The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to reduce risk in large cap stocks. Among the index's contributors, Tencent was a major drag, with its shares falling by around 2.3%, putting pressure on the technology sector, which has recently been a driving force behind market gains. Weakness in large cap companies like this typically quickly impacts sentiment due to their significant weighting in...
GBP/USD recovered from an early-week correction on Tuesday, bouncing from a new technical floor around 1.3450. The currency pair returned to sideways movement within a familiar range as global market sentiment tended to pause awaiting the release of more important US economic data. Wednesday is expected to be a quiet session, with virtually no major data coming from either the US or Europe. Investors are still monitoring political headlines from the Trump administration while awaiting developments on President Donald Trump's efforts to "fire" Dr. Lisa Cook from the Fed's Board of...
Gold edges lower in early Asian trade on possible position adjustments. However, gold's losses could be limited by safe-haven demand tied to worries about the Fed's independence and risks over France's political situation. U.S. President Trump's move to dismiss Fed Governor Cook has injected uncertainty over the Fed's independence, IG's Axel Rudolph says in an email. Also, the French prime minister's austerity plan and looming confidence vote on Sept. 8 have stoked risks of a potential government collapse, the senior technical analyst adds. Spot gold is 0.1% lower at $3,390.64/oz. Source:...
Oil steadied after dropping by the most since early August as investors counted down to the imposition of higher US tariffs on India. The US is due to double tariffs on some Indian goods to 50% in a bid to punish the country for taking Moscow's oil. Oil has shed more than 10% this year as the US-led trade war fanned worries about demand, and OPEC+ unwound supply curbs at a rapid clip. Oil steadied after dropping by the most since early August as investors counted down to the imposition of higher US tariffs on India over its purchases of Russian crude. West Texas Intermediate traded...
GBP/USD rebounded from early-week losses on Tuesday, bouncing back up from a fresh technical floor near the 1.3450 level. Cable has been drifting within familiar technical levels as broad-market investor sentiment grinds to a halt ahead of key US economic figures. It'll be a quiet market session on Wednesday; meaningful economic data is functionally absent on both sides of the Atlantic. Investors will be on the lookout for further political headlines from the Trump administration as traders await results from President Donald Trump's attempt to directly "fire" Dr. Lisa Cook from the Federal...
USD/JPY eased slightly on Tuesday, backsliding around one-quarter of one percent and keeping the pair hobbled just below the 148.00 handle. The pair has been adrift in a tight consolidation pattern since the beginning of August, and Yen traders are unlikely to find much of a reason to kick off a new trend ahead of key economic data. US and Japanese inflation looms large this weekUS Personal Consumption Expenditures Price Index (PCE) will land on markets on Friday. Investors will be increasingly apprehensive as the week progresses; global markets are broadly hoping for a fresh round of...