Latest news with #Pepperstone
Business Recorder
a day ago
- Business
- Business Recorder
US dollar slips as tariff worries resurface
NEW YORK: The US dollar slipped across the board on Monday, giving up the previous week's gains, as markets weighed the outlook for President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. The US currency fell after Trump said on Friday that he planned to double duties on imported steel and aluminum to 50% from Wednesday, and as Beijing hit back against accusations it violated an agreement on critical minerals shipments. China's Commerce Ministry said on Monday the charges were 'groundless,' and promised to take unspecified forceful measures to safeguard its interests. Treasury Secretary Scott Bessent said on Sunday Trump and Chinese President Xi Jinping were likely to have a call soon, and 'this will be ironed out.' Michael Brown, market analyst at online broker Pepperstone in London, noted that the selling pressure on the dollar was broad-based. 'Any time we see a resurgence in tariff concerns, everyone begins to pile back into the 'sell America' trade once more,' Brown said. The dollar dropped nearly 1% to 142.60 yen, nearly wiping out its gain against the Japanese currency last week. The euro rose 0.8% to $1.1437 - its highest since late April. Later in the week, focus will be on the European Central Bank's interest rate decision and subsequent outlook. The dollar extended its losses on Monday after data showed US manufacturing contracted for a third straight month in May and suppliers took longer to deliver inputs amid tariffs, potentially signalling looming shortages of some goods. Earlier in the session, data showed European manufacturing took another step towards stabilisation in May, but Asian factory activity declined. The dollar index, which measures its performance against six other major currencies, eased 0.7% and at 98.63 was just shy of the three-year low of 97.923 touched in late April. The US currency has been whipsawed for weeks by Trump's on-again-off-again trade war, and investors have been questioning the currency's safe-haven status as a flare-up in tensions stokes worries of a potential US recession. Last week, the dollar got some respite, rising 0.3% after trade talks with the European Union got back on track and a US trade court blocked the bulk of Trump's tariffs on the grounds that he overstepped his authority. An appeals court reinstated the duties a day later, and Trump's administration said it had other avenues to implement them if it loses in court, but many analysts said it showed there were still checks in place on the president's power. Fiscal worries have also given rise to a broad 'sell America' theme that has seen dollar assets from stocks to Treasury bonds dropping in recent months. Those concerns come into sharp focus this week as the Senate starts considering the administration's tax cut and spending bill, estimated to add $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade. The fate of section 899 of the bill could be crucial, according to Barclays analysts. 'S899 would give the US free rein to tax companies and investors from countries deemed to have 'unfair foreign taxes' (and) could be seen as a tax on the US capital account at a time when investor nervousness towards US assets has grown,' they said in a research report.
Yahoo
5 days ago
- Business
- Yahoo
U.S. Treasury Yields Barely Move, Await PCE Data
Treasury yields were little changed ahead of PCE inflation data, and Pepperstone said that its overall bias was still toward some short-term Treasury gains before next Friday's nonfarm payroll print.
Yahoo
6 days ago
- Business
- Yahoo
Oil Climbs in Risk-On Mood as Trade Court Blocks Trump's Tariffs
(Bloomberg) -- Oil advanced alongside equity markets after a US trade court blocked President Donald Trump's global tariffs, deeming them illegal. NYC Congestion Toll Brings In $216 Million in First Four Months NY Wins Order Against US Funding Freeze in Congestion Fight NY Congestion Pricing Is Likely to Stay Until Year End During Court Case Brent climbed toward $66 a barrel after rising 1.3% in the previous session, while West Texas Intermediate was near $63. Trump's sweeping tariffs and retaliatory measures by targeted countries have rattled global markets and raised concerns over an economic slowdown. The Trump administration will appeal the ruling, which applies to the vast range of global levies, including elevated rates on China. Oil has trended lower since mid-January on concerns around the fallout from Trump's tariffs, with the revival of idled production by OPEC+ adding to bearish headwinds. Key members of the group meet on Saturday to decide output policy for July, and there are expectations for another large supply hike. 'The collective wisdom in the market has clearly taken the headlines as a near-term positive for risk,' said Chris Weston, the head of research at Pepperstone Group Ltd. in Melbourne. However, traders still 'remain cognizant of the supply dynamic underway with the OPEC+,' he added. US crude stockpiles, meanwhile, dropped by 4.2 million barrels last week, the American Petroleum Institute reported, according to a document seen by Bloomberg. Official data is due later Thursday. Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Free Malaysia Today
