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USD/CAD depreciates amid rising concerns over Fed independence.Fed Governor Cook’s exit could increase the likelihood of interest rate cuts.BoC Governor Macklem stated that the central bank will maintain its 2% inflation target for the foreseeable future.USD/CAD extends its losses for the third successive session, trading around 1.3770 during the Asian hours on Thursday. The pair depreciates as the US Dollar (USD) faces challenges amid rising concerns over the US Federal Reserve’s (Fed) independence. Traders await the Q2 US Gross Domestic Product (GDP) Annualized due later in the day.US President Donald Trump announced early Tuesday that he was removing Fed Governor…

Australian Dollar appreciates as Private Capital Expenditure climbed 0.2% in Q2, against the expected 0.7% rise.The AUD gained support after hot Australian inflation data lowered expectations of an RBA rate cut.The CME FedWatch tool indicates pricing in more than 88% odds for a 25 basis-point Fed rate cut in September.The Australian Dollar (AUD) gains ground for the third successive session on Thursday, following the release of Private Capital Expenditure, which rose 0.2% in the second quarter, from the previous decline of 0.1% but falling short of the expected 0.7% increase. The AUD/USD holds ground as the US Dollar (USD) struggles…

Gold price edges lower in Thursday’s early European session.Worries over the Fed’s independence might limit the downside for the Gold price. The second estimate of US Q2 GDP data will take center stage later on Thursday. The Gold price (XAU/USD) trades in negative territory during the early European trading hours on Thursday. The precious metal retreats from a three-week high near $3,400 amid a rebound in the US Dollar (USD) and some profit-taking. Concerns about the Federal Reserve’s (Fed) independence lingered after US President Donald Trump fired Fed Governor Lisa Cook over allegations of mortgage borrowing misconduct. This, in turn, underpins the Gold…

WTI price steadies as traders await the imposition of US tariffs on India.The US is set to raise tariffs on Indian exports to 50% from 25% at 04:01 GMT on Wednesday.Russia lifted August crude exports from western ports by 200,000 bpd versus the initial plan.West Texas Intermediate (WTI) Oil price moves little after registering more than 2% decline in the previous session, trading around $63.10 per troy ounce during the Asian hours on Wednesday. Crude Oil prices remain steady as traders adopt caution ahead of new United States (US) tariffs on India, the world’s third-largest crude importer.The United States is…

EUR/USD falls slightly to near 1.1630 as the Euro hits by French political uncertainty.French PM Bayrou might lose confidence vote on September 9.The ousting of Fed Governor Cook has dampened the outlook of the US Dollar.The EUR/USD pair edges lower to near 1.1630 during the Asian trading session on Wednesday. The major currency pair faces a slight selling pressure as political uncertainty in France has weighed on the Euro (EUR).The existence of Prime Minister (PM) François Bayrou’s minority government has come under threat as all three opposition parties of France have expressed that they won’t back a confidence vote over…

Australian Dollar declines despite stronger Monthly CPI data.Traders remain cautious after President Trump warned of a 200% tariff on Chinese goods.Trump has indicated that White House economist Stephen Miran could be considered for Fed Governor Lisa Cook’s seat.The Australian Dollar (AUD) struggles following the release of the Monthly Consumer Price Index (CPI) on Wednesday. The AUD/USD pair receives downward pressure as the US Dollar (USD) recovers its recent losses from the previous session.Australian Bureau of Statistics (ABS) reported that the Monthly Consumer Price Index jumped by 2.8% year-over-year in July, following a 1.9% increase reported in June. The market consensus…

Gold price attracts some sellers in Wednesday’s early European session. Worries over the Fed’s independence might support the Gold price.Traders await the US July PCE inflation report later on Friday for fresh impetus. The Gold price (XAU/USD) remains under selling pressure during the early European trading hours on Wednesday. The precious metal retreats from a two-week high of $3,395 amid the profit-taking and modest rebound in the US Dollar (USD). The potential downside for the yellow metal might be capped amid concerns over the US Federal Reserve’s (Fed) independence as US President Donald Trump doubled down on his efforts to oust a Fed governor.…

USD/JPY may struggle as the US Dollar could face challenges due to rising concerns over Fed independence.President Trump announced the removal of Fed Governor Lisa Cook from her position.Japan’s chief trade negotiator, Akazawa, will return to the United States on Thursday for talks.USD/JPY recovers its recent losses from the previous session, trading around 147.60 during the Asian hours on Wednesday. However, the upside of the pair could be restrained as the US Dollar (USD) may struggle amid rising concerns over Federal Reserve (Fed) independence.US President Donald Trump announced early Tuesday that he was removing Fed Governor Lisa Cook from her…

The rupee depreciated 12 paise to close at 87.68 (provisional) against the US dollar on Tuesday, tracking weak domestic markets after the US issued a draft notice on plans to implement an additional 25 per cent tariff on Indian products.Forex traders said the rupee lost momentum as worries over the looming 25 per cent additional US tariff on Indian goods, set to take effect from August 27, drove strong dollar demand from importers.At the interbank foreign exchange market, the rupee opened at 87.74, then touched an early high of 87.63 and an intraday low of 87.80 against the US dollar.The…

The Indian rupee continued its losing streak for a fifth consecutive session on Tuesday as Washington confirmed it will impose an extra 25% levy on Indian goods, clouding the outlook for Asia’s third-largest economy. The fall in the rupee was curbed after dollar sales from banks, likely on behalf of the Reserve Bank of India, traders said. U.S. Department of Homeland Security on Monday outlined the procedure to implement additional tariff on Indian goods starting Wednesday.The tariffs risk slowing growth in India as exporters face U.S. duties of up to 50% – among the highest imposed by Washington.Also Read- Trump’s…