FxGlobalHub: Forex market update daily and trading on news: Gold price hits new historical peak

Stock market

The three major US stock indices saw broad-based sell-offs:

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• 🔹Dow Jones: -1.30%

• 🔹S&P 500: -1.39%

• 🔹Nasdaq: -1.96%

The technology and mega-cap tech sectors bore the brunt of the sell-off, dragging the Nasdaq down by nearly 2% as investor anxiety spiked.

Key US economic data: PPI and Jobless Claims

According to the US Department of Labor, the Producer Price Index (PPI) remained unchanged in February, aligning with Wednesday's Consumer Price Index (CPI) data. This reinforced expectations that inflation is gradually retreating towards the Federal Reserve's 2.0% target.

Meanwhile, jobless claims data showed that the labor market remains stable, indicating the economy's resilience despite external risks.

Forex market

The DXY index rose by 0.25% on Thursday, reflecting a stronger US dollar amid global economic slowdown worries and trade tensions. Major currency pairs moved as follows:

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  • 🔹 USD/CAD: +0.50%

  • • 🔹 USD/CHF: +0.04%

• 🔹 GBP/USD: -0.10%

• • 🔹 USD/JPY: -0.29%

  • • 🔹 EUR/USD: -0.34%

• 🔹 AUD/USD: -0.58%

• 🔹 NZD/USD: -0.58%

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• These currency fluctuations open up new forex ideas for traders actively engaged in forex trading and currency trading. This period presents crucial opportunities for anyone building their forex business.

Commodities market

Gold prices surged by 1.87%, closing at $2,989.30/oz, approaching the historic $3,000/oz mark. The rally was fueled by trade tariff uncertainties and expectations of a more dovish Federal Reserve.

Crude oil prices fell amid concerns that trade wars could weaken global demand:

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• 🔹Brent crude: -1.07% to $70.12/barrel

• 🔹WTI crude: -1.35% to $66.73/barrel