EUR/USD edged higher during the North American session to hit a six-week high of 1.1449, poised to hold above 1.1400 as the US Dollar dropped to levels last seen in April as the "Sell America" trade continued. Escalating trade tensions between the United States (US) and China, as well as the Eurozone (EU), prompted investors to favor the Greenback with the Euro posting a gain of over 0.68%. Recently, economic data in the US revealed that business activity in the manufacturing sector remained in contraction territory, according to the Institute for Supply Management (ISM). Last week, US...
The Australian Dollar (AUD) traded positive in the early hours of the Asian session on Tuesday (03/06), while the US Dollar (USD) remained pressured. A series of events, including the re-escalation of tensions between the United States and China and the threat of new tariffs, have led to significant outflows from the USD, which has benefited other currencies, such as the Australian Dollar. US President Trump, tariffs, and trade wars continue to drive sentiment and demand for the US Dollar. US President Donald Trump recently announced that tariffs on steel and aluminum imports will double...
Gold rose after its biggest daily surge in four weeks as a weaker dollar and stronger demand for safe-haven assets bolstered trade and geopolitical risks. Bullion prices were near $3,390 an ounce after jumping 2.8% on Monday as relations between Washington and Beijing deteriorated and the Russia-Ukraine war escalated. China accused the U.S. of violating their latest trade deal and vowed to take action to defend its interests, even as the White House later confirmed the countries' leaders would likely speak this week. Meanwhile, the European Union issued a fresh warning of retaliatory...
The US dollar index edged higher toward 99 on Tuesday, recovering some ground after losses in the previous session as market sentiment steadied despite disappointing economic data and rising trade tensions. On Monday, data showed US manufacturing activity contracted more than expected in May, reflecting headwinds from ongoing trade uncertainty under the Trump administration. Trade concerns were heightened after Trump threatened to double tariffs on steel imports to 50%, drawing sharp criticism from major trading partners. Tensions with China also escalated as Beijing rejected Trump's...
Oil prices rose in Asian trade on Tuesday, extending sharp gains from the prior session as uncertainty over a U.S.-Iran nuclear deal and worsening tensions between Ukraine and Russia heralded more potential supply disruptions. Gains in oil came after recent wildfires in Canada's oil-producing province, Alberta, stood to impact output. Markets were also cheered by the Organization for Petroleum Exporting Countries and allies (OPEC+) agreeing to increase production in line with market expectations. A deadly drone strike by Ukraine against Russia also ramped up concerns over more geopolitical...