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Zawya
2 days ago
- Business
- Zawya
Dollar poised for fifth-straight monthly drop on trade, fiscal uncertainty
SINGAPORE - The U.S. dollar softened on Friday, heading for its fifth-straight monthly decline as traders braced for further bouts of uncertainty around trade and fiscal health, while investors awaited a pivotal inflation report later in the day. The greenback had a choppy week, ending lower in the previous session after a federal court temporarily reinstated the most sweeping of President Donald Trump's tariffs, a day after a separate trade court had ordered an immediate block on tariffs. Trump on Thursday criticized the trade court's decision and said he hoped the Supreme Court would overturn the decision. The uncertainty around tariffs has taken a vice-like grip on the markets as investors flee U.S. assets looking for alternatives, worried that Trump's erratic policies could challenge the strength and outperformance of U.S. markets. "The (court) decision marks the beginning of a new source of uncertainty rather than the total closure of another," said Kyle Rodda, senior financial market analyst at noting the mood in the markets was cautious. Thursday's weekly jobless claims and economic growth data did little to placate worries of an economic downturn. The focus will be on the Federal Reserve's preferred inflation data - the personal consumption expenditure report - later on Friday. Much of the month was also dominated by worries about fiscal debt levels in developed economies, highlighted by weak appetite for freshly issued longer-dated credit in the U.S. and in Japan. On Friday, the euro was slightly firmer at $1.1378, while the Swiss franc was also stronger at 0.8216 per dollar. The U.S. currency was set for monthly declines against the Swiss franc, the euro as well as the pound. The dollar index, which tracks the U.S. unit against a basket of six other currencies, was muted on the day. The index was set for a decline of 0.4% in May, on course for its fifth month in the red. On the flip side, markets have been taking notice of emerging market assets in recent weeks. An index tracking emerging market currencies has gained 2.2% for the month - its biggest one-month rise since November 2023. On Friday, the Japanese yen firmed 0.3% to 143.73 per dollar after data showed underlying inflation in Tokyo hit a more than two-year high in May, keeping alive the chances of further interest rate hikes from the Bank of Japan. However, the dollar is on track for a small monthly rise against the yen, its first after five previous months in the red. Markets are also on the lookout for any fresh clues on highly anticipated trade deals as the Trump-mandated July 9 deadline on tariffs draws near. Yields on longer-dated U.S. and Japanese bonds have eased this week, but still remain close to multi-month highs as investors question debt sustainability of the economies. Elsewhere, the Australian dollar eased a bit to $0.6429 and was set for a marginal rise in May. The New Zealand dollar last bought $0.5973.
Reuters
3 days ago
- Business
- Reuters
Dollar poised for fifth-straight monthly drop on trade, fiscal uncertainty
SINGAPORE May 30 (Reuters) - The U.S. dollar softened on Friday, heading for its fifth-straight monthly decline as traders braced for further bouts of uncertainty around trade and fiscal health, while investors awaited a pivotal inflation report later in the day. The greenback had a choppy week, ending lower in the previous session after a federal court temporarily reinstated the most sweeping of President Donald Trump's tariffs, a day after a separate trade court had ordered an immediate block on tariffs. Trump on Thursday criticized the trade court's decision and said he hoped the Supreme Court would overturn the decision. The uncertainty around tariffs has taken a vice-like grip on the markets as investors flee U.S. assets looking for alternatives, worried that Trump's erratic policies could challenge the strength and outperformance of U.S. markets. "The (court) decision marks the beginning of a new source of uncertainty rather than the total closure of another," said Kyle Rodda, senior financial market analyst at noting the mood in the markets was cautious. Thursday's weekly jobless claims and economic growth data did little to placate worries of an economic downturn. The focus will be on the Federal Reserve's preferred inflation data - the personal consumption expenditure report - later on Friday. Much of the month was also dominated by worries about fiscal debt levels in developed economies, highlighted by weak appetite for freshly issued longer-dated credit in the U.S. and in Japan. On Friday, the euro was slightly firmer at $1.1378, while the Swiss franc was also stronger at 0.8216 per dollar. The U.S. currency was set for monthly declines against the Swiss franc, the euro as well as the pound . The dollar index , which tracks the U.S. unit against a basket of six other currencies, was muted on the day. The index was set for a decline of 0.4% in May, on course for its fifth month in the red. On the flip side, markets have been taking notice of emerging market assets in recent weeks. An index tracking emerging market currencies (.MIEM00000CUS), opens new tab has gained 2.2% for the month - its biggest one-month rise since November 2023. On Friday, the Japanese yen firmed 0.3% to 143.73 per dollar after data showed underlying inflation in Tokyo hit a more than two-year high in May, keeping alive the chances of further interest rate hikes from the Bank of Japan. However, the dollar is on track for a small monthly rise against the yen, its first after five previous months in the red. Markets are also on the lookout for any fresh clues on highly anticipated trade deals as the Trump-mandated July 9 deadline on tariffs draws near. Yields on longer-dated U.S. and Japanese bonds have eased this week, but still remain close to multi-month highs as investors question debt sustainability of the economies. Elsewhere, the Australian dollar eased a bit to $0.6429 and was set for a marginal rise in May. The New Zealand dollar last bought $0.5973.
