The USD/CHF pair weakened to around 0.8125 during early European trading hours. The US dollar weakened against the Swiss franc (CHF) despite a hawkish stance from US Federal Reserve officials. Traders are bracing for further developments surrounding US President Donald Trump's tariff policy ahead of the deadline. On Wednesday, Trump announced that the United States would impose a 15% tariff on imports from South Korea. The agreement includes a $350 billion commitment from South Korea for US-owned and -controlled investments. Meanwhile, US Secretary of Commerce Howard Lutnick announced that...
The EUR/USD pair posted modest gains on Thursday (July 31st), following a sharp sell-off over the past three days. The pair resumed its decline on Wednesday following strong US Gross Domestic Product (GDP) figures and a hawkish message from the Federal Reserve (Fed). The euro (EUR) was trading at 1.1435 at the European market open, up from a seven-week low of 1.1400 reached after the Fed's monetary policy decision on Wednesday, but still on track for a 3% depreciation in July. The US emerged as the best-performing nation in this eventful week. US data continued to show that the economy...
Oil prices were little changed on Thursday (July 31st) as investors weighed supply risks stemming from US President Donald Trump's push for a swift resolution to the war in Ukraine through additional tariffs, while a surprise increase in US crude stockpiles weighed on prices. Brent crude futures for September, which expire on Thursday, rose 4 cents, or 0.05%, to $73.28 a barrel at 08:12 GMT. US West Texas Intermediate crude for September also rose 4 cents, or 0.06%, to $70.04. Both benchmarks rose 1% on Wednesday. "We're looking for more clarity on the nature of any new tariffs or...
Gold prices rose more than 1% on Thursday (July 31st), pulling away from a one-month low hit in the previous session, as a weaker dollar and the announcement of new US tariffs boosted demand for the safe-haven asset. Spot gold rose 1.1% to $3,312.03 an ounce, as of 06:12 GMT. The bullion had hit its lowest level since June 30th at $3,267.79 on Wednesday. US gold futures rose 0.4% to $3,309. The dollar weakened from a two-month low, making gold cheaper for holders of other currencies. "We had some significant declines in gold prices yesterday around the release of the FOMC statement and the...
Oil prices held gains this week as traders grappled with President Donald Trump's threat to impose punitive tariffs on Russian energy buyers. West Texas Intermediate crude oil prices were little changed on Thursday, but closed at a six-week high the day before. The US president said he would impose tariffs on Indian exports and penalties on its energy purchases from Russia starting August 1, the latest in a series of comments in which he expressed anger over the lack of a ceasefire in Ukraine. While the market impact of a disruption in Indian purchases could be significant, as Moscow would...