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US President Donald Trump has urged the European Union (EU) to impose 100% tariffs on Chinese and Indian goods in an effort to pressure Russian President Vladimir Putin, the Financial Times reported on Tuesday. Washington further stated that the Trump administration is prepared to “mirror” any tariffs imposed by the EU, suggesting the US could raise duties on Indian and Chinese imports to the same scale.Market reactionAt the time of writing, the Gold price (XAU/USD) is trading 0.03% lower on the day to trade at $3,635. Tariffs FAQs Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs…
The Indian rupee closed at 88.10/$1 after briefly appreciating on Tuesday, versus its previous close of 88.27/$1, LSEG data showed. It opened at 88/$1, or 27 paise stronger than its previous close amid a slightly weaker dollar index. The local currency strengthened to 87.95/$1 in the first hour of the trade, but quickly gave up its gains amid importer hedging, traders said.The dollar index was at 97.2 on Tuesday, from 97.9 the previous day, as bets of a rate cut by the Federal Reserve increased due to weaker US jobs data. Other Asian currencies also appreciated amid a weak dollar,…
Gold extends record-breaking rally to a fresh all-time high near $3,675, trading around $3,650 on Tuesday.Markets fully price in a September Fed rate cut after weaker-than-expected NFP, with a 25 bps move seen as certain.XAU/USD is consolidating just below record highs on the 1-hour chart, with RSI divergence signaling momentum fatigue.Gold (XAU/USD) extended its record-breaking rally on Tuesday to a fresh all-time high near $3,675, marking the third straight day of gains before trimming part of its intraday gains. At the time of writing, the yellow metal is trading near $3,650, up nearly 0.50% on the day, edging lower after…
The rupee gained nearly 0.2 per cent against the dollar on Tuesday and ended at 88.12. But it has been flat against the dollar over the past week | Photo Credit: Andrii Yalanskyi The rupee gained nearly 0.2 per cent against the dollar on Tuesday and ended at 88.12. But it has been flat against the dollar over the past week. While Trump recently mentioned sharing a special relationship with India, now there are talks of the US considering ‘outsourcing tax’, which could negatively impact the domestic IT sector.Although the chances for this to occur are slim, as per the…
The USD/JPY price analysis points south as the yen finds relief from political uncertainty. Traders are pricing a 12% chance of a massive Fed rate cut in September. The US will release benchmark revisions for jobs data between April 2024 and March 2024. The USD/JPY price analysis points south as the yen finds relief from political uncertainty due to a weak dollar. The US dollar traded near a 7-week low against its peers as traders awaited benchmark revisions for US jobs data. At the same time, market participants are anticipating the US consumer inflation report. –Are you interested to learn…
The rupee appreciated 14 paise to 87.95 against the US dollar in early trade on Tuesday, tracking a positive trend in domestic equities even as concerns over US tariffs on India weighed on the domestic unit. Forex traders said the rupee is likely to remain under pressure on worries over US tariffs on India and global uncertainty. Moreover, recent record lows for the domestic unit are prompting a possible RBI intervention to cap the losses in rupee, they said. At the interbank foreign exchange market, the rupee opened at 87.98 against the US dollar, then touched 87.95, registering a gain…
Growing certainty of a U.S. Federal Reserve rate cut later this month could likely help ease Indian government bond yields and provide modest relief to the rupee, which has otherwise been pressured by persistent concerns over steep U.S. tariffs. The rupee slipped to its all-time low of 88.36 last week, bogged by worries of punitive U.S. tariffs hurting growth and further hitting portfolio flows. The currency ended the week at 88.2650, down marginally week-on-week. India’s FX and debt markets were shut on Monday for a local holiday.The dollar remained on the backfoot after declining 0.5% against a basket of major…
The Australian Dollar (AUD) starts the week on a positive note against the US Dollar (USD), with AUD/USD trading around 0.6590, up approximately 0.5% over the session, following upbeat Chinese trade data and a weakening of the Greenback due to softer employment indicators and rising expectations of a Federal Reserve (Fed) interest rate cut in September.In Australia on Tuesday, the focus is on the Westpac-Melbourne Institute Consumer Confidence Index for September, which is due to be released at 10:30 AEST (00:30 GMT). In August, the index jumped 5.7% to 98.5, according to the Faculty of Economics and Commerce Melbourne Institute,…
Gold hits fresh record highs above $3,600 as safe-haven demand and Fed rate cut bets drive momentum.Markets fully price in a September Fed rate cut after weaker-than-expected NFP, with a 25 bps move seen as certain.Traders eye US PPI and CPI releases this week to gauge whether the Fed delivers a 25 bps rate cut or considers a larger one.Gold (XAU/USD) begins the week on an impressive bullish note, soaring to fresh all-time highs above $3,600 per ounce on Monday. The move extends last week’s rally amid growing conviction that the Federal Reserve (Fed) will cut interest rates at its…
WTI edges lower on Monday, trimming earlier gains after facing stiff resistance near $63.00.OPEC+ agrees to raise output by 137,000 bpd from October 2025, beginning the rollback of 1.65 million bpd in voluntary cuts.The EU is preparing a 19th sanctions package on Russia with the US, targeting banks and Oil trade, adding a geopolitical risk premium.WTI (West Texas Intermediate) Crude Oil edges lower on Monday, trimming earlier gains after a brief rebound from last week’s three-month low. At the time of writing, WTI is trading near $61.80 per barrel during the American session, as traders weigh OPEC+’s modest output hike…