The Hang Seng rose 186 points, or 0.7%, to close at 25,968 on Thursday, reversing early declines as sentiment improved following reports that the U.S. and China will hold another round of high-level trade talks this weekend at the 47th ASEAN Summit. Markets also rebounded from steep losses the previous day, as traders awaited a communique from China's fourth plenum, which may outline the government's economic, political, and social agenda, including five-year development plans. Investors largely shrugged off reports that Washington could impose broad export restrictions on China in...
Gold (XAU/USD) started the week on a positive note, extending its rally for the fifth consecutive day to reach its highest level in more than four months, last seen on April 22. A generally weaker US dollar (USD) and strong expectations for a Fed rate cut in September continued to bolster bullion's momentum. At the time of writing, XAU/USD was trading around $3,470 in the European session, down from an intraday high of $3,489 recorded during the Asian session and approaching an all-time high of $3,500. Mild technical selling and stable US Treasury yields weighed on sentiment, while trading...
Oil prices rose more than 1% on Monday amid concerns over supply disruptions due to escalating Russian-Ukrainian airstrikes and a weakening dollar. Brent crude rose 83 cents, or 1.2%, to $68.31 a barrel at 12:15 GMT. U.S. West Texas Intermediate crude also rose 83 cents, or 1.3%, to $64.84. Trading is expected to be light due to a U.S. public holiday. Brent and WTI crude recorded their first monthly declines in four months in August, falling 6% or more due to increased supply from the OPEC+ producer group. "Crude oil fell in August and started September without a clear direction within...
EUR/USD traded higher near a one-week high around 1.1730 during the European trading session on Monday. The major currency pair strengthened as the US Dollar (USD) underperformed its peers amid strong expectations that the Federal Reserve (Fed) will continue its monetary easing cycle at its September policy meeting. At the time of writing, the US Dollar Index (DXY), which tracks the greenback against six major currencies, was trading near its August low around 97.55. According to the CME FedWatch tool, there is an 87.6% chance that the Fed will cut interest rates by 25 basis points (bps)...
Gold hit a more than four-month high on Monday (September 1) as speculation of a US Federal Reserve interest rate cut this month and a weaker dollar boosted bullion's appeal, while silver broke through $40 an ounce for the first time since 2011. Spot gold rose 0.9% to $3,477.89 an ounce at 08:47 GMT, reaching its highest level since April 22. US gold futures for December delivery rose 0.9% to $3,548.0. Spot silver jumped 2.7% to $40.72 an ounce, its highest since September 2011. The US dollar traded near its lowest level since July 28 against a basket of major currencies, making...
The dollar extended its recent decline as investors built bearish positions ahead of Friday's key US employment report. Spot volumes were around 70% of recent averages, with European flows nearly one-sided, according to Europe-based traders. Demand for bearish greenback exposure to Friday's figures began late last week and maintained its bias as September trading began. The Bloomberg Dollar Spot Index fell 0.1%, down for a fifth day; a close lower this week would mark the longest losing streak since April 2023. The Labor Day holiday in the US will keep spot and options volumes...