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...
West Texas Intermediate (WTI), the U.S. crude benchmark, was trading around $76.15 on Tuesday (21/1). WTI prices attracted some sellers as traders awaited a series of executive orders from U.S. President Donald Trump after his inauguration. Trump announced on Monday that he would immediately declare a national energy emergency, vowing to fill the strategic reserve and use the authority to quickly approve new oil, gas and power projects that typically take years to obtain permits. The Trump administration will push for more oil and gas production and consumption in the United States, which...
The Pound Sterling (GBP) surges to near 1.2320 against the US Dollar (USD) in Monday's North American Session. The GBP/USD pair strengthens as the US Dollar nosedive soon after reports from the Wall Street Journal (WSJ) showed that there won't be tariff hikes on the first day of President Donald Trump at the White House. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, plummets to near 108.30According to the WSJ, the presidential memo directs federal agencies to study trade policies and evaluate US trade relationships with China and America's...
Gold prices steadied Monday as traders cautiously awaited US President-elect Donald Trump's inauguration speech, anticipating insights into his administration's policies and potential signals on future interest rates.Traders brace for volatility with incoming Trump administrationGold traders are bracing for increased volatility as Trump begins his second term, with his anticipated policy announcements expected to influence market dynamics. The precious metal, traditionally viewed as a safe-haven asset, has seen prices stabilize near a one-month peak, bolstered by subdued US inflation data...
The US Dollar Index (DXY), which tracks the value of the Greenback against six major currencies, traded lower and nearly broke below 109.00 on Monday (1/20) ahead of President-elect Donald Trump's inauguration as the 47th President of the United States (US). Several asset classes in the US will remain closed, such as Wall Street trading and US Treasury trading, in observance of Martin Luther King Day. This means volatile movements could occur in markets with thin liquidity. All eyes will be on the post-inauguration, with President-elect Donald Trump having confirmed at a rally on Sunday...
EUR/USD rose sharply to near 1.0300 in Monday's European session. The major currency pair gains as the safe-haven appeal of the US Dollar (USD) diminishes ahead of United States (US) President-elect Donald Trump's inauguration. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, declines to near 109.00. The Greenback faces pressure as investors digest the assumption that Trump will declare a national emergency soon after taking office. This move would allow him to boost domestic energy production and reverse some climate change policies executed under...