Equities lost ground on Tuesday as the US Federal Reserve convened its highly-anticipated two-day monetary policy meeting. This meeting caused a shift toward risk-averse sentiment. All three US indices ended lower in a widespread sell-off before the Fed’s impending interest rate announcement on Wednesday. The Fed will also unveil its Summary Economic Projections, including its Read More…
On Monday, US equities closed with minimal changes as investors awaited the US Federal Reserve’s upcoming policy decision. The three major US stock indices ended the day with slight gains in a volatile session, but investors lacked firm conviction leading into the Fed’s two-day monetary policy meeting. The week’s focal point is the Federal Reserve’s Read More…
On Friday, currency futures rose as the US dollar dropped due to decreased consumer sentiment data. However, the dollar still recorded a ninth consecutive week of gains. Meanwhile, the yen reached a 10-month low. US consumer sentiment (Source: University of Michigan, Bloomberg) The University of Michigan’s Consumer Sentiment Index preliminary reading for this month was Read More…
On Thursday, gold prices remained close to a three-week low due to concerns about higher-than-expected US economic data. This raised worries that US interest rates may remain elevated for longer, strengthening the dollar and bond yields. David Meger, director of metals trading at High Ridge Futures, commented, “We observed some inflationary data exceeding expectations, leading Read More…
On Wednesday, oil prices dropped after reaching a 10-month high earlier, as a surprise increase in US crude inventories countered expectations of limited crude supply for the rest of the year. The international benchmark, Brent futures, settled at $91.88 a barrel, sliding 18 cents. During the session, it hit its highest point since November at Read More…
US equities closed with losses on Tuesday as Oracle’s shares plunged over 13%, driven by a pessimistic forecast. Moreover, surging oil prices heightened concerns about persistent inflation pressures before critical inflation reports. Oracle’s shares plummeted to their lowest point since June. The cloud services provider projected the current-quarter revenue below expectations and narrowly missed first-quarter Read More…
On Monday, US equities rose, and the dollar retreated as investors awaited Wednesday’s inflation data. The technology-heavy Nasdaq led the US equities rally, gaining 1.1%. Gains in Tesla Inc. and Amazon.com boosted the market the most. The S&P 500 and the Dow also increased, with gains of 0.7% and 0.3%, respectively. The session seemed calm Read More…
Currency futures ended lower last week as the dollar index continued its winning streak for an eighth consecutive week. Bloomberg dollar index (Source: Bloomberg) This streak, the longest since 2014, came after recent data indicated the resilience of the US economy. The DXY remained almost unchanged at 105.08 for the day. Strong US economic data Read More…
Gold prices fell as US data strengthened, overshadowing the Fed’s expected pause. Brian Lan from Singapore dealer GoldSilver Central mentioned, “Market participants seek higher returns, and currently, the dollar appears attractive.” The dollar was heading for its longest weekly winning streak in nine years thanks to robust US economic data. This week’s data revealed a Read More…
On Wednesday, US equities closed down, with the Nasdaq leading the decline with a 1% loss. This drop was driven by concerns that persistent inflation, fueled by stronger-than-expected services sector data, might lead to prolonged high interest rates. US services activity (Source: Institute for Supply Management) The Institute for Supply Management disclosed that its non-manufacturing Read More…
