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...
The dollar strengthened on Monday (August 18th) ahead of a meeting between US President Donald Trump and his counterparts from Ukraine and Europe, while attention was also focused on the Federal Reserve's Jackson Hole Symposium for policy guidance. The euro weakened 0.2% against the dollar to $1.1680, the yen weakened by the same amount to 147.445, while the British pound weakened about 0.1% to $1.3544. Reduced bets on a Fed rate cut next month helped the dollar find support amid previously stagnant foreign exchange market movements on Monday. Money markets now price in an 83% chance that...
Gold edged higher as traders anticipated potential interest rate signals from the Federal Reserve's annual meeting in Jackson Hole, as well as high-stakes diplomacy in Washington regarding efforts to end the war in Ukraine. Gold bullion prices traded near $3,350 an ounce, holding within a narrow range for the past few sessions. Central bankers from around the world will gather for a meeting in Wyoming starting Friday, with market pricing indicating a US interest rate cut is likely at the Fed's policy meeting next month. Fed chief Raphael Bostic said after a three-day visit to the...
The British pound (GBP) traded in a tight range around 1.3550 against the US dollar (USD) during the European trading session on Monday (August 18th). The GBP/USD pair consolidated as investors awaited a meeting between US President Donald Trump, Ukrainian President Volodymyr Zelenskyy, and NATO members at the White House on Monday to discuss conditions set by Russian leader Vladimir Putin for ending the war in Ukraine. On Friday, Trump met with Putin in Alaska to discuss a peace agreement. After the meeting, Trump said that Putin had offered to freeze most of the front line if Kyiv...
Gold prices edged higher on Monday (August 18th), boosted by lower US Treasury yields, as market participants awaited US President Donald Trump's meetings with Ukrainian President Volodymyr Zelenskiy and European leaders later in the day. Spot gold rose 0.4% to $3,348.28 an ounce, as of 08:40 GMT on Monday, after hitting its lowest level since August 1st. US gold futures for December delivery rose 0.3% to $3,393.40. "Gold prices are rallying again today, with the market approaching the $3,350 level (as) the combination of weak yields and a weaker dollar is certainly a breath of fresh air...
Oil prices held steady on Monday (August 18th) as traders awaited clues from the meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy in their efforts to reach a peace deal to end Europe's deadliest war in 80 years. Brent crude was at $65.87 a barrel at 08:47 GMT, while U.S. West Texas Intermediate crude rose 9 cents, or 0.14%, to $62.89 a barrel. Trump met with Russian President Vladimir Putin in Alaska on Saturday and appeared more aligned with Moscow in seeking a peace deal, rather than a ceasefire first. "Market focus now turns to today's Washington...