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The EUR/USD jumps over 150 pips to 1.1721 after US President Trump suggests firing Fed Chair Powell.CBS reported that Trump asked House Republicans whether Fed Chair Powell should be removed, citing the high cost of the Fed’s headquarters renovation.Trump criticizes Powell over a $2 billion renovation of the Fed’s Washington, D.C. headquarters, calling it unnecessary and extravagant.The Euro (EUR) jumps against the US Dollar (USD) on Wednesday, with EUR/USD surging to 1.1721 after reports emerged that US President Donald Trump asked a group of House Republicans whether he should fire Federal Reserve (Fed) Chair Jerome Powell. The news triggered a…
The Euro recovers against the US Dollar with concerns over the Fed’s independence limiting losses.EUR/USD price action recovers above 1.1600 as momentum turns neutral.Tariffs and trade deals remain in focus for the EUR/USD pair.The Euro (EUR) is strengthening against its US Dollar (USD) counterpart on Wednesday, as traders shift focus to concerns surrounding the potential replacement of Federal Reserve (Fed) Chair Jerome Powell.Following five consecutive days of losses, EUR/USD reached an intraday low at 1.1562 before recovering to trade back above 1.1600 at the time of writing.With US President Donald Trump ramping up efforts to remove Jerome Powell as the…
Gold price rebounds after reports emerge that President may remove Fed Powell from officeUS Dollar retreats with trade talks and political uncertainty weighing on the greenback.XAU/USD recovers above $3,350 with $3,400 back in focus.Gold price action is reacting to another critical US inflation report on Wednesday as price action remains sensitive to shifting interest rate expectations and movements in the US Dollar.At the time of writing, the XAU/USD is above $3,350, as traders digest inflation reports and shift focus to concerns related to Fed independence.The June PPI came in softer than expected, with the monthly headline figure coming in unchanged,…
The US Dollar slumps on Wednesday after CBS reports Trump asked GOP lawmakers if he should fire Fed Chair Jerome Powell.US President Donald Trump finalized a trade deal with Indonesia on Tuesday, imposing a 19% tariff on Indonesian exports.June CPI data came in mixed, but the report confirmed the inflationary effect of tariffs and curbed hopes of Fed interest-rate cuts.The US Dollar slumps on Wednesday after CBS reported that US President Donald Trump asked a group of House Republicans whether he should fire Federal Reserve Chair Jerome Powell. The news offsets earlier gains triggered by softer-than-expected US Producer Price Index…
US PPI slows to 2.3% YoY, reigniting July Fed cut speculation.Trump reportedly considers removing Fed Chair Powell, adding to market volatility.UK CPI jumps to 3.6% YoY, the highest since January 2024, reducing BoE cut odds.The GBP/USD pair reverses its course and rallies as the latest US Producer Price Index (PPI) data reignites hopes of a rate cut by the Federal Reserve (Fed), while headlines suggest that US President Donald Trump may consider firing Fed Chair Jerome Powell. At the same time, inflation on the consumer side in the UK surprised investors, exceeding forecasts. At the time of writing, the pair…
The rupee declined 18 paise against the US dollar to close at 85.94 (provisional) on Wednesday, tracking a strengthening American currency against major crosses overseas amid uncertainties over the India-US trade pact.However, renewed foreign capital inflows and sliding global crude prices supported the domestic unit, according to forex traders.At the interbank foreign exchange, the rupee opened weak at 86.02 against the dollar. It traded in the range of 85.74-86.05 during the day before closing at 85.94 (provisional), down 18 paise from its previous close.In the previous session, the rupee appreciated 16 paise to close at 85.76 against the US dollar.…
The Indian rupee fell on Wednesday as the latest U.S. inflation report showed that tariffs were beginning to feed into prices, weakening bets on rate cuts by the Federal Reserve, which lifted U.S. Treasury yields and the dollar. The rupee closed at 85.94 per U.S. dollar, down 0.1% from its close at 85.81 in the previous session. The dollar index was at 98.5, hovering close to a three-week high hit on Tuesday, while Asian currencies were flat-to-slightly lower.U.S. consumer prices rose by the most in five months in June, with higher prices for some goods suggesting that tariffs have started…
The USD/CAD price analysis shows a retreat from recent peaks. US inflation data confirmed that Trump’s tariffs have increased price pressures in the economy. Canada’s inflation increased from 1.7% in May to 1.9% in June. The USD/CAD price analysis shows a retreat from recent peaks as traders weigh the inflation figures from the US and Canada. US inflation accelerated more than expected in June, leading to a drop in Fed rate cut expectations. At the same time, inflation in Canada increased, lowering the chances of a BoC rate cut in July. –Are you interested in learning more about Forex robots?…
The rupee declined 22 paise to 85.98 against the US dollar in early trade on Wednesday amid a rise in global crude oil prices and a decline in exports and imports, which indicated a slowing economy. However, FPI inflows cushioned against steeper losses in the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 86.02 against the dollar before inching up to 85.98, down 22 paise from its previous close. The rupee appreciated 16 paise to close at 85.76 against the US dollar, tracking a weak greenback in the overseas market and a decline…
EUR/USD accelerated into the low side on Tuesday after US CPI inflation flashed its first warning sign.Fed rate cut hopes are withering on the vine as rising price pressures shred investor optimism.EUR/USD backslid on Tuesday, falling over eight-tenths of one percent and tumbling into its lowest bids in nearly three weeks. Investors repriced their bets on a September rate cut from the Federal Reserve (Fed) after US Consumer Price Index (CPI) inflation rose in June, reversing deflationary progress.Rising prices sink Fed rate cut hopes U.S. Consumer Price Index (CPI) inflation increased gradually through the end of the second quarter. Although…