The price of gold exceeded US$ 3,000 per troy ounce for the first time in history last Friday. The escalation of trade war risks and a slowdown in the United States economy triggered this increase and has been a significant influence on financial markets.
This sentiment is likely to continue affecting market movements during European trading on Monday (March 17, 2025).
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EMAS
Gold (XAUUSD) closed trading on Friday at US$ 2,984.83 per troy ounce, experiencing a correction after peaking at US$ 3,004.87 per troy ounce, marking a historical high.
The intensifying trade war risks between the US and the European Union have resulted in an increased demand for gold as a tempat selamat. As reported last week, US President Donald Trump expressed his frustration after Europe imposed import tariffs on American whiskey. Trump plans to retaliate by increasing tariffs on European alcoholic beverages by 200%.
This sentiment is expected to continue influencing gold movements during today’s European trading session.
MINYAK
Oil prices rose to US$ 67.14 per barrel on the previous Friday’s trading and jumped to US$ 68.35 per barrel this morning. The increase in oil prices is due to the escalation of conflicts in the Middle East as the United States continues to attack Houthi positions until the group ceases its interference with shipping traffic.
Additionally, China has implemented more stimulus measures to boost its economy, which may lead to an increase in oil demand. This positive sentiment is likely to influence oil movements during the European trading session.
EURUSD
EURUSD rose 286 points (28.6 pips) to 1.08800 during trading last Friday. This pair is approaching the highest level in the last four months following an agreement in the German parliament regarding fiscal reforms to be enacted by Friedrich Merz, who is soon to be appointed Chancellor.
These fiscal reforms are predicted to stimulate economic growth in Germany and consequently benefit the European economy. This positive sentiment is expected to influence EURUSD movements during the European trading session.
GBPUSD
Profit-taking activities led GBPUSD to decline by 145 points (14.5 pips) to 1.29358 during trading last Friday. Data released from the United States last week illustrated a deterioration in consumer sentiment, which should have put pressure on the dollar.
However, GBPUSD actually decreased, suggesting that profit-taking occurred as it was near a four-month high. In light of this, positive sentiments are likely to continue underpinning GBPUSD during the European trading session.
USDJPY
USDJPY increased by 822 points (82.2 pips) to 148.625 during trading last Friday, likely due to short covering. This spike followed an annual wage increase in Japan that fell slightly short of union demands of 6.09%.
Short covering is expected to persist as this sentiment unfolds, with USDJPY remaining close to five-month lows. Moreover, market participants are anticipating the monetary policy announcement from the Bank of Japan this Wednesday.
Nasdaq
The Nasdaq surged 372 index points to 19,664 during trading last Friday, but has fallen back to 19,550 today.
This movement indicates that the sentiment for the Nasdaq remains negative, primarily due to broader trade war risks and the slowdown of the US economy.
