High volatility struck the financial markets during trading on Thursday in response to two court decisions made in the United States. The U.S. International Trade Commission issued a ruling that partially blocked the import tariff policy set by former President Donald Trump.<\/p>\n
This ruling followed a lawsuit filed by the Liberty Justice Center on behalf of various small businesses importing goods from countries affected by Trump’s tariffs.<\/p>\n
However, the Trump administration acted swiftly by appealing the decision. The U.S. Court of Appeals temporarily stayed the United States International Trade Commission’s ruling, thus keeping Trump’s import tariff policy in effect for now. These closely-timed rulings sparked significant volatility, which continued into trading on Friday (May 30, 20205).<\/p>\n
GOLD<\/strong> As of Friday morning, Gold prices have dipped again to $3,290.21 per troy ounce. This fluctuation reflects the uncertainty created by the two rulings, with market participants still trying to gauge the future implications. In addition, the market is eagerly awaiting the release of inflation data based on U.S. personal consumption expenditures (PCE) later tonight.<\/p>\n Leading up to this release, Gold is expected to remain volatile and trend downward.<\/p>\n OIL<\/strong> Moreover, the market is anticipating the OPEC+ meeting set for Saturday, which is expected to increase production in July. These factors are likely to continue weighing on Oil prices in the European trading session.<\/p>\n EURUSD<\/strong> During today\u2019s trading, EURUSD reached as high as 1.13900 but has since reversed to 1.13429. The upcoming release of German retail sales data at 1:00 PM WIB could further add to the EURUSD volatility.<\/p>\n Forecast<\/em> from Trading Central indicates that April retail sales are expected to grow by 2.4% year-on-year (YoY), an increase from the previous month\u2019s 2.2% YoY. If the actual figures exceed this forecast, it could provide a positive sentiment for EURUSD.<\/p>\n GBPUSD<\/strong> In today\u2019s trading, GBPUSD climbed to 1.35108 before dropping back to 1.34877. This movement indicates that market participants are trying to assess the impact of the U.S. court rulings on import tariff policies. The uncertainty may favor the U.S. dollar, putting pressure on GBPUSD.<\/p>\n USDJPY<\/strong> With the environment fraught with uncertainty, particularly regarding the future of the United States, the yen, which is also considered a safe haven similar to the U.S. dollar, gained some advantages. This environment suggests that USDJPY may remain under pressure at the start of the European trading session.<\/p>\n Nasdaq<\/strong> In today’s session, Nasdaq exhibits volatility within the range of 21,267 – 21,398. The movements of the Nasdaq are heavily influenced by the two U.S. court rulings, leading to its erratic behavior. Given the uncertainty surrounding the import tariff policies, there remains a potential for Nasdaq to be overshadowed by negative sentiment once again.<\/p>\n High volatility struck the financial markets during trading on Thursday in response to two court decisions made in the United States. The U.S. International Trade Commission issued a ruling that partially blocked the import tariff policy set by former President Donald Trump. This ruling followed a lawsuit filed by the Liberty Justice Center on behalf […]<\/p>\n","protected":false},"author":4,"featured_media":21040,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5170,142],"tags":[5175,5174,5176,5178,5177,5168],"class_list":["post-62778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-summary","category-news","tag-cls10","tag-eurusd","tag-gbpusd","tag-nq","tag-usdjpy","tag-xauusd"],"yoast_head":"\n
The price of Gold (XAUUSD) initially plummeted to around $3,245 per troy ounce in response to the U.S. International Trade Commission’s ruling. However, the Appeals Court ruling caused Gold prices to recover and settle at $3,317.28 per troy ounce by the end of trading.<\/p>\n
Oil prices (CLS10) rose to $63.04 per barrel on Thursday before reversing course to $60.89 per barrel. Oil faced downward pressure after the International Energy Agency projected a potential decrease in demand from China.<\/p>\n
The EURUSD currency pair displayed significant volatility on Thursday, which continued into today\u2019s trading. The two U.S. court rulings caused EURUSD to tumble to 1.12108 before rebounding and closing Thursday\u2019s trading at 1.13644.<\/p>\n
Similar to EURUSD, this currency pair has also experienced high volatility since yesterday. GBPUSD dropped to 1.34149 before rebounding and closing Thursday\u2019s trading at 1.34866.<\/p>\n
USDJPY surged to 146.284 on Thursday before retreating and closing at 144.106. Today, USDJPY fell to 143.439 but managed to recover some ground.<\/p>\n
The Nasdaq index reached a high of 21,858 during Thursday\u2019s trading, nearing its all-time high of 22,318 set in mid-February. However, it subsequently declined and closed at 21,384.<\/p>\n