US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
The Australian dollar strengthened above $0.66 on Thursday, nearly recovering all of the previous session's losses, supported by a hawkish outlook from the Reserve Bank of Australia and optimism over potential stimulus measures in China. On Wednesday, the Aussie had fallen as much as 1.9%, pressured by a sharp rally in the US dollar following Donald Trump's decisive victory in the US presidential election. The RBA noted that the impact of Trump's win on the Australian economy remains highly uncertain, with the central bank awaiting China's response to potential policy shifts. This week,...
Gold remained around $2,650 per ounce on Thursday, after falling over 3% to hit a three-week low in the previous session, pressured by a stronger dollar following Donald Trump's US presidential victory. Trump's presidency has also led traders to unwind safe-haven gold positions, as markets anticipate higher interest rates from the Federal Reserve, diminishing gold's appeal. This came as the newly elected US president previously campaigned policies focused on immigration, raising tariffs, lowering taxes, and deregulation that fueled expectations of larger deficits and inflation. Meanwhile,...
The dollar index remained above 105 on Thursday, trading near four-month highs as investors awaited the Federal Reserve's latest policy decision. The Fed is widely expected to cut interest rates by 25 basis points later today, with traders also seeking guidance on whether further rate cuts will follow in December. On Wednesday, the dollar soared nearly 2% after Republican Donald Trump's decisive victory in the US presidential election. The Republicans also regained control of the Senate, which could pave the way for significant legislative changes, although control of the House of...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $71.45 on Thursday. The WTI price edges lower amid the rise in the US Dollar (USD) after Republican candidate Donald Trump won the US presidential election. Trump's victory has boosted the Greenback and dragged the USD-denominated WTI price lower. Meanwhile, the US Dollar Index (DXY), an index of the value of the USD relative to a basket of foreign currencies, climbed to the highest level since July near 105.44 before retreating to 105.20. Nonetheless, Trump's reelection could also mean the renewal of sanctions on...
Gold (XAU/USD) tumbles to the $2,660s on Wednesday due to the US Dollar (USD) strengthening after Republican nominee Donald Trump was named the winner of the US presidential election. Trump won with 277 electoral college votes over Vice President Kamala Harris' 224, according to the Associated Press. USD is gaining due to the market view that Trump's economic agenda and tariffs will strengthen the US Dollar. This, in turn, is negative for Gold since it is mainly priced and traded in USD. Gold is also losing ground due to capital rotating out of Gold and other safe-havens into riskier...