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 Japanese Yen (JPY) strengthens against the US Dollar (USD) on Thursday, with USD/JPY slipping below the 147.00 mark as the Greenback remains under pressure. Concerns over the Federal Reserve's (Fed) independence and expectations of a dovish policy shift, reinforced by Chair Jerome Powell's remarks at the Jackson Hole Symposium, overshadow the impact of upbeat US data. At the time of writing, USD/JPY trades near 146.85 in the American session, down around 0.40% on the day. The move coincides with a broader decline in the US Dollar, with the Dollar Index (DXY), which measures the...
The dollar was lower against the euro and the yen on Thursday, as traders added to bets that the Federal Reserve will cut interest rates next month after New York Fed chief John Williams signalled such a move was possible. The U.S. currency has been under renewed pressure from President Donald Trump's ramped-up campaign to exert more influence over monetary policy, and as he attempted to fire Lisa Cook, one of the Fed's governors. Cook filed a lawsuit on Thursday, claiming Trump has no power to remove her from office. The buck did trim some of its losses after Thursday's data showed...
Oil prices edged lower on Thursday, pressured by expectations of lower U.S. fuel demand at the end of the summer travel season and by the restart of Russian oil supplies to Hungary and Slovakia through the Druzhba pipeline. Brent crude futures fell 23 cents, or 0.3%, to $67.82 by 1:45 p.m. ET (1745 GMT). U.S. West Texas Intermediate (WTI) crude futures were down 28 cents, or 0.4%, at $63.87 a barrel. The upcoming U.S. Labor Day long weekend ends the summer driving season. The outlook is for lower U.S. demand for gasoline, even as crude oil supplies rise due to an OPEC+ plan to raise...
Gold (XAU/USD) extends its advance for a third straight session on Thursday, trading near a more than five-week high, buoyed by a softer US Dollar (USD) and subdued Treasury yields. The precious metal had come under pressure on Wednesday when a stronger Greenback limited gains, but the overnight pullback in the US Dollar, along with lower bond yields, has helped bullion regain momentum. At the time of writing, XAU/USD is consolidating gains near the $3,411 mark as traders digest the latest United States (US) economic data. The second estimate of Q2 Gross Domestic Product (GDP) showed a 3.3%...
Gold prices rose on Thursday, hitting their highest level in more than one month, as the dollar weakened while investors awaited Friday's US inflation data for clues on Federal Reserve policy direction. Spot gold rose 0.3% to $3,407.81 an ounce at 12:22 GMT, after hitting $3,408.62, its highest level since July 23, earlier in the session. US gold futures for December rose 0.5% to $3,466.30. The dollar index fell 0.3% against a basket of currencies, making gold more attractive to holders of other currencies. Investors are awaiting Friday's release of the Personal Consumption Expenditures...