US stocks closed higher on Friday, with the S&P 500 up 0.8%, and the Nasdaq climbing nearly 1%, while the Dow gaining 206 points. Technology shares, led by Apple which surged 4.2% following its announcement of a $600 billion US investment plan helped lift the tech-heavy Nasdaq to new intraday highs. Investor optimism was also fueled by expectations of Federal Reserve rate cuts, with President Trump nominating Stephen Miran to the Fed Board, signaling possible shifts in monetary policy, despite concerns over new tariffs imposed by the Trump administration on imports from multiple...
Oil prices plunged more than $1 during trading on Thursday on hopes of a potential U.S.-Iran nuclear deal, while a surprise build in U.S. crude inventories last week raised investor concerns about a supply glut. Brent crude fell $1.49, or 2.3%, to $64.60 a barrel by 0405 GMT. U.S. West Texas Intermediate (WTI) crude fell $1.46, or 2.3%, to $61.69. Both benchmarks fell about 0.8% on Wednesday. Iran is willing to agree to a deal with the U.S. in exchange for the lifting of economic sanctions, an Iranian official told NBC News in an interview published Wednesday. "The renewed selling was...
Silver (XAG/USD) price extended its decline for the second straight session, trading around $31.90 per troy ounce during Asian hours on Thursday (5/15). The daily chart technical analysis suggests a weakening bullish outlook, as the precious metal has dropped below an ascending channel pattern. The 14-day Relative Strength Index (RSI) has dropped below the 50 level, indicating a developing bearish bias. Moreover, Silver price has fallen below the nine-day and 50-day Exponential Moving Averages (EMA), further highlighting the fading strength of its near-term upside momentum. On the...
GBP/USD bounced back from recent losses, trading near 1.3280 during the Asian session on Thursday (5/15). The pair was supported by a weaker US Dollar (USD), as investors weighed the ongoing trade-related uncertainties despite a slight de-escalation in tensions. Market focus now shifts to the release of US Retail Sales and Producer Price Index (PPI) data later in the day. Speculations are growing that Washington may prefer a weaker dollar to strengthen its trade position. The Trump administration has argued that a strong greenback, relative to weaker regional currencies, hurts US...
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...