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...
Silver price (XAG/USD) continues its upward momentum, rising for the sixth consecutive day to trade near $30.10 per troy ounce, close to three-week highs during Thursday's Asian session. The precious metal, 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).In addition, robust growth in 2024 has boosted industrial demand for Silver, which is on track to surpass 700 million ounces (Moz) for the first time. This surge is driven by its...
The Japanese Yen (JPY) gains some positive traction following the release of stronger wage growth data from Japan earlier this Thursday and for now, seems to have snapped a three-day losing streak against its American counterpart. Moreover, talks that large Japanese firms are likely to increase wages by about 5% on average in 2025 and broadening inflationary pressures back the case for another rate hike by the Bank of Japan (BoJ). Apart from this, the cautious market mood, persistent geopolitical risks and concerns about US President-elect Donald Trump's tariff plans underpin the safe-haven...
The Australian Dollar (AUD) extends its losses for the third consecutive day against the US Dollar (USD), with the AUD/USD pair holding losses following mixed economic data released on Thursday. Traders are now focused on Friday's US Nonfarm Payroll (NFP) report, for additional policy direction insights. Australia's trade surplus rose to 7,079 million in November, surpassing the expected 5,750 million and the previous reading of 5,670 million (revised from 5,953 million). Exports increased by 4.8% month-on-month (MoM) in November, up from 3.5% (revised from 3.6%) in October. Meanwhile,...
Gold drifted lower to around $2,650 per ounce on Thursday, halting two days of gains as investors continued to assess the Fed's policy outlook ahead of key jobs data. The latest FOMC minutes indicated inflation is likely to slow this year, but policymakers noted the risk of persistent price pressures, partly due to Trump's policies. The central bank also signaled that it may be nearing a point to slow the pace of policy easing, reducing the appeal of the non-yielding metal. Meanwhile, gold found support after a weaker-than-expected private employment report for December, reinforced the...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $72.40 on Thursday. The WTI price edges lower amid the stronger US Dollar (USD). However, the concerns over supply disruptions might cap the downside for the WTI price. A strengthening of the Greenback exerts some selling pressure on the black gold as it makes oil more expensive for holders of other currencies. "The dollar's safe haven status is appreciated as fears of renewed U.S. inflationary pressure grow," said Tamas Varga, an analyst with oil broker PVM. US crude oil inventories fell for a seventh consecutive...