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...
Gold is heading for one of its biggest annual gains this century, with a 26% advance that has been fueled by US monetary easing, sustained geopolitical risks, and a wave of purchases by central banks. While bullion has ticked lower since Donald Trump's sweeping victory in November's US presidential election, its gains over 2024 still outstrip most other commodities. Base metals have had a mixed year, while iron ore has tumbled, and lithium's woes have deepened. The varied performances over 2024 highlight the absence of a single, over-riding driver that's steered the complex's...
Gold price (XAU/USD) falls to near the weekly low of $2,600 in Monday's North American session. The precious metal faces selling pressure as the US Dollar (USD) recovers intraday losses and turns positive, with the US Dollar Index (DXY) returning above 108.00. The higher US Dollar makes the Gold price an expensive bet for market participants. 10-year US Treasury yields tumbled to 4.55% on Monday. Lower yields on interest-bearing assets generally weigh on non-yielding assets, such as Gold, by increasing their opportunity costs. However, the relationship appears positive on Monday. The...
Silver price (XAG/USD) trades cautiously near Friday's low around $29.50 in thin volume conditions before New Year on Monday. The white metal is broadly under pressure as the outlook of the US Dollar (USD) remains firm on expectations that a moderate policy-easing cycle by the Federal Reserve (Fed) in 2025 will keep US Treasury yields elevated. 10-year US Treasury yields are down 0.5% in Monday's European session but are still almost 15% higher this calendar year near 4.60%. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, ticks lower but remains...
The USD/CHF pair trades with mild losses around 0.9020 amid the cautious mood during the early European trading hours on Monday. The trading volumes will be light in another holiday-shortened week as traders await the New Year holiday. On Friday, the US ISM Manufacturing Manufacturing Purchasing Managers Index (PMI) for December will be in the spotlight. The elevated inflation in the US and the concern that President-elect Donald Trump's policies could fuel inflation, the US Federal Reserve (Fed) signaled that it's likely to cut rates more gradually in 2025 than it had projected in...
GBP/USD pulled back on Monday, kicking off the new trading week with a fresh down day. The pair fell around one-third of one percent, easing back below 1.2550 as bids remain mired in a near-term congestion pattern on the bottom end of recent price action. The UK's data release schedule this week is devoid of any meaningful prints, leaving Cable at the mercy of broader market flows in a tepid year-end environment.Outside of some general profit-taking and long-term position management, global market volumes are crimped tightly by the year-end holiday season. Markets will be further constrained...