The US dollar fell against most major rivals on Thursday after important data, while markets assess a US court ruling to suspend Trump’s tariffs. 

The US International Trade Court in Manhattan ruled today that Trump overstepped his authority by imposing an economic emergency and tariffs on other countries, and ordered the administration to stop collecting tariffs.

Nvidia’s stock also rallied following its results, which showed first-quarter earnings above estimates on strong demand on data centers.

Earlier US data showed the second reading for GDP with a 0.2% contraction in the first quarter, below the 0.3% contraction in the first reading.

US unemployment claims rose by 14 thousand last week, while analysts expected an increase of 3 thousand.

On trading, the dollar index fell 0.6% as of 19:44 GMT to 99.2, with a session-high at 100.5, and a low at 99.2.

Aussie

The Australian rose 0.3% against the US dollar to 0.6447.

Loonie

The Canadian dollar rose 0.2% as of 20:20 GMT against the US dollar to 0.7244.

Gold prices rose on Thursday as the dollar fell against most major rivals amid uncertainty after a US court order suspending most of Trump’s tariffs.

The US International Trade Court in Manhattan ruled today that Trump overstepped his authority by imposing an economic emergency and tariffs on other countries, and ordered the administration to stop collecting tariffs.

Nvidia’s stock also rallied following its results, which showed first-quarter earnings above estimates on strong demand on data centers.

Earlier US data showed the second reading for GDP with a 0.2% contraction in the first quarter, below the 0.3% contraction in the first reading.

US unemployment claims rose by 14 thousand last week, while analysts expected an increase of 3 thousand.

Otherwise, the dollar index fell 0.6% as of 19:44 GMT to 99.2, with a session-high at 100.5, and a low at 99.2.

On trading, gold spot prices rose 1.5% as of 19:45 GMT to $3345.2 an ounce.

US stock indices rose on Thursday after a US court order to suspend Trump’s reciprocal tariffs.

The US International Trade Court in Manhattan ruled today that Trump overstepped his authority by imposing an economic emergency and tariffs on other countries, and ordered the administration to stop collecting tariffs.

Nvidia’s stock also rallied following its results, which showed first-quarter earnings above estimates on strong demand on data centers.

Earlier US data showed the second reading for GDP with a 0.2% contraction in the first quarter, below the 0.3% contraction in the first reading.

US unemployment claims rose by 14 thousand last week, while analysts expected an increase of 3 thousand.

On trading, Dow Jones rose 0.1% as of 16:03 GMT to 42,111 points, while S&P 500 added 0.5%, or 28 points to 5917 points, as NASDAQ added 0.8% to 19,258 points.

Base minerals prices rose on Thursday amid market optimism after a US federal court blocked President Trump’s blanket tariffs on trade partners.

The US International Trade Court suspended most of Trump’s tariffs in a wide-spread ruling, which stated the President has overstepped his authority with his aggressive tariff policies. 

Minutes later, the Trump administration appealed the ruling and doubted the court’s authority. 

Base minerals rose as the court ruling bolstered the risk appetite, even as the markets remained exposed to fluctuations due to Trump’s opposition to the ruling.

Copper three-month futures rose 0.4% at the London Metals Exchange to $9603 a ton.

Copper is up 19% so far in London since hitting 17-month lows in April at $8105 after Trump’s reciprocal tariffs.

Aluminum prices rose 0.4% today to $2477 a ton, as zinc added 1% to $2711, while lead steadied at $1982, while nickel rose 2.3% to $15,340. Tin edged up 0.1% to $31,650.

The gains are limited by the dollar’s advance against major rivals, making the dollar-denominated minerals costlier. 

US copper futures are up 0.9% today to $4.75 a pound, with the US price bonus over the London price reaching $858 a ton.