Gold rose, reversing some of the previous session's losses as traders reduced their bets on a September interest rate cut from the US Federal Reserve. Bullion rose 0.7% to trade near $3,299 an ounce, following a decline in the dollar after Fed Chairman Jerome Powell announced that interest rates would be held steady. "There's still a lot of uncertainty to be resolved," Powell said in a post-meeting press conference. "It doesn't feel like we're that close to the end of that process." Traders reduced the probability of a September rate cut to less than 50% after Powell's remarks. Higher...
The dollar was poised for its first monthly gain of the year against major currencies on Thursday, underpinned by easing trade tensions and U.S. economic resilience. In a widely expected move, the Bank of Japan on Thursday kept short-term interest rates steady at 0.5% by a unanimous vote, but revised up its inflation forecasts for the next few years. That came after the U.S. Federal Reserve left interest rates unchanged on Wednesday, ignoring persistent calls by President Donald Trump to lower borrowing costs. Fed Chair Jerome Powell also indicated he was in no rush to cut rates. The...
Gold prices recovered on Thursday after the Federal Reserve (Fed) held rates unchanged, as the August 1 trade deadline imposed by US President Donald Trump looms. The Greenback remains steady on a tranche of good economic data, though the XAU/USD trades at $3,296, gaining 0.61%. Yesterday, the Fed maintained the fed funds rate at the 4.25%-4.50% range on a 9-2 split decision, with Governors Bowman and Waller opting for a 25-bps rate cut. Besides this, the Fed Chair Jerome Powell pushed back against Trump's comments that they might ease policy in September and said that they would adopt a...
The EUR/USD pair is posting marginal gains on Thursday, following a sharp sell-off over the last three days. The pair extended its decline on Wednesday following a hawkish message from the Federal Reserve (Fed), and remains on the defensive after Germany's preliminary Consumer Prices Index (CPI) confirmed the easing inflationary pressures, with all eyes on the US Personal Consumption Expenditures (PCE) Prices Index figures. The Euro (EUR) is trading at 1.1450 at the European market opening, up from the seven-week lows at 1.1400 hit after the Fed's monetary policy decision on Wednesday, yet...
The Swiss Franc (CHF) steadies against the US Dollar (USD) on Thursday, snapping a six-day losing streak as investors rotate back into the Franc amid renewed safe-haven demand. The cautious tone in markets comes ahead of the looming US tariff deadline on Friday, August 1, with US President Donald Trump reiterating that new tariffs will be imposed on countries without finalized trade agreements. The shift in sentiment reflects heightened uncertainty surrounding global trade policy, prompting a pause in recent USD strength against the Swiss Franc. The USD/CHF pair hit its highest level in...