Market News

Britain’s pound skidded half a percent to three-week lows against the dollar and euro on Thursday, as investors worried about Prime Minister Theresa May’s ability to cling onto power after a poorly-received speech the previous day.

Canada will be releasing its jobs report this Friday, so there’s a good chance that the Loonie may get a volatility infusion before the trading week ends.

With not a lot of major data on the docket, Asian session traders focused on selling the Aussie after Australia’s retail sales came in weak.

Oil prices were stable on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports and the return of supply from a Libyan oilfield dragged on the market.

Asian shares were a tad firmer on Thursday, taking their cues from strong U.S. data although holiday-thinned trade and uncertainty about the impact of recent hurricanes on the U.S. economy are likely to keep investors cautious.

Trading activity didn’t take that much of a hit in August, so it’s a surprise that volumes had enough room to surge and smash new records last month.

Economic data from the U.S. turned out mostly better than expected but these weren’t enough to lift the Greenback’s spirits as it worried about a potential leadership change in the Fed.

The S&P 500 and the Nasdaq reversed course to scale new record highs on Wednesday after U.S. Secretary of State Rex Tillerson denied reports that he had considered resigning.

The U.S. dollar pared losses on Wednesday after data showed a service sector index increasing to its highest level in more than 12 years.

An index of global stocks edged up to a fresh intra-day high on Wednesday, helped by signs of strong economic growth worldwide, while the dollar pared losses on data showing the U.S. service sector accelerated in September to its fastest in 12 years.

The pace of growth in the U.S. economy’s service sector accelerated in September to fastest in 12 years, led by stronger new orders and employment, according to an industry report released on Wednesday.

Price action was rather choppy today, but JPY clearly dominated. USD, meanwhile, extended its losses from earlier. As for GBP, it was steady despite the services PMI beat.

The dollar pulled away from seven-week highs on Wednesday, amid speculation that U.S. President Donald Trump’s choice for the next head of the Federal Reserve could be a less hawkish candidate than had previously been expected.

European shares fell on Wednesday despite new record highs on Wall Street, as the impact of the crisis in Catalonia spread from Madrid and Spanish banks to the wider industry and euro zone region, particularly Italy.

Oil prices eased on Wednesday, pulled down by caution that a rally that lasted for most of the third quarter would not extend through the last three months of the year.

The possibility of a less hawkish Fed Governor sent the dollar lower across the board, enabling comdolls like Aussie and Kiwi to recover from their lows.

Japanese and Hong Kong shares led Asian stocks higher on Wednesday, supported by optimism about global growth and as the Chinese central bank’s weekend move to free up liquidity boosted mainland financial stocks.

Japan’s Nikkei share average rose to two-year highs on Wednesday, supported by an upbeat outlook for the global economy, while Japan Display rallied on a report that it had developed methods to mass-produce OLED panels at a low cost.

The Greenback was able to hold on to most of its recent gains against some of its peers thanks to positive auto sales data and a strong showing in the stock market. 

All the three main U.S. stock indexes hit fresh record highs on Tuesday, buoyed by a rally in tech stocks and gains in Ford Motor and General Motors after the carmakers reported strong September sales.