Oil prices fell below $72 a barrel after China announced retaliatory measures against the U.S., wiping out gains made this year. Here's a look at news that could drive North American resource stocks trading today. Oil prices erased all of their gains so far this year as the U.S.-China trade war escalated, hurting global growth and energy demand. The first salvo in the latest U.S.-China trade war made it clear that Xi Jinping is taking a more cautious approach than during Donald Trump's first term. China has imposed a 15% tariff on liquefied natural gas (LNG) imports from the U.S.,...
The US Dollar Index (DXY), which tracks the US dollar against a basket of six major currencies, was looking downbeat on Tuesday after first hitting 109.00 before falling back to a lower 108.37 level in European trade. The DXY was trading around 108.50 at the time of writing. Markets reacted to a mix of headlines with relief from Mexico and Canada, which saw the imposition of US tariffs delayed. Meanwhile, China has retaliated against US President Trump's tariffs by issuing its own levies on US imports. The economic data calendar is taking shape ahead of Friday's Nonfarm Payrolls data. The...
Gold hits an all-time high of $2,845, gaining over 1% as trade war fears intensify safe-haven demand.Chinese retaliatory tariffs on US goods and export controls amplify market uncertainties.Upcoming Fed speeches may influence gold's trajectory, with potential hawkish shifts tempering gainsGold reached a record high of $2,845 late Tuesday during the North American session as the US Dollar tumbled, weighed down by falling US Treasury bond yields. The "trade war" between the United States (US) and China sparked a flight to the yellow metal's safe-haven status. The XAU/USD trades at $2,843, up...
AUD/USD advanced to 0.6255 on Tuesday, extending Monday's rebound.China announced tariffs on specific US goods.Market sentiment improves on expectations of softer US data and potential RBA easing.On Tuesday, the AUD/USD rose to 0.6255 as the pair extended Monday's comeback. The recovery comes after renewed US tariffs on China prompted by President Trump followed delays in tariffs on Canada and Mexico, the latter of which have eased trade war fears. Meanwhile, aggressive bets on a February Royal Bank of Australia (RBA) rate cut and concerns over China's economic slowdown continue to weigh on...
USD/CHF holds positive ground around 0.9125 in Tuesday's early European session. China announced a levy of additional tariffs of up to 15% on select US imports starting February 10. Swiss Real Retail Sales rose 2.6% YoY in December. The USD/CHF pair trades with mild gains around 0.9125 during the early European session on Tuesday. The markets might turn cautious later in the day as traders await the developments surrounding tariff negotiations with China. China's finance ministry on Tuesday announced a package of tariffs on a range of US products, including crude oil, farm equipment, and...