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 prices were little changed on Tuesday, hovering near a three-week low, as easing fears of a global tariff war and a stronger dollar dampened bullion's safe-haven appeal. Spot gold held its ground at $3,311.33 per ounce, as of 0401 GMT. The precious metal hit its lowest level since July 9 in the previous session. "Gold trading at circa $3,300 or below is still getting the attention of buyers. While short-term market dynamics courtesy of trade deals and a stronger USD aren't helping gold, looking further ahead there is still upside potential," KCM Trade Chief Market Analyst Tim Waterer...
Silver price (XAG/USD) trades cautiously near its weekly low around $38.00 during the Asian trading session on Tuesday. The white metal struggles to gain ground as its safe-haven demand has diminished, following the announcement of a trade agreement between the United States (US) and the European Union (EU). Over the weekend, both sides of the Atlantic confirmed that they have reached a framework under which Washington will charge 15% tariffs on imports from Brussels. The announcement of the trade framework has diminished fears of a damaging global trade war. Meanwhile, investors await the...
EUR/USD moves little after registering more than 1% losses in the previous session, trading around 1.1590 during the Asian hours on Tuesday. The pair faced challenges as the US Dollar (USD) rose on trade optimism, driven by the trade deal between the United States (US) and the European Union (EU). The US and EU reached a framework trade agreement on Sunday that sets 15% tariffs on most European goods, taking effect on August 1. This deal has ended a months-long stand-off, per Bloomberg. European Commission President Ursula von der Leyen said on Sunday that the bloc agreed not to impose...
The Japanese yen hovered around 148.3 per dollar on Tuesday, holding near one-week lows after a sharp three-day decline, pressured by broad dollar strength. The greenback remained supported as recent global trade agreements are seen as disproportionately benefiting the US economy. US President Donald Trump also reiterated on Monday that countries unwilling to negotiate separate trade deals could soon face tariffs of 15% to 20%, significantly above the 10% headline rate imposed in April. On the domestic front, the Bank of Japan is set to announce its latest policy decision this week. While...
A dollar index remained steady as traders weigh US-China trade talks ahead of key economic data releases expected later this week. The Bloomberg Dollar Spot Index little changed on Tuesday after rising 0.8% a day earlier US Commerce Secretary Howard Lutnick said a 90-day extension of a trade truce with China was a likely outcome with negotiations between the two countries underway in Stockholm US economic data to be released on Tuesday include wholesale inventories, JOLTS job openings, Conference Board consumer confidence "On US-China, a better-than-expected result,...