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Gold rallies as weak US jobs data, tariffs stoke stagflation fears
Gold price reverses its course and registers solid gains on Thursday as the latest round of jobs data in the United States (US) points to a weakening labor market. Consequently, investors increased their dovish bets as the Federal Reserve (Fed) is expected to resume its easing cycle in September.
Dow Jones Industrial Average knocks lower as tariffs come into effect
The Dow Jones Industrial Average (DJIA) softened on Thursday, slipping back below 44,000 as freshly minted tariffs weigh on growth prospects for key companies listed on the major blue-chip index.
GBP/USD jumps as BoE delivers hawkish cut, US jobless claims climb
The GBP/USD surges during the North American session, though trading below an eight-day high reached at 1.3436 after the Bank of England (BoE) decided to cut interest rates on a close vote split, signaling that policymakers remained worried about inflation.
BoE: Quite the predicament - Standard Chartered
BoE cuts base rate by 25bps to 4.0% as expected; MPC split was more hawkish than expected. Upside inflation risks and downside labour-market risks exacerbate divisions on the MPC. There might be another cut in Q4, although it has become a close call between November and December.
GBP/JPY climbs past 197.00 as BoE rate cut sparks cautious optimism
The British Pound (GBP) extends gains against the Japanese Yen (JPY) for the third consecutive day as traders react to the Bank of England's (BoE) monetary policy decision, with GBP/JPY climbing above the 197.00 psychological mark, reaching a fresh weekly high.
Fed's Bostic: Economy is expected to lose further momentum
Raphael Bostic of the Federal Reserve Bank of Atlanta warned that rising price pressures over the next six to twelve months could intensify the Fed's challenges.
Gold holds below $3,400 as trade tensions rise, Fed rate cut bets grow
Gold (XAU/USD) continues to consolidate within this week's established range, trading near $3,380 at the start of the American trading session following mixed US labor market data.
US: Initial Jobless Claims rose to 226K last week
According to a report from the US Department of Labour (DOL) released on Thursday, the number of US citizens submitting new applications for unemployment insurance increased to 226K for the week ending August 2.
Bailey speech: Risks are quite real on both inflation and growth
Bank of England (BoE) Governor Andrew Bailey delivers the Monetary Policy Report and responds to questions from the press after deciding to lower the policy rate by 25 basis points at the August meeting.
Bailey speech: Path for rates has become more uncertain
Bank of England (BoE) Governor Andrew Bailey delivers the Monetary Policy Report and responds to questions from the press after deciding to lower the policy rate by 25 basis points at the August meeting.
EUR/GBP slides below 0.8700 after BoE's hawkish cut
Buy the rumour, sell the news for the Pound Sterling, that is rallying across the board following a widely expected rate cut by the Bank of England, but with significant resistance within the monetary policy committee.
CAD rebound versus USD steadies in low 1.37s - Scotiabank
The Canadian Dollar (CAD) is marginally higher on the session but is lagging its G-10 commodity peers somewhat, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.
Bailey speech: Important not to cut bank rate too quickly or too much
Bank of England (BoE) Governor Andrew Bailey delivers the Monetary Policy Report and responds to questions from the press after deciding to lower the policy rate by 25 basis points at the August meeting.
USD retains a soft undertone - Scotiabank
The US Dollar (USD) is a little softer overall again this morning, reflecting a renewed strengthening in the bearish narrative amid investor concerns over the outlook for the US economy and monetary policy as well as the focus on the risk of political influence on Fed policy making and US data.
EUR firmer but off overnight highs - Scotiabank
The Euro (EUR) has made a little progress on the US Dollar (USD) over the course of the session but has backed off of its earlier highs just under 1.17, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.
GBP jumps on the day - Scotiabank
The Pound Sterling (GBP) was steady, holding near session highs on the soft USD ahead of the BoE, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret note.
Gold Price Forecast: XAU/USD remains shy of $3,400, holds above 20-day EMA
Gold price (XAU/USD) struggles to break above the key level of $3,400.00 during the European trading session on Thursday. The precious metal hesitates to extend upside even as Federal Reserve (Fed) officials have shown support for interest rate cuts in the remainder of the year.
MXN: Base effect in the headline rate, interest rate cuts likely to slow down - Commerzbank
Last week, Mexico once again reaped the benefits of the strong relationship between its president and the US president, resulting in a further 90-day postponement of higher reciprocal tariffs.
USD/CNH: Expected to consolidate in a range of 7.1780/7.1980 - UOB Group
US Dollar (USD) is expected to consolidate in a range of 7.1780/7.1980. In the longer run, USD appears to have moved into a 7.1600/7.2240 range trading phase, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
RUB: Fundamentals turning weaker - Commerzbank
While US intermediation to end Russia's war with Ukraine have kept hitting a dead end, there is a noticeable downturn taking hold in the Russian economy for the first time since sanctions were imposed, Commerzbank's FX analyst Tatha Ghose notes.
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