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 price (XAU/USD) regains positive traction at the start of a new week and climbs beyond the $3,300 mark during the Asian session, reversing a major part of Friday's losses. The Personal Consumption Expenditures (PCE) Price Index released on Friday further pointed to signs easing inflationary pressures in the US and bolstered the case for more rate cuts by the Federal Reserve (Fed). This, in turn, is seen weighing on the US Dollar (USD) and acting as a tailwind for the non-yielding yellow metal. Meanwhile, geopolitical risks stemming from the protracted Russia-Ukraine war and conflicts...
EUR/USD retraces its recent losses registered in the previous session, trading around 1.1370 during the Asian hours on Monday. The pair appreciates as the US Dollar (USD) struggles as the US Court of Appeals, on Thursday, ruling allowing US President Donald Trump's tariffs to take effect. On Wednesday, a three-judge panel at the Court of International Trade in Manhattan said that Trump exceeded his authority in imposing broad import tariffs and declared the executive orders issued on April 2 unlawful. On Friday, President Trump said at a rally in Pennsylvania that he planned to double...
The dollar index fell toward 99 on Monday, erasing gains from the previous week as investor sentiment soured amid renewed trade tensions. The decline followed President Donald Trump's announcement that the US will double tariffs on steel and aluminum imports to 50% starting June 4. Tensions with China also escalated after Beijing rejected Trump's claim that it had violated the trade agreement reached in Geneva last month, casting doubt on the likelihood of a near-term call between the two nations' leaders. Still, National Economic Council Director Kevin Hassett said over the weekend that...
The GBP/USD pair regains positive traction at the start of a new week amid renewed US Dollar (USD) selling, though it remains below the 1.3500 psychological mark during the Asian session. The Personal Consumption Expenditures (PCE) Price Index released on Friday pointed to further easing inflationary pressures in the US and bolstered the case for more policy easing by the Federal Reserve (Fed). Adding to this, concerns about the worsening US fiscal condition, fueled by the passage of US President Donald Trump's "Big Beautiful Bill," exert fresh downward pressure on the USD. The British...
The Japanese Yen (JPY) remains on the front foot against its American counterpart for the third consecutive day on Monday and seems poised to strengthen further amid a combination of supporting factors. The Tokyo Consumer Price Index (CPI) released on Friday indicated that core inflation accelerated more than expected in May and reaffirmed bets that the Bank of Japan (BoJ) will continue raising interest rates. Furthermore, persistent trade-related uncertainties and geopolitical risks turn out to be key factors underpinning the safe-haven JPY. Meanwhile, comments from Japan's top trade...