The US Dollar Index (DXY), a measure of the value of the US dollar (USD) against a basket of six global currencies, strengthened slightly to around 98.15, ending two consecutive days of declines during Asian trading hours on Friday (August 8th). Federal Reserve Chairman Alberto Musalem is scheduled to speak later on Friday. The DXY strengthened after Federal Reserve (Fed) Governor Christopher Waller reportedly emerged as a leading candidate to replace embattled Fed Chairman Jerome Powell. Waller argued that the US central bank could "view" the inflationary impact of tariffs as transitory....
The Australian dollar (AUD) weakened against the US dollar (USD) on Friday (August 8), after three days of gains. The AUD/USD pair weakened as traders priced in a greater than 92% probability of a 25 basis point interest rate cut by the Reserve Bank of Australia (RBA) next week, which would lower the cash rate to 3.60%. The likelihood of an RBA rate cut increased as core inflation eased to 2.7% in June, well below the RBA's 2-3% target, along with rising unemployment and slowing wage growth. Supporting this outlook, Australia's Trade Surplus widened to $5,365 million (month-on-month) in...
Silver traded above $38 an ounce on Friday (August 8) and is expected to rise about 3% this week, as expectations of a US interest rate cut and uncertainty over new tariffs boost demand for the precious metal. Higher-than-expected weekly jobless claims, coupled with last week's weaker-than-expected nonfarm payrolls report, have prompted traders to price in the possibility of a Federal Reserve rate cut in September, with another move possible in December. In political developments, President Donald Trump nominated Stephen Miran, chairman of the Council of Economic Advisers, to replace...
Gold prices (XAU/USD) weakened from a more than two-week high in the $3,409-$3,410 range during the Asian session as traders opted to take profits ahead of the weekend. Furthermore, positive sentiment in equity markets and a modest recovery in the US dollar (USD) exerted downward pressure on gold bullion. However, a combination of factors acted as a boost for the precious metal, warranting caution for aggressive bearish traders. Investors remain cautious amid ongoing trade-related uncertainty, particularly following US President Donald Trump's new tariff threats this week, which could...
Oil prices headed for their longest decline since 2021, as traders judged that US efforts to end the war in Ukraine would not impact overall supply, even as Washington punished India for taking Moscow's crude. Brent fell near $66 a barrel, down for the seventh straight session, while West Texas Intermediate fell below $64. US President Donald Trump, who has set a Friday deadline for Moscow to agree to a ceasefire, said he is willing to meet with Vladimir Putin, even if the Russian leader has not yet agreed to sit down with Ukrainian President Volodymyr Zelenskiy. Earlier this week, Trump...