Aug 08, 2025 (Baystreet.ca via COMTEX) --
- FOMC board gets dovish injection
- Gold rises on tariff rumours
- US dollar opens mixed-yen underperforms.
USDCAD open 1.3720, overnight range 1.3728-1.3758, close 1.3746, WTI 64.25, Gold 3400.71
The Canadian dollar traded sideways and inside yesterdays range due to a lack of actionable economic data stateside and in Europe.
Canada is projected to have added 13,500 jobs in July, a sharp slowdown from the 83,100 surge in June. Some analysts believe the outcome could surprise to the upside, thanks to seasonal quirks and the fact that many employers are holding off on layoffs until there's more clarity on how Trump's tariff blitz will affect business.
WTI oil moved within a 63.20-64.46 range and is hovering near the upper end in New York trading. The White House's pledge to slap tariffs on countries purchasing Russian crude is lending support to prices.
WTI oil moved within a 63.20-64.46 range and is hovering near the upper end in New York trading. The White House's pledge to slap tariffs on countries purchasing Russian crude is lending support to prices, though reports suggest China might be rerouting Indian shipments to sidestep sanctions. Trump is discovering that pushing Xi Jinping around isn't as easy as it sounds.
President Trump intends to appoint Stephen Miran as the interim replacement for Adriana Kugler on the Federal Reserve Board, with a term set to expire in January 2026. Miran, who currently chairs the White House Council of Economic Advisers, is widely credited with shaping Trump's tariff approach.
Gold (XAUUSD) moved sharply after reports that the U.S. is eyeing tariffs on gold bars weighing 1 kilogram and 100 ounces. The move, hinted at in a Customs Border Protection memo dated July 31, could push prices toward the $3500 level. Switzerland, which shipped $61.5 billion worth of goods to the U.S. over the past year, would be heavily impacted.
Asian markets wrapped up with mixed performances. Japan's Topix rose 1.21% while Australia's ASX 200 slipped 0.27%. Europe followed suit--France's CAC 40 is up 0.18%, Germany's DAX is off 0.24%, and the UK's FTSE 100 is flat. S&P 500 futures are higher by 0.29%. The U.S. Dollar index (DXY) is holding steady at 98.23.
EURUSD traded in a 1.1630-1.1679 band, leaning toward the lower end as traders look ahead to next week's potential meeting between Trump and Putin. The lack of Eurozone data also left the pair rudderless. Traders remain bullish above 1.1600, eyeing a push beyond 1.1720.
GBPUSD ranged between 1.3425 and 1.3453, shrugging off the Bank of England's widely anticipated 25 bp rate cut. With more members voting to keep rates unchanged, markets interpreted the decision as leaning hawkish. A move through resistance at 1.3460 could open the door to 1.3550.
USDJPY moved to the top of its 146.72-147.81 range in New York trading. A BoJ meeting summary revealed some members are discussing rate hikes, possibly before year-end. Markets barely blinked. On trade, Washington admitted to mistakenly stacking a new 15% tariff atop existing levies and pledged to issue refunds.
AUDUSD climbed from 0.6512 to 0.6535 as sentiment improved and traders priced in deeper and faster U.S. rate cuts. Focus now shifts to Tuesday's RBA decision, where a 25 bp cut to 3.60% is anticipated.
COMTEX_467887147/2559/2025-08-08T09:42:29