6 days ago
- Business
- Free Malaysia Today
Asian shares, US dollar climb on rosy data, tech optimism
Confidence grew that Nvidia could beat consensus estimates, with strong sales and margins expected to trigger a sustained tech rally. (EPA Images pic) TOKYO : Asian shares continued a rally from Wall Street and the dollar held gains on Wednesday on promising economic signs in the US and speculation of strong tech earnings. Markets welcomed what appeared to be easing trade frictions between the US and Europe while global bond markets settled down after a scary surge in long-term yields. US consumer confidence surprised on the upside ahead of closely watched jobs figures on Thursday. Nvidia jumped more than 4% yesterday and will be the last of the Magnificent 7 tech giants to report earnings after markets close in the US. 'There is renewed confidence that Nvidia can beat the consensus estimates,' said Chris Weston, head of research at Pepperstone. If Nvidia comes through with better-than-expected sales and profit margins 'the rally is on,' he added. The chipmaker is expected to report that first-quarter revenue surged 66.2% to US$43.28 billion, according to data compiled by LSEG. In signs of a thaw between the US and Europe, European Union officials have asked companies for details of their US investment plans, according to two sources familiar with the matter. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3% in morning trading while Japan's Nikkei advanced 0.6%, climbing a fourth straight session. The dollar index, which tracks the greenback against a basket of currencies, rose 0.1%, adding to Tuesday's 0.6% rally. The greenback advanced 0.1% to US$1.132 against the euro. Australian shares were up 0.17%, but the nation's currency slid 0.2% after April consumer price data came in above expectations. The kiwi dollar slid 0.3% after the Reserve Bank of New Zealand cut rates as expected. Japanese bonds slid, trimming a surge yesterday, ahead of a 40-year auction and on speculation the ministry of finance will reduce the issuance of long-dated securities. Oil prices ticked up in early trading as the US barred Chevron from exporting crude from Venezuela under a new authorisation on its assets there, raising the prospect of tighter supply. Brent crude futures rose 0.4% to US$64.37 a barrel, while US Spot gold rallied 0.1% after dropping more than 1% on Tuesday.
&w=3840&q=100)
Business Standard
7 days ago
- Business
- Business Standard
Asian shares extend rally as strong US data, tech hopes lift sentiment
Markets welcomed what appeared to be easing trade frictions between the US and Europe while global bond markets settled down after a scary surge in long-term yields Reuters TOKYO Asian shares continued a rally from Wall Street and the dollar held gains on Wednesday on promising economic signs in the United States and speculation of strong tech earnings. Markets welcomed what appeared to be easing trade frictions between the US and Europe while global bond markets settled down after a scary surge in long-term yields. US consumer confidence surprised on the upside ahead of closely watched jobs figures on Thursday. Nvidia jumped more than 4 per cent yesterday and will be the last of the Magnificent 7 tech giants to report earnings after markets close in the US. "There is renewed confidence that Nvidia can beat the consensus estimates," said Chris Weston, head of research at Pepperstone. If Nvidia comes through with better-than-expected sales and profit margins "the rally is on," he added. The chipmaker is expected to report that first-quarter revenue surged 66.2 per cent to $43.28 billion, according to data compiled by LSEG. In signs of a thaw between the US and Europe, European Union officials have asked companies for details of their US investment plans, according to two sources familiar with the matter. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent in morning trading while Japan's Nikkei advanced 0.6 per cent, climbing a fourth straight session. The dollar index, which tracks the greenback against a basket of currencies, rose 0.1 per cent, adding to Tuesday's 0.6 per cent rally. The greenback advanced 0.1 per cent to $1.132 against the euro. Australian shares were up 0.17 per cent, but the nation's currency slid 0.2 per cent after April consumer price data came in above expectations. The kiwi dollar slid 0.3 per cent after the Reserve Bank of New Zealand cut rates as expected. Japanese bonds slid, trimming a surge yesterday, ahead of a 40-year auction and on speculation the Ministry of Finance will reduce the issuance of long-dated securities. Oil prices ticked up in early trading as the US barred Chevron CVX.N from exporting crude from Venezuela under a new authorization on its assets there, raising the prospect of tighter supply. Brent crude futures rose 0.4 per cent to $64.37 a barrel, while US Spot gold rallied 0.1 per cent after dropping more than 1 per cent on Tuesday.
