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...
Gold eased on Monday as a slight rise in the U.S. dollar dented safe-haven demand amid trade war concerns, while investors awaited inflation data this week for clues on the Federal Reserve's next interest rate decision. Spot gold fell 0.2% to $2,905.05 an ounce by 1201 GMT, while U.S. gold futures were steady at $2,911.60. The dollar index (.DXY), opens a new tab , pared losses slightly after hitting a more than four-month low on Friday. Quantitative Commodity Research analyst Peter Fertig said the dollar's strength was weighing on bullion and he expects further correction below...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, traded in a very mixed pattern on Monday (3/10) and held above a four-month low of 103.50 set on Friday. Traders are considering the latest comments from US President Donald Trump, who commented on the US economy during a Fox News interview over the weekend. The president said the US economy is in a transition period, which is accompanied by some pain, while markets have questioned in recent days whether the US economy is not in a recession. On the economic data front,...
The pound (GBP) underperformed its peers at the start of the week as Bank of England (BoE) Monetary Policy Committee (MPC) member Catherine Mann dismissed the need for a "gradual and cautious" approach to monetary policy easing, as guided by the majority of BoE officials at the February monetary policy meeting and testimony to the Parliamentary Treasury Committee on Wednesday, due to deepening economic volatility around the world in a speech on Thursday. Mann argued against a moderate monetary expansion approach amid significant volatility in global markets. She also said that the basic...
EUR/USD is trading firmly around 1.0850 after recovering from early losses in the European session on Monday (3/10). The major currency pair strengthened as the US Dollar (USD) struggled to gain ground after last week's sharp decline. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, traded vulnerable near a fresh four-month low of 103.50. The outlook for the US Dollar remains uncertain as investors grow concerned about how US President Donald Trump's 'America first' policies will shape the economy. On Friday, comments from the President in an...
Gold's price (XAU/USD) stabilizes and consolidates within a tight range near the $2,900 level at the start of the week. Traders are mulling over comments from United States (US) President Donald Trump after an interview on Fox News over the weekend. When asked about the US economy, President Trump said that the economy is in a 'transition' phase, while markets have already floated the idea that the US economy is in a recession scenario. Meanwhile, Federal Reserve (Fed) Chairman Jerome Powell issued some remarks on Friday before the Fed's blackout period started. That blackout period...