Japanese stocks rose in early trading on hopes of easing US-China trade tensions ahead of next week's summit. The Nikkei index rose 0.8% to 49,021.37, signaling positive sentiment across the market. The gains were led by the technology and electronics sectors. SoftBank Group rose 3.2%, and chip test equipment manufacturer Advantest gained 2.3%, driven by optimism about semiconductor demand and a robust AI ecosystem. In the forex market, USD/JPY was at 152.52 (from 152.43 at the close in Tokyo on Thursday). A weaker yen typically supports Japanese exporters, boosting export-based...
Silver climbed above $38.6 per ounce on Thursday, trading near one-month highs as the dollar retreated on growing expectations of a US Federal Reserve rate cut next month. Markets now assign an 89% probability of a 25 basis point cut in September, up from 82% a week earlier. The shift came as President Donald Trump sought to exert greater influence over the central bank after attempting to remove Fed Governor Lisa Cook and replace her with a more dovish candidate. On the industrial side, silver demand drew support from robust photovoltaic sector data in China. Recent figures showed Chinese...
The Australian dollar appreciated to above $0.650 on Thursday, extending its rally for the third consecutive session, supported by tempered expectations of another near-term rate cut from the Reserve Bank of Australia. Market pricing now implies only around 34 basis points of additional easing for the rest of 2025, with the likelihood of a September move slipping to about 25%. Analysts expect the central bank to wait until the November meeting before resuming its easing cycle. The Aussie also drew support from a softer US dollar, as traders ramped up bets on a September Fed rate cut after...
Gold dipped to around $3,380 per ounce on Thursday, retreating from a two-week high as investors awaited fresh policy signals ahead of Friday's PCE price index, the Fed's preferred inflation gauge. Nevertheless, the metal held near record levels, supported by political and institutional uncertainty between the US administration and the Federal Reserve. President Trump recently moved to dismiss Fed Governor Lisa Cook, but her lawyer vowed to challenge the decision in court, setting up a legal battle. Traders also increased bets on Fed easing, with markets pricing an 89% chance of a 25 bps...
The US dollar started Thursday (August 28th) weakly at $98.13 after market speculation increased that a Fed rate cut would occur in September, following a signal from New York Fed President John Williams that a cut was "possible." Pressure also stemmed from President Donald Trump's increasingly aggressive efforts to influence monetary policy, attempting to fire Fed Chair Lisa Cook and replace her with a more dovish figure. In the foreign exchange market, the DXY held steady at 98.135 after two days of declines. The euro edged up to $1.1646 despite the heated French political situation,...
Gold edges lower in early Asian trade as investors continue to weigh the impact of a legal battle between Trump and Fed governor Lisa Cook. However, gold demand in Asia remains robust, with China's July net imports via Hong Kong more than doubling from June, Traze.com analyst Osama Al Saifi notes. Investors will pay attention to U.S. PCE data due Friday. The data could shape expectations after Powell's dovish tone at Jackson Hole, Al Saifi adds. Spot gold is 0.1% lower at $3,396.56/oz. Source: Bloomberg