Dollar Continues To Slide Against Major Rivals

RTTNews | 958 dias atrás

(RTTNews) - The U.S. dollar fell against most its major counterparts on Wednesday amid rising speculation the Federal Reserve will slowdown the pace of its interest rate hikes.

Recent data showed manufacturing and services sector activity in the U.S. slowed down significantly, and data released today showed U.S. consumer confidence ebbed in October and home prices fell sharply in August, adding to signs that the Fed's aggressive tightening stance was starting to cool the world's largest economy.

Now, investors are pricing in a smaller rate hike in December after a 75 basis point increase in November. Already, a few Fed officials have softened their stance on tightening.

The dollar index dropped to 109.63, giving up more than 1.2% from the previous close.

Against the Euro, the dollar weakened to 1.0083 from Tuesday's close of 0.9968.

The dollar is trading at 1.1625 against Pound Sterling, easing from 1.1472.

Against the Japanese currency, the dollar is weaker by more than 1%, fetching 146.39 yen a unit, down from the previous close of 147.93 yen.

Against the Aussie, the dollar down sharply with the AUD/USD pair trading at 0.6491.

The Swiss franc is stronger at 0.9863 a dollar, firming from 0.9947.

The dollar is down against the Loonie at C$1.3557, weakening from C$1.3608. The Canadian central bank, citing elevated inflation, announced its sixth consecutive interest rate increase of the year this morning. However, the hike, at 50 basis points, turned out to be less than economists' expectations of a 75 basis point increase.

Japan Producer Price Data Due On Wednesday

Japan will on Tuesday release May figures for producer prices, highlighting a light day for Asia-Pacific economic activity. In April, producer prices were up 0.2 percent on month and 4.0 percent on year.

RTTNews | 1h 8min atrás

Gold Dips As US-China Trade Talks Continue

Gold prices dipped on Tuesday, ahead of US inflation report and ongoing US-China official talks, which is now the focus of investors from all over the world. Front Month Comex Gold for June delivery lost $11.20 (or 0.34%) to $3320.90 per troy ounce on Tuesday. Front Month Comex Silver for June delivery lost $14.60 cents (or 0.40%) to $36.542 today. The much-anticipated high-level trade talks between the world's two largest economies, U.S. and China, began on Monday in London and continued for the second day today. On the economic data front, the US Labor Department will release Consumer Price Index (CPI) data on Wednesday, which may help to determine the Federal Reserve's monetary policy before the Fed's June 17-18 meeting. Meanwhile, the World Bank, in its biannual Global Economic Prospects, has cut the global growth forecast to 2.3% from 2.7% for the current year citing "trade barriers" as a reason behind the global slowdown.

RTTNews | 2h 54min atrás

Crude Oil Prices Fade As US-China Talks Progress

Crude oil prices were down on Tuesday amidst uncertainty over trade talks between China and the United States continued, although the outcome remains uncertain. WTI oil closed down by $0.31 to settle at $64.98 per barrel. August Brent crude was last seen down by $0.03 to $67.01. To ease the standstill created by the reciprocal tariffs imposed by U.S. President Donald Trump and China, high-level officials from both nations convened at London on Monday to discuss steps to soften the conflict. As the talks went on for the second day today, Trump told reporters at the White House that the talks were "going well" and that he was "only getting good reports." While U.S. Treasury Secretary Scott Bessent described Monday's talks as "good meeting," the Commerce Secretary Howard Lutnick called them as "fruitful." On the geopolitical front, however, Russia showed no sign of relenting on its war with Ukraine and continued its attacks. Limiting the downside, the U.S. Energy Information Administration has reported today that US crude oil production is likely to decline over the next 18 months - while the approach of the summer driving season is also good news.

RTTNews | 3h 0min atrás

Canadian Dollar Appreciates Amid Risk Appetite

The Canadian dollar climbed against its major counterparts in the New York session on Tuesday, as investors monitored trade talks between the U.S. and China that continued for a second day.

RTTNews | 3h 41min atrás

Swiss Market Ends Marginally Down

Save for a very brief while at the start, the Switzerland market stayed weak on Tuesday as investors refrained from making significant moves, choosing to wait for directional clues. Investors awaited the outcome of the high-level trade discussions between U.S. and Chinese officials in London.

RTTNews | 5h 6min atrás

European Stocks Close On Mixed Note

European stocks turned in a mixed performance on Tuesday with investors mostly making cautious moves as they awaited the outcome of the ongoing Sino-U.S. trade talks in London. German stocks are drifting lower on Tuesday as investors await the outcome of high-level U.S. - China trade talks in London.

RTTNews | 5h 22min atrás

TSX Up Marginally; Energy Stocks Rise

After a flat start and a subsequent climb up north, the Canadian market retreated Tuesday morning, and at a little past noon, was up marginally, led by gains in energy, consumer and communications sectors. Investors are cautiously optimistic about some positive progress in U.S.-China trade relations.

RTTNews | 6h 29min atrás

U.S. Stocks Mostly Subdued In Lackluster Trade

U.S. stocks are turning in a mixed performance in lackluster trade on Tuesday as traders await the outcome of the ongoing trade talks between China and the U.S. in London. Trade negotiations between the world's two largest economies commenced on Monday, and no big breakthrough seems to have been arrived as yet.

RTTNews | 7h 5min atrás

EURUSD	1.14289	GBPUSD	1.3501	AUDUSD	0.65251
USDJPY	145.043	USDCAD	1.36694	USDCHF	0.82265

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Dollar Continues To Slide Against Major Rivals