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150 small countries face 10% or 15% tariffs
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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Official Website]: Trump denied that he would fire Powell, gold rose and fell, and 150 small countries will face 10% or 15% tariffs." Hope it will be helpful to you! The original content is as follows:
On July 17, in the early trading of Asia on Wednesday, Beijing time, the US dollar index hovered around 98.44. On Wednesday, rumors that Trump would fire Powell triggered market turmoil, and the US dollar index plunged in the session and finally closed down 0.36% to 98.244. The yield on the US Treasury rose in the short term at the beginning of the US session, and then fell back. The benchmark 10-year US Treasury yield closed at 4.463%, and the 2-year US Treasury yield closed at 3.959%. Spot gold took a roller coaster and once rose above the $3,370 mark, but narrowed the gains after Trump denied that he had drafted a dismissal letter and finally closed up 0.68% to $3,347.6/oz; spot silver rose slightly, finally closing up 0.56% to $37.91/oz. International oil prices fell for the third straight day as market focus shifted to expectations of global oil surplus later this year. WTI crude oil generally fell first and then rose, and finally closed down 0.35% at $65.63 per barrel; Brent crude oil closed down 0.32% at $68.04 per barrel.
Analysis of major currencies
Dollar Index: As of press time, the U.S. dollar index hovered around 98.44 The dollar fell sharply on Wednesday after CBS reported that U.S. President Donald Trump asked a group of House Republicans whether he should fire Fed Chairman Jerome Powell. The news offsets the gains previously triggered by lower-than-expected U.S. Producer Price Index (PPI) data in June, which initially boosted the dollar amid signs of slowing producer inflation. Technically, if the U.S. dollar index successfully returns above the 98.70 level, it will move towards the nearest resistance level of 99.20–99.40.
Analysis of gold and crude oil market trends
1) Analysis of gold market trends
On Thursday, gold hovered around 3340.831. The gold market experienced a dramatic volatility on Wednesday. In the early trading, gold prices fell to an intraday low of $3319.58 per ounce due to the strengthening of the US dollar in the New York market, but then a Bloomberg report that "Trump considers firing Federal Reserve Chairman Powell" instantly ignited the market's risk aversion. The gold price soared over $50, hitting a three-week high of $3377.17.
2) Crude oil marketTrend Analysis
On Thursday, crude oil trading around 65.64. U.S. crude oil inventories fell last week, reversing the massive stock increase in the previous two weeks. U.S. crude oil inventories fell by 3.859 million barrels in the week ended July 11, xmserving.compared with an increase of 7.07 million barrels the week before, according to the U.S. Energy Information Administration (EIA) weekly report. The market generally expects inventory to drop by 1.8 million barrels.
Forex market trading reminder on July 17, 2025
14:00 Swiss June trade account
14:00 UK three-month ILO unemployment rate
14:00 UK June unemployment rate
14:00 UK June unemployment rate
14:00 UK June unemployment rate
17:00 Eurozone June CPI annual rate final value
17:00 Eurozone June CPI monthly rate final value
20:30 US initial unemployment benefit in the week from July 12
20:30 US June retail sales monthly rate
20:30 US July Philadelphia Fed Manufacturing Index
20:30 Monthly rate of the U.S. import price index in June
22:00 Monthly rate of the U.S. xmserving.commercial inventory in May
22:00 Monthly rate of the U.S. xmserving.commercial inventory in May
22:00 Monthly rate of the U.S. xmserving.commercial inventory in the U.S. economy prospects
22:30 EIA natural gas inventory in the week from the U.S. to July 11
00:45 The next day at the discussion session of the Federal Reserve Daly at the Rocky Mountain Economic Summit
01:30 The next day at the Fed Director Cook spoke on artificial intelligence and innovation
The above content is about "[XM Foreign Exchange Official Website]: Trump denied that he would fire Powell, gold rose and fell. 150 small countries will face 10% or 15% tariffs”, which is carefully xmserving.compiled and edited by the editor of XM Forex. I hope it will be helpful to your transactions! Thanks for the support!
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