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...
The US Dollar Index (DXY), which measures the value of the US dollar (USD) against six major currencies, stabilized after recovering from a daily decline and traded around 98.40 during the European session on Tuesday (August 26th). The US dollar is likely to strengthen further as rising US yields can attract foreign capital to US bonds and other USD-denominated assets. The yields on 2-year and 10-year US Treasury bonds were at 3.70% and 4.30%, respectively, at the time of writing. However, the US dollar weakened as comments by US President Donald Trump raised concerns about the independence...
USD/CHF continued its gains for the second consecutive session, trading around 0.8060 during the Asian session on Tuesday (August 26th). The pair strengthened as the US dollar (USD) recovered its recent losses after US Federal Reserve (Fed) Governor Lisa Cook refused to resign following US President Donald Trump's announcement of her dismissal from the Fed's board of directors. Cook stated that she would not resign and would continue to serve. The USD/CHF pair's upside is likely limited as the Swiss franc (CHF) may strengthen amid rising safe-haven demand, driven by growing concerns over...
Silver prices climbed above $38.7 per ounce on Tuesday, rebounding from the previous session's losses after US President Donald Trump announced the removal of Federal Reserve Governor Lisa Cook over alleged mortgage fraud. The move fueled concerns about the Fed's independence and its ability to maintain monetary policy free from political influence. Analysts noted that Cook's dismissal could raise the likelihood of earlier interest rate cuts, given Trump's persistent pressure on the central bank to lower borrowing costs. On the industrial side, silver demand was underpinned by strong...
Oil dropped after a four-day gain as investors waited for clearer signals on supplies, while also tracking the wider market fallout from President Donald Trump's move to oust a Federal Reserve governor. Brent fell toward $68 a barrel, while West Texas Intermediate was below $65. On Monday, the Department of Homeland Security issued a draft notice to double tariffs on all Indian imports to penalize the country for buying Russian crude. The move — due to take effect Wednesday — is part of broader effort to broker a peace deal between Russia and Ukraine. In wider markets,...
EUR/USD holds gains after registering more than three-quarters of a percent in the previous session, trading around 1.1630 during the Asian hours on Tuesday. The pair holds ground as the US Dollar (USD) faces challenges amid concerns over Federal Reserve (Fed) independence after the US President Donald Trump threatened to remove Fed Governor Lisa Cook. President Trump posted a letter on social media early Tuesday, saying that he was removing Fed Governor Cook from her position on the Fed's board of directors. However, Cook said that she will not resign as there is no cause exists for her to...