The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold heads north as evergreen buck keeps diving on Trump’s tariff initiative
On Monday, gold kept gaining momentum. It was caused by American President Donald Trump’s shocking announcement as for tariffs on imported aluminum and steel generated a sell-off in stocks and the evergreen buck.
April delivery gold futures edged up 0.32% on the Comex exchange, New York being worth $1,327.50 per troy ounce.
As a matter of fact Donald Trump’s shocking tariff policy on steel as well as aluminium made investors around the globe worry a lot. It’s because over the weekend the Trump administration stressed that there wouldn’t be any exclusions for anybody. As for the evergreen buck, the major American currency has been going down since Donald Trump uncovered his outrageous decision on tariffs on Friday.
On Monday morning the US currency started in Asia at a minimum notwithstanding its short-lived ascend the previous week when fresh Federal Reserve head Powell officially confirmed the tightening policy.
Gauging the US currency versus a group of six main rivals, the US dollar index inched down 0.02% ending up with a result of 89.93. On Monday, the evergreen buck had been trading staying below the 90 level.
A number of greenback-denominated assets, including gold have always reacted a lot to any fluctuations in the US currency. It’s because a sag in the evergreen buck makes gold more affordable for keepers of foreign currency, thus, spurring demand for the number one precious commodity.
The previous week gold pressured reacting to Fed Chair Jerome Powell’s hawkish remarks, although clawed back most of its weekly drop on Friday responding to a weaker greenback as well as lower equity prices.
As for Asian equities, on Monday they traded lower in morning trade, hovering over 2-week minimums. On Monday, China found itself in focus because today this year’s National People’s Congress burst out in Beijing.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
On Tuesday, crypto assets dived, with Bitcoin decreasing below the psychologically crucial $5,000 mark for the first time this year…
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.