Stocks in the US closed higher on Wednesday, extending their recent momentum as growing expectations for a Federal Reserve rate cut in September continued to lift sentiment. The S&P 500 gained 0.3% and the Nasdaq added 0.1%, with both indexes briefly hitting record highs, while the Dow Jones advanced 463 points. The rally built on Tuesday's surge, sparked by a softer-than-expected inflation reading that reinforced bets on monetary easing, with traders fully pricing in a September cut and some anticipating a 50 basis-point move. Sector gains were led by materials, healthcare, and...
USD/CHF held steady after a five-day losing streak, trading around 0.7990 during European hours on Monday (06/30). The pair held steady around 0.7957, the lowest since September 2011, recorded on Friday. The Swiss franc (CHF) moved little against the US dollar (USD) after the KOF Leading Indicator was released in Switzerland, which fell to 96.1 in June from 98.6 in May. The reading was below market expectations of 99.3, marking the lowest reading since October 2023. Earlier this month, the Swiss National Bank (SNB) cut interest rates to 0% in response to easing inflationary pressures and...
Oil prices fell on Monday as geopolitical risks in the Middle East eased and the prospect of an OPEC+ output hike in August raised supply expectations amid continued uncertainty over the global demand outlook. Brent crude futures fell 12 cents, or 0.18%, to $67.65 a barrel by 0718 GMT, ahead of the August contract's expiry on Monday. The more active September contract was at $66.56, down 24 cents. U.S. West Texas Intermediate crude futures fell 36 cents, or 0.55%, to $65.16 a barrel. Both benchmarks posted their biggest weekly declines since March 2023 last week, but both are expected to...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of six major currencies, continued its downtrend that began on June 19, as it traded around 97.20 during European hours on Monday (06/30). Traders are awaiting US employment figures due later this week, which could further provide fresh impetus on the US Federal Reserve's (Fed) policy outlook. The US Nonfarm Payrolls report is expected to show the economy added 110,000 new jobs in June, down from 135,000 in May. The current range is between a high of 140,000 and a low of 75,000. Additionally,...
Oil prices fell in Asian trade on Monday as waning geopolitical tensions between Israel and Iran saw traders further pare back a risk premium, while anticipation of more output hikes by the OPEC+ also weighed. Brent oil futures for August fell 0.8% to $67.20 a barrel, while West Texas Intermediate crude futures fell 1.1% to $64.77 a barrel by 21:44 ET (01:44 GMT). Oil was still headed to rise more than 5% this month, having initially rallied on the Israel-Iran war. Crude markets took middling cues from mixed purchasing managers index data from top oil importer China, which showed...
Gold edged up, supported by a dip in the dollar, as US trade talks progressed ahead of a July 9 deadline and Senate negotiations continued over President Donald Trump's $4.5 trillion tax cut package. Bullion fell as much as 0.8% on Monday before paring losses to trade slightly higher, following two consecutive weekly declines. With just 10 days to go until Trump's country-specific tariffs are set to resume, investors were weighing signs of potential trade progress following recent comments from top White House advisers that indicated the US is nearing agreements with...