XAU/GBP sells off after Bank of England cuts interest rates by 25 basis points

In the week ending August 2, the advance figure for seasonally adjusted initial claims was 226,000, an increase of 7,000 from the previous week's revised level. The previous ...

Swiss President Keller-Sutter: We have to prepare for difficult times. Swiss President States Our Industry's Strength Should Not Be Questioned Due To High U.S. Tariffs Swiss President Says Industry Survived Past Challenges Including Covid-19 and End of Minimum Exchange Rate Swiss President Keller-Sutter: In the end, it's all in Trump's hands. Switzerland will not impose reciprocal tariffs on US Swiss Confederation President Karin Keller-Sutter (pictured) said on Thursday that Switzerland does not plan any countermeasures to the 39% tariff imposed on the country's exports by the United States, although the situation is "extraordinarily difficult." She said the Swiss government held a meeting with US negotiators yesterday, where it presented an "improved offer," and that talks on a possible trade deal will continue. We cannot say how long this period will last," Keller-Sutter said, adding that the issue is "in the hands of the US president." In the meantime, she said the government is looking into ways to offer relief to companies affected by tariffs. Swiss Economics Minister Guy Parmelin said the tariffs impact around 60% of Swiss exports to the US.

*FED'S BOSTIC SAYS ECONOMY LIKELY TO CONTINUE SLOWING Fed's Bostic: Firms are still in a "wait and see" pattern around employment. Bostic Says Likely Price Increase for Six to Twelve Months Will Put Pressure on the Federal Reserve Fed's Bostic: The most important question for the Fed is whether tariffs will shift prices once or more persistently. Fed's Bostic: Policymakers would not respond to a one-time price shift, but there are compelling reasons to be skeptical.