A shift in market sentiment rattled investors as the optimism spurred by Nvidia was short-lived. DOW experienced its most severe daily slump since March overnight, while S&P 500 and NASDAQ posted their largest one-day drops since early August. This change in market dynamics played into the hands of Dollar, which surged, hitting weekly highs against
Share: Powell’s hawkish tone on inflation and potential for further rate hikes propels USD/CAD to a three-month high of 1.3640, currently trading at 1.3613. Philadelphia Fed’s Patrick Harker adds fuel to the fire, stating rates are already restrictive and may need to rise further if inflation stalls. Lackluster Canadian retail sales data at 0.1% MoM
In this article GPS Follow your favorite stocksCREATE FREE ACCOUNT Pedestrians walk past Old Navy and GAP stores in Times Square, New York City. Drew Angerer | Getty Images Gap reported mixed results on Thursday and underwhelming current-quarter guidance as the longtime mall retailer saw another quarter of declining sales across all four of its
The price of nonfungible tokens (NFTs) featuring Donald Trump surged after news outlets released a photo of the former United States President as part of his criminal case in the state of Georgia for allegedly attempting to subvert the will of voters in the 2020 election. According to data from NFT marketplace OpenSea, the floor
The USD initially moved lower during and after the Fed Powell speech at Jackson Hole. However, that trend has reversed with the dollar moving back to the upside. Technically speaking, the move lower in the dollar did find willing buyers against technical levels in most of the major currency pairs. I outlined those levels in
UAW workers are voting now to authorize a strike and the current tally is around 97%. This is more of a procedural step to give union leadership the power to strike and was a sure thing. The problem is that workers are asking for a lot in negotiations, and that’s not a surprise given inflation
Gold steadied on Friday as it heads for its best week since mid-July, with support from a pullback in the U.S. bond yields before Federal Reserve Chair Jerome Powell’s keynote remarks at the Jackson Hole symposium. Spot gold edged down 0.1% to $1,915.40 per ounce by 0958 GMT, having risen about 1.4% so far this
As the financial world gears up for the much-anticipated remarks from Fed Chair Jerome Powell and ECB President Christine Lagarde, market participants are treading with caution. Dollar has started to retreat, shedding some of its recent impressive gains. Simultaneously, Euro grapples to find solid ground elsewhere amidst a mixed backdrop. Both leading central bank figures
Share: Gold price trades sideways as investors shift focus to the speech from Fed Powell at Jackson Hole. The market mood remains jittery as to whether Jerome Powell will deliver hawkish interest rate guidance or favor a neutral policy. Business spending on capital goods rose by 0.1% in July, swinging from a contraction of 0.4%
Food delivery couriers for Meituan stand with insulated bags during a morning briefing in Beijing, China, on Wednesday, April 21, 2021. Yan Cong | Bloomberg | Getty Images Meituan‘s Hong Kong-listed shares fell more than 5% on Friday after CEO Wang Xing warned of a food delivery slowdown in the next quarter. “For our food
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The USDCHF is extending to new highs after breaking above the swing highs from earlier this week and also last week at 0.88273. Staying above that level is more bullish. The break to the upside has also reached the 50% midpoint of the move down from the end of May high. That level comes in
Moves were not large during the session here today but were characterised by small, but mixed, gains for the USD. EUR, GBP, CHF and CAD are all down a few points while AUD and NZD are more or less unchanged. From Japan today we had Tokyo area CPI data for August (the Tokyo inflation data
Gold prices steadied near two-week highs on Friday and was headed for their best week in six as U.S. Treasury yields backed off highs ahead of speeches by top central bankers including Fed Chair Jerome Powell that could guide on future interest rates. FUNDAMENTALS * Spot gold was down 0.1% at $1,915.89 per ounce by
The foreign exchange are mostly stable today, with major currency pairs and crosses staying confined within the boundaries set yesterday. Both Sterling and Euro have had a lackluster week, emerging as the weakest performers. US Dollar, while subdued, still fares better, positioned ahead of Canadian Dollar as the third least impressive for the week. In
Share: GBP/USD drops to its lowest level since June, further below 1.2600 on stronger USD The GBP/USD pair prolongs its rejection slide from the 1.2800 mark touched earlier this week and remains under some selling pressure for the fourth successive day on Friday. Spot prices drop to a more than two-month low, around the 1.2585