Stocks recovered from lows reached earlier on Thursday, with investors buying the dip once again in spite of a dour wholesale inflation report. The late-day gains mean the S&P 500 notched its third straight record close, by the slimmest of margins, settling up 0.03% at 6,468.54. The Nasdaq Composite and Dow Jones Industrial Average were marginally lower, with the tech heavy index ending the day down 0.01% at 21,710.67, and the 30-stock Dow losing 11.01 points, or 0.02%, to close at 44,911.26. The S&P and Nasdaq were both down 0.4% at their lows before bouncing back. The Dow shed...
The campaign period for the July 20 election for the upper chamber of Japan's parliament kicked off earlier Thursday, and Bank of America Securities stated that the Japanese currency has not yet priced in election risk. At 08:00 ET (12:00 GMT), USD/JPY traded 0.1% higher to ¥143.84, but the pair is approximately 8.5% lower so far this year. "We have argued that the risk from Japan's Upper House election to be held on July 20 is skewed to a weaker yen with a rise in volatility in the case of a loss by the ruling coalition party," said analysts at Bank of America Securities, in a note dated...
The Pound Sterling remained steady against the Greenback on Thursday after a solid Nonfarm Payrolls report in the United States (US) cemented the case that the Federal Reserve would hold rates at the July meeting, as the Unemployment Rate ticked lower. At the time of writing, the GBP/USD trades at 1.3634, virtually unchanged. The US Bureau of Labor Statistics (BLS) reported that the US economy added 149,000 people to the workforce, exceeding estimates of 110,000 and May's 144,000 print. The Unemployment Rate came at 4.1% down from 4.2%. The data fortifies the Fed Chair Jerome Powell's...
The dollar index climbed above 97.3 after a stronger-than-expected June jobs report helped ease concerns over the health of the US labor market, despite lingering uncertainty surrounding trade policy. The US economy added 147,000 jobs in June, up from 144,000 in May and well above market forecasts of 110,000. Meanwhile, the unemployment rate unexpectedly dipped to 4.1%, defying expectations of a rise to 4.3%. Average hourly earnings increased by 0.2%, slightly below the projected 0.3%. Source: Trading Economi
The EUR/USD pair is practically flat on Thursday, trading right below 1.1800 at the time of writing, not far from the multi-year highs reached earlier this week. Investors' appetite for risk is fading as optimism about the US deal with Vietnam gives way to caution heading into the US Nonfarm Payrolls (NFP) data release. In the Eurozone, June's services activity was revised higher to 50.5 from the previously estimated 50.0 reading. These figures reveal that the sector grew again in the last month, following a slight contraction in May. The impact of the data in the Euro, however, has been...
Gold price (XAU/USD) holds onto gains near the weekly high around $3,365 during the European trading session on Thursday. The yellow metal trades firmly ahead of the United States (USD) Nonfarm Payrolls (NFP) data for June, which will be published at 12:30 GMT. Investors will closely monitor the US NFP data as a few Federal Reserve (Fed) officials have expressed concerns regarding the labor market strength. Also, market experts believe that US business owners are reluctant for fresh hiring amid uncertainty surrounding the tariff policy imposed by President Donald Trump after his return to...