European shares closed higher on Monday, rebounding from six-week lows as a surge in banking stocks offset a decline in Swiss shares following a hefty 39% U.S. tariff on Swiss goods. The pan-European STOXX 600 index, rose 0.9%, with most major regional markets, barring Swiss stocks, rebounding from Friday's sharp losses, when worries about tariffs and a weak U.S. jobs report hammered sentiment. The German DAX climbed 1.4%, France's CAC 40 rose 1.1% and Britain's FTSE 100 added 0.7%. Zurich's SMI index dipped 0.2% as trading resumed following a long weekend. Switzerland was left stunned on...
The US Dollar Index (DXY), which tracks the greenback against a basket of currencies, fell for the second straight day and dropped to a fresh monthly low during the Asian session on Friday (1/24). The index is currently trading around the 107.80 region, down nearly 0.35% for the day, and remains on track to post a second straight week of losses. The market has been pricing in the possibility that the Federal Reserve (Fed) will cut borrowing costs twice this year amid signs of inflationary pressures in the US. Moreover, US President Donald Trump, speaking remotely at the World Economic Forum...
The EUR/USD pair attracted some buyers near 1.0450 during the early Asian session on Friday (1/24), supported by a weaker US Dollar (USD). The preliminary readings of the HCOB Purchasing Managers' Index (PMI) for January from the Eurozone and Germany are due later on Friday. On the US data front, the flash S&P PMI for January will be in the spotlight. US President Donald Trump's remarks at the World Economic Forum in Davos dragged the USD lower against a basket of major currencies. Trump said on Thursday night that he wants to see interest rates cut soon, and likewise, interest rates...
Silver (XAG/USD) prices recovered from recent losses, trading around $30.80 per troy ounce during the Asian trading session on Friday (1/24). Demand for non-interest bearing Silver increased following comments made by US President Donald Trump on Thursday night. Trump expressed his desire for the US Federal Reserve (Fed) to cut interest rates without delay. "With oil prices going down, I will demand that interest rates be cut immediately, and interest rates should be cut all over the world," he said during the World Economic Forum in Davos, Switzerland. Additionally, industrial demand for...
Gold rose above $2,770 an ounce on Friday, hitting its highest level since October, just shy of a record high of $2,790, after President Trump called for an immediate interest rate cut. That boosts gold's appeal as a safe haven, with lower interest rates making the non-yielding precious metal more attractive. Traders continued to flock to the safe haven asset, remaining cautious amid uncertainty over the impact of Trump's proposed tariffs and immigration policies. A weaker U.S. dollar also supported the uptrend. Meanwhile, investors are eyeing upcoming policy announcements from global...
GBP/USD extends its gains for the second straight day, trading around 1.2400 during Asian hours on Friday (1/24). The pair's gains could be attributed to remarks by US President Donald Trump on Thursday night. President Trump said that he wants the US Federal Reserve (Fed) to cut interest rates soon. "With oil prices going down, I'm going to demand that interest rates go down soon, and interest rates go down around the world," Trump said at the World Economic Forum in Davos, Switzerland. Traders expect the Federal Reserve (Fed) to keep its benchmark interest rate steady at 4.25%-4.50% at...