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USD/JPY drops nearly 1% to 146.66 as traders react to Powell’s Jackson Hole remarks, retreating from an intraday high of 148.78.Fed Chair Jerome Powell highlighted downside risks to jobs and uncertainty from higher tariffs, keeping a cautious but flexible policy stance.Markets sharply increased Fed rate cut bets; CME FedWatch now shows 90% probability of a 25 bps September cut, up from 70% earlier.The Japanese Yen (JPY) advances strongly against the US Dollar (USD) on Friday, with USD/JPY retreating from an intraday high of 148.78 to trade near 146.66, down almost 1% on the day. The pullback marks a reversal from…

Dovish Federal Reserve Chair Powell’s words put the US Dollar in sell-off mode.Wall Street rallies on fresh hopes for a September interest rate cut.EUR/USD regains the 1.1700 mark, aims to retest the 1.1730 level.The US Dollar (USD) collapsed as Federal Reserve (Fed) Chair Jerome Powell delivered his speech at a Jackson Hole Symposium, with EUR/USD peaking at 1.1707, up roughly 100 pips in the last few minutes on Friday.Powell surprised investors with a much more dovish tone than usual, as he started noting that the downside risks to the labor market are rising. But he also noted that tariff-related inflation…

GBP/USD rallies near 1.3500 as Fed Chair Jerome Powell hints at renewed easing cycle during Jackson Hole speech.Powell: “Downside risks to the labor market are rising,” boosting September cut odds from 75% to 90%.Fed balance: tariffs could drive one-time inflation, while stagflation risks emerge from opposing inflation and employment pressures.The GBP/USD pair rallies on Friday as the Federal Reserve (Fed) Chair Jerome Powell takes the stand at the Jackson Hole Symposium. At the time of writing, the pair trades above 1.3500 after Powell hinted that the Fed might be ready to resume its easing cycle in September.Markets price in higher…

Silver extends gains for the third consecutive day, trading around $38.70, up 1.2% on Friday.Fed Chair Powell’s Jackson Hole remarks highlighted rising downside risks to jobs and tariff-driven inflation, reinforcing a cautious but flexible monetary policy stance.Markets interpret remarks as dovish; CME FedWatch shows 90% cut probability in September, up from 70% earlier in the day.Silver (XAG/USD) rallies sharply on Friday, rebounding from an intraday low of $37.70 to trade near $38.70, up around 1.40% on the day. The move came as traders repositioned after Federal Reserve (Fed) Chair Jerome Powell struck a cautious but flexible tone in his Jackson…

AUD/USD gathers bullish momentum in the American session on Friday.Fed Chair Powell acknowledged increasing downside risks to the labor market.The US Dollar comes under strong selling pressure heading into the weekend.Following the bearish action seen throughout this week, AUD/USD reversed its direction and climbed toward 0.6500 in the American session on Friday, erasing a portion of its weekly losses in the process.Fed Chair Powell triggers USD selloffWhile speaking at the annual Jackson Hole Symposium on Friday, Federal Reserve (Fed) Chair Jerome Powell announced that they will adopt a new policy framework of flexible inflation targeting and eliminate the ‘makeup’ strategy…

According to figures published this week by the International Copper Study Group, mine production rose by 2.7% in the first half of this year compared with the same period last year. Production rose significantly in the Democratic Republic of Congo (9.5%) and Mongolia (31%) in particular, due to expanded mining capacity in these countries. In Peru (3.6%) and Chile (2.6%), production rose more slowly but still remained robust. In Indonesia, however, production had to be significantly reduced due to planned maintenance at a large mine, Commerzbank’s FX analyst and commodity Volkmar Baur notes. Shortage of raw Copper is likely to…

Switzerland exported larger quantities of Gold to the US again in July, according to foreign trade data from the Federal Customs Administration, Commerzbank’s commodity analyst Carsten Fritsch notes. Subdued shipments to Asia”According to the data, Gold shipments to the US amounted to 51 tons last month. The last time they were higher was in March, when concerns about US tariffs on Gold imports led to massive deliveries to COMEX warehouses. Swiss Gold exports to the US in July matched the increase in COMEX Gold inventories. This could be related to the general tariff uncertainty in July, which was marked by…

US Federal Reserve (Fed) Chair Jerome Powell said that they will adopt a new policy framework of flexible inflation targeting and eliminate ‘makeup’ strategy for inflation, while delivering a speech on “Economic Outlook and Framework Review” at the annual Jackson Hole Economic Symposium.Powell speech at Jackson Hole Symposium, key takeaways”Framework calls for balanced approach when central bank’s goals in tension.””Prior framework’s emphasis on overly specific set of economic conditions may have led to some confusion.””Framework removes language indicating zero-lower-bound is a defining feature of economy.””New framework designed to work in a range of economic conditions.””Idea of intentionally moderate inflation overshoot…

Saudi Arabia exported less Crude Oil in June despite a significant increase in Oil production, according to data from the Joint Organizations Data Initiative (JODI), Commerzbank’s commodity analyst Carsten Fritsch notes. Additional Oil produced remaines in the domestic market”Crude Oil exports fell by 50,000 barrels per day compared to the previous month to 6.14 million barrels per day. Oil production, on the other hand, rose by 570,000 to 9.75 million barrels per day.” “This confirms previous statements from Saudi Arabia that the significant increase in Oil production has not led to a higher Oil supply on the world market. Instead,…

Oil prices received support in the middle of the week from an unexpectedly sharp decline in US Crude Oil inventories last week of 6 million barrels, as reported by the US Department of Energy, Commerzbank’s commodity analyst Carsten Fritsch notes. Crude Oil processing almost reached the annual high of early June”The API had reported less than half of this decline in inventories the day before. Participants in a Bloomberg survey had expected a drop of less than 1 million barrels. The sharp decline in inventories was driven by a significant drop in net imports due to increased exports and lower…