USD/JPY took advantage of the positive correlation with US Treasury yields hitting a new high after yields on benchmark bonds showed a significant amount of consolidation throughout the trading day, on Thursday.US Treasury bond yields were able to consolidate in an upward trend on Thursday with the emergence of several …
Read More »Gold gives up record peak but remains above $2,100 ahead of Powell’s testimony
On Wednesday, gold prices experienced a slight decline but remained above the $2,100 per ounce mark, following a surge driven by increased expectations of a US interest rate cut in June, which pushed the precious metal to a record high in the previous session ahead of Federal Reserve Chairman Jerome …
Read More »Gold leaps as traders shift focus to Powell testimony
Gold prices reached a new record of $2141.59 earlier on Tuesday, driven by expectations of forthcoming Fed policy easing. Reports of slowing business activity in the US services sector contributed to the rally, with XAU/USD now trading at $2126.85.A decline in US Treasury yields supports the surge in gold prices. …
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 »USD/CAD slides after PCE data
The USD/CAD pair rose to an intraday high of 1.3597 before backsliding to 1.3541 after US Personal Consumption Expenditure Price Index (PCE) inflation figures printed exactly as markets were hoping. The pair is trading at 1.3583, up 0.06% at the time of writing.Annualized Canadian Gross Domestic Product (GDP) printed above …
Read More »Financial Markets Recap: Gold, stocks take the lead as Fed awaits US inflation data
Last week’s trading closed with risk-linked assets overperforming safe haven assets, leading to a weekly loss in the US dollar versus gains for gold as well as US stocks over the week, as most risk assets kept surging. An interesting competition was strong between the minutes ff the Fed’s last …
Read More »Canadian Dollar hits eight-week low after US PMI data
The Canadian dollar is experiencing a significant drop on Monday due to a strong market dogpile towards the US dollar, with US ISM Services Purchasing Managers Index figures coming in well above expectations. Mixed comments from US Federal Reserve policymakers risk investor outlooks and hamper risk appetite. Bank of Canada …
Read More »Dollar stabilizes in anticipation of US data and focus on the ECB
The dollar was broadly stable near a six-week high on Thursday, as traders awaited US GDP data and other data this week for clues about where interest rates might be heading. At the same time, the euro saw some decline ahead of the European Central Bank’s monetary policy meeting later …
Read More »Canadian Dollar roils as US PMIs overshadow BoC rate decision
The Canadian Dollar has experienced a decline due to the Bank of Canada’s dovish outlook on inflation, with Canadian inflation not expected to return to the BoC’s 2% target until 2025. Money markets have reduced bets of a BoC rate cut in April to 40%, from 65% before the BoC’s …
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