Gold rose to around $3,320 per ounce on Thursday, extending gains from the previous session, supported by a weaker dollar as investors continued to monitor trade developments and digested the latest FOMC minutes. Markets remain focused on a wave of tariff demand letters from President Trump, with Brazil the latest to face steep duties following earlier threats on copper imports and other countries—fueling concerns over broader trade disruptions. Meanwhile, minutes from the Fed's June meeting showed officials were divided on the timing and extent of potential interest rate cuts. While most...
The Australian Dollar (AUD) continues its winning streak for the third successive session on Thursday. The AUD/USD pair gained ground after the Reserve Bank of Australia (RBA) surprisingly decided to maintain the Official Cash Rate (OCR) at 3.85% earlier this week. RBA Governor Michele Bullock stated that inflation risks persist, driven by the elevated unit labor costs and weak productivity, which could push inflation above forecasts. Moreover, RBA Deputy Governor Andrew Hauser mentioned that the global economy is facing uncertainty. Hauser also stated that tariff effects on the global...
The Japanese Yen (JPY) is building on the previous day's goodish recovery from over a two-week low and scaling higher for the second consecutive day against a broadly retreating US Dollar (USD). Investors remain on edge amid persistent uncertainties surrounding US President Donald Trump's trade policies, which, in turn, benefit the safe-haven JPY. The USD, on the other hand, is undermined by prospects for more interest rate cuts by the Federal Reserve (Fed) this year, bolstered by FOMC Minutes on Wednesday. This, in turn, contributes to the USD/JPY pair's intraday slide back below the...
Oil prices eased on Thursday as the latest tariff announcements by U.S. President Donald Trump were perceived by market participants as a threat to global economic growth, however signs of strong U.S. gasoline demand limited losses. Brent crude futures were down 3 cents at $70.16 a barrel by 0401 GMT. U.S. West Texas Intermediate crude lost 6 cents to $68.32 a barrel. On the demand side, macro uncertainty has led to a more cautious buying environment, particularly in Asia, said analytics firm Kpler in a note, while noting that geopolitical risk premiums have faded with the Israel-Iran...
The GBP/USD pair gains ground around 1.3605 during the Asian trading hours on Thursday. The Greenback softens against the Pound Sterling amid the prospects for more interest rate cuts by the Federal Reserve (Fed) this year. Traders await the US weekly Initial Jobless Claims data later on Thursday. Also, the Federal Reserve (Fed) officials are scheduled to speak, including Alberto Musalem, Christopher Waller and Mary Daly. US President Donald Trump on Monday warned trading partners of sharply higher US tariffs from August 1, after he delayed all but 10% of his April levies on most countries...