The Dow Jones Industrial Average (DJIA) saw stiff losses during the Friday market session The major equity index declined 780 points top-to-bottom and tapped 41,200 before a slow crawl back to the 41,750 region.
The simmering trade conflict between the United States and the European Union escalated sharply when President Donald Trump announced plans to impose a 50% tariff on all EU goods entering the U.
The Euro (EUR) is trading in a tight range against the British Pound (GBP) after Friday’s positive UK Retail Sales data and a resurgence of tariff uncertainty contributed to global risk sentiment.
Gold's price uptrend resumed on Friday, with the yellow metal rising close to 2% daily and 5% in the week, as the US Dollar (USD) weakened further after US President Donald Trump escalated the ‘trade war’ with the European Union (EU).
The Australian Dollar (AUD) pushes higher against the US Dollar (USD), reaching a fresh weekly high near 0.6480 on Friday, up more than 1.20% on the day.
USD/JPY continued to trade lower, tracking USD and UST yields lower. Last at 142.55 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
US treasuries appear to have drawn some comfort today from the Supreme Court’s ruling that the unique structure of the Fed may protect its board members from potentially being removed by the President, Rabobank's FX analyst Jane Foley reports.
In an interview with Fox News on Friday, United States (US) Treasury Secretary Scott Bessent said that US President Donald Trump believes that the European Union's proposals have not been of good quality, per Reuters.
The Swiss Franc (CHF) continues to strengthen against the US Dollar (USD) on Friday, with concerns over the health of the United States (US) economy weighing on the Greenback.
Business leaders are becoming increasingly concerned about the economic consequences of rising prices and trade uncertainty, suggested St. Louis Fed President Alberto Musalem.
Overnight, US Dollar (USD) bounced after prelim PMIs surprised to the upside. But gains were retraced in the morning, alongside the pullback in UST yields. DXY was last seen at 99.40, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Silver price (XAG/USD) wobbles in a tight range around $33.00 during North American trading hours on Friday. The white metal remains almost flat despite a substantial weakness in the US Dollar (USD).
Before committing to significant investments or other choices, US businesses were looking for continuity in trade policy, Chicago Fed President Austan Goolsbee said.
Generally, investors are concerned with policy content. Fiscal changes adjust the relative performance of different sectors of the economy, and markets react accordingly. But the current US administration has added two complications.
Donald Trump has ignited a fresh wave of trade tensions with the European Union, recommending a sweeping 50% tariff on all EU imports beginning June 1.
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