Gold price tumbles and trades volatile within the $3,100 - $3135 as US President Donald Trump imposed reciprocal tariffs worldwide, with the details pending of being released.
The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, is trading below the 104.00 area during Wednesday’s session amid heightened caution ahead of the White House’s official tariff announcement.
The Greenback traded on the back foot on Wednesday, receding markedly against the backdrop of increasing prudence ahead of President Trump’s announcements on reciprocal tariffs.
The Mexican Peso (MXN) remains on the defensive against the US Dollar (USD), trading with losses of more than 0.50% as traders await US President Donald Trump's Liberation Day announcement later today.
The Dow Jones Industrial Average (DJIA) took a step higher in early Tuesday trading, climbing 350 points and adding 0.85% from the day’s opening bids as investors lean into bets that the Trump administration’s long-awaited “reciprocal” tariffs package will be nowhere near as devastating as US President Donald Trump has been threatening.
EUR/USD extended its upward trajectory on Wednesday, rising toward the upper end of its recent range and was last seen near the 1.0900 zone following the European session.
The Pound Sterling advances early during the North American session against the US Dollar as traders await US President Trump's tariff announcement, which could potentially spur a global economic slowdown.
European Central Bank policymaker Robert Holzmann, who dissented to the ECB's decision to cut key rates by 25 basis points after the March meeting, argued on Wednesday that they don't need to become more accommodative, per Reuters.
Pound Sterling (GBP) is also quiet and extending is recent consolidation around 1.29 ahead of Wednesday’s US tariff announcement, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Euro (EUR) is extending its tight consolidation around 1.08 ahead of Wednesday’s US tariff announcement, Scotiabank's Chief FX Strategist Shaun Osborne notes.
The Canadian Dollar (CAD) is little changed—and a relative, if minor, underperformer versus many of its peers, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Welcome to Liberation Day. Tariffs are front and center for markets ahead of this afternoon’s announcement from the White House, due around 4pm from the Rose Garden, Scotiabank's Chief FX Strategist Shaun Osborne notes.
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