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Spot gold holds above $2,500 ahead of US CPI
Asian stocks rose tracking a positive Wall Street session as US indices recovered losses.
The British pound rose slightly to 1.309 after two days of declines.
China's trade balance surged to 649B as exports grew 8.4% YoY in August.
The S&P 500, Dow Jones, and Nasdaq all gained 1.2% following Apple's AI-enhanced iPhone launch.
In data
The claimant count change from the UK came at 23.7K vs 95.5K expected, which means that the number of people claiming unemployment eased, Meanwhile the UK unemployment rate dropped to 4.1% as estimated, down from last month’s 4.2%.
The British pound rose slightly after two consecutive days of declines to hover near 1.309.
Meanwhile in China, the trade balance rose to 649B vs 579B and 601B. As exports increased by 8.4% year-on-year in August, compared to 6.5% in July. Meanwhile, the country's imports remained flat at 0% year-on-year during the same period, down from the previous 6.6% growth.
The AUD/USD rebounded slightly to 0.6658 up 0.5%.
In commodities
Spot gold held above $2,500 in Asian markets ahead U.S. inflation data for signals on the Federal Reserve's potential interest rate cuts. Prices have been fluctuating between $2,470 and $2,525 as markets wait for the first cut of the easing cycle from the Fed.
Any indications of cooling inflation are likely to fuel greater expectations for lower interest rates in the coming months, which could possibly boost prices.
In Stocks
The S&P 500 surged in last nights session, recovering from its largest weekly decline since 2023, as investors responded to Apple's unveiling of AI-enhanced iPhones in a surprisingly positive manner.
The Dow Jones Industrial Average climbed 484 points, or 1.2%, while the S&P 500 and the tech-focused Nasdaq Composite both rose by 1.2%.
