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...
The AUD/USD pair gains ground to near 0.6445 during the early Asian session on Friday. The US Dollar (USD) edges lower against the Australian Dollar (AUD) due to the resurgence of trade uncertainty and disappointing US economic data. The US April Personal Consumption Expenditures (PCE) Price Index report Will be in the spotlight later on Friday. A US federal court on Wednesday blocked US President Donald Trump's "Liberation Day" tariffs from going into effect. A federal trade court ruled Trump didn't have the authority to impose across-the-board duties on imports from nations that sell more...
EUR/USD strengthened after hitting a weekly low of 1.1210, up more than 0.70% on Thursday (5/29) as weak US jobs data weakened the US dollar, which was also hit by falling US yields. At the time of writing, the pair was trading at 1.1376. The US economic report revealed that Americans filing for unemployment benefits increased in the week ending May 24, as reported by the US Department of Labor. Moreover, confirmation of a contraction in Gross Domestic Product (GDP) figures for Q1 2025 weighed on the greenback and lifted EUR/USD above the 1.1300 mark. Following the release of the data,...
Oil prices fell more than 1% on Thursday, retreating from earlier gains, as investors weighed the potential impact of a US court ruling blocking President Donald Trump's most sweeping tariffs. The market was also watching for potential new US sanctions curbing Russian crude flows and a decision by OPEC+ to raise output in July. Brent crude futures settled down 75 cents, or 1.2%, at $64.15 a barrel. U.S. West Texas Intermediate crude fell 90 cents, or 1.5%, to $60.94 a barrel. Prices had earlier risen after a US court ruled Wednesday that Trump had exceeded his authority by imposing...
Gold prices rebounded from a weekly low of $3,245 and climbed past $3,300 on Thursday, helped by a weaker US jobs report, as markets cheered a US court's decision to block US President Donald Trump's tariffs. At the time of writing, XAU/USD was trading at $3,318, up 0.94%. The US Labor Department revealed that the number of Americans filing for unemployment benefits exceeded estimates and the previous week's report. The report adds pressure on the Federal Reserve (Fed) to ease policy as the risk of high unemployment has increased. This, along with confirmation of a contraction in US Gross...
Oil fell as weak U.S. economic data and concerns about rising supplies eroded risk sentiment from a court ruling blocking most Trump administration tariffs. West Texas Intermediate fell as much as 2.1% to trade near $61 a barrel after Interfax quoted Kazakhstan as saying OPEC+ would raise output at its meeting on Saturday, with the size of the increase still to be decided. The broader market eased from earlier highs on data showing the U.S. economy shrank at the start of the year, further pressuring commodities. Crude had earlier rallied after a trade court blocked a range of President...