Pound Sterling outperforms US Dollar on hopes of Russia-Ukraine truce The Pound Sterling (GBP) climbs to near the psychological resistance of 1.2500 against the US Dollar (USD) in European trading hours on Thursday. The GBP/USD pair strengthens as positive developments in peace talks between Russia and Ukraine have overcome the impact of hotter-than-expected United States (US)
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WTI attracts some sellers to around $71.10 in Thursday’s early Asian session. Trump called Putin and Zelenskiy to discuss ending the war in Ukraine. US crude oil stockpiles climbed by 4.07 million barrels last week, according to the EIA. West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $71.10 during the early Asian session on Thursday.
The US Dollar trades fairly flat ahead of the US CPI release on Wednesday. All eyes are back on Fed Chairman Jerome Powell, heading into his second day at Capitol Hill. The US Dollar Index (DXY) is trading sideways around 108.00, still looking for direction. The US Dollar Index (DXY), which tracks the performance of
US President Donald’s trade adviser Peter Navarro said late Tuesday that Australia was “killing the aluminium market”, the day after Trump signed executive orders for import tariffs on some metals. Australia hopes to secure exemptions to the new taxes on steel and aluminium. Trump on Monday signed executive orders, which will see 25% taxes placed
Europe continues to face high energy prices due to gas supply concerns, global trade tensions, and low wind levels. Gas prices have averaged €50/MWh so far this year, with German baseload power prices at €122/MWh, the highest since early 2023 and late 2022, respectively, Rabobank’s Energy Strategist Florence Schmit notes. Europe continues to face high
USD/CAD gains ground to around 1.4320 in Monday’s late American session. Trump tariff threats weigh on the Canadian Dollar. Investors brace for Fed Chair Jerome Powell’s semi-annual testimony on Tuesday. The USD/CAD pair gathers strength to near 1.4320 during the late American session on Monday. The US Dollar (USD) edges higher amid economic uncertainty and
EUR/GBP is offered again this morning as the market is dominated once more by the tariff story, ING’s FX analyst Chris Turner notes. GBP/USD to go to the lower end of the 1.2250-2500 trading range “Here, the market expects the EU to have more to lose than the UK on tariffs. We cannot rule out
AUD/USD weakens to around 0.6245 in Monday’s early Asian session. Trump announced a 25% tariff on steel, aluminum imports. US Nonfarm Payrolls rose by 143,000 in January vs. 170,000 expected. The AUD/USD pair attracts some sellers to near 0.6245 during the early Asian session on Monday. The US Dollar (USD) edges higher amid the fear
Mexican Peso treads water as inflation figures hint at further easing by Banxico. Despite US payrolls falling short, a lower unemployment rate boosts the USD against the Peso. Interest rate forecasts suggest further easing in Mexico, with the Fed maintaining a cautious outlook for 2025. The Mexican Peso (MXN) reversed its course and depreciated against
Gold gains as traders react to President Trump’s threat of new reciprocal tariffs, enhancing its safe-haven status. US Nonfarm Payrolls fall short of expectations, yet a declining Unemployment Rate suggests a resilient labor market. PBoC’s increased Gold reserves and cautious comments from Fed officials contribute to the metal’s price dynamics. Gold resumed its uptrend on
Federal Reserve (Fed) Bank of Chicago President Austan Goolsbee hit markets on an already-volatile Friday with more bad news, noting that inconsistent policy approaches from the US government cause a high level of economic uncertainty that make it difficult for the Fed to draw a bead on where the economy, and inflation specifically, are likely
According to the University of Michigan’s (UoM) Consumer Sentiment Index, American consumers are beginning to grow increasingly concerned about United States (US) President Donald Trump’s approach to economic policy and international trade. Trade war fears have knocked back consumer confidence, and consumer inflation expectations have also climbed. The Preliminary UoM Sentiment Index showed that aggregate
The European Central Bank will publish its staff revision on the neutral rate today, ING’s FX analysts Francesco Pesole notes. EUR/USD to retest the 1.044 Wednesday highs “President Christine Lagarde said last week that r-star is ‘a range that does not give a guideline or a destination’ and Olli Rehn added yesterday that ‘we should
The US Dollar Index holds below 108.00 as mixed economic indicators raise concerns ahead of Friday’s employment report. ADP reports a stronger-than-expected increase in private sector employment for January, while Initial Jobless Claims also rise. Investors anticipate the upcoming Nonfarm Payrolls data to gauge the Federal Reserve’s future monetary policy decisions. The US Dollar Index
Eurozone annual Retail Sales rose 1.9% in December. Retail Sales in the old continent arrived at -0.2% MoM in December. Eurozone’s Retail Sales rose 1.9% in the year through December after increasing by a revised 1.6% in November, the official data released by Eurostat showed on Thursday. The data aligned with the market expectations. On a monthly
The US Dollar continued its slide on Wednesday, retesting multi-day lows against its peers amid a steady unravelling of positions and lingering uncertainty over Trump’s trade policies. Here is what you need to know on Thursday, February 6: The US Dollar Index (DXY) dropped for the third day in a row, extending the breakdown of
The Pound Sterling declines against its major peers as traders price in a 25 bps interest rate cut by the BoE on Thursday. Investors should brace for high volatility amid uncertainty over US-China trade relations. The US Dollar will be guided by the US ADP Employment Change and the ISM Services PMI data for January
The Dow Jones is hitting a comfortable midrange around 44,450 on Tuesday. Threats of nearly-global tariffs have evaporated over 24 hours. Trade tensions remain an issue with China, but tariff breaks are priced in. The Dow Jones Industrial Average (DJIA) is testing the 44,450 region on Tuesday, with equities slowing their recent pace of volatility