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...
GBP/USD continues its downward trend for the fourth consecutive day, trading near 1.2350 during Asian hours on Tuesday. The pair weakens amid escalating trade tensions after US President Donald Trump imposed a flat 25% tariff on steel and aluminum imports on Monday, removing all exemptions and nullifying previous trade agreements with key United States' (US) allies. The move is intended to support struggling domestic industries but increases the risk of a broader trade conflict. Trump's proclamations raised the US aluminum tariff from 10% to 25%, eliminating country-specific exemptions,...
Gold price (XAU/USD) builds on the previous day's breakout momentum above the $2,900 round-figure mark and gains strong follow-through positive traction during the Asian session on Tuesday. US President Donald Trump's latest tariffs on commodity imports reignite global trade war fears and lift the safe-haven bullion to a fresh record high, around the $2,942-2,943 area in the last hour. Furthermore, expectations that Trump's protectionist policies would boost inflation turn out to be another factor that underpins the precious metal's status as a hedge against rising prices. Meanwhile,...
The dollar index maintained its recent rally, holding above 108.3 on Tuesday, as President Donald Trump signed an executive order imposing 25% tariffs on steel and aluminum imports "without exceptions or exemptions." Trump also revealed plans to introduce reciprocal tariffs on other countries in the coming days. This move raised concerns about a global trade war that could fuel inflation, potentially limiting the Federal Reserve's ability to cut interest rates further. Traders were also preparing for Fed Chair Jerome Powell's testimony before Congress on Tuesday and Wednesday, hoping for...
The Japanese Yen (JPY) attracted some safe-haven flows during the Asian session on Tuesday in reaction to US President Donald Trump's new tariffs on steel and aluminum imports. Apart from this, the Bank of Japan's (BoJ) plans to hike interest rates further turn out to be another factor that underpins the JPY. This, in turn, keeps the USD/JPY pair below the 152.00 mark and a confluence support-breakpoint-turned-resistance retested on Monday. Meanwhile, Trump's no-exemption tariffs on commodity imports effectively end deals with the European Union, the United Kingdom, Japan, and other...
Gold price builds on its positive move beyond the $2,900 mark and hits a fresh record high during the Asian session on Tuesday as Trump's trade tariffs continue to boost demand for the safe-haven bullion. Bulls seem unaffected by expectations that the Fed would stick to its hawkish stance and a modest USD strength.Risk aversion keeps fueling Gold demand, with the bright metal conquering the $2,900 threshold on Monday. Demand for safety was boosted by comments from United States (US) President Donald Trump, who pledged to impose more tariffs over the weekend. Speaking to reporters on Air...