The three major US stock averages fluctuated between small gains and losses on Wednesday, attempting to rebound from Tuesday's weak session, when concerns over lofty AI valuations weighed on sentiment while earnings remained in focus. The tech sector stayed under pressure, while materials and energy outperformed. AMD slipped 1.7% after issuing a revenue forecast that failed to impress investors, and Super Micro Computer tumbled 7.3% following a weaker-than-expected earnings outlook for the current period. Palantir Technologies extended losses, falling 2.3%. Nvidia edged down 0.2%, while...
The Australian dollar depreciated past $0.65 on Monday, extending losses from the previous week, as market sentiment remained subdued ahead of this week's release of the RBA meeting minutes and a speech by Governor Michele Bullock. This followed the RBA's unexpected decision to leave its benchmark interest rate unchanged at 3.85%, contrary to widespread expectations of a 25 bps cut. Nevertheless, economists anticipate a gradual shift toward monetary easing later this year, with current forecasts indicating that the cash rate could decline to around 3.1% by early 2026, supported by a stable...
EUR/USD edges lower after registering gains in the previous session, trading around 1.1620 during the Asian hours on Monday. The pair depreciates as the US Dollar (USD) holds steady, as traders adopt caution due to renewed trade tensions ahead of the US tariff deadline on August 1. However, US Commerce Secretary Howard Lutnick expressed confidence that the Trump administration will secure trade deals with key US trading partners in the coming weeks before steep tariffs kick in for dozens of countries. "The next two weeks are going to be weeks for the record books. President Trump is going...
The US dollar index hovered around 98.4 on Monday, holding steady after two consecutive weeks of gains, as markets focused on key trade and economic developments. Commerce Secretary Howard Lutnick reaffirmed that August 1 is a "hard deadline" for countries to begin paying tariffs, though he emphasized that negotiations will continue until then. Traders also awaited the June reading of leading indicators, which offer insight into the broader economic outlook. On the policy front, Federal Reserve Governor Christopher Waller reiterated support for a rate cut in July, pointing to a weakening...
The GBP/USD pair kicks off the new week on a subdued note and oscillates in a narrow band, just above the 1.3400 round figure during the Asian session. Meanwhile, spot prices remain well within striking distance of a nearly two-month low touched last week. The US Dollar (USD) remains on the back foot below the monthly peak touched last Thursday amid mixed signals about the Federal Reserve's (Fed) rate-cut path, which, in turn, is seen acting as a tailwind for the GBP/USD pair. In fact, Fed Governor Christopher Waller last week backed the case for a rate cut in July. Investors, however,...
The Japanese yen rose toward 148 per dollar on Monday, recovering some of last week's losses after the ruling coalition lost its majority in the weekend's upper house election, bringing a new wave of political uncertainty. Prime Minister Shigeru Ishiba now faces the challenge of working with the opposition, marking the first time since 1955 that the governing party has failed to hold a majority in at least one chamber of the legislature. The opposition is expected to advocate for increased government spending and tax cuts, moves that could pressure the yen and push Japanese government bond...