Gold rose toward $3,370 per ounce on Wednesday, recouping some losses from the previous session as rising geopolitical and economic risks boosted its safe-haven appeal. On Tuesday, the OECD lowered its global growth outlook, citing mounting pressure on the US economy from escalating trade tensions. This was compounded by weak US factory orders but tempered by signs of labor market resilience. Meanwhile, President Trump's tariffs on steel and aluminum took effect Wednesday, further straining global trade relations. Tensions between Washington and Beijing also remained high after mutual...
The US dollar index eased to around 99.1 on Wednesday, giving back some of the previous session's gains as investors awaited a series of labor market reports that could shape the Federal Reserve's policy outlook. Focus now turns to the ADP private payrolls report due Wednesday, followed by weekly jobless claims on Thursday and the closely watched May jobs report on Friday. On Tuesday, JOLTs data showed job openings unexpectedly rose to 7.39 million in April, up from March's revised 7.2 million and well above the 7.1 million consensus forecast suggesting continued labor market...
The Australian Dollar (AUD) appreciates against the US Dollar (USD) on Wednesday after registering over 0.5% losses in the previous session. The AUD/USD pair remains in positive territory following the release of mixed economic data from Australia. Australian Bureau of Statistics (ABS) showed that Gross Domestic Product (GDP) grew by 0.2% quarter-over-quarter in Q1, declining from the previous 0.6% growth. Australia's economy fell short of the expected 0.4% rise. Meanwhile, the annual GDP growth rate remained consistent at 1.3%, below the expected 1.5%. Moreover, the S&P Global...
The Japanese Yen (JPY) drifts lower against its American counterpart for the second straight day on Wednesday and retreats further from a one-week high touched the previous day. Bank of Japan (BoJ) Governor Kazuo Ueda's cautious remarks on Tuesday fueled speculations that the next interest rate hike won't come soon. This, along with a generally positive risk tone, is seen undermining the safe-haven JPY. Apart from this, a modest US Dollar (USD) uptick assists the USD/JPY pair to trade with a mild positive bias above the 144.00 mark during the Asian session. Meanwhile, an upward revision...
GBP/USD edges higher after registering losses in the previous session, trading around 1.3520 during the Asian hours on Wednesday. The pair may appreciate as the US Dollar (USD) attracts sellers under the "Sell America" trend amid rising tariff uncertainty, which could hurt growth in the US economy. Job Openings and Labor Turnover Survey (JOLTS) Job Openings posted 7.39 million new positions in April, higher than March's 7.2 million openings. This figure surprisingly came in above the market expectation of 7.1 million. Traders await the US Nonfarm Payrolls (NFP) report for May, which is...