EUR/USD posted modest gains during the North American session as the US dollar erased some of its earlier gains, following US President Donald Trump's demand for the Federal Reserve to cut interest rates, as he pushed back the July 9 deadline to August 1. At the time of writing, the pair was trading at 1.1724, up 0.14%. Risk appetite soured late in the day, amid uncertainty over trade policy. US Commerce Secretary Howard Lutnick said he expected 15-20 more letters to be sent in the next few days, according to an interview with CNBC. Meanwhile, Trump's threat to expand tariffs on...
GBP/USD fluctuates near 1.3600 as markets grapple with inconsistent policy messages regarding President Donald Trump's erratic tariff policies. The reciprocal tariffs announced and immediately postponed in early April have been pushed back from July 9 to August 1, and within 24 hours, President Trump announced that further delays or suspensions of the tariffs could and should not be expected. Adding further fuel to the tariff fire, President Trump announced a new 50% tariff on all copper imports into the US, which he confirmed would take effect "today" on Tuesday. Trump also reiterated...
Oil steadied as traders weighed signs of swelling US crude stockpiles and the fallout from President Donald Trump's tariff regime. West Texas Intermediate held near $68 a barrel after a two-day gain. Brent closed above $70 on Tuesday. US inventories rose by 7.1 million barrels last week, according to the American Petroleum Institute. That would be the largest increase since January if confirmed by government data on Wednesday. Investors continue to monitor US trade policy and any impact on demand, with Trump vowing to push ahead with his tariff agenda in coming...
Gold edges lower in the early morning Asian session, weighed by higher Treasury yields. "Stronger-than-expected U.S. labor data last week dampened expectations for a near-term rate cut from the Fed," Traze's Erkin Kamran says in an email. The 10-year Treasury yield remains elevated, boosting the opportunity cost of holding nonyielding assets like gold, Kamran says. Meanwhile, market participants could stay cautious ahead of FOMC minutes due out later today, Kamran adds. Spot gold is 0.1% lower at $3,297.76/oz. Source: Dow Jones Newswires
The dollar rose for a third day against the yen on Wednesday as U.S. President Donald Trump pledged more trade-related proclamations after announcing 25% tariffs on Japan and other trade partners. The greenback advanced against major peers on Tuesday after Trump began telling trade counterparts that sharply higher U.S. tariffs will start on August 1, but he later said he was open to extensions if countries made proposals. Trump said on social media that there would be announcements on Wednesday regarding "a minimum of 7 countries having to do with trade," without specifying whether he...