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...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, rose and recovered above 103.50 at the time of writing on Wednesday (3/19) as the US Dollar (USD) strengthened against most major currencies. The surge in the Greenback followed a sharp surge of more than 5% in the USD against the Turkish Lira (TRY) after headlines emerged that authorities had detained Istanbul Mayor Ekrem Imamoglu, a key political rival of President Tayyip Erdogan, on charges including corruption and aiding a terrorist group. On the economic data front,...
Oil prices fell on Wednesday after Russia agreed to U.S. President Donald Trump's proposal that Moscow and Kyiv halt attacks on each other's energy infrastructure, a move that analysts said could eventually pave the way for Russian oil to enter global markets. Brent crude futures fell 11 cents, or 0.16%, to $69.97 a barrel by 1130 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.18%, to $66.78. Russian President Vladimir Putin on Tuesday agreed to halt attacks on Ukrainian energy facilities but stopped short of a full 30-day ceasefire that Trump had sought. "Crude...
EUR/USD fell sharply to just below 1.0900 during the European session on Wednesday (3/19) after posting a fresh five-month high near 1.0955 the previous day. The major currency pair weakened as the US Dollar (USD) performed strongly ahead of the Federal Reserve (Fed) interest rate decision at 18:00 GMT. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, jumped to near 103.70 after hitting a five-month low around 103.20 on Tuesday. According to the CME FedWatch tool, the Fed is almost certain to keep the benchmark lending rate unchanged in the...
The USD/CHF pair drew bids near a three-month low of 0.8750 during European trading hours on Wednesday (3/19). The Swiss franc pair strengthened as the US dollar (USD) rallied ahead of the outcome of the Federal Reserve's (Fed) two-day monetary policy meeting at 18:00 GMT. The US Dollar Index (DXY), which measures the greenback against six major currencies, recovered near 103.70 from a five-month low of 103.20 hit the previous day. Investors expect the Fed to leave interest rates unchanged in the 4.25%-4.50% range for the second straight day as officials take time to gain clarity on US...
The US Dollar Index (DXY), a measure of the value of the US Dollar (USD) against a basket of six major currencies, attracted some buyers around 103.50 during the early European session on Wednesday (3/19). Traders are preparing for the Federal Reserve's (Fed) interest rate decision later on Wednesday, with no change in interest rates expected. Fed officials' fresh economic projections will be closely watched as they could provide some clues on how policymakers view the possible impact of US President Donald Trump's administration's policies. Technically, the bearish outlook for the DXY...