The dollar index was at the 98 mark on Wednesday, halting the slide that tested three-year lows yesterday as markets continued to assess the monetary policy outlook for the Federal Reserve. In his first testimony before Congress, Chairman Powell noted that the uncertain economic backdrop drove FOMC members to wait for clarity on trade policy before committing to a specific rate path. Still, Powell noted that the lack of tariffs favor the continuation of a disinflationary outlook, favoring rate cuts should the White House refrain from reintroducing tariffs on the July 9th deadline. In the...
Silver (XAG/USD) is showing muted price action on Wednesday, slipping modestly lower but staying within Tuesday's range. At the time of writing, the metal is trading around $35.75 during the American session, down roughly 0.46% on the day. The subdued movement reflects fading safe-haven demand, as signs of easing geopolitical tensions — particularly the truce between Iran and Israel — have cooled the recent risk premium that helped drive Silver to multi-year highs. Silver is showing early signs of technical fatigue after a strong multi-week uptrend that saw the metal climb from sub-$30...
Oil prices rose over 1% on Wednesday, recovering from a sharp slide early this week, as data showed relatively strong U.S. demand, and as investors assessed the stability of a ceasefire between Iran and Israel. Brent crude futures were up 82 cents, or 1.2%, at $67.96 a barrel at 10:54 a.m. EDT. U.S. West Texas Intermediate (WTI) crude was up 83 cents, or 1.3%, to $65.20. On Tuesday, Brent settled at its lowest since June 10 and WTI at its lowest since June 5. Oil prices rose after June 13, when Israel launched a surprise attack on key Iranian military and nuclear facilities. Prices...
Gold prices remain steady during the North American session on Wednesday, rising over 0.30% as risk appetite improves due to the de-escalation and truce of the Israel-Iran conflict. Worse-than-expected housing data in the United States (US) could lead to actions by the Federal Reserve (Fed). Still, Chair Jerome Powell maintains his hawkish rhetoric, which is capping bullion's gains. XAU/USD trades at $3,334, up 0.34% as the Greenback trims some of its earlier gains, while US equities trade with gains. Fed Chair Jerome Powell said during his testimony before US Congress that tariffs could...
The Australian Dollar (AUD) is steadying against the US Dollar (USD), following a two-day rally that lifted AUD/USD back above 0.6500. With risk-on sentiment returning to markets following Tuesday's confirmation of a ceasefire between Israel and Iran, the Australian Dollar has benefited from easing geopolitical tensions. However, with prices now recovering above the 200-day Simple Moving Average (SMA), bullish momentum may be beginning to lose steam. As technical and fundamental factors contribute to driving price action, the relative performance of the two economies and interest rate...