But the EURUSD extended gains to 1.19 and the GBPUSD surged to 1.3142 on the back of a further USD sell-off. The euro and sterling’s stretched rally should not be misunderstood, however, as the severe debasement in the greenback is responsible for most of the recent gains...
The US GDP fell 32.5% in the second quarter, the highest on record but slightly less than analyst estimates. The US dollar index slid below the 93 mark as the 10-year yield dipped to 0.525%. The US equities were mostly down, as energy stocks led losses...
Oil prices remained steady near the $41 per barrel even with the announcement of a surprise 10-million-barrel slump in US oil inventories last week. There is a clear toppish sentiment in oil markets where the hesitation to carry the prices higher could trigger a retracement below the $40 pb...
As expected, the Federal Reserve (Fed) maintained its dovish policy stance at this month’s meeting, as Chair Jerome Powell painted a gloomy picture of the economy, emphasizing that the global economy is faced with the most severe recession of our lifetime, that the path forward is ‘extraordinaril...
In the FX, with dollar steadying, the major pairs that have been sent to overbought territories have started retracing a part of their latest gains. The EURUSD tested the 1.17 support on Tuesday and a deeper downside correction could drag the pair towards 1...
Asian trading session lacked a clear direction, after mixed European and bearish US trading. Chinese stocks (+1.05%) rose following a soft start, while Japanese equities (-1.02%) edged lower as Fitch revised the country’s sovereign debt rating outlook from stable to negative...
or now, the skyrocketing US debt and escalating US-China tensions sent the US dollar to a 22-month low. The EURUSD extended gains to 1.1781 and the GBPUSD traded past the 1.29 mark for the first time in almost five months. The surge in both pairs is mostly driven by a broadly weaker US dollar...
US stocks kicked off the week on a positive note, even though the sentiment in European markets remained fragile. The GOP’s 1 trillion-dollar new fiscal stimulus plan helped boosting sentiment in the New York trading session...
Gold soared to $1944 an ounce, a record high, as capital continued pouring into the precious metal on the back of an uncertain appetite for risk and waning trust regarding the strength and the viability of gains in global equities...
Equities traded mixed in Asia as concerns regarding the mounting US – China tensions and pandemic worries kept stock investors on the sidelines while driving capital to safe haven assets. Gains in Sydney (+0.26%) and Shanghai (+0.09%) were timid, as the Hang Seng (-0.09%) and Nikkei (-0...
In the commodity market, gold hasn’t found the strength to continue its rally after five bullish sessions. The metal is down 0.35% to $1,884 – still close to its record high set in 2011. It likely has to do with investors’ profit-taking because fundamentals would support gold right now...
US equities have lost earlier gains and fell to relatively the same levels where they started on Monday. Nasdaq (-2.29%) has experienced the worst performance in a month, dragged down by mega-cap tech stocks...
Gold futures are up 0.20% to 1,869.35. Oil prices advanced on Thursday, though the rally is capped given the unexpected increase in US oil reserve. Meanwhile, consumption is damaged by the pandemic. The Energy Information Administration (EIA) said that crude inventories increased by 4...
US stocks have returned to growth after a wobbling session on Wednesday. During the turbulent session, investors focused on mixed quarterly reporting and the debate over further stimulus. The benchmark S&P 500 index rose 0.62%, and Dow added 0.57%. Nasdaq was more modest, securing a gain of 0...
US equities started the Tuesday session with a steep rally but gave up at the end of the day. Still, the benchmark S&P 500 index (+0.17) and Dow Jones (+0.60%) managed to secure gains. Elsewhere, tech-oriented Nasdaq tumbled 0.81...
In the commodity market, gold is getting closer to record highs as investors are embracing safe-havens amid US stimulus uncertainty and an increasing number of COVID cases. Gold futures have increased by 0.78% to $1,858, hitting the highest level in nine years and approaching the record peak...
In the commodity market, oil prices are trading inside a narrow bullish channel. The COVID vaccine trials are supporting hopes that oil demand would revive. The optimism offsets the fears of new restrictive measures amid an increasing number of coronavirus cases. WTI futures are up 0.17% to $40...
US equities defied the bearish rhetoric at the start of the week and extended gains, with Nasdaq updating the record high again on Monday. The tech sector has been driven by investors who turned to tech stocks ahead of the financial reporting of several mega-cap companies due later this week...
In the commodity market, gold prices are flat after a bearish start. Gold futures are trading at around $1,808, as investors weigh the possibility of more stimulus. Besides the US, European leaders are also negotiating a potential plan to support the bloc’s economy...
