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...
EUR/USD flatlined, cycling near the 1.0400 handle as investors grind through a largely unremarkable week despite a strong start on Monday. A lack of meaningful economic docket data isn't doing already-tepid markets any favors, and political headlines are driving most of what little trading volume exists. President Donald Trump lashed out about a wide variety of topics during his appearance at the WEF's annual gathering in Switzerland, colloquially referred to as Davos, the city that hosts the forum every year. President Trump reminded everyone listening that he intended to "obliterate" the...
Oil fell 1% on Thursday after U.S. President Donald Trump urged Saudi Arabia and OPEC to bring down its cost during his address at the World Economic Forum.Uncertainty over how Trump's proposed tariffs and energy policies would affect global economic growth and energy demand also weighed on prices.Brent crude futures settled 71 cents, or 0.9%, lower at $78.29 a barrel. U.S. West Texas Intermediate crude (WTI) settled down 82 cents, or 1.09%, to $74.62.Prices dipped after Trump announced he would ask Saudi Arabia and OPEC to bring down the cost of oil during his speech at the World Economic...
Gold's price holds firm after sliding to a daily low of $2,735 amid elevated US Treasury bond yields. Economic data from the United States (US) showed the labor market is cooling, while market participants continued to digest US President Trump's trade policy rhetoric. The XAU/USD trades at $2,755, virtually unchanged.Bullion prices are set to finish the week with solid gains despite trimming some of their gains on Thursday.Data from the US Department of Labor revealed that more Americans applied for jobless benefits during the week ending January 18, which usually would signal a weakening...
Pound Sterling (GBP) consolidates around 1.2300 against the US Dollar (USD) in Thursday's European session. The GBP/USD pair consolidates as investors await US President Donald Trump's concrete tariff plans to build fresh positions. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, oscillates in a tight range above 108.00. Until now, Donald Trump has threatened to raise 25% tariffs on his neighbors Mexico and Canada and 10% on China, which could come into effect on February 1. He has also commented that he is considering imposing tariffs on Europe...
The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, goes nowhere in the US session after some earlier gains this Thursday ahead of some US economic data. Still, there is a long road to recovery, although after a few days with an almost empty US data calendar, traders can brace for a pickup in the next releases. Positive and upbeat data could put inflation concerns back on the agenda, which would fuel higher rates and a stronger US Dollar again. Meanwhile, the US economic calendar is starting to take shape with the weekly Jobless Claims and the Kansas...