The Dow fell 320 points from yesterday's record close, the S&P 500 fell 0.4%, and the Nasdaq fell 0.9% as markets digested a mix of earnings reports and new trade risks after Reuters reported the White House was considering restrictions on exports to China made with U.S. software. Netflix plunged 10% after its performance was impacted by a tax dispute in Brazil. Tesla fell 1.4% ahead of its earnings report following news that some newly assembled vehicles could experience sudden battery power loss. On the earnings front, TI fell 5.9% on disappointing forecasts, weighing on other...
EUR/USD recorded a slight gain at 1.1760 after a two-day rally on Tuesday. The US dollar remained on the defensive as investors anticipated a sharp downward revision to US employment figures, although the political crisis in France continued to weigh on positive sentiment for the euro (EUR). The US Bureau of Labor Statistics is expected to release its seasonally adjusted employment data for the 12 months to March 2025 at 14:00 GMT. Markets are expecting a decline of up to 800,000 jobs, which would reflect a weaker-than-expected labor market and likely prompt the Federal Reserve (Fed) to...
The British pound (GBP) continued its strengthening against the US dollar (USD) for the third trading day on Tuesday. The GBP/USD pair reached a new three-week high around 1.3580 during the European trading session as the US dollar weakened ahead of the release of the revised US Nonfarm Payrolls (NFP) report, which will be published at 14:00 GMT. At the time of writing, the US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, hit a new six-week low around 97.30. Investors will be closely monitoring the US Nonfarm Payrolls (NFP) benchmark revision...
The US Dollar Index (DXY), which tracks the greenback against six major currencies, attempted to strengthen during the European session on Tuesday after hitting a fresh six-week low near 97.30 the previous day. The US labor market has deteriorated following tariffs imposed by President Donald Trump since taking office. The US Nonfarm Payrolls (NFP) report for August showed on Friday that labor demand is slowing further, with companies adding fewer new workers. In August, the US economy added 22,000 new jobs, the worst figure seen since January 2021. The weakening US labor market has led to...
Gold prices scaled a fresh peak on Tuesday, as a weaker dollar and a dip in bond yields amid growing bets for a Federal Reserve rate cut this month lifted demand for the precious metal. Spot gold gained 0.4% to $3,651.38 per ounce as of 0249 GMT. U.S. gold futures for December delivery added 0.4% to $3,690.90. "We probably will see more upside in gold from here provided that the U.S. central bank delivers with regards to market expectations of seeing multiple rate cuts," KCM Trade Chief Market Analyst Tim Waterer said. U.S. job growth weakened sharply in August and the unemployment rate...
Silver is currently trading at around US$41.26 per ounce in Asian trading on Tuesday, a slight decline of 0.19% from the previous session. This level remains near its highest level in recent years, reflecting moderate volatility but remaining below the broader bullish trend. The decline in silver prices was driven by market optimism regarding the possibility of a Fed interest rate cut. Expectations of monetary policy easing have depressed bond yields, reducing the appeal of non-interest-bearing "safe haven" assets like silver. Furthermore, a weakening US dollar has strengthened investment...