The Hang Seng fell 249 points or 1.0% to close at 25,270 on Friday, slipping for the second session as all sectors dipped. Weak July data in China hit investor sentiment as industrial output grew the least in eight months, retail sales notched a six-month low, and the jobless rate rose to a four-month high of 5.2%. The Chinese statistics agency also warned of persistent risks from global headwinds and weather disruptions. Still, the index rose 1.7% for the week, its second straight gain, helped by Wall Street record highs and optimism over a possible Fed rate cut in September, as well as a...
Gold price (XAU/USD) attracts some sellers following an uptick to the $3,370-3,371 area during the Asian session on Friday and reverses a part of the previous day's positive move. Hopes for a potential de-escalation of trade war between the US and China remain supportive of a positive risk tone, which, in turn, is seen undermining the safe-haven precious metal. Apart from this, the emergence of some US Dollar (USD) buying turns out to be another factor exerting downward pressure on the commodity. Meanwhile, Federal Reserve (Fed) officials showed willingness for potential interest rate cuts,...
Silver (XAG/USD) edges lower after testing the three-week top during the Asian session on Friday and currently trades around the mid-$33.00s, down 0.30% for the day. The technical setup, however, warrants caution before positioning for any meaningful depreciating move. This week's breakout above the $33.00 round figure, representing the top end of a multi-day-old range and the 61.8% Fibonacci retracement level of the March-April downfall, was seen as a key trigger for bullish traders. Moreover, oscillators on the daily chart have been gaining positive traction and are still far from being...
The Japanese Yen (JPY) edges lower during the Asian session on Friday as hopes for the potential de-escalation of the US-China trade standoff remain supportive of a positive risk tone and temper demand for traditional safe-haven assets. Apart from this, a modest US Dollar (USD) uptick assists the USD/JPY pair to climb back above the 143.00 mark and reverse a part of the previous day's pullback from a nearly two-week high. Meanwhile, government data showed that consumer inflation in Tokyo Japan's capital city accelerated sharply in April and reaffirmed market bets for more interest rate...
The dollar drifted higher on Friday, following small losses a day earlier, as traders grappled with the outlook for the U.S. economy following President Donald Trump's erratic messaging on trade deals and Federal Reserve interference. The U.S. currency has oscillated wildly this week, starting with a 1% tumble against major peers on Monday after Trump threatened to fire Fed Chair Jerome Powell for not cutting interest rates quickly enough, only to surge 1.5% a day later as Trump said he never had any intention of replacing Powell, and mooted a de-escalation in his trade war with China. A...
The GBP/USD pair attracts some sellers to around 1.3310 during the early Asian session on Friday, pressured by the renewed US Dollar (USD) demand. The UK Retail Sales data for March will be the highlight later on Friday. The Greenback edges higher amid the optimism about a US trade deal announcement, which acts as a headwind for the major pair for the time being. UK Finance Minister Rachel Reeves said on Thursday she was confident Britain could reach a trade deal with the US. Reeves is scheduled to meet US Treasury Secretary Scott Bessent on Friday. High on the agenda will be a possible...