The US dollar strengthened on Friday (July 11th), supported by new tariff threats from US President Donald Trump, which have reignited global trade tensions and triggered a new wave of risk aversion. As tensions escalate, investors have become increasingly cautious, bolstering the greenback's status as a safe-haven asset. This shift in sentiment has pushed the US Dollar Index (DXY) higher, as markets brace for potential monetary policy changes. The US Dollar Index (DXY), which measures the greenback's value against a basket of major currencies, traded flat during the American trading...
Gold prices rose more than 1% on Friday (July 11th) as investors sought safe-haven assets following the announcement of new tariffs by US President Donald Trump, while silver hit its highest level in more than 13 years. Spot gold prices rose 1% to $3,356.93 an ounce at 2:43 p.m. EDT (18:43 GMT), after hitting their highest level since June 24 earlier in the session. US gold futures closed up 1.4% at $3,371.20. Global stocks weakened after Trump escalated his tariff attack on Canada, saying the US would impose a 35% tariff on imports next month and plans to impose across-the-board tariffs of...
Oil prices rose more than 2% on Friday (July 11) as the International Energy Agency (IEA) stated that the market is tighter than it appears, while US tariffs and the possibility of further sanctions against Russia were also in focus. Brent crude futures closed up $1.72, or 2.5%, at $70.36 per barrel. US West Texas Intermediate crude rose $1.88, or 2.8%, to $68.45 per barrel. For the week, Brent rose 3%, while WTI recorded a weekly gain of about 2.2%. The IEA stated that the global oil market may be tighter than it appears, with demand supported by peak refinery production in the summer to...
Gold gained, bolstered by haven demand as traders weighed fresh tariff threats from President Donald Trump after he declared a 30% rate for the European Union and Mexico effective next month. Bullion traded near $3,370 an ounce, following a 0.6% increase last week. US trading partners continued to navigate the final weeks of negotiations as Trump's patience with talks appeared to wear thin before his Aug. 1 deadline. The president on Saturday gave trade ultimatums to Mexican President Claudia Sheinbaum and European Commission President Ursula von der Leyen, the latest in a string of...
Oil steadied after President Donald Trump escalated the trade war, with threats of 30% tariffs on goods from the European Union and Mexico hurting appetite for risk and the outlook for energy demand. Global benchmark Brent was little changed above $70 a barrel, after gaining 3% last week, while West Texas Intermediate was above $68. US equity-index futures dropped after the latest tariff threats, which followed US trade measures against nations from Canada to Brazil and Algeria last week. At the same time, investors were on alert for a "major statement" promised from Trump on Russia later...