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 Pound Sterling (GBP) is likely to trade in a range, probably between 1.2890 and 1.2980. In the longer run, GBP must break and remain below 1.2845 before a sustained decline can be expected, UOB Group's FX analysts Quek Ser Leang and Lee Sue Ann note. 24-HOUR VIEW: "After GBP dropped sharply last Thursday, we highlighted on Friday that ‘The sharp drop appears to be overdone, and GBP is unlikely to weaken further.' We held the view that GBP ‘is more likely to trade in a range, probably between 1.2860 and 1.2950.' GBP did not weaken further, but instead of trading in a range, it rose to...
Gold is edging lower in early European trade as markets exercise caution ahead of a busy week between the U.S. presidential election and the Federal Reserve's monetary policy decision. Futures trade 0.2% lower at $2,743.00 a troy ounce, but are still up nearly 3% on the month and more than 30% year-to-date. Uncertainty around the election outcome--with the latest opinion polls showing a neck-and-neck race between Vice President Harris and former President Trump--has stoked demand for the safe-haven asset in recent days. Meanwhile, traders expect the Fed to cut rates by 25 basis points,...
Oil advanced after OPEC+ agreed to push back its December production increase by one month and tensions escalated again in the Middle East. Brent rose as much as 2.5% to more than $74 a barrel, while West Texas Intermediate climbed above $71. Saudi Arabia and its allies delayed a series of monthly output hikes until early next year, a move anticipated by many traders amid fragile market conditions. Meanwhile, Iran escalated its rhetoric against Israel with supreme leader Ayatollah Ali Khamenei warning of a "crushing response" in a speech on Saturday. The Wall...
The rise in silver prices could be attributed to a weaker US Dollar (USD) amid lower Treasury yields. A weaker dollar generally boosts demand for dollar-denominated commodities like silver, making it more attractive to buyers using other currencies. The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of six major currencies, was trading around 103.80 with the 2-year and 10-year US Treasury yields at 4.17% and 4.31%, respectively, at the time of writing. Silver prices may remain volatile as traders also brace for the upcoming monetary policy decision from...
EUR/USD surged around the key resistance of 1.0900 during the European session on Monday. The major currency pair surged as the US dollar (USD) slumped amid rising uncertainty ahead of the US presidential election on Tuesday and the Federal Reserve's (Fed) monetary policy meeting on Thursday. The US dollar started the week on a bearish note, with the US Dollar Index (DXY) falling below 103.70 as market participants expected a tight race between former President Donald Trump and current Vice President Kamala Harris. The sharp sell-off in the US dollar came after the release of the Des...