US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
Gold is steady ahead of the FOMC decision due later today. While the FOMC is widely expected to leave rates unchanged, the focus will be on whether Fed Chair Powell offers any hint of a September rate cut in his press conference. Investors are turning their attention to the FOMC meeting and a slew U.S. economic data, DHF Capital's Bas Kooijman says in an email. A dovish shift in Fed rhetoric or any unexpected softness in data could support the precious metal, the CEO and asset manager says. Spot gold is little changed at $3,326.78/oz. Source: Marketwatch
Oil held the biggest gain in six weeks after US President Donald Trump reiterated he may impose additional economic penalties on Russia unless a truce is reached with Ukraine. West Texas Intermediate traded near $69 a barrel after closing 3.8% higher in the previous session. Brent settled above $72. Trump warned of "tariffs and stuff" if a ceasefire isn't agreed in 10 days and said he wasn't concerned about the impact on the market, suggesting the US could ramp up production. "I don't even worry about it," he told reporters aboard Air Force One on Tuesday as he returned to...
GBP/USD found some balance on Tuesday, pumping the brakes on an extended backslide but falling just short of snapping its losing streak. The Cable pair caught an intraday technical rebound near the 1.3300 handle, and FX markets are coiling ahead of the Federal Reserve's (Fed) latest interest rate decision, due on Wednesday. There remains little of note on the economic calendar for the United Kingdom (UK) side, leaving Cable traders to grapple with a hefty dose of US data releases through the remainder of the trading week. The Fed's latest interest rate decision is slated for Wednesday and...
Oil prices gained more than 3% on Tuesday as President Donald Trump ramped up pressure on Russia over its war in Ukraine and on optimism that a trade war between the U.S. and its major trading partners was abating. Brent crude futures settled $2.47, or 3.53%, higher at $72.51 a barrel while U.S. West Texas Intermediate crude gained $2.50, or 3.75%, to settle at $69.21. Both contracts settled at their highest since June 20. On Tuesday, Trump said he would start imposing tariffs and other measures on Russia "10 days from today" if Moscow did not make progress toward ending the war in...
Gold price recovered some ground on Tuesday after falling for the fourth straight day as the Greenback trimmed some of its earlier gains, which boosted appetite for the yellow metal. A drop in US Treasury yields and a soft labor market report in the United States (US) prompted investors to buy Bullion. The XAU/USD trades at $3,330, up by 0.50% after reaching a three-week low of $3,301 on Monday and a daily low of $3,308. The US Bureau of Labor Statistics (BLS) revealed that the Job Openings and Labor Turnover Survey (JOLTS) for June missed estimates as companies seemed reluctant to hire,...