Three major US indexes closed at new record highs after a lower-than-expected inflation report raised the possibility of a Federal Reserve interest rate cut later this year and prompted investors to shift to riskier assets. The S&P 500 rose 0.8%, the Nasdaq rose 1%, and the Dow Jones Industrial Average rose 470 points. Technology stocks led the rally, with AMD and IBM surging 7.5% and 8.77%, respectively, after IBM said it had successfully implemented a key quantum error correction algorithm on AMD chips, boosting sentiment across the sector. Intel rose 1.6% after returning to...
Gold weakened on Friday (August 22nd) due to a stronger dollar, with the market awaiting a speech by US Federal Reserve Chairman Jerome Powell at the annual Jackson Hole symposium for further insight into the Fed's monetary policy direction. Spot gold prices fell 0.4% to $3,326.35 per ounce at 08:17 GMT, while US gold futures for December delivery fell 0.4% to $3,368.80. UBS analyst Giovanni Staunovo said the slightly stronger US currency played a significant role in the current decline in gold prices. A stronger dollar makes gold more expensive for foreign buyers. The dollar index rose...
The AUD/USD pair traded cautiously near a fresh two-month low around 0.6400 during Friday's European trading session. The AUD/USD pair is expected to remain volatile as investors await Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Symposium (JH) at 14:00 GMT. Investors will be closely watching Fed Chairman Powell's speech for fresh clues on whether the US central bank will cut interest rates at its September policy meeting. Ahead of Powell's speech, the US Dollar Index (DXY), which tracks the greenback against six major currencies, hit a new 10-day high around...
The Japanese Yen (JPY) continued to weaken against the broadly stronger US Dollar (USD) for the second consecutive day, falling to a three-week low during the Asian session on Friday. Uncertainty over the likely timing of the Bank of Japan's (BoJ) next interest rate hike continued to weaken the JPY, which failed to find any relief from Japanese consumer inflation figures. In fact, Japan's National Consumer Price Index (CPI) indicated that underlying inflation remains strong, supporting the argument for further policy normalization by the BoJ. Meanwhile, the US Dollar (USD) maintained its...
Gold prices edged lower on Friday on a stronger dollar while investors awaited U.S. Federal Reserve Chair Jerome Powell's speech at the annual Jackson Hole symposium that could offer fresh clues on the monetary policy path. Spot gold fell 0.3% to $3,329.19 per ounce by 0607 GMT. U.S. gold futures for December delivery lost 0.3% to $3,372.10. Fed officials appeared lukewarm on Thursday to the idea of a rate cut next month as investors geared up for Powell's speech, due at 1400 GMT on Friday. "With a Russia-Ukraine peace deal still a possibility, and the USD attracting some buyers, gold is...
The USD/CHF pair posts a fresh weekly high near 0.8100 during the late Asian session on Friday. The Swiss Franc pair advances as the US Dollar (USD) trades firmly ahead of Federal Reserve (Fed) Chair Jerome Powell's speech at the Jackson Hole (JH) Symposium at 14:00 GMT. During the press time, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, posts a fresh 10-day high near 98.85. The US Dollar has attracted significant bids as financial market participants expect Fed Chair Powell to maintain his argument that interest rates should remain at their...