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...
Silver price continues its decline for the third consecutive session, trading near $32.20 per troy ounce during Tuesday's Asian session. The metal's weakness comes as optimism over a potential ceasefire between Russia and Ukraine reduces demand for safe-haven assets. Reuters reported that US President Donald Trump stated on Monday that following a call with Russian President Vladimir Putin, Ukraine and Russia are set to begin immediate ceasefire negotiations, potentially without US involvement. This development has pressured precious metals, including Silver, which typically benefit from...
GBP/USD continues its upward momentum for the second consecutive session, hovering near 1.3360 during Asian trading hours on Tuesday. The Pound Sterling (GBP) is strengthening as the US Dollar (USD) softens in response to Moody's Ratings downgrading the US credit rating from Aaa to Aa1. This downgrade echoes similar actions by Fitch Ratings in 2023 and Standard & Poor's in 2011. Moody's now anticipates that US federal debt will rise to approximately 134% of GDP by 2035, up from 98% in 2023, while projecting the federal budget deficit to widen to nearly 9% of GDP. The downgrade reflects...
The Japanese (JPY) weakens across the board on Tuesday, assisting the USD/JPY pair to reverse the previous day's slide to over a one-week low and climb back to mid-145.00s during the Asian session. A surprise downgrade of the US government's credit rating on Friday appeared to have a modest impact on the global risk sentiment. This is evident from a generally positive tone around the equity markets, which is seen as a key factor undermining demand for the safe-haven JPY. Any meaningful JPY downfall, however, seems elusive in the wake of the growing acceptance that the Bank of Japan (BoJ)...
Brent crude oil futures rose to around $65.6 per barrel on Tuesday amid increased uncertainty over the progress of US-Iran nuclear negotiations. Iran's Deputy Foreign Minister Majid Takhtravanchi said on Monday that talks between Iran and the US will "lead nowhere" if Washington continues to demand a complete halt to Tehran's uranium enrichment activities. Meanwhile, US President Donald Trump said that Russia and Ukraine will "immediately" begin ceasefire negotiations following a phone call with Russian President Vladimir Putin. A potential truce could pave the way for increased Russian oil...
The Gold price (XAU/USD) edges lower to around $3,230 during the early Asian session on Tuesday, pressured by a modest US Dollar (USD) rebound. However, the concerns over the US economic health after Moody's downgrades the US national credit rating might cap its downside. The Greenback recovers on Tuesday, capping the upside for the USD-denominated commodity price. Nonetheless, the economic uncertainties could boost the safe-haven flows. Moody's cut the US rating to "Aa1" from "Aaa" on Friday, citing rising debt and interest "that are significantly higher than similarly rated sovereigns"....