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...
EUR/USD held steady after the previous session's uptick, trading around 1.0430 during Asian hours on Monday. The pair's uptick could be attributed to the US Dollar's (USD) decline after the Personal Consumption Expenditures (PCE) Price Index data from the United States (US). The November inflation report showed that year-on-year core PCE inflation, the Fed's preferred measure of inflation, rose steadily to 2.8%, slower than the 2.9% expected. Monthly core inflation grew modestly by 0.1%, against the 0.2% forecast and the previous release of 0.3%. Weaker-than-expected US inflation data...
The U.S. dollar pulled back from a two-year high on Friday, but was heading for its third-straight week of gains, with data showing a slowdown in inflation two days after the Federal Reserve cut interest rates and indicated inflation was stubborn enough to scale back cuts in 2025. The dollar was down 0.72% against a basket of six other currencies at 107.64 after spiking as high as 108.54 - its highest level since November 2022. It was set to end the week 0.72% higher. Commerce Department data showed the personal consumption expenditures price index - the Fed's preferred inflation gauge -...
Oil prices edged higher on Friday as the dollar eased from two-year highs and as a slowdown in the inflation report bolstered expectations of two more rate cuts next year.Brent crude futures edged up 16 cent, or 0.2%, to $73.04 a barrel by 1:03 p.m. EST (1803 GMT). U.S. West Texas Intermediate crude futures gained 21 cents, or 0.3%, to $69.59 per barrel.The Brent benchmark was on track to end the week down about 2.5%, while WTI was set to ease about 3%.While the U.S. dollar retreated from a two-year high on Friday, it was heading for its third consecutive week of gains, with data showing a...
Gold (XAU/USD) is trading with a moderate positive tone on Friday following the sharp sell-off earlier this week. Cooler-than-expected US Personal Consumption Expenditures (PCE) Price Index data on Friday has increased selling pressure on the US Dollar, although the precious metal is struggling to put a significant distance from the one-month lows hit this week. PCE Inflation has increased 0.1% in November, against expectations of a 0.2% increment. The yearly rate accelerated to 2.4% from the previous month's 2.3% reading, still below the 2.5% anticipated by the market consensus. Likewise,...
Gold (XAU/USD) is trading on a modest positive note on Friday after a sharp sell-off earlier this week. However, upside attempts remain limited as investors gear up for the release of the US Personal Consumption Expenditures (PCE) Price Index. On Thursday, an upward revision to the US Gross Domestic Product (GDP) in the third quarter, and lower-than-expected Jobless Claims have supported the Federal Reserve's (Fed) hawkish stance for 2025. This has kept the US Dollar index stuck near a two-year high ahead of the release of the Fed's favorite inflation gauge. Investors are waiting to see...