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Donald Trump, United States President, announced on Friday through Truth Social a new round of tariffs on the European Union (EU) for cars and trucks.I am pleased to announce that, because the European Union is not complying with our fully agreed-upon Trade Deal, next week I will be increasing tariffs on cars and trucks imported into the United States from the European Union. The Tariff will be increased to 25%. It is fully understood and agreed that, if they produce Cars and Trucks in the USA. Plants, there will be NO TARIFF. Many Automobile and Truck Plants are currently under…

West Texas Intermediate (WTI) crude Oil eases on Friday, trimming part of the strong gains registered earlier this week as renewed diplomatic efforts to end the US-Iran war lift market sentiment. At the time of writing, WTI is trading around $99, down over 3% on the day and pulling back from a seven-week high near $107.35 reached on Thursday.The latest leg lower comes as reports suggest Iran has submitted a new proposal through Pakistani mediators in response to the latest US amendments, following Washington’s rejection of an earlier Iranian offer that proposed leaving nuclear negotiations for a later stage. While…

Silver (XAG/USD) trades around $76.00 on Friday at the time of writing, up 3.05% on the day, supported by renewed demand despite a macroeconomic backdrop that remains challenging for non-yielding assets.The white metal benefits from a rebound after consolidating earlier in the week, as investors reassess the outlook for monetary policy in the United States (US). The Federal Reserve (Fed) kept interest rates unchanged within the 3.5%-3.75% range at its latest meeting, a decision widely expected by markets. However, internal divisions within the committee, with several members opposing an easing bias, reinforce the view that restrictive policy may persist for…

USD/JPY turns flat in the day after diving to a daily low of 155.48 during Friday’s session, in the aftermath of two straight days of Japanese authorities intervening in the FX markets to strengthen the Yen, which had weakened past the 160.00 figure. The pair trades at 156.67, flattish.USD/JPY holds flat as Tokyo action fades and US jobs data looms nextOn Thursday, Japanese authorities intervened in the FX markets. Data from the Bank of Japan on Friday revealed that it spent as much as $35 billion USD, slightly below the $36.8 billion used in the July 2024 intervention.Meanwhile, traders cheered…

Gold (XAU/USD) edges lower on Friday, heading for a second straight weekly decline as higher-for-longer interest rate expectations continue to dominate price action amid rising inflation concerns driven by elevated Oil prices. At the time of writing, XAU/USD is trading around $4,577, hovering just above the one-month low of $4,510 reached earlier this week.Higher energy costs have already pushed inflation higher across major economies since the US-Iran war began, prompting central banks to reassess the monetary policy path. Major central banks, including the Federal Reserve (Fed), European Central Bank (ECB), Bank of England (BoE) and Bank of Japan (BoJ), kept…

The US Dollar (USD) remains practically flat against the Swiss Franc (CHF) on Friday, wavering within a few pips above 0.7800, on track for a 0.35% weekly loss after dropping from highs above 0.7900 the previous day. The softer-than-expected Swiss Retail Sales data have failed to impact the pair, while an alleged intervention by Japanese authorities to stem Yen weakness has hit the Greenback across the board.The Swiss Federal Statistics Office revealed on Friday that retail consumption year-on-year rose 0.5% in March, slightly above the 0.4% growth seen in February, but well short of the 1% increase forecasted by market…

The Indian rupee closed at a record low of 94.90 against the dollar on Thursday after touching an all-time intraday low of 95.33/$. The currency pared some of its losses in the final half-hour of trade, likely aided by intervention from the Reserve Bank of India, as the central bank is seen keen to prevent the rupee from closing beyond the psychologically important 95/$ mark, traders said. The rupee had previously closed at 94.85/$The currency, in what was a very volatile session, traded in a range of nearly 50 paise, between 95.35/$ and 94.86/$, very different from its usual 20-25…

The AUD/JPY cross holds positive ground near 113.10 during the early European session on Friday. The cross remains firm after pulling back from a multi-decade high of 114.72. However, the potential upside for AUD/JPY might be limited amid intervention fears. Atsushi Mimura, Japan’s Vice Finance Minister for International Affairs and top foreign exchange official, on Friday declined to confirm the Japanese Yen (JPY) intervention directly but delivered a pointed warning to speculators, noting that Japan’s Golden Week holidays have just started and that there is no change to his view that market moves remain speculative in nature. On the other hand, a…

How soon will the Reserve Bank of India raise rates and how high will it have to take them? Those have become urgent questions for bankers in Mumbai after elevated energy-import costs pushed the rupee to a record low Thursday.India’s challenge is similar to Japan’s, where the yen slid past the 160 mark against the dollar to its weakest level since 2024. Just as the Bank of Japan under Governor Kazuo Ueda is reluctant to commit to a rate increase, his RBI counterpart Sanjay Malhotra, too, has signaled a preference to stay on pause. The central bank would step in,…

The EUR/USD pair attracts some buyers to around 1.1730 during the early Asian session on Friday. The Euro (EUR) strengthens against the US Dollar (USD) after the European Central Bank (ECB) kept interest rates on hold at its April meeting. The ECB governing council opted to hold its benchmark deposit facility rate at 2% on Thursday despite a surge in inflation in the Eurozone since the war in Iran began. According to the statement, the central bank said the inflation outlook was largely unchanged: “The upside risks to inflation and the downside risks to growth have intensified.”The ECB stated that it…