Live from the floor of the New York Stock Exchange, Keith Bliss of DriveWealth joins Yahoo Finance's Seana Smith and Dion Rabouin to discuss the latest moves.
Investing.com - Asian stocks rose in morning trade on Wednesday as investors shrugged off intensifying U.S.-China trade dispute.
Investors have increased bets that India's central bank will need to raise interest rates at least two more times this year to shore up the battered rupee after previous efforts to defend the currency failed to sway markets. The government's latest measures to support the rupee announced last week were particularly underwhelming for market participants who have since increased bearish positioning on the currency. At the same time, the failure to stem the rupee's slide using central bank intervention and other means over the past month has shifted investor focus to the need for interest rate hikes to do the job.
Based on Tuesday’s close at $1202.90, the direction of the December Comex Gold futures contract early Wednesday is likely to be determined by trader reaction to the 50% level at $1205.90.
After slipping late in the day Monday, bitcoin and major digital currencies are clawing back some losses Tuesday.
Ahead of Thursday’s Brexit summit — the latest of many high-level talks to determine the future relationship of the U.K. and the European Union — market participants are hungry for clarity, though they probably won’t get it, analysts say.
The U.S. dollar on Tuesday traded in a tight range, struggling for direction in the wake of an intensification of the U.S.-China trade fight after the Trump administration followed through on its plan to impose tariffs on an additional $200 billion in Chinese goods, prompting Beijing to vow retaliation.
Gold prices continued to consolidate as trader’s focus on trade tariffs and the risk on trade that allowed stocks to rally. A break of this level would lead to a test of the May highs at 65- basis points. The rally in US yields has been matched by increases in German and Japanese yields which has kept a cap on the dollar. With the dollar continuing to trade sideways, and gold prices quoted in US dollars, gold bulls are having a tough time pushing prices higher.
The U.S. dollar was flat against other currencies on Tuesday as China announced retaliation tariffs against the U.S. China said it would impose new tariffs on U.S. goods worth $60 billion, effective Sept. 24, Reuters reported. The new tariffs are in response to U.S. tariffs on Monday of 10% on $200 billion in Chinese goods, which will go up to 25% at the end of the year.
Investing.com - Gold prices headed lower on Tuesday as the dollar held its ground after the U.S. and China announced their latest round of measures in the escalating trade conflict.