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...
The US Dollar Index (DXY) rose slightly on Monday, continuing to battle the 108.00 handle as investor confidence took a step back to kick off the holiday trading week. The DXY is still holding onto territory near recent highs, with the Greenback index closing in the green for all but three of the last 11 trading sessions. Monday's gain of around one quarter of one percent leaves bids on the high end of last week's late pullback, but price action is still capped below that Friday's peak of 108.50.(Cay) Newsmaker23 Source: Fxstreet
Gold eases as U.S. dollar, yields rise in thin holiday tradingGold prices edged lower in a subdued holiday-season trading on Monday, weighed down by a robust dollar and high U.S. Treasury yields as investors awaited clearer signals on the Federal Reserve's monetary policy for 2025. Spot gold was down 0.3% at $2,612.58 per ounce. U.S. gold futures eased 0.7% to $2,627.60. The dollar index was up 0.6% against its rivals, hovering around an over two-year high, reducing gold's appeal for holders of other currencies, while the benchmark U.S. 10-year yield also gained. "The market continues to...
The British Pound resumed its slide against its American rival in the American session on Monday, as the US Dollar (USD) found near-term demand in a risk-averse environment. The GBP/USD pair fell to an intraday low of 1.2473 following the release of mixed United Kingdom (UK) data. The UK reported that the Q3 Current Account posted a deficit of £ 18.099 billion, improving from the £-24.002 billion posted in the previous quarter. The Q3 Gross Domestic Product (GDP) suffered downward revisions, with the annual reading confirmed at 0.9%, below the 1% expected. The UK economy did not grow in...
The U.S. dollar rose on Monday, recovering from a sharp drop late last week on signs of easing inflation pressures, while the euro weakened after dovish comments from ECB chief Christine Lagarde. At 5 a.m. ET (10 a.m. GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.4% higher at 107.750, having fallen sharply from a two-year high on Friday. The dollar rose on Monday after falling sharply on Friday as the Federal Reserve's preferred inflation gauge showed modest monthly price increases, with the underlying inflation measure posting...
Gold prices continued to recover from a one-month low touched last Thursday and gained positive traction for the third straight day at the start of a new week. The commodity maintained its positive bias through the first half of the European session and was supported by some safe-haven inflows – supported by geopolitical risks and trade war fears. That said, the positive risk tone acted as a headwind for the precious metal. Meanwhile, the Federal Reserve's (Fed) hawkish signals kept the US Treasury bond yields buoyant and helped the US Dollar (USD) in attracting some dip-buying on Monday....