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...
Oil prices slipped on Tuesday as traders weighed the impact on supply from Russia-Ukraine peace talks and US-Iran negotiations, strong front-month physical demand in Asia and a cautious outlook for China's economy. Brent futures for July dipped 19 cents to $65.35 a barrel by 0625 GMT. June U.S. West Texas Intermediate crude futures, which expire on Tuesday, gained 3 cents to $62.72, while the more active July contract slipped 17 cents to $61.97 a barrel. Discussions on Iran's nuclear programme would "lead nowhere" if Washington insisted that Tehran slash uranium enrichment activity...
Gold prices eased on Tuesday, as a slightly firmer dollar and optimism over a potential ceasefire between Russia and Ukraine dampened demand for safe-haven assets. Spot gold was down 0.5% at $3,214.17 an ounce as of 0627 GMT. U.S. gold futures slipped 0.6% to $3,215.60. The dollar slightly recovered after touching a more-than-one-week low in the prior session, making greenback-priced gold less appealing to holders of other currencies. "We are seeing a knee-jerk response to the U.S. credit downgrade wear off and there's some hope of a truce between Ukraine and Russia," said Kyle Rodda,...
The dollar index fell to 100.1 on Tuesday, marking a near two-week low and extending a 0.7% decline from the previous session, as renewed concerns over the US economic and fiscal outlook weighed on sentiment. Traders also remained focused on potential developments in global trade negotiations. Over the weekend, Treasury Secretary Scott Bessent reaffirmed that President Trump intends to impose tariffs at the rates threatened last month, on trading partners that fail to engage in "good faith" negotiations. Adding to fiscal anxiety, Moody's downgraded the US rating from Aaa to Aa1 on Friday,...
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, oscillates in a range around the 100.35 area through the Asian session on Tuesday and remains close to over a one-week low touched the previous day. Moreover, the lack of any buying interest and a bearish fundamental backdrop suggests that the path of least resistance for the index remains to the downside. Traders increased their bets for further interest rate cuts by the Federal Reserve (Fed) in 2025 following last week's softer-than-expected release of the US Consumer Price Index (CPI) and the Producer...
The Australian Dollar (AUD) dips against the US Dollar (USD) on Tuesday, following a gain of over 0.50% in the previous session. The AUD/USD pair remains under pressure after the interest rate decisions from the Reserve Bank of Australia (RBA) and the People's Bank of China (PBoC). The RBA board voted to cut the Official Cash Rate (OCR) by 25 basis points, reducing it from 4.1% to 3.85% at the conclusion of its May monetary policy meeting. The move was largely expected by markets. The PBoC announced a reduction in its Loan Prime Rates (LPRs) on Tuesday. The one-year LPR was lowered from...