The U.S. dollar fell on Tuesday after President Donald Trump announced a ceasefire between Israel and Iran, in news that sparked a risk rally and a sharp drop in oil prices. Trump announced a complete ceasefire between Israel and Iran, potentially ending the 12-day conflict that led millions of people to flee Tehran and prompted fears of further escalation in the war-torn region. Israel has agreed to Trump's proposal, saying it has achieved its goal of removing Tehran's nuclear and ballistic missile threat. The yen and euro benefited from a sharp fall in oil prices as both the European...
Gold dropped more than 1% to touch a two-week low on Tuesday, after President Donald Trump's announcement of a ceasefire between Israel and Iran diminished bullion's safe-haven appeal. Spot gold was down 1.2% to $3,326.87 an ounce, as of 0852 GMT, after hitting its lowest level since June 11 earlier in the session. U.S. gold futures slipped 1.6% to $3,339.40. "Gold prices are trending lower today, driven by a shift towards greater risk appetite, as optimism grows over a potential end to hostilities in the Middle East," said Ricardo Evangelista, senior analyst at the brokerage firm...
Oil tumbled nearly 4%, global shares surged and the dollar dropped on Tuesday as markets took heart from a ceasefire between Israel and Iran and shrugged off what U.S. President Donald Trump said were violations by both sides. Brent futures had already slid 7% on Monday and U.S. shares jumped after Iran made only a token retaliation against a U.S. base to an attack over the weekend, and signalled it was done for now. With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, the Brent benchmark touched its lowest since June 11 and was last at $68.81 a barrel,...
A Bloomberg gauge of the dollar dropped amid a fragile ceasefire between Iran and Israel. The US currency trimmed losses after Federal Reserve Chair Jerome Powell said that the central bank is in no rush to lower borrowing costs. The Bloomberg Dollar Spot Index falls 0.4% and trades off day's low; still heads for its biggest daily decline since June 12 as options sentiment sours on US currency. Powell in prepared remarks to Congress ahead of testimony later Tuesday: "For the time being, we are well positioned to wait to learn more about the...
Gold prices fell on Tuesday as investors fled from safe-haven assets and continued to monitor remarks from Jerome Powell, Chair of the Federal Reserve (Fed). As Fed Powell began his two-day semi-annual testimony before Congress, his prepared remarks stated that "the Fed's obligation is to prevent a one-time increase in price-level from becoming an ongoing inflation problem by keeping inflation expectations well-anchored." Although these comments are supportive of potential rate cuts in the last quarter of the year, easing geopolitical risks appear to be the dominant driver of current price...