US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
Silver (XAG/USD) prices kicked off 2025 on a strong note. The white metal gained nearly 1.50% in the European session on Thursday and rose near $29.40. The asset gained as the US Treasury yield rally stalled after surging more than 10% in the past four weeks The 10-year US Treasury yield dipped near 4.55%. Lower yields on interest-bearing assets suggest a lower opportunity cost for non-yielding assets, such as Silver, which increases its appeal. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, traded sideways near a more than...
Oil prices edged higher on Thursday, the first trading day for 2025, as investors returning from holidays cautiously eyed China's economy and fuel demand following President Xi Jinping's pledge to boost growth. Brent crude futures were up 16 cents, or 0.21%, at $74.80 a barrel by 0829 GMT after closing up 65 cents on Tuesday, the last trading day for 2024. U.S. West Texas Intermediate crude futures were up 16 cents, or 0.22%, at $71.88 a barrel after closing up 73 cents in the previous session. Xi said Tuesday in his New Year's speech that the country will implement more proactive policies...
Gold (XAU/USD) prices rose for the third straight session on Thursday, after rising more than 27% in 2024, marking its best performance since 2010. The upward momentum was driven by US monetary easing, persistent geopolitical tensions, and record central bank buying. However, non-interest-bearing gold may face some headwinds as the Federal Reserve (Fed) is expected to take a more cautious approach to further interest rate cuts in 2025, signaling a shift in its aggressive monetary policy stance. The shift is driven by uncertainty surrounding potential policy changes under the Trump...
EUR/USD traded vulnerable and held near more than a month-low around 1.0350 on the first trading day of the year. The major currency pair is in a tough spot as the US Dollar (USD) holds near more than two-year highs, with the Dollar Index (DXY) trading around 108.50 on optimism that the Federal Reserve (Fed) will cut interest rates lower than previously anticipated this year. Source: FXStreet
Oil steadied in the first session of the new year as an industry report signaled US crude stockpiles continued to shrink. Brent traded below $75 a barrel after giving up an earlier gain, and West Texas Intermediate was near $72. A report from the American Petroleum Institute showed inventories fell by 1.4 million barrels last week, which would be a sixth straight draw if confirmed by government data later Thursday. Oil has been stuck in a narrow range since mid-October, with Brent posting a modest annual decline and WTI ending 2024 little changed. Investors...