The Japanese yen weakened toward 144 per dollar on Wednesday, pulling back from over three-week highs after US President Donald Trump threatened to impose a 35% tariff on Japanese imports in a bid to pressure Tokyo into making trade concessions. Trump described negotiations with Japan as "really hard," once again criticizing the country's reluctance to accept cars and rice from the US. Meanwhile, domestic data released earlier this week showed a surprise uptick in business sentiment among large manufacturers in the second quarter, underscoring resilience despite mounting external...
A gauge of the dollar steadied after unexpectedly strong US job figures overnight lifted it off a three-year low. The Bloomberg Dollar Spot Index was little changed on Wednesday, having slipped as much as 0.4% to its weakest since 2022 during the previous session. The gauge then pared losses and Treasury yields rose after May JOLTs job openings came in above estimates. While trading in G-10 currencies is largely devoid of direction ahead of non-farm payrolls data due later this week, "we see nascent signs of the dollar staging a mini rebound should data continue to surprise to the upside,"...
Oil futures were little changed on Wednesday as markets weighed expectations from more supply from major producers next month, a softer U.S. dollar and a mixed bag of economic and market indicators from the U.S., the world's largest oil consumer. Brent crude was up 2 cents at $67.13 a barrel at 0345 GMT, while U.S. West Texas Intermediate crude fell 1 cent to $65.44 a barrel. Brent has traded between a high of $69.05 a barrel and low of $66.34 since June 25, as concerns of supply disruptions in the Middle East producing region have ebbed following the ceasefire between Iran and...
Gold price (XAU/USD) trades with a mild negative bias during the early European session on Wednesday and for now, seems to have snapped a two-day winning streak to a one-week top touched the previous day. The US Dollar (USD) ticks higher and moves away from a three-and-a-half-year low, which, in turn, undermines the commodity. Moreover, a generally positive risk tone is seen as another factor denting demand for the safe-haven precious metal. However, expectations that the US Federal Reserve (Fed) will resume its rate-cutting cycle in the near future and concerns about the fiscal...
Silver prices hovered around $36 per ounce on Wednesday, remaining largely unchanged for a third consecutive session and gaining support from a weaker dollar amid growing trade and fiscal uncertainties in the US. Those moves came as Fed Chair Jerome Powell reiterated on Tuesday that the central bank remains patient regarding additional interest rate cuts but did not rule out easing at this month's meeting. He also noted that the Fed would have already cut rates if not for the inflationary effects of President Donald Trump's tariffs. Adding to investor caution, the Senate narrowly approved...