Hong Kong stocks fell by 51 points or 0.2% to 24,324 in early trading on Friday, breaking a three-day winning streak amid losses mainly from financials. Markets pulled back from their highest in over three years following an overnight slump on Wall Street, due to uncertainty over US trade policy. This was particularly driven by President Donald Trump's decision to delay levies on Mexican and Canadian goods covered by the North American trade agreement. Also, caution grew ahead of key data from China, including January-February trade data later today, alongside CPI and PPI readings over the...
Gold traded around $2,900 per ounce on Friday, heading for a weekly gain, supported by its safe-haven appeal amid shifting global trade policies. While President Donald Trump paused the 25% tariffs imposed this week on most goods from Canada and Mexico, Canada's initial retaliatory tariffs remain, and China's measures take effect next week. Meanwhile, US jobs data painted a mixed picture, with the Challenger report showing layoffs surged to a 2020 high, while jobless claims dropped more than expected last week. These reports precede today's non-farm payrolls release, which could offer a...
The Japanese Yen (JPY) retains its positive bias for the third straight day against a broadly weaker US Dollar (USD) and keeps the USD/JPY pair close to its lowest level since early October during the Asian session on Friday. The growing acceptance that the Bank of Japan (BoJ) will continue to raise interest rates has been exerting upward pressure on Japanese government bond (JGB) yields. The resultant narrowing of the rate differential between Japan and other countries continues to act as a tailwind for the lower-yielding JPY. Moreover, the uncertainty surrounding US President Donald...
Silver (XAG/USD) oscillates in a narrow band during the Asian session on Friday and currently trades above mid-$32.00s, near its highest level in over a week touched the previous day. Moreover, the near-term bias seems tilted in favor of bullish traders and supports prospects for an extension of the weekly uptrend. The recent bounce from sub-$31.00 levels, nearing the 100-day Exponential Moving Average (EMA), and the fact that oscillators on the daily chart have just started gaining positive traction validate the constructive outlook for the XAG/USD. Hence, some follow-through strength...
Gold price (XAU/USD) continues with its struggle to attract any meaningful buyers, though it manages to hold above the $2,900 mark through the Asian session on Friday. Traders now seem reluctant and opt to wait for the release of the closely-watched US monthly employment details before placing fresh directional bets, leading to subdued range-bound price action for the second straight day. The popularly known Nonfarm Payrolls (NFP) report will influence the near-term US Dollar (USD) price dynamics and provide a fresh impetus to the commodity. In the meantime, the growing acceptance that...