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...
Oil was on track for a marginal weekly decline ahead of an OPEC+ meeting on output policy that's expected to lead to another supply hike. Still, West Texas Intermediate futures edged above $61 a barrel on Friday, paring some of that weekly loss. A sub-group led by Saudi Arabia is set to meet on Saturday to decide on July production levels, following preliminary talks last week on a third consecutive supply increase. "The real story now is tomorrow's OPEC+ meeting among the eight producers that conducted voluntary cuts," said Arne Lohmann Rasmussen, chief...
The US Dollar (USD) recovers on Friday after a sharp sell-off the previous day, with investors remaining uncertain over the existence of majority of tariffs imposed by United States (US) President Donald Trump on all of his trading partners since his return to the White House this year. During European trading hours, the US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, rises to near 99.50. Investors start doubting the sustainability of reciprocal, fentanyl, and border negligence-related-tariffs as the US Court of International Trade strike them down...
Gold price (XAU/USD) retains its negative bias below the $3,300 mark through the early European session on Friday, though it lacks follow-through selling. The US Dollar (USD) attracts some dip-buyers amid some repositioning trade ahead of the crucial US inflation report, which, in turn, is seen as a key factor undermining the commodity. However, concerns about the worsening US fiscal condition, along with bets that the Federal Reserve (Fed) will lower borrowing costs further in 2025, might cap the upside for the USD and offer support to the non-yielding yellow metal. A federal appeals...
Gold prices fell on Friday and were headed for weekly loss amid a slight uptick in dollar, while investors awaited a key U.S. inflation report that may provide further insight into the Federal Reserve's policy trajectory. Spot gold was down 0.6% at $3,3296.20 an ounc. Bullion is down 1.6% so far this week. U.S. gold futures fell 0.6% to $3,321.49. The dollar index (.DXY), opens new tab rose 0.2%, making gold more expensive for overseas buyers. "Gold prices are more or less consolidating at this point of time," said Brian Lan, managing director at GoldSilver Central, Singapore. "What we...
The GBP/USD pair attracted fresh sellers after the previous day's decent rebound from the 1.3415 area, or weekly lows amid a modest US Dollar (USD) uptick. The spot price is currently trading around the 1.3475-1.3470 region, down 0.15% for the day, though the downside seems limited as traders might opt to wait for the release of the US Personal Consumption Expenditures (PCE) Price Index. Ahead of the key data risk, some repositioning trade helped the USD to regain some positive traction after the previous day's dramatic turnaround from over one-week highs and exerted some pressure on the...