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...
Gold slips as traders await clarity on Trump's policiesGold prices dipped on Thursday after hitting a near three-month high in the previous session, while market participants awaited further clarity on policies from U.S. President Donald Trump's administration. Spot gold was down 0.4% at $2,744.49 per ounce, having hit its highest since Oct. 31 on Wednesday. U.S. gold futures shed 0.7% to $2,751.20. "Spot prices are flirting with technically overbought conditions, which suggests that a slight technical pullback is due," said Exinity Group chief market analyst Han Tan. Gold's relative...
Oil prices fell in Asian trade on Thursday, extending losses amid uncertainty over how U.S. President Donald Trump's proposed tariffs and energy policies will affect global economic growth and energy demand. Brent crude futures fell 38 cents, or 0.5%, to $78.62 a barrel by 0716 GMT for a sixth straight day of losses, while U.S. West Texas Intermediate (WTI) crude fell for a fifth day, down 39 cents, or 0.5%, to $75.05. "The oil market has given back some of its recent gains on a combination of factors," said Priyanka Sachdeva, senior market analyst at Phillip Nova. "Key factors include...
Further sideways trading seems likely, perhaps within a range of 0.6240/0.6295. In the longer term, the current price action is likely to be the early stages of a recovery phase that could potentially reach 0.6350, noted UOB Group FX analysts Quek Ser Leang and Lee Sue Ann. "Yesterday, we expected the AUD to ‘trade sideways between 0.6220 and 0.6290.' The AUD subsequently traded within a narrower range of 0.6253/0.6293. The AUD closed largely unchanged at 0.6274 (+0.02%). Further sideways trading seems likely today, perhaps within a range of 0.6240/0.6295." "We revised our AUD view to...
Silver moved lower on Thursday (1/23) and for now, seems to have snapped a three-day winning streak to its highest level since December 13, around the $31.00 area touched the previous day. The white metal maintained its negative bias through the first half of the European session on Thursday and is currently trading around the $30.55 zone, down over 0.85% for the day. From a technical perspective, the $31.00 level is a confluence hurdle – comprising of the 100-day Simple Moving Average (SMA) and the upper end of a multi-month-old descending channel. The aforementioned barrier should now act...
The USD/CHF pair struggled to capitalize on the previous day's modest bounce from the 0.9035-0.9030 region, or above two-week lows and oscillated in a narrow range during the Asian session on Thursday (23/1). The spot price is currently trading around the 0.9060 region, nearly unchanged for the day amid a subdued US Dollar (USD) price action. The USD Index (DXY), which tracks the greenback against a basket of currencies, struggled to capitalize on the overnight bounce from monthly lows amid bets that the Federal Reserve (Fed) will cut interest rates twice this year. That said, a pickup in...