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...
GBP/USD declines ahead of UK labor data set to be released on Tuesday.UK PM Starmer said that any peace agreement for Ukraine would need a "US backstop" to deter further Russian attacks.Fed Governor Michelle Bowman warned that upside inflation risks persist, stressing the need for more clarity before considering rate cuts.GBP/USD breaks its five-day winning streak, trading around 1.2600 during Tuesday's Asian session. Traders are awaiting UK employment data set to be released later in the day. The Claimant Count Change for January is expected to rise to 10K new unemployment benefit...
EUR/USD declines as the US Dollar strengthens following three consecutive sessions of losses.Fed Governor Michelle Bowman warned that upside inflation risks persist, stressing the need for more clarity before considering rate cuts.The Euro faces downward pressure from the ECB's forecast of three additional rate cuts this year.EUR/USD extends its losses for the second successive session, trading near 1.0460 during the Asian hours on Tuesday. This downside could be attributed to the improved US Dollar (USD) amid rising Treasury yields.The US Dollar Index (DXY), which tracks the US Dollar's...
The Japanese Yen retreats after touching a one-week high against its American counterpart. Rising bets for an imminent BoJ rate rise this year should limit any deeper losses for the JPY. The narrowing US-Japan yield differential might also lend support to the lower-yielding JPY. The Japanese Yen (JPY) attracts some sellers during the Asian session on Tuesday, which, along with a modest US Dollar (USD) uptick, assists the USD/JPY pair in staging a modest recovery from the 151.25 area or over a one-week low. Investors cheered a delay in the implementation of US President Donald Trump's...
The Australian Dollar (AUD) pauses its three-day winning streak against the US Dollar (USD) as traders await the Reserve Bank of Australia's (RBA) policy decision on Tuesday. The central bank is widely expected to lower its Official Cash Rate (OCR) by 25 basis points (bps) to 4.10%, marking the first rate cut in four years. However, policymakers may adopt a cautious stance, as trimmed mean inflation remains above the RBA's 2%-3% target range. Signs of easing inflation in Australia have increased expectations for a rate cut in February. December data indicated slowing price pressures, with...
Oil steadied after an advance as OPEC+ delegates said the group was considering delaying restoring output, and Ukrainian drones attacked a crude-pumping station in Russia. Brent crude traded above $75 a barrel after a modest gain on Monday, while West Texas Intermediate was near $71. The cartel and its allies are considering pushing back a series of monthly supply increases due to start in April, according to delegates. Meanwhile, the Ukrainian strike forced exports through the main pipeline from Kazakhstan to slow. Postponing the 120,000 barrel-a-day hike would...