US stocks rebounded from early losses to close mostly higher on Friday amid hopes that Congress members were making progress toward ending the government shutdown. The S&P 500 and the Dow Jones closed 0.3% higher, while the tech-heavy Nasdaq closed near the flatline as AI giants remained under pressure. Senate Republicans rejected Democrats' offer to scale down shutdown demands, but lingering hopes of an incoming agreement improved risk sentiment before the closing bell. The suspension of operations and government data were evidenced by the deteriorating consumer confidence measured by...
The Australian dollar weakened to around $0.647 on Tuesday, reversing sharp gains from the previous session, after Australia's central bank revealed it had considered an outsized rate cut last month. During its May policy meeting, the central bank signaled that policymakers had considered a bold 50 bps cut as a form of "insurance" against mounting global trade risks but ultimately opted for a more cautious 25 bps reduction. Still, markets are now pricing in roughly a 70% chance of another rate cut at the next RBA meeting, although many analysts expect the central bank to wait for Q2...
Oil prices rose in Asian trade on Tuesday, extending sharp gains from the prior session as uncertainty over a U.S.-Iran nuclear deal and worsening tensions between Ukraine and Russia heralded more potential supply disruptions. Gains in oil came after recent wildfires in Canada's oil-producing province, Alberta, stood to impact output. Markets were also cheered by the Organization for Petroleum Exporting Countries and allies (OPEC+) agreeing to increase production in line with market expectations. A deadly drone strike by Ukraine against Russia also ramped up concerns over more geopolitical...
The US dollar index edged higher toward 99 on Tuesday, recovering some ground after losses in the previous session as market sentiment steadied despite disappointing economic data and rising trade tensions. On Monday, data showed US manufacturing activity contracted more than expected in May, reflecting headwinds from ongoing trade uncertainty under the Trump administration. Trade concerns were heightened after Trump threatened to double tariffs on steel imports to 50%, drawing sharp criticism from major trading partners. Tensions with China also escalated as Beijing rejected Trump's...
Gold rose after its biggest daily surge in four weeks as a weaker dollar and stronger demand for safe-haven assets bolstered trade and geopolitical risks. Bullion prices were near $3,390 an ounce after jumping 2.8% on Monday as relations between Washington and Beijing deteriorated and the Russia-Ukraine war escalated. China accused the U.S. of violating their latest trade deal and vowed to take action to defend its interests, even as the White House later confirmed the countries' leaders would likely speak this week. Meanwhile, the European Union issued a fresh warning of retaliatory...
The Australian Dollar (AUD) traded positive in the early hours of the Asian session on Tuesday (03/06), while the US Dollar (USD) remained pressured. A series of events, including the re-escalation of tensions between the United States and China and the threat of new tariffs, have led to significant outflows from the USD, which has benefited other currencies, such as the Australian Dollar. US President Trump, tariffs, and trade wars continue to drive sentiment and demand for the US Dollar. US President Donald Trump recently announced that tariffs on steel and aluminum imports will double...