US stocks rose on Friday (October 17th) as investors reacted positively to President Trump's remarks alleviating concerns about further trade escalation with China, while regional bank stocks rebounded after Thursday's sharp declines. The S&P 500 and Nasdaq each rose 0.5%, while the Dow Jones Industrial Average rose 239 points. Trump said his proposed 100% tariffs on Chinese goods would be unsustainable, although he blamed Beijing for recent trade tensions, and confirmed that his meeting with Chinese President Xi Jinping was still possible at the end of the month. Consumer staples,...
The USD/CHF pair demonstrates strength near its over two-week high around 0.8000 during Friday's late Asian session, posted on Thursday. The Swiss Franc pair gained sharply on Thursday as the US Dollar (USD) extended its upside, following the release of the upbeat revised United States (US) Q2 Gross Domestic Product (GDP) and a decline in Initial Jobless Claims for the week ending September 20. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, holds onto gains near the four-week high around 98.60. On Thursday, revised Q2 GDP data showed that the...
Gold edged lower on Friday after stronger-than-expected U.S. economic data reduced expectations for further easing this year, bolstering the dollar ahead of a key inflation report due later in the day. Spot gold was down 0.1% at $3,745.67 per ounce, as of 0409 GMT, but up 1.6% so far this week. U.S. gold futures for December delivery were steady at $3,774.80. The U.S. dollar index, opens new tab hovered near a three-week high, and was headed for a weekly gain, making greenback-priced bullion more expensive for overseas buyers. "The dollar's return to form stands as a potential obstacle...
The dollar held on to steep gains on Friday after better-than-forecast U.S. data dampened expectations for further easing by the Federal Reserve this year. The dollar index , which measures the greenback against major peers, was poised for its biggest weekly advance in two months after figures on U.S. economic growth, unemployment claims, durable goods and wholesale inventories all beat expectations on Thursday. The yen traded at an eight-week low following a new raft of tariffs announced by U.S. President Donald Trump. Attention now turns to the release of U.S. consumer spending data...
The Australian Dollar (AUD) holds ground against the US Dollar (USD) on Friday after two days of losses. The AUD/USD pair depreciated as the Greenback received support from the stronger-than-expected economic data from the United States (US). The AUD also faced downward pressure from risk aversion after the US President Donald Trump shared plans to impose a 100% tariff on imports of branded or patented pharmaceutical products from October 1, unless a pharmaceutical company is building a manufacturing plant in the US, per Reuters. Australia's Monthly Consumer Price Index (CPI), which...
Oil headed for its biggest weekly gain in more than three months as US President Donald Trump increased pressure on buyers of Russian energy in a bid to end the war in Ukraine. West Texas Intermediate traded above $65 a barrel after little changed on Thursday while Brent closed above $69. Trump pressed Turkish President Recep Tayyip Erdogan to stop buying oil from Russia and discussed energy security with Hungarian Prime Minister Viktor Orban, after he earlier this week rebuked NATO members for buying fuel from the OPEC+ producer. That comes as Russia's...