Wall Street's main indexes bounced back on Monday after a sharp pullback in the previous session, buoyed by growing expectations of deeper Federal Reserve interest rate cuts following an unexpectedly weak jobs report. At 11:39 a.m. ET, the Dow Jones Industrial Average rose 463.55 points, or 1.06%, to 44,052.13, the S&P 500 gained 74.56 points, or 1.20%, to 6,312.57 and the Nasdaq Composite gained 325.95 points, or 1.58%, to 20,976.08. Both the S&P 500 and the Nasdaq were on track for their biggest single-day jump in more than two months. This is in contrast to Friday, when a...
The Australian dollar (AUD) held steady against the US dollar (USD) on Thursday (23/1), as market concerns eased following news that China-specific tariffs proposed under US President Donald Trump's revised plan were much smaller than previously expected. The development helped calm investor nerves, especially given the strong trade ties between China and Australia, which make the Australian market sensitive to changes in China's economic landscape. President Trump announced plans to impose 10% tariffs on Chinese imports from February 1, citing concerns over fentanyl shipments from China to...
GBP/USD remained weak for the second straight session, trading around 1.2320 during Asian hours on Thursday (1/23). The pair faced challenges as the US Dollar (USD) received support as President Donald Trump issued a memorandum instructing federal agencies to investigate and address the ongoing trade deficit. The greenback could appreciate further as traders expect the US Federal Reserve (Fed) to keep its benchmark interest rate steady in the range of 4.25%-4.50% at its January meeting. Moreover, Trump's policies could boost inflationary pressures, potentially limiting the Fed to just one...
Silver (XAG/USD) price halted its three-day rally, trading around $30.60 during the Asian session on Thursday (1/23). Dollar-denominated silver faces challenges as the US Dollar is likely to strengthen, with traders anticipating that the US Federal Reserve (Fed) will keep its benchmark interest rate in the range of 4.25%-4.50% during its January meeting. In addition, US President Donald Trump's policies could increase inflationary pressures, potentially limiting the Fed from cutting interest rates one more time. This could strengthen the Greenback and reduce demand for commodities such as...
The Japanese Yen (JPY) edged higher during the Asian session on Thursday (1/23) following the release of better-than-expected Trade Balance data from Japan, although it remained near a one-week low against the US currency hit the previous day. Prospects of an imminent interest rate hike by the Bank of Japan (BoJ) on Friday continued to underpin the JPY. Moreover, a subdued US Dollar (USD) price action, amid bets that the Federal Reserve (Fed) will cut interest rates twice this year, capped the USD/JPY pair's recovery from a more than one-month low hit on Tuesday. However, JPY market players...
Gold held above $2,750 an ounce on Thursday, extending a three-day rally and near its highest level since early November, relatively close to its record peak of $2,790. The precious metal continued to benefit from its safe-haven appeal amid uncertainty surrounding President Donald Trump's tariff plans, which have raised concerns about a potential trade war. On the monetary policy front, ECB policymakers endorsed further interest rate cuts on Wednesday, signaling a cut next week is almost certain, which would benefit non-yielding bullion. Meanwhile, the Federal Reserve is expected to keep...