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Gold (XAU/USD) attracts some sellers during the Asian session on Monday, though it lacks bearish conviction and shows some resilience below the $4,600 mark. Major central banks, including the US Federal Reserve (Fed), have turned hawkish in the wake of concerns that energy shocks stemming from geopolitical tensions in the Middle East would revive inflationary pressures. This, in turn, is seen as a key factor undermining demand for the non-yielding yellow metal.US President Donald Trump announced a plan to guide ships stranded in the Gulf through the Strait of Hormuz under a project called “Project Freedom” and also warned that…
Efforts to mediate an end to the Iran war persisted as the war in Iran entered its third month, and US President Donald Trump hinted that Tehran’s latest peace proposal might not be enough to satisfy him, Bloomberg reported on Sunday.Iran’s suggestions include setting a one-month deadline on talks for a deal to reopen the Strait of Hormuz and end both the US naval blockade and the conflict in Iran and Lebanon, according to Axios, which cited two sources familiar with the matter.The source said that if such a pact is reached, another month of discussions would then begin in…
The dollar was headed for its biggest weekly loss against the yen since February on Friday after Japan was reported to have intervened to support its currency.Markets remained on edge after Japan’s top currency diplomat, Atsushi Mimura, said speculative positions were still evident, underscoring authorities’ unease over rapid yen moves.The dollar briefly slid from around 157.1 to 155.49 against the yen before recouping some losses after Mimura’s remarks. It was last up 0.26% to 157.04.”The durability of intervention remains uncertain,” said Uto Shinohara, senior investment strategist at Mesirow Currency Management in Chicago.”Historically, its effects tend to fade without accompanying policy…
AUD/USD holds to minimal gains of 0.10% late in the North American session, yet poised to finish the week up 0.84%. At the time of writing, the pair trades above 0.7200 as the ‘bullish engulfing’ chart pattern caps the Aussie on the downside.AUD/USD Price Forecast: Technical outlookFrom a technical perspective, the AUD/USD trades near the top of a 100-pip consolidation range between 0.7100 and 0.7200, with traders awaiting fresh catalysts. Momentum is bullish as depicted by the Relative Strength Index (RSI) sitting above its neutral level.On the upside, the first resistance for AUD/USD is the psychological 0.7250 level. If cleared,…
The US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, turns higher on Friday, recovering from earlier weakness, though it remains on track to close the week in negative territory.It has been a volatile week for the US Dollar, with price action driven by suspected intervention by Japanese authorities, ongoing Middle East tensions, and renewed trade concerns. At the time of writing, the DXY is trading around 98.21, rebounding from a two-week low of 97.72 reached earlier in the day.Trade tensions resurfaced after US President Donald Trump threatened to raise tariffs on European…
USD/CAD edged higher by less than 0.1% on Friday, recovering from an early-session low near 1.3560 to trade around 1.3590. The pair has shed roughly 0.6% on the week after rolling over from the 1.3700 area mid-week, and momentum has appeared sluggish close to 1.3580 as a cluster of small-bodied candles points to indecision.The US-Iran conflict and the continued closure of the Strait of Hormuz remain the dominant drivers, keeping crude oil prices elevated and offering tailwinds to the commodity-linked Canadian Dollar. Ceasefire talks stalled over the weekend with both sides hardening their positions, and the US naval blockade of…
The EUR/USD pair is trading near the 1.1730 level on Friday’s late American session, trimming almost all its intraday gains, after United States (US) President Donald Trump threatened to raise the tariff rate on European Union (EU) cars and trucks from 15% to 25% and said he isn’t happy with the latest proposal sent by Iran to end the war.Iran passed a peace talks offer through Pakistan to try and strike a deal with the US, though the details and demands from Tehran remain unknown. US President Trump claimed that “we made strides in talks with Iran, but I’m not…
Gold (XAU/USD) prints back-to-back days of gains, up over 0.50% as the US Dollar extends its losses amid Japan’s intervention in the market and amid news that Iran submitted a new proposal drove Oil prices lower. At the time of writing, the XAU/USD pair trades at $4,643 after bouncing off daily lows of $4,560.Bullion gains as Iran proposal cools oil, but Fed hawks cap upsideWall Street trades in positive territory amid news that Iran sent a proposal to the US via Pakistan, which weighed on Oil prices, with WTI seen trading at $101.91 per barrel, down over 3% on the…
Dow Jones Industrial Average (DJIA) futures traded above 49,800 in overnight and pre-market action, building on a near 1,500-point rally from Thursday morning’s lows around 48,500 and pressing toward the 50,000 mark for the first time. S&P 500 futures held firmly above 7,200 after the cash index closed at a fresh record yesterday, locking in its strongest monthly performance since 2020. Nasdaq Composite futures pointed to a continuation of Thursday’s tech-led gains, with the Dow itself coming off its strongest month since November 2024. The risk tone is being driven by hopes that Iran’s latest diplomatic offer can wind down…
The US Dollar Index (DXY) fell to a two-week low near the 98.00 price zone on Friday, extending the losses seen the previous day and ending a week in which the world’s most important central banks confirmed a hawkish shift due to rising inflation pressures. Next week, traders’ attention will remain focused on any development regarding potential negotiations between the US and Iran, as well as a streak of US employment data that will culminate with Nonfarm Payrolls.The economic calendar was light on Friday as many markets around the world were closed due to the Labor Day holiday. Still, in…