The U.S. manufacturing sector exhibited unexpected signs of deceleration in February, according to data released by the Institute for Supply Management (ISM). The closely watched Manufacturing Purchasing Managers’ Index (PMI) fell to 50.3, a decline from January’s 50.9 and below the consensus forecast of 50.5. This figure indicates a marginal …
Read More »Dollar Under Pressure as U.S. Yields Drop, Euro Strengthens on German Fiscal Hopes
The U.S. dollar remained under pressure on Tuesday, hovering just above a two-month low, as declining U.S. Treasury yields and growing expectations of increased German fiscal spending bolstered the euro. Key Market Movements Euro (EUR/USD): Up 0.3% to $1.0497, supported by speculation that Germany may increase defense spending, leading to …
Read More »Dollar ollar Holds Ground Amidst Mixed Economic Signals
The US Dollar Index (DXY) is currently trading around 106.50, maintaining minor gains despite recent economic data painting a mixed picture of the US economy. This level suggests the dollar is holding its ground, but the data raises questions about the strength of the US economy relative to other major …
Read More »US Manufacturing Sector Shows Signs of Stabilization
The US manufacturing sector exhibited signs of stabilization in December, as the Institute for Supply Management (ISM) Manufacturing PMI rose to 49.3, surpassing the expected reading of 48.4. While still in contraction territory (a reading below 50 indicates contraction), this slight improvement suggests a moderation in the pace of decline.However, …
Read More »Gold Price Retreats Amid Rising US Yields
Gold prices retreated from a record high of $2,531 as US Treasury yields rose, with the 10-year note up 6.5 basis points to 3.865%. This decline occurred despite dovish signals from the Federal Reserve.Gold prices declined amid rising US Treasury yields and a stronger US Dollar. While the Federal Reserve …
Read More »Gold trades higher despite robust US manufacturing data
The market is supported by optimistic reports on US manufacturing growth in the United States, however, the price of gold slightly rises. The attraction of non-yielding gold is called into question by the increase in US Treasury yields that followed upbeat news from the ISM and S&P Global.Gold’s rising trajectory …
Read More »Canadian dollar loses momentum on stronger US counterpart
Strong US macroeconomic data has been supporting the US dollar, which has caused the Canadian currency (CAD) to lose ground. The Canadian dollar is under pressure as a result of the S&P Manufacturing PMI in Canada failing to sustain the loonie and the oil price stalling close to year-to-date highs. …
Read More »US stocks surge on improved risk appetite
US stocks experienced a surge in intraday records, with the S&P 500 and Nasdaq reaching new highs. The Nasdaq set a new intraday record, surpassing its November 2021 peak of 16,212.23. Technology stocks, particularly Nvidia and AMD, saw significant gains, with shares climbing 3.73% and 4.82% respectively. The Philadelphia semiconductor …
Read More »Gold gains momentum on softer dollar following PMIs
Friday’s gold market surge is still going strong since all of the market’s moving parts appear to be pointing towards higher prices in the end. The price of the precious metal has increased by 2.08% to $2086.50 per ounce as of this writing.The early hours of Friday saw a slight …
Read More »US dollar retreats after lower-than-expected PMI reading
The US Dollar Index traded in a downward trend at 103.7, before recovering, at the time of writing, to 103.895, denoting a decline of 0.24%, and representing a weak end to the trading week.The US ISM Manufacturing PMI fell disappointingly at 47.8, far from expectations of a 49.5 mark. Expectations …
Read More »