Gold was steady in early Asian trade on the prospect of a Fed rate cut that would boost the appeal of the non-yielding precious metal. Fed Chair Powell told lawmakers on Tuesday that recent economic data would likely justify a rate cut if there were no concerns that higher tariffs could derail policymakers' efforts to combat inflation. Two Fed officials, Christopher Waller and Michelle Bowman, have also recently indicated they could support a rate cut. "Gold prices are resilient on speculation about a U.S. rate cut," Thu Lan Nguyen, head of FX and Commodity Research at Commerzbank, said in...
The Japanese Yen (JPY) remained firm against its US counterpart during the Asian session on Wednesday (6/25) and remained close to a one-week high hit the previous day amid a combination of supportive factors. The Bank of Japan (BOJ) June meeting summary showed that some policymakers called for interest rates to be kept steady for the time being due to uncertainty over the impact of US tariffs on the Japanese economy. In addition, the fragile Israel-Iran ceasefire and trade-related uncertainties supported the JPY as a safe-haven asset. Meanwhile, investors appear convinced that the BOJ...
Oil prices edged up on Wednesday, finding some relief after falling in the past two sessions, as investors assessed the stability of a ceasefire between Iran and Israel. Brent crude rose 75 cents, or 1.1%, to settle at $67.89 a barrel. U.S. West Texas Intermediate (WTI) crude rose 71 cents, or 1.1%, to settle at $65.08. Brent closed on Tuesday at its lowest since June 10 and WTI since June 5, both before Israel launched a surprise attack on Iran's main military and nuclear facilities on June 13. Prices had risen to a five-month high after the U.S. struck Iranian nuclear facilities over...
GBP/USD extended its gains for the third straight session, trading around 1.3620 during Asian hours on Wednesday (6/25). The pair was hovering around 1.3648, the highest since February 2022, recorded on Tuesday. The risk-sensitive GBP/USD pair received support from improving risk appetite amid easing tensions in the Middle East. US President Donald Trump announced that a ceasefire between Iran and Israel was in effect on Tuesday, raising hopes for an end to the 12-day conflict. However, caution remains amid uncertainty over the sustainability of the truce. Traders are likely to focus on a...
Silver (XAG/USD) prices posted modest gains near $35.95 during the Asian session on Wednesday (6/25). A weaker US Dollar (USD) provided some support to the USD-denominated commodity prices. Traders are gearing up for Federal Reserve (Fed) Chairman Jerome Powell's testimony later on Wednesday. US consumer confidence fell again in June amid uncertainty over US President Donald Trump's trade policies. Data released by the Conference Board on Tuesday showed that the US Consumer Confidence Index fell to 93 in June, below market consensus. The downbeat US economic data dragged the US Dollar lower...