A dramatic confrontation between the White House and the Federal Reserve has been put off – for now. Come Tuesday, Trump said he has “no intention” of firing Powell before his term ends.
The US dollar initially fell against the Japanese yen during the week, but it eventually found enough support near the JPY140 level to turn things around and bounce quite significantly.
US markets rose on tech strength and trade hopes. Nasdaq led gains, while data showed mixed economic results. Asia markets traded mixed. Commodity prices were lower, and US futures were mixed.
Asian stock markets presented a mixed picture on Thursday, suggesting investor caution quickly returned following a significant relief rally on Wall Street.
Markets close higher on strong earnings and trade optimism. S&P 500 surges 2.5%, tech stocks lead. Futures and oil prices also rise on Trump's remarks.
Risk assets staged a recovery yesterday amid growing hopes for a de-escalation in US-China trade tensions. President Trump also eased concerns he might fire Federal Reserve Chair Powell.
West Texas Intermediate (WTI) Oil price extends its rally for a second straight session, trading around $63.90 per barrel during Asian hours on Wednesday.
Gold prices surged to fresh highs amid concerns about the US Federal Reserve’s independence. Oil and other risk assets, however, are under pressure amid heightened global uncertainty.
On Apr 21, US markets closed lower as Trump criticized Fed chair, tech stocks led sell-off. Trade tensions with China & upcoming earnings reports weighed on sentiment. All 11 sectors in S&P 500 ended in red. DJIA -2.48%, S&P 500 -2.36%, Nasdaq -2.55%. Dollar fell on Trump's pressure on Fed, gold hit record high.
