GBP/USD manages to regain traction and cut earlier losses, trading around 1.3620 in the American session. Cable approaches its 2025 after a near-term US Dollar correction. Encouraging Middle East headlines and Powell's words back the upbeat mood Risk flows continued to dominate the action in financial markets in the first half of the day on Tuesday as investors cheered news of the Iran-Israel ceasefire. As a result, the US Dollar (USD) struggled to find demand and allowed GBP/USD to push higher. In the American session, Federal Reserve Chairman Jerome Powell's cautious comments on...
EUR/USD rallied to its highest level since October 2021, above the 1.1650 level on Wednesday, driven by a risk-on mood sparked by the de-escalation of the Iran-Israel conflict and broad weakness in the US Dollar. Investors' growing speculation that the Federal Reserve (Fed) will cut interest rates pushed the Greenback lower, setting it to test yearly lows. At the time of writing, the pair trades at 1.1661, up 0.45%. Geopolitics and central bank speeches are grabbing the headlines at the beginning of the week. Fed Chair Jerome Powell appeared before the US Senate, reiterating that monetary...
Oil edged higher as President Donald Trump said his maximum pressure campaign against Iranian oil would continue, while a government report showed another big drop in U.S. crude stockpiles. West Texas Intermediate crude futures rose above $65 a barrel after rising 0.9% in the previous session. Brent settled near $68. Trump said he was "not giving up" on a strategy targeting Tehran's petrodollars, after comments that appeared to undermine the plan. The president also flagged talks with Iran next week. Oil hit its biggest two-day decline since 2022 earlier in the week after Israel and Iran...
Gold edged up in early Asian trade amid US tariff uncertainty that could support the precious metal's appeal as a safe haven. "News and noise around the trade topic will pick up again as [President] Trump's Liberation Day tariff grace period ends in early July," Julius Baer's Carsten Menke said in an email. In addition, central bank gold buying shows no signs of slowing, the head of Next Generation Research added. Spot gold rose 0.1% to $3,338.05/oz. (alg) Source: Dow Jones
The dollar weakened amid rising bets on a U.S. interest-rate cut as expectations grew that the next Federal Reserve chairman would likely ease monetary policy earlier than currently anticipated. A Bloomberg greenback gauge fell to a three-year low after the Wall Street Journal reported that President Donald Trump may announce a replacement for current Chairman Jerome Powell in September or October. Traders saw the news as a signal that an early rate cut is becoming more likely, given that Trump has repeatedly pressed Powell to lower borrowing costs. "A Trump nomination would increase the...