Global stocks fell and long-dated bond yields in Europe hit multiyear highs on Tuesday as investors grew increasingly worried about the state of finances in countries around the world, while the dollar gained, and gold touched a fresh record high. A divided U.S. appeals court ruled on Friday that most of President Donald Trump's tariffs are illegal, although the court allowed for the tariffs to stay in place until October 14 to give the administration a chance to file an appeal with the Supreme Court. U.S. manufacturing also contracted for a sixth straight month in August as factories...
EUR/USD strengthened on Thursday, rising seven-tenths of a percent and re-approaching the 1.0600 level. European Retail Sales beat market median estimates in October, but were still down from the previous month. The European Central Bank (ECB) is widely expected to cut interest rates by a quarter point next week, and market sentiment is tilted toward risk ahead of Friday's US Nonfarm Payrolls (NFP) data. Source: FXStreet
Oil prices fell on Thursday as investors weighed an ample supply outlook for next year against OPEC+ delaying its planned output increase by three months to April 2025. Brent crude settled down 22 cents, or 0.3%, at $72.09 a barrel, while U.S. West Texas Intermediate (WTI) settled down 24 cents, or 0.35%, at $68.30 a barrel. OPEC+, the Organization of the Petroleum Exporting Countries plus allies including Russia, had been planning to start unwinding cuts from October 2024, but slowing global demand and booming production outside of the group forced it to postpone the plans on several...
Gold traded lower mid-afternoon on Thursday, moving down even as the dollar weakened following an unexpected jump in U.S. initial jobless claims last week. Gold for February delivery was last seen down US$28.10 to US$2,648.10 per ounce. The U.S. Department of Labor reported 224,000 initial jobless claims were made last week, above the consensus estimate and prior week level of 215,000, according to Marketwatch. The results follows on a weaker than expected rise in private sector employment in November, with the ADP Employment Report released Wednesday showing a rise of 146,000 positions,...
The U.S. dollar weakened slightly on Thursday ahead of the release of more important labor market data, while the euro gained a bit despite political turmoil in France. At 5:20 AM ET (10:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.1% lower at 106.180. The dollar has given back some of its recent gains after private monthly payrolls grew more slowly than expected while service sector activity slowed in November after posting gains in recent months. Federal Reserve Chairman Jerome Powell has indicated that the U.S. economy is...
Gold prices (XAU/USD) traded in a tight range around $2,650.00 during the European session on Thursday (5/12). The precious metal struggled to find direction as investors have been sidelined ahead of the United States (US) Nonfarm Payrolls (NFP) data for November, due for release on Friday. The labor market data will significantly influence market expectations for the Federal Reserve's (Fed) likely interest rate decision at its monetary policy meeting on December 18. Financial market participants currently expect the Fed to cut interest rates by 25 basis points (bps) to 4.25%-4.50%,...
President Donald Trump said he would fire Lisa Cook from the Federal Reserve's Board of Governors if she does not resign her post over mortgage-fraud accusations from a top...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...