Three major US indexes closed at new record highs after a lower-than-expected inflation report raised the possibility of a Federal Reserve interest rate cut later this year and prompted investors to shift to riskier assets. The S&P 500 rose 0.8%, the Nasdaq rose 1%, and the Dow Jones Industrial Average rose 470 points. Technology stocks led the rally, with AMD and IBM surging 7.5% and 8.77%, respectively, after IBM said it had successfully implemented a key quantum error correction algorithm on AMD chips, boosting sentiment across the sector. Intel rose 1.6% after returning to...
ilver price (XAG/USD) continues its rally after registering little losses in the previous session, trading around $30.20 per troy ounce during the Asian hours on Friday. Traders are now focused on US labor market data including Nonfarm Payrolls (NFP), for additional insights into the Federal Reserve's policy direction.The precious Silver, often considered a safe-haven asset, gains support amid uncertainty surrounding inflation and potential tariffs under President-elect Trump's administration, as highlighted by the US Federal Reserve (Fed). However, the upside of the non-yielding metal...
The USD/CHF pair gains traction to around 0.9115 during the early European trading hours on Thursday, bolstered by the stronger US Dollar (USD). The cautious stance of the Federal Reserve (Fed) and solid US economic data provide some support to the pair. Traders will monitor the Fedspeak on Thursday for more cues about the US interest rate outlook this year. Investors scaled back rate cut bets, with pricing a less than 50% chance the Fed cuts rates ahead of its June meeting, according to the CME FedWatch Tool. "With the Federal Reserve expected to cut rates less than most other major...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $73.65 on Friday. The WTI price flat lines as the stronger US Dollar (USD) broadly offsets concerns over supply disruptions. A strengthening of the USD on the cautious stance of the US Federal Reserve (Fed) undermines the WTI price as it makes oil more expensive for holders of other currencies. FOMC Minutes released on Wednesday showed that the Fed policymakers expressed concern about inflation and the impact that President-elect Donald Trump's policies could have. Fed officials indicated that they would be moving...
The dollar looked set to extend its longest weekly winning streak in over a year on Friday, underpinned by rising bond yields and expectations of another strong set of U.S. jobs numbers. The dollar has gained 0.5% on the yen this week to buy 158.03 yen and added more than 1% on an ailing British pound, which was battered to a 14-month low in tandem with a selloff in gilts and concern about British finances. The dollar is set for a broadly steady week on the euro, which buys $1.0926 and it has notched small gains on the Australian and New Zealand dollars. [AUD/] The dollar index is set for...
Gold's price surged for the third straight day and edged up 0.35% due to safe-haven demand spurred by concerns over Donald Trump's proposed policies, while the United Kingdom (UK) dealt with a budget crisis. The XAU/USD trades at $2,671 at the time of writing. On Wednesday, CNN revealed that United States (US) President-elect Donald Trump might consider declaring a national economic emergency, which would provide him with a legal justification to impose tariffs on adversaries and US allies. Earlier during Thursday's overnight session, UK Gilt yields at the long end of the curve skyrocketed...