XAU/USD rallies to a fresh all-time high after NFP miss, with unemployment rising and wage growth holding steady. US 2-year Treasury yield plunges 11 bps to 3.48%, while DXY drops 0.70% to 97.57 amid risk-off flows. Fed independence fears and Standard Chartered’s call for a 50 bps cut amplify the bullish case ahead of US…
Gold pauses after a record high of $3,578.50 as profit-taking and a steady US Dollar weigh on sentiment. Easing US Treasury yields and calmer global bond markets help limit downside, keeping safe-haven demand supported. The US PMI data were mixed, with the S&P Global Composite slipping to 54.6, while the ISM Services PMI improved to…
The US ISM Services PMI unexpectedly improved in August. The US Dollar clings to its daily gains on Thursday. Data from the Institute for Supply Management (ISM) showed the Services PMI rose to 52.0 in August, up from 50.1 in the previous month and exceeding analysts’ forecasts of 51.0. Meanwhile, the Prices Paid Index—which tracks…
The Dow Jones continued to grapple with the 45,000 handle on Wednesday. Tech stocks gained ground after Google “won” an antitrust case that lets it keep its Chrome division. JOLTS Job Openings gave some investors cause for pause after an unexpected dip. The Dow Jones Industrial Average (DJIA) missed the bullish bus on Wednesday, lagging…
Australian Dollar maintains its position despite GDP expanding 0.6% QoQ in Q2. China’s Caixin Services PMI rose to 53.0 in August, against the expected 52.5 reading. The CME FedWatch tool indicates that more than 91% of a 25-basis-point Fed rate cut is expected in September. The Australian Dollar (AUD) moves little against the US Dollar…
The Canadian Dollar snapped it’s recent win streak against the US Dollar on Monday. Both Canadian and US markets are dark for the long weekend holiday. September opens up with an early flash of potential Loonie weakness. The Canadian Dollar (CAD) eased lower against the US Dollar (USD) on Monday, albeit on notably weak market…
The Dow Jones eased lower on Friday, testing below 45,500. Equities recoiled after US PCE inflation metrics rose in-line with forecasts. Despite fresh inflation pressure, markets are still banking on a September rate cut. The Dow Jones Industrial Average (DJIA) softened on Friday, easing back below 45,500 as stocks retreated due to another uptick in…
Gold prices rallied sharply after Powell’s dovish tone highlighted employment risks despite persistent upside risks to inflation. Traders priced in a 90% probability of a 25 basis-point Fed cut, with key data still ahead before September. Next week’s US docket includes Durable Goods, GDP, and the Fed’s preferred inflation gauge, the Core PCE Price Index….
EUR/USD rallies nearly 1% as Powell signaled policy flexibility and acknowledged downside risks in the US labor market. Traders boosted odds of a 25 bps Fed cut in September to 90%, up sharply from 72% on Thursday. Outcome hinges on Core PCE, CPI, and Nonfarm Payrolls before September, with risks skewed toward inflationary pressures. EUR/USD…
The Dow Jones shattered price records on Friday, hitting above 45,700 for the first time ever. Equities and general risk appetite soared after Fed Chair Powell made a dovish appearance. A September rate cut looks like a sure thing, bolstering general market sentiment. The Dow Jones Industrial Average (DJIA) soared to new all-time highs on…