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Gold price recovers a portion of losses after a rejection of $3,300.Interest rate expectations and rising yields support the Dollar, limiting bullion gains.XAU/USD bulls and bears battle to push the price out of its narrow range.Gold (XAU/USD) is experiencing a pullback on Thursday as traders digest US Retail Sales data and await further comments from Federal Reserve (Fed) officials. The yellow metal trades near $3,335 at the time of writing, down 0.30% on the day.With the timing of when the Federal Reserve will cut interest rates still uncertain, several members of the central bank are scheduled to speak throughout the…
US jobless claims fall to 221K, while retail sales rise 0.6% in June.Fed’s Kugler signals no rush to cut rates amid tariff-driven inflation.UK labor market cools less than expected, but Sterling remains pressured.GBP/USD drops during the North American session on Thursday. The pair edged down 0.07% following the release of strong US economic data, which boosted the US Dollar (USD) and pushed it to a new July high as it recovers some ground at the beginning of the second half of the month. At the time of writing, the pair trades at 1.3408.Cable drops to 1.3408 as jobless claims and…
The rupee declined 15 paise to settle at 86.07 (provisional) against the US dollar on Thursday amid a stronger greenback, outflow of foreign funds and volatile global crude oil prices. Selling trend in the domestic equity markets and uncertainties over the outcome of the ongoing India-US trade talks further pressured the rupee, according to forex traders. At the interbank foreign exchange, the rupee opened at 85.93 against the US dollar and traded in the range of 85.80-86.09 during the day before settling at 86.07 (provisional), down 15 from its previous close. The rupee had declined 16 paise against the US…
The Indian rupee weakened past a key support level on Thursday to hit a three-week low, pressured by a broadly stronger dollar, even as exporter dollar sales and portfolio inflows helped the local currency limit its losses. The rupee closed at 86.0750 against the U.S. dollar, down from its close at 85.94 in the previous session. While the rupee had steadied below the 86 mark earlier in the day, it fell to a low of 86.09 towards the close of the session.Traders cited dollar sales from exporters and foreign banks, likely on behalf of custodial clients, which helped limit the…
The AUD/USD forecast indicates a surge in RBA rate cut bets. Australia’s economy added only 2,000 jobs, compared to the forecast of 21,000. Reports revealed that Trump was planning to fire Powell. The AUD/USD forecast indicates a surge in RBA rate cut bets after a downbeat jobs report from Australia. Meanwhile, in the US, tensions between Trump and Powell continue to simmer. However, Fed rate cut bets have eased since the upbeat consumer inflation report on Tuesday. –Are you interested in learning more about Forex robots? Check our detailed guide- Data released on Thursday revealed that Australia’s economy added only…
Rupee strengthens against US dollar amid global oil price drop and India-US trade talks, despite FII outflows. | Photo Credit: iStockphoto The rupee rose 12 paise to 85.80 against the US dollar in early trade on Thursday amid a drop in global crude oil prices and a hope of a breakthrough in the ongoing India-US trade talks. However, a strengthening dollar against overseas currencies and FII outflows prevented sharper gains in the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened weaker at 85.93 against the US dollar but moved into positive territory to 85.80,…
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…