Stocks in the US were mostly higher on Wednesday, with the S&P 500 up 0.1%, the Nasdaq adding 0.2% and the Dow Jones swinging around the flatline. Traders remain focused on corporate earnings and trade developments, particularly after President Trump announced increased tariffs targeting countries that purchase energy from Russia. He also signaled that new levies on semiconductor and pharmaceutical imports will be unveiled "within the next week or so". Apple was up 2.8% as President Donald Trump is set to announce the firm will commit to another $100 billion investment on domestic...
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, traded lower around 100.90 during the Asian session on Thursday (5/15). The greenback remained under pressure as investors assessed ongoing trade-related uncertainties, despite recent easing of tensions. Speculation has been growing that Washington may prefer a weaker dollar to support its trade agenda. The Trump administration has argued that a strong dollar, compared to weaker regional currencies, has hurt US exporters. Improving global trade sentiment has eased recession fears,...
The Japanese Yen (JPY) traded with a positive bias against its US counterpart for the third straight day on Thursday (May 15) and for now, seems to have stalled the previous day's decline from weekly highs. The Japanese wholesale inflation data released on Wednesday indicated that companies continued to pass on costs to consumers, adding to concerns over a more entrenched price rise in Japan. This is expected to keep the Bank of Japan (BOJ) on track for further interest rate hikes, which in turn, was seen supportive of the JPY. Additionally, a slight deterioration in the global risk...
Gold steadied after falling more than 2% on Wednesday on signs the Federal Reserve will cut interest rates fewer times than previously anticipated, and as easing U.S.-China tensions dampened demand for safe-haven assets. Bullion traded above $3,182 an ounce on Thursday, near its lowest level in more than a month. U.S. Treasury yields rose on expectations the Fed will lower borrowing costs more slowly than expected as the economic outlook improves following a U.S.-China trade truce. Higher yields and interest rates tend to be negative for non-yielding bullion. Continued progress in U.S.-led...
Oil fell for a second day following reports Iran is willing to give up nuclear weapons in a deal with the U.S. in return for sanctions relief. West Texas Intermediate fell to $62 a barrel, after dropping 0.8% on Wednesday, when Brent closed near $66. Iran is ready to sign the deal under certain conditions, NBC reported, citing Ali Shamkhani, a top adviser to the OPEC nation's top leader. Crude fell on Wednesday after government data showed U.S. inventories rose by the most since March, ending a four-day rally that had seen them rise nearly 10%. The gains were driven by a trade truce between...
EUR/USD trimmed momentum sharply on Wednesday, sticking to a flat holding pattern near the 1.1200 handle despite an early pop in bids. European economic data has been largely a non-starter this week, as is typical. However, a one-two punch of key inflation data from the United States (US) has given plenty of traders something to chew on. German final Harmonized Index of Consumer Prices (HICP) for April came in exactly as expected on Wednesday, and data on the US side was strictly mid-tier, giving markets some breathing space between this week's Consumer Price Index (CPI) inflation data...