US stocks rebounded, with the three major indexes closing near record highs on Thursday (October 23rd). The S&P 500 rose 0.6%, the Dow Jones Industrial Average rose 0.3%, and the Nasdaq Composite added 0.9%. This was driven by upbeat corporate performance and the White House's announcement that President Trump will meet Chinese President Xi Jinping next Thursday in South Korea, alleviating concerns over US-China relations. Nvidia (1.1%), Amazon (1.2%), and Broadcom (1.2%) led the gains among technology stocks, while Oracle rose 2.5%. Honeywell and American Airlines jumped 6.8% and 7.2%...
The Australian dollar edged higher to around $0.654 on Friday, marking its fourth consecutive session of gains to hit a two-week high, as the US dollar remained under pressure. The greenback continued to struggle from mounting expectations of a Federal Reserve rate cut next month as Governor Christopher Waller signaled support for easing, while President Donald Trump's removal of Fed Governor Lisa Cook raised fresh concerns about the central bank's independence. The AUD also drew strength from stronger-than-expected domestic inflation, tempering market bets on near-term rate cuts from the...
Gold prices are flat in early Asian trade. Geopolitical tensions, renewed trade frictions and dented global sentiment have kept investors leaning on the yellow metal as a safe haven, Phillip Nova analyst Priyanka Sachdeva says in a research note. While profit-taking could cap gains for gold prices after the recent rally, broader macro drivers are still supportive, she notes. Gold prices will be shaped by incoming U.S. data such as the July PCE print, the analyst says, as they could cement expectations of a Fed rate cut in September. Spot gold is flat at $3,415.35/ oz. Source: Bloomberg
The USD/JPY pair loses ground to near 146.85 during the early Asian session on Friday. The Japanese Yen (JPY) edges higher against the US Dollar (USD) after the release of Japan's Tokyo August Consumer Price Index report. The attention will shift to the US July Personal Consumption Expenditures (PCE) Price Index report, which is due later on Friday. Data released by the Statistics Bureau of Japan on Friday showed that the headline Tokyo CPI rose 2.6% YoY in August versus 2.9% prior. Meanwhile, Tokyo's core CPI inflation eased to 2.5% YoY in August from 2.9% in July, matching market...
Oil edged lower to head for a monthly loss, as investors weighed concerns about a looming glut along with geopolitical tensions, including US-led efforts to end the war in Ukraine. West Texas Intermediate fell toward $64 a barrel, with the US benchmark more than 7% lower in August, while Brent posted a modest gain on Thursday. Oil prices have lost ground this month amid concerns that global supplies will run ahead of demand in the coming quarters, boosting stockpiles. Traders are also focused on Ukraine, and crude supplies from OPEC+ member Russia. US President Donald Trump...
EUR/USD edges up late in the North American session on Thursday, as the US Dollar (USD) fails to gain traction on upbeat US data, amid the ongoing conflict between US President Donald Trump and Federal Reserve (Fed) Governor Lisa Cook. At the time of writing, the pair trades at 1.1688, up 0.43%. Traders remained hooked to the battle between the Fed and the White House as the latest Gross Domestic Product (GDP) figures and Initial Jobless Claims in the US showed that the economy is solid. Consequently, the Greenback depreciated for the third consecutive day as traders seeking safety bought...