EUR/USD tumbles towards 1.1600 as strong US data supercharges Dollar

EUR/USD fell to a new yearly low beneath 1.1600 on Thursday, courtesy of solid economic data in the US and broad US Dollar strength. Traders’ appetite improved due to Trump moderating his rhetoric on Iran, while data in the Eurozone, failed to underpin the shared currency.

Gold pulls back near $4,610 as Iran rhetoric softens, Fed cut bets fade

Gold prices retreat on Thursday amid a de-escalation of US President Donald Trump’s rhetoric over Iran. Also, solid jobs data in the US prompted investors to trim Federal Reserve (Fed) rate cut bets. At the time of writing, XAU/USD trades at $4,609.

Fed’s Schmid: Inflation is too hot

Federal Reserve (Fed) Bank of Kansas City President Jeffrey Schmid said that he prefers to keep the monetary policy modestly restrictive, as cutting rates could worsen the inflation situation at the Economic Club of Kansas City on Thursday.

Forex Today: US Dollar gains as Fed rate holding bets grow

The US Dollar Index (DXY) is trading near the 99.35 price region, trimming half of its gains late in the American session on Thursday, supported by encouraging United States (US) data.

WTI Price Forecast: Oil struggles below $60 as bullish momentum fades

West Texas Intermediate (WTI) edges lower on Thursday, giving back this week’s gains as geopolitical risk premiums fade after US President Donald Trump softened his rhetoric on Iran, easing fears of imminent military action.