Oil climbs to two-week high
Oil prices rose on Monday amid a widespread optimism about the US and China paused most reciprocal tariffs for 90 days.
The US cut its tariffs on Chinese goods from 145% to 30%, while China reduced the tariffs on US products from 125% to 10% for 90 days.
Otherwise, the Russian Central Bank expects oil prices to settle at $60 a barrel in the future as global demand rebounds and trade tensions calm down.
In the US, the Energy and Trade Committee at the House of Representatives prepared a proposal to allocate over $1.5 billion to raise the strategic oil reserve.
On trading, Brent July futures rose 1.65% in July, or $1.05 to $64.96 a barrel, after hitting $66.40 earlier in the session.
US crude futures rallied 1.5% to $61.95 after scaling $63.61 earlier in the session.
Ripple spikes 9% as risk appetite rebounds after US-China trade deal
Most cryptocurrencies rose on Monday as the risk appetite improved after the US-China trade deal.
The US and China announced a massive cut in reciprocal tariffs for 90 days amid efforts to contain trade tensions and reach a resolution.
According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%.
US Treasury Secretary Scott Bessent hailed the “very productive talks” with Chinese counterparts, and praised the place of negotiations besides the serene Geneva lake.
Bessent asserted the tariff pause will carry on for 90 days with both sides cutting tariffs by 115%.
Bessent said cutting tariffs below 10% wouldn’t be feasible, but the level specified by President Trump in early April at 34% would be a “ceiling”.
He said a partial removal of fentanyl tariffs is possible if China cooperates in finding a solution to the crisis.
Ripple
On trading, Ripple surged 8.8% as of 19:13 GMT to $2.54.
US dollar surges to early April highs
The US dollar rose against most major rivals on Monday as the risk appetite improved and investors shunned safe havens following the US-China trade deal.
The US and China announced a massive cut in reciprocal tariffs for 90 days amid efforts to contain trade tensions and reach a resolution.
According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%.
US Treasury Secretary Scott Bessent hailed the “very productive talks” with Chinese counterparts, and praised the place of negotiations besides the serene Geneva lake.
Bessent asserted the tariff pause will carry on for 90 days with both sides cutting tariffs by 115%.
Bessent said cutting tariffs below 10% wouldn’t be feasible, but the level specified by President Trump in early April at 34% would be a “ceiling”.
He said a partial removal of fentanyl tariffs is possible if China cooperates in finding a solution to the crisis.
Otherwise, the dollar index rose 1.5%% as of 18:52 GMT to 101.8, with a session-high at 101.9, and a low at 100.5.
Aussie
The Australian dollar fell 0.8% against the US counterpart as of 19:07 GMT to $0.6361.
Loonie
The Canadian dollar shed 0.5% against its US counterpart as of 19:07 GMT to $0.7138.
Gold drops 3.5% on stronger dollar, plummeting risk aversion
Gold prices fell on Monday as the dollar rallied against a basket of major rivals amid an improving risk appetite, while investors shunned the precious metal as a safe haven following the US-China trade deal.
The US and China announced a massive cut in reciprocal tariffs for 90 days amid efforts to contain trade tensions and reach a resolution.
According to the temporary agreement, the US will cut tariffs from 145% to 30%, including a 20% tariff related to fentanyl, while China will cut tariffs from 125% to 10%.
US Treasury Secretary Scott Bessent hailed the “very productive talks” with Chinese counterparts, and praised the place of negotiations besides the serene Geneva lake.
Bessent asserted the tariff pause will carry on for 90 days with both sides cutting tariffs by 115%.
Bessent said cutting tariffs below 10% wouldn’t be feasible, but the level specified by President Trump in early April at 34% would be a “ceiling”.
He said a partial removal of fentanyl tariffs is possible if China cooperates in finding a solution to the crisis.
Otherwise, the dollar index rose 1.5%% as of 18:52 GMT to 101.8, with a session-high at 101.9, and a low at 100.5.
On trading, gold spot prices rose 3.5% as of 18:53 GMT to $3228.3 an ounce.