Asharq Al-Awsat
6 days ago
- Business
- Asharq Al-Awsat
Gold Edges Lower as Trump Extends EU Tariff Deadline
Gold prices eased on Monday after US President Donald Trump set a July 9 deadline for a trade deal with the European Union, rescinding his earlier threat of a 50% tariff from June 1. Spot gold was down 0.3% at $3,346.55 an ounce, as of 0522 GMT. US gold futures fell 0.6% to $3,345.80. "There is (a) kind of element of relief in the marketplace after (the) pause on tariffs on the EU and we're seeing gold weaken," said Kyle Rodda, financial market analyst. However, the trend is still positive for gold because of the United States' actions, which is impacting them as well and that could negatively impact the dollar and US assets, Rodda said, adding that most of the central banks were moving away from the dollar to gold. Trump on Sunday backed off his threat to speed up 50% tariffs on imports from the European Union, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to "reach a good deal." Gold prices rose more than 2% to a two-week peak on Friday, supported by safe-haven inflows after Trump recommended 50% tariffs on European Union imports from June 1 and said he was considering a 25% tariff on any Apple iPhones made outside the United States. The dollar index, meanwhile, fell to a nearly one-month low against its rivals. A weaker dollar makes greenback-priced gold less expensive for other currency holders. On the geopolitical front, Russian forces launched a barrage of 367 drones and missiles at Ukrainian cities overnight, in the largest aerial attack of the war so far, killing at least 12 people and injuring dozens more, officials said. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.15% to 922.46 tons on Friday from 923.89 tons on Thursday. Spot silver rose 0.1% to $33.52 an ounce, platinum edged 0.1% lower to $1,093.13 and palladium gained 0.8% to $1,000.49.
Reuters
6 days ago
- Business
- Reuters
Gold edges lower as Trump extends EU tariff deadline
May 26 (Reuters) - Gold prices eased on Monday after U.S. President Donald Trump set a July 9 deadline for a trade deal with the European Union, rescinding his earlier threat of a 50% tariff from June 1. Spot gold was down 0.3% at $3,346.59 an ounce, as of 0312 GMT. U.S. gold futures fell 0.6% to $3,345.70. "There is (a) kind of element of relief in the marketplace after (the) pause on tariffs on the EU and we're seeing gold weaken," said Kyle Rodda, financial market analyst. However, the trend is still positive for gold because of the United States' actions, which is impacting them as well and that could negatively impact the dollar and U.S. assets, he said, adding that most of the central banks were moving away from the dollar to gold. Trump on Sunday backed off his threat to speed up 50% tariffs on imports from the European Union, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to "reach a good deal." Gold prices rose more than 2% to a two-week peak on Friday, supported by safe-haven inflows after Trump recommended 50% tariffs on European Union imports from June 1 and said he was considering a 25% tariff on any Apple iPhones made outside the United States. The dollar index (.DXY), opens new tab, meanwhile, fell to a nearly one-month low against its rivals. A weaker dollar makes greenback-priced gold less expensive for other currency holders. On the geopolitical front, Russian forces launched a barrage of 367 drones and missiles at Ukrainian cities overnight, in the largest aerial attack of the war so far, killing at least 12 people and injuring dozens more, officials said. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.15% to 922.46 tons on Friday from 923.89 tons on Thursday. Spot silver was steady at $33.46 an ounce, platinum edged 0.2% lower to $1,093 and palladium gained 0.7% to $999.90.
Yahoo
6 days ago
- Business
- Yahoo
Gold edges lower as Trump extends EU tariff deadline
By Brijesh Patel (Reuters) - Gold prices eased on Monday after U.S. President Donald Trump set a July 9 deadline for a trade deal with the European Union, rescinding his earlier threat of a 50% tariff from June 1. Spot gold was down 0.3% at $3,346.59 an ounce, as of 0312 GMT. U.S. gold futures fell 0.6% to $3,345.70. "There is (a) kind of element of relief in the marketplace after (the) pause on tariffs on the EU and we're seeing gold weaken," said Kyle Rodda, financial market analyst. However, the trend is still positive for gold because of the United States' actions, which is impacting them as well and that could negatively impact the dollar and U.S. assets, he said, adding that most of the central banks were moving away from the dollar to gold. Trump on Sunday backed off his threat to speed up 50% tariffs on imports from the European Union, agreeing to extend his deadline for trade talks until July 9 after the head of the EU executive body said the bloc needed more time to "reach a good deal." Gold prices rose more than 2% to a two-week peak on Friday, supported by safe-haven inflows after Trump recommended 50% tariffs on European Union imports from June 1 and said he was considering a 25% tariff on any Apple iPhones made outside the United States. The dollar index, meanwhile, fell to a nearly one-month low against its rivals. A weaker dollar makes greenback-priced gold less expensive for other currency holders. [USD/] On the geopolitical front, Russian forces launched a barrage of 367 drones and missiles at Ukrainian cities overnight, in the largest aerial attack of the war so far, killing at least 12 people and injuring dozens more, officials said. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.15% to 922.46 tons on Friday from 923.89 tons on Thursday. Spot silver was steady at $33.46 an ounce, platinum edged 0.2% lower to $1,093 and palladium gained 0.7% to $999.90. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
