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...
EUR/USD posts moderate losses during the North American session on Friday as the US Dollar (USD) holds firm after the release of mixed economic data and dovish comments by Federal Reserve (Fed) officials. The pair trades at 1.1504, down 0.20%, after hitting a two-week low of 1.1491. Euro retreats 0.20% as weak US sentiment contrasts with firmer PMIs, markets rise December cut oddsData in the US was mixed, yet the economy shows signs of resilience. The S&P Global Manufacturing and Services PMIs were mixed in November but revealed that business confidence had improved. Other data showed...
Gold trimmed losses to about 4,080 dollars per ounce on Friday but remained on track for a weekly decline as markets digested stronger US labour data, dovish central bank signals and softer US yields. The delayed Labor Department report showed nonfarm payrolls rose by 119K in September and the unemployment rate ticked up to 4.4%, which initially reduced the odds of an immediate Fed cut and pushed the dollar higher. Minutes from the Fed October meeting revealed a divided committee and scaled back some earlier easing bets, yet remarks from the NY Fed president that a near term adjustment...
Silver slipped below $50 per ounce on Friday, falling for a second consecutive session amid expectations that the US Federal Reserve will refrain from cutting interest rates in December as policymakers navigate economic uncertainties. The delayed US nonfarm payrolls report released on Thursday showed mixed signals, with employment growth accelerating in September, but the unemployment rate rose to 4.4%, the highest in four years. This report will serve as the final labor market data ahead of next month's FOMC meeting, as the BLS said it will skip the regular October employment release and...
The US dollar held strong tonight after posting sharp gains throughout the week, although it has begun to correct slightly amid global stock market volatility. The US Dollar Index briefly touched a nearly six-month high before settling around 100.3 in Friday's trading, marking a gain of around 0.9% in the last five sessions. The dollar weakened slightly against the yen after Japanese officials reiterated warnings about possible intervention, sending USD/JPY down slightly to the 157 area. However, against most other major currencies, the dollar remained strong. The dollar's strength this...
Gold (XAU/USD) pares some of its intraday losses on Friday after fresh comments from Federal Reserve (Fed) officials revive near-term rate-cut expectations. New York Fed President John Williams said he still sees room for a near-term cut, helping the metal recover from an earlier slide. At the time of writing, XAU/USD is trading around $4,067, after bouncing from an intraday low near $4,022, though it remains vulnerable as the metal continues to oscillate within the range established earlier this week. Markets had been dialing back expectations for a December rate cut, with most Fed...