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United States (US) President Donald Trump announced on Thursday that he would be selecting Stephen Miran, the current Chair of the US Council of Economic Advisors, to replace recently resigned Federal Reserve (Fed) Board of Governors (BoG) member Adriana Kugler.Key HighlightsStephen Miran will be replacing Adriana Kugler as a voting member of the Fed’s Board on an interim basis until January 31, 2026. Trump is continuing his trend of appointing team members to multiple roles: Moran already serves as the Chair of the US CEA, a position he was nominated to by Trump at the beginning of his second term.Stephen…
Canadian Dollar gains have given way to a fresh bounce in US Dollar strength.The Loonie snapped a near-term winning streak on Thursday.Despite an uptick in Canadian PMI figures, market attention remains focused elsewhere.The Canadian Dollar (CAD) eased off the gas pedal on Thursday, slowing a near-term bull run and snapping a four-day winning streak against the US Dollar (USD) as Greenback bidding bumped upwards. United States (US) President Donald Trump’s long-awaited “reciprocal” tariffs, initially announced in early April and delayed multiple times, appear to have finally gone into effect.Mid-tier Canadian Purchasing Managers Index (PMI) figures barely moved the needle on…
On Thursday, Banco de Mexico (Banxico) decided to reduce interest rates by 25 basis points as expected by most analysts. Story in development, more to come… Banxico FAQs The Bank of Mexico, also known as Banxico, is the country’s central bank. Its mission is to preserve the value of Mexico’s currency, the Mexican Peso (MXN), and to set the monetary policy. To this end, its main objective is to maintain low and stable inflation within target levels – at or close to its target of 3%, the midpoint in a tolerance band of between 2% and 4%. The main tool…
The US Dollar (USD) traded with decent gains, reversing part of Wednesday’s retracement, as market participants continued to closely follow any developments from the trade front as well as Trump’s plans to replace Chair Powell.Here’s what to watch on Friday, August 8:The US Dollar Index (DXY) clocked acceptable gains and regained the 98.40-98.50 band, setting aside part of the prevailing weekly downtrend amid mixed US yields across the curve. Next on tap on the US docket will be the release of the Inflation Rate for the month of July on August 12.EUR/USD receded modestly soon after hitting new multi-day tops…
Gold price looks for a fresh trigger to break above the key resistance of $3,400.Fed officials turn dovish on the monetary policy outlook.US President Trump is expected to announce the tariff penalty on China for buying Oil from Russia.Gold price (XAU/USD) struggles to break above $3,400.00 after testing this key level early Thursday. The precious metal hesitates to extend upside even as Federal Reserve (Fed) officials have shown support for interest rate cuts in the remainder of the year.On Wednesday, Minneapolis Fed President Neel Kashkari, San Francisco Fed President Mary Daly and Fed Governor Lisa Cook argued in favor of…
The Bank of England (BoE) announced on Thursday that it lowered the policy rate by 25 basis points (bps) to 4% after the August meeting, as widely anticipated.According to the policy statement, policymakers voted 5-4 in favor of the rate cut after the second round of voting. Policymaker Taylor voted to cut rates by 0.5 percentage points in first round, voted for 0.25 percentage point cut in second round of voting to avoid hold.Follow our live coverage of the BoE policy announcements and the market reaction.Key takeaways from BoE policy statement “It was first time MPC had two rounds of…
The Indian rupee shrugged off U.S. President Donald Trump’s additional tariffs on Indian goods on Thursday, as traders and analysts bet on central bank support to steady the currency. The rupee closed largely flat at 87.7025 against the U.S. dollar, up 0.03% from 87.7325 on Wednesday. U.S. President Donald Trump followed through on his threat and imposed an additional 25% tariff on Indian goods over continued purchases of Russian oil.”…Considering the recent moves, it appears that the central bank is committed to preventing the rupee from depreciating further,” said Abhishek Goenka, founder and chief executive of IFA Global. Meanwhile, the…
The rupee consolidated in a narrow range and settled for the day higher by just 3 paise at 87.69 (provisional) against the US dollar on Thursday, after US President Donald Trump slapped an additional 25 per cent duty — doubling it to 50 per cent — on Indian goods, denting market sentiments. Forex traders said weak crude oil prices and a decline in the US Dollar index supported the rupee. However, muted domestic markets and foreign fund outflows capped sharp gains. Moreover, Trump’s aggressive move, which kicks in 21 days, threatens to raise total duties on select Indian exports to…
Gold price attracts some safe-haven flows in reaction to Trump’s fresh tariff threats.Rising bets for a Fed rate cut in September also benefit the non-yielding commodity.The USD drops to a nearly two-week low and offers additional support to XAU/USD.Gold price (XAU/USD) climbs to the top end of the weekly range during the early part of the European session on Thursday as fresh trade concerns boost demand for traditional safe-haven assets. Apart from this, the growing acceptance that the US Federal Reserve (Fed) will resume its rate-cutting cycle in September turns out to be another factor driving flows towards the non-yielding…
At the interbank foreign exchange, the domestic unit opened at 87.69 against the US dollar then touched an initial high of 87.67, higher by 5 paise over its previous close | Photo Credit: Akash Gupta The rupee traded in a narrow range and appreciated 5 paise to 87.67 against the US dollar in early trade on Thursday, after US President Donald Trump slapped an additional 25 per cent duty — doubling it to 50 per cent — on Indian goods over New Delhi’s continued imports of Russian oil. Forex traders said Trump’s aggressive move, which kicks in 21 days, threatens…