Gold price (XAU/USD) is printing a stellar return on Thursday, moving around $3,120 at the time of writing. Since Tuesday morning, the precious metal has rallied nearly 5.00%.
The clean take-away from the pause in the worst of the tariffs was a re-assessment of global trade prospects on the view that perhaps tariffs were more transactional after all, and US equity losses are indeed proving a brake on the President's desires to rewire the global trading systems, ING’s FX a
European natural gas prices plunged sharply, with TTF falling over 7% amid heavy fund selling. A pause in tariffs may offer a temporary lift, but market positioning remains cautious, ING’s commodity analysts Warren Patterson and Ewa Manthey note.
USD/CAD loses ground for the second successive day, trading around 1.4090 during the European hours on Thursday. The pair loses ground as the US Dollar (USD) remains subdued ahead of the high-impact Consumer Price Index (CPI) inflation report for March set to be published on Thursday at 12:30 GMT.
Pound Sterling (GBP) is still trading in a range vs US Dollar (USD), expected to be between 1.2750 and 1.2870. In the longer run, GBP could decline further; it is unclear if it can reach the next major support at 1.2580, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Oil prices rallied along with risk assets yesterday after President Trump paused reciprocal tariffs on most trading partners, at least those that haven’t retaliated yet. This puts tariffs back to the baseline 10%, ING’s commodity analysts Warren Patterson and Ewa Manthey note.
Silver (XAG/USD) struggles to capitalize on its modest intraday uptick and retreats slightly after touching a fresh weekly high, around the $31.30 region during the early European session on Thursday.
Sharp decline in Euro (EUR) vs US Dollar (USD) has room to test 1.0895 before stabilisation is likely; any further decline is unlikely to reach 1.0850.
The EUR/USD market is sometimes referred to as a 'washing machine' where global trade and portfolio flows meet and cancel each other out, ING’s FX analyst Chris Turner notes.
In March, China’s CPI and PPI were weighed by weak consumer goods and food prices, lower international oil prices and price pressure in the export industries.
Crude oil shot higher following Trump's tariffs pause announcement as global growth fears eased in the short term. Is this just a pullback or the start of an uptrend?
Traders revised aggressively their rate cuts bets following Trump's change of heart with the market now expecting three rate cuts from the Fed compared to five at the peak of the risk-off sentiment
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, trades in negative territory for the third consecutive day near 102.70, down 0.28% on the day.
The AUD/JPY pair recovered its daily losses and is trading above the 91.00 mark during Thursday’s Asian session. The Australian Dollar (AUD) is finding support amid optimism over renewed trade negotiations between Australia and the European Union (EU).
European Commission President Ursula von der Leyen said on Thursday, noting that “the European Union (EU) remains committed to constructive talks with US on tariffs.”
We have the US CPI and the US Jobless Claims on the data front but the attention has now switched to China after Trump hiked tariffs to 125% yesterday. Will they retaliate again?
The USD/CHF pair loses ground to near 0.8530 during the early European session on Thursday. The US Dollar (USD) weakens against the Swiss Franc (CHF) amid the escalating trade tension between the US and China, the world’s two largest economies.
European Central Bank (ECB) policymaker and Bank of France head Francois Villeroy de Galhau said on Thursday that US President Donald “Trump's tariff pause decision is less bad news but still bad news elements out there in America.”
Deepening US-China trade war continues to bolster the haven demand for Gold price in India on Thursday, even though the global stocks rebound on US President Donald Trump's "90-day pause" on reciprocal tariffs for all other countries.
The EUR/JPY cross weakens to around 161.05 during the early European session on Thursday. The Japanese Yen (JPY) drifts higher against the Euro (EUR) as the stronger-than-expected Japanese Producer Price Index (PPI) keeps the door open for further rate hikes by the Bank of Japan (BoJ).
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