US stocks closed higher on Friday, with the S&P 500 up 0.8%, and the Nasdaq climbing nearly 1%, while the Dow gaining 206 points. Technology shares, led by Apple which surged 4.2% following its announcement of a $600 billion US investment plan helped lift the tech-heavy Nasdaq to new intraday highs. Investor optimism was also fueled by expectations of Federal Reserve rate cuts, with President Trump nominating Stephen Miran to the Fed Board, signaling possible shifts in monetary policy, despite concerns over new tariffs imposed by the Trump administration on imports from multiple...
Gold price (XAU/USD) attracts some sellers during the Asian session on Wednesday and erodes a part of the previous day's strong move back up closer to the record high. The downtick could be attributed to some profit-taking amid a generally positive risk tone, which tends to undermine demand for the safe-haven bullion. That said, the uncertainty surrounding US President Donald Trump's tariff plans might continue to act as a tailwind for the precious metal. Meanwhile, expectations that the Federal Reserve (Fed) might cut interest rates further this year, bolstered by a surprise drop in US...
GBP/USD appreciates as the US Dollar loses ground amid lower Treasury yields.Trump shared plans to impose a 25% tariff on foreign cars, with higher duties expected on semiconductor chips and pharmaceuticals.Traders await the UK Consumer Price Index (CPI) data for fresh insights into the BoE's policy outlook.GBP/USD remains firm after losses in the previous session, trading around 1.2610 during the Asian session on Wednesday. Traders await the release of January's Consumer Price Index (CPI) data from the United Kingdom (UK) scheduled to be released later in the day. The Pound Sterling (GBP)...
The Japanese Yen gains some positive traction following an Asian session downtick. Bets for more interest rate hikes by the BoJ continue to act as a tailwind for the JPY.The divergent BoJ-Fed expectations contribute to capping the upside for USD/JPY.The Japanese Yen (JPY) attracts some buyers following an Asian session dip against its American counterpart and reverses a part of the previous day's slide amid hawkish BoJ expectations. Investors now seem convinced that the Bank of Japan (BoJ) will hike interest rates further amid signs of broadening inflationary pressures in Japan, which led to...
Australian Dollar appreciates despite fresh tariff threats from US President Donald Trump.Australia's Wage Price Index increased by 0.7% QoQ in Q4 2024, missing the expected 0.8% rise.The US Dollar loses ground as Treasury yields depreciate despite hawkish Fedspeak.The Australian Dollar (AUD) recovers its daily losses against the US Dollar (USD) on Wednesday. However, the AUD/USD pair faced challenges amid rising risk aversion following new tariff threats from US President Donald Trump.Australia's Wage Price Index increased by 0.7% quarter-over-quarter in Q4 2024, falling short of the...
The dollar index maintained its recent gains, holding around 107 on Wednesday, as President Donald Trump's escalating tariff threats fueled inflation concerns. On Tuesday, Trump announced plans to impose auto tariffs of around 25%, as well as similar duties on semiconductors and pharmaceutical imports. Geopolitical tensions also supported the dollar, particularly after the US excluded European nations from peace negotiations with Russia over the ongoing war in Ukraine. On the monetary policy front, Federal Reserve officials reaffirmed their cautious approach to further interest rate cuts,...