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Gold tumbles as sellers target $4,000
Gold price (XAU/USD) loses nearly 2% on Thursday as the US Dollar stages a comeback amid growing speculation that the White House may continue its campaign against Iran, which seems poised to prolong the Gulf war. The XAU/USD trades below $4,050 after falling from a two-day high above $4,100
Dow Jones Industrial Average sells the war without an earnings alibi
The Dow Jones Industrial Average trades around 600 points lower on Thursday, down 1.1% near 51,600 in a session whose high sits within a handful of points of the opening print.
EUR/USD Price Forecast: Bears target a break below 1.1350 support
EUR/USD trades on the back foot on Thursday as the expanding war in the Middle East pushes Oil prices higher and fuels hawkish Federal Reserve (Fed) expectations, boosting demand for the US Dollar (USD).
US President Trump: āI'm considering a massive attack greater than anything beforeā
US President Donald Trump said he is close to deciding whether to launch a new military operation against Iran, according to Israelās N12. Trump said he is āconsidering a massive attack greater than anything before,ā adding that Israel would join the operation āwithin two minutesā if requested.
British Pound slides as Gulf war risk fuels US Dollar rally
The Pound Sterling drops by over 0.40% against the Greenback as risk aversion weighs on most G8 currencies amid the escalation of the Middle East conflict and growing speculation of an extended US campaign against Iran. The GBP/USD trades at 1.3313 after reaching a daily high at 1.3393.
Crude Oil stops trading the headlines and starts trading the war
Crude Oil is staging the kind of one-day advance that usually arrives strapped to a flash headline, and the wires have duly supplied several, but the tape refuses to behave like a reaction.
Japanese Yen falls near multi-decade low
USD/JPY trades above163.90 on Thursday as the US Dollar (USD) strengthens following significantly better-than-expected United States (US) labor market data.
United States Kansas Fed Manufacturing Activity: 17 (July) vs previous 19
United States Kansas Fed Manufacturing Activity: 17 (July) vs previous 19
United States: PCE Methodology tweaks seen as marginal ā TD Securities
TD Securities economists Eli Nir and Oscar Munoz analyze upcoming BEA methodology changes to United States (US) Personal Consumption Expenditures (PCE) Price Index inflation for portfolio management, legal services, and computer software & accessories.
WTI rallies more than 5% as Middle East supply risks deepen
West Texas Intermediate (WTI) crude Oil rallies more than 5% on Thursday as hostilities between the US and Iran deepen supply risks. At the time of writing, WTI trades around $90.50 per barrel, its highest level since June 11.
European Central Bank: Hiking cycle continues at slower pace ā Nordea
Nordea strategists Jan von Gerich, Tuuli Koivu and Anders Svendsen note that the European Central Bank (ECB) kept its deposit rate at 2.25% but signalled further tightening. They still forecast three additional 25bp hikes, now at a quarterly pace, taking the deposit rate to 3% by March 2027.
Natural Gas: High prices sustain European power ā Rabobank
Rabobankās Florence Schmit notes TTF natural gas has risen above ā¬60/MWh as Middle Eastern supply disruptions intensify.
Federal Reserve: Hike pricing questioned ā TD Securities
TD Securitiesā Gennadiy Goldberg and Molly Brooks note that market pricing for Fed hikes has risen alongside higher Oil prices and US-Iran tensions, but they judge a July move as unlikely.