A coalition of 22 Democratic state attorneys general has voiced opposition to a Trump administration plan to impose tariffs on dozens of countries, arguing the move is unlawful and not genuinely aimed at curbing forced labor.
Several international airlines are beginning to restore select routes to the Middle East following recent regional conflict. However, widespread disruptions continue, with many carriers extending flight suspensions to key destinations for several more months.
U.S. stock markets started the trading day in negative territory following comments from President Donald Trump that an interim deal with Iran has ended. The statement triggered a rise in oil prices and broader market uncertainty.
Russia's gold reserves fell to $298.99 billion in June, according to data released by the country's central bank. The drop was part of a broader decline in total official reserve assets, which stood at $720.4 billion at the end of the month.
Gold prices declined more than 1% on Tuesday as investors moved to the U.S. dollar for safety following an escalation of tensions in the Middle East. The events also caused a significant spike in oil prices, while traders awaited cues on U.S. monetary policy.
Oil prices rose by over 3% on Tuesday after the United States revoked a license for Iranian oil sales. The move followed reported Iranian attacks on commercial vessels in the Strait of Hormuz and retaliatory U.S. military strikes.
U.S. oil prices saw a significant increase following American military strikes against Iran. The U.S. action was a response to recent attacks on commercial shipping vessels in the Strait of Hormuz.
Financial services group Barclays anticipates the South African rand will strengthen in the short term, citing its current undervaluation and the central bank's monetary policy. The bank's medium-term outlook, however, suggests a depreciation against a strengthening U.S. dollar.
The U.S. dollar rose on Wednesday, supported by a mix of economic data and remarks from Federal Reserve Chair Kevin Warsh that kept expectations for future interest rate hikes in place. The euro and Japanese yen weakened against the strengthening greenback.
