by growing fiscal risks and renewed political pressure on the Federal Reserve to lower interest rates. Disappointing...
Oil prices were on track to end the week down more than 1% on Friday amid whipsawing tariff rulings in the U.S. and as the market braced for a potential OPEC+ output hike. Brent crude futures slipped 26 cents, or 0.41%, to $63.89 a barrel by 0104 GMT. U.S. West Texas Intermediate crude fell 27 cents, or 0.44%, to $60.67 a barrel. The Brent July futures contract is due to expire on Friday. In the U.S., President Donald Trump's tariffs were to remain in effect after a federal appeals court temporarily reinstated them on Thursday, reversing a trade court's decision on Wednesday to put an...