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...
USD/JPY hovers near 149.37, little changed after the Fed keeps rates unchanged but slows balance sheet reduction.Inflation remains "somewhat" elevated, with the Fed revising PCE and Core PCE higher, while GDP and unemployment estimates were lowered.Fed Governor Waller dissents, favoring an unchanged pace of balance sheet reduction as markets digest mixed policy signals.The USD/JPY pair climbs on Wednesday after the Federal Open Market Committee's (FOMC) decision to keep rates unchanged. Even though officials turned cautious on rates, the US Dollar (USD) failed to rally sharply. The pair...
The AUD/USD pair initially fell below 0.6330 following the Federal Reserve's (Fed) monetary policy decision but later trimmed part of its losses as the US Dollar (USD) lost ground post-Powell's press conference. The Fed left interest rates unchanged at 4.5%, reinforcing a cautious approach amid inflation and economic uncertainties. The latest FOMC dot plot signaled a gradual policy easing ahead, with the median rate forecast for 2025 revised down to 3.375% from 3.875%. GDP expectations were also adjusted lower to 1.7% from 2.1%, while unemployment projections rose to 4.4%, indicating...
Oil prices edged up on Wednesday after U.S. government data showed a draw in fuel inventories, but the Federal Reserve's decision to hold interest rates steady capped gains. Brent crude futures settled up 22 cents, or 0.31%, to $70.78 a barrel. U.S. West Texas Intermediate crude (WTI) closed 26 cents, or 0.39%, higher at $67.16. U.S. crude stocks rose by 1.7 million barrels last week to 437 million barrels, U.S. government data showed, exceeding the 512,000-barrel rise analysts had expected. However, distillate inventories, which include diesel and heating oil, fell by 2.8 million barrels...
Gold prices rallied sharply and hit a new all-time high of $3,052 on Wednesday as US Federal Reserve (Fed) Chair Jerome Powell spoke following the Fed's decision to hold rates unchanged. At the time of writing, the XAU/USD trades volatile within the $3,035-$3,050 range, up more than 0.20%. The Fed decided to keep rates unchanged at the 4.25%-4.50% range and tweaked its balance sheet, which is expected to run off in April. The Fed acknowledged that labor market conditions remain solid but noted that inflation remains "somewhat" elevated, reaffirming its commitment to monitoring risks to both...
Gold prices inched up on Wednesday as rising concerns over U.S. President Donald Trump's tariff plans and the Middle East boosted interest in the safe-haven asset, even as investors awaited the Federal Reserve's policy decision later in the day. Spot gold gained 0.2% to $3,039.38 an ounce as of 1202 GMT, after hitting an all-time peak of $3,045.24 earlier in the session. U.S. gold futures added 0.2% to $3,046.70. "Rising tensions in the Middle East are driving renewed safe-haven demand, with gold prices likely to gain further support as the April 2 deadline for U.S. universal tariffs...