The USD/JPY was virtually unchanged during the North American session on Tuesday, as traders assessed US President Donald Trump's threats to impose 25% tariffs on Canada and Mexico as soon as February 1. The Greenback recovered as the major hit a daily high of 156.20. However, fears faded as the pair traded near 155.54, virtually unchanged. Market sentiment remains upbeat, and the US Dollar climbs, as depicted by the US Dollar Index (DXY), which tracks the basket of six currencies against the buck, rising 0.29% to 108.30.Meanwhile, traders in the FX markets would continue to be attentive to...
EUR/USD recovers from daily lows toward 1.0400 in the American session on Tuesday. Following the earlier rally, the USD struggles to preserve its strength as the bullish opening in Wall Street's main indexes point to an improving risk moodAfter spending the European session under bearish pressure, EUR/USD gains traction and recovers toward 1.0400 in the American trading hours. In the early Asian session on Tuesday, US President Donald Trump said that they could impose tariffs on China if they make a TikTok deal and China doesn't approve it. Additionally, he said that they are planning to...
Gold rallied more than 1% and hit a two-month high of $2,745 on Tuesday as investors seeking safety bought the non-yielding metal following US President Donald Trump's remarks on tariffs. The Greenback, which initially advanced, has turned negative as depicted by the US Dollar Index (DXY), a tailwind for Bullion prices. The XAU/USD trades at $2,742 at the time of writing. Trump's first day in office improved risk appetite, only to suddenly turn risk-averse after he hinted at imposing tariffs on Canada and Mexico as he signed a tranche of executive orders. The Canadian Dollar (CAD) and the...
US benchmark West Texas Intermediate (WTI) crude oil was trading around $75.55 on Wednesday (1/22). WTI prices fell as US President Donald Trump considered imposing tariffs on major trading partners and vowed to increase US oil and gas production. Trump declared a national energy emergency on Monday and used the authority to quickly approve new oil, gas and power projects that typically take years to obtain permits. This raised concerns about higher US production in a market that is widely expected to be oversupplied this year. Trump also said he was considering imposing 25% tariffs on...
The dollar index held around 108.1 on Wednesday, maintaining recent losses amid lingering uncertainty over U.S. President Donald Trump's tariff plans. Trump indicated on Tuesday that he was considering a 10% tariff on Chinese imports, which would kick in on Feb. 1, just one day after threatening Mexico and Canada with tariffs of around 25%. However, none of those threats have been translated into action, fueling hopes that the administration could take a more cautious approach to tariffs, which could help reduce inflation risks. The dollar has been on an upward trajectory since October,...