US stocks closed higher for the third straight session as a strong start to earnings overcame lingering US-China trade uncertainty. The Dow Jones Industrial Average rose 240 points to a record high, while the S&P 500 and Nasdaq Composite Index closed slightly higher as a string of results that beat expectations boosted gains. General Motors jumped 16% after raising its forecast, Coca-Cola gained 3.8% on steady beverage demand and benefits from an Indian bottling deal, and 3M rose 6.3% after beating estimates. Defense and aerospace stocks outperformed, with GE Aerospace rising 1.3% and...
The Pound Sterling (GBP) advances against the US Dollar (USD) at the start of the week during the European trading session. The GBP/USD pair jumps to near 1.3600as the US Dollar faces selling pressure, with investors awaiting monetary policy announcements by the Federal Reserve (Fed) and the Bank of England (BoE) on Wednesday and Thursday, respectively. During the press time, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades marginally down near 97.50. According to the CME FedWatch tool, traders see a 94,2% chance that the central bank will...
The EUR/USD pair trades at 1.1745 during Monday's European session, recovering from a pullback to 1.1720 earlier in the day. The common currency opened the week on a hesitant tone but is gathering momentum as the market shifts its focus from France's political crisis to the US Federal Reserve (Fed) monetary policy meeting due on Wednesday. On Friday, the Fitch rating agency downgraded France's debt ranking to A+, its lowest level on record, citing its uncertain political situation – President Emmanuelle Macron named Sebastien Lecornu as the third Prime Minister of his term last week –, and...
Gold (XAU/USD) struggles to capitalize on its intraday bounce from the $3,627-3,626 region and trades with a negative bias through the first half of the European session on Monday. Rising bets for a more aggressive policy easing by the Federal Reserve (Fed) keep the US Dollar (USD) depressed near its lowest level since July 24 and might continue to act as a tailwind for the non-yielding yellow metal. Apart from this, rising geopolitical tensions turn out to be another factor lending some support to the safe-haven commodity. The XAU/USD pair, however, remains confined in a one-week-old...
Gold (XAU/USD) attracts some dip-buyers near the $3,627-3,626 region during the Asian session on Monday, though it lacks follow-through and remains confined in a one-week-old range. Rising bets for a more aggressive policy easing by the US Federal Reserve (Fed) keep the USD depressed near its lowest level since July 24 and continue to act as a tailwind for the non-yielding yellow metal. Apart from this, rising geopolitical tensions turn out to be another factor lending support to the safe-haven precious metal. The XAU/USD bulls, however, seem reluctant to place aggressive bets and opt to...
Silver traded above $42 per ounce on Monday, staying close to 14-year highs as investors braced for an expected US Federal Reserve interest rate cut this week. Markets are pricing in about a 96% chance of a 25 basis point cut on Wednesday and roughly a 4% probability of a larger half-point move, following US data that signaled a cooling labor market and subdued inflation. Central banks in Canada and China are also expected to ease policy this week, while counterparts in Japan and the UK are likely to stand pat. On the geopolitical front, US and Chinese officials began talks in Madrid on...