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 fell below $3,260 per ounce on Thursday, marking a fourth straight day of decline, as reduced tariff risks eroded demand for safe-haven assets. The drop followed a ruling from the US Court of International Trade, which found that President Donald Trump had exceeded his authority in imposing reciprocal tariffs. The court ordered the measures to be vacated and permanently blocked a significant setback for the president's economic agenda. The administration is expected to appeal the decision. Meanwhile, minutes from the Federal Reserve's May meeting showed that policymakers are...
GBP/USD pared further gains on Wednesday, slumping for the second straight session and dropping back below 1.3500 after failing to reclaim 1.3600 earlier this week. The pound market retreated from the peak of a bull run that took cable to multi-year highs, but momentum still favors the pound bulls. The Federal Reserve's (Fed) latest minutes from the Federal Open Market Committee (FOMC) interest rate meeting on May 6-7 revealed that the Fed's wait-and-see approach has deep roots. Policymakers at the latest Fed meeting noted that the US dollar's (USD) safe-haven status had taken a hit...
EUR/USD fell below 1.1300 during the North American session as the US Dollar (USD) remained firmer following the release of the Federal Reserve's (Fed) latest meeting minutes. High US bond yields and a slightly downbeat mood have pushed the greenback higher against most G7 currencies. On May 6-7, the Fed decided to keep interest rates unchanged, citing uncertainty about the impact of tariffs on the economy. The minutes revealed that policymakers were concerned that inflation could become more persistent, driven by the Trump administration's inflation-prone trade policies. The policymakers...
Oil prices rose more than 1% on Wednesday on supply concerns as OPEC+ agreed to leave its output policy unchanged and as the U.S. banned Chevron (CVX.N), opening up new opportunities to export Venezuelan crude. Investors had anticipated OPEC+ members would agree to increase output later this week. Brent crude futures settled up 81 cents, or 1.26%, at $64.90 a barrel. U.S. West Texas Intermediate crude rose 95 cents, or 1.56%, to $61.84 a barrel. OPEC+, the Organization of the Petroleum Exporting Countries and its allies, left output policy unchanged. They agreed to establish a mechanism...
Gold prices were little changed, trading around $3,300 an ounce on Wednesday as investors digested the minutes from the Federal Reserve's May meeting, which revealed growing concerns about inflation and a weakening labor market, in part due to trade tensions and proposed tariffs. The Fed maintained a cautious stance, opting to hold interest rates steady for a third straight meeting while acknowledging rising economic uncertainty and risks to inflation and employment. While the economy remains solid, officials have warned of lower growth forecasts and rising recession risks. Gold, up 26%...