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 AUD/USD pair found interim support and rose near 0.6420 during the European session on Monday after hitting a fresh four-month low near 0.6370 on Friday. The Aussie pair recovered slightly as investors focused on the Reserve Bank of Australia (RBA) monetary policy decision, which will be announced on Tuesday. Market experts expect the RBA to leave interest rates unchanged at 4.35% but will tone down its hawkish tone as Australia's Gross Domestic Product (GDP) growth in Q3 came in weaker than expected, a scenario that would benefit the Australian Dollar (AUD). Source: FXStreet
Gold price (XAU/USD) kicks off the new week on a positive note and sticks to its modest gains through the early European session. The US Treasury bond yields dropped to their lowest level since October amid bets that the Federal Reserve (Fed) will lower borrowing costs again in December. Apart from this, political disruption in South Korea, geopolitical tensions and trade war fears offer some support to the safe-haven XAU/USD. Investors now seem convinced that the US central bank will adopt a less dovish stance amid expectations that US President-elect Donald Trump's expansionary policies...
Silver prices rose above $31.10 an ounce on Monday, nearing a one-month high as investors awaited key US inflation data due later in the week, which could strengthen expectations of a Federal Reserve interest rate cut this month. The market is now pricing in an 83% chance of a 25 basis point rate cut, up sharply from 62% a week ago. Silver also rose alongside gold, following the resumption of bullion purchases by China's central bank after a six-month hiatus. In addition, the market is focused on this week's Central Economic Work Conference, which will outline China's economic priorities...
US West Texas Intermediate (WTI) crude oil prices showed some resilience below the $67.00 round figure and attracted some buyers at the start of a new week. The commodity is currently trading just below mid-$67.00s, up 0.60% for the day, and for now, appears to have snapped a three-day losing streak to a three-week low hit on Friday. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, last week decided to delay a planned supply increase by three months to April and extend a full halt to cuts by one year to the end of 2026. Moreover, the worsening...
Gold rose above $2,640 an ounce on Monday, boosted by its appeal as a safe haven amid renewed geopolitical tensions in the Middle East, as well as growing expectations of a U.S. interest rate cut. Rebel forces in Syria toppled President Bashar al-Assad on Sunday, ending the Assad family's 50-year rule and raising concerns about a new wave of instability in the region. Friday's U.S. jobs report also indicated that the labor market continued to ease gradually, allowing the Federal Reserve to cut interest rates later this month. The market is now pricing in an 83% chance of a 25bps cut at...