The US dollar fell against most major rivals on Thursday, plumbing a three-year nadir before paring the losses following US inflation data.

US President Trump said he’s willing to extend the final July 8 deadline to carry on trade talks, but warned that the US will send messages in the next few weeks to tens of countries to set trade terms.

Earlier US data showed producer prices rose 2.6% y/y in May, beating estimates of 2.5%.

US unemployment claims came at 248 thousand in the week ending June 7, same as the previous week, and up from estimates of 246 thousand.

Following the data, Trump renewed his attacks on Fed Chair Jerome Powell and called him a fool, but said once more he won’t fire him.

Otherwise, the dollar index fell 0.7% as of 20:14 GMT to 97.9, with a session-high at 98.5, and a three-year low at 97.6.

Sterling

The GBP/USD pair rose 0.4% as of 20:33 GMT to $1.3596.

Recent data showed UK GDP shrank 0.3% in April, while analysts expected a 0.1% contraction.

Aussie

The AUD/USD pair rose 0.4% as of 20:33 GMT to $0.6528.

Gold prices rose on Thursday as the dollar gave up ground against most major rivals and amid a change in the outlook of Fed interest rates following US data.

US President Trump said he’s willing to extend the final July 8 deadline to carry on trade talks, but warned that the US will send messages in the next few weeks to tens of countries to set trade terms.

Earlier US data showed producer prices rose 2.6% y/y in May, beating estimates of 2.5%.

US unemployment claims came at 248 thousand in the week ending June 7, same as the previous week, and up from estimates of 246 thousand.

Following the data, Trump renewed his attacks on Fed Chair Jerome Powell and called him a fool, but said once more he won’t fire him.

Otherwise, the dollar index fell 0.7% as of 20:14 GMT to 97.9, with a session-high at 98.5, and a three-year low at 97.6.

Gold spot prices rose 1.9% as of 20:18 GMT to $3407.4 an ounce. 

Most US stock indices stabilized on Thursday as traders assess latest data and new trade threats by Trump.

US President Trump said he’s willing to extend the final July 8 deadline to carry on trade talks, but warned that the US will send messages in the next few weeks to tens of countries to set trade terms.

Earlier US data showed producer prices rose 2.6% y/y in May, beating estimates of 2.5%.

US unemployment claims came at 248 thousand in the week ending June 7, same as the previous week, and up from estimates of 246 thousand.

On trading, Dow Jones fell 0.1%, or 37 points to 42,829 points, while S&P 500 rose 0.1%, or 6029 points, as NASDAQ climbed 0.1%, or 15 points to 19,631 points.

Copper prices rose mildly on Thursday as the dollar weakened, but concerns about demand and trade remained an obstacle. 

Copper three-month futures rose 0.5% at the London Exchange to $9694 a ton as of 14:00 GMT after hitting November 2023 at $8105. 

The dollar index fell to three-year lows after US inflation data, making the greenback-denominated metals cheaper to holders of other currencies. 

US President Trump said he’s willing to extend the final July 8 deadline to carry on trade talks, but warned that the US will send messages in the next few weeks to tens of countries to set trade terms. 

UBS noted that from the demand perspective, manufacturing PMIs from China, the US, and Europe remain in a contraction zone, with ongoing impact from tariffs, which would weaken demand on copper.

Last February, the US launched an investigation into copper imports and opened the way for a potential tariff similar to duties on steel and aluminum.

From the supply side, operations into a major copper mine in the Congo Democratic Republic resumed after an earthquake caused disruption.

Aluminum and tin prices were little changed at  the London Metals Exchange at $2516 and $32,600 a ton respectively, while zinc shed 0.6% to $2638, as nickel lost 0.2% to $15,150, while lead rose 0.5% to $1996.

Copper futures due in July rose 0.1% in American trade as of 15:14 GMT to $4.81 a pound.