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...
GBP/USD pared further gains on Wednesday, slumping for the second straight session and dropping back below 1.3500 after failing to reclaim 1.3600 earlier this week. The pound market retreated from the peak of a bull run that took cable to multi-year highs, but momentum still favors the pound bulls. The Federal Reserve's (Fed) latest minutes from the Federal Open Market Committee (FOMC) interest rate meeting on May 6-7 revealed that the Fed's wait-and-see approach has deep roots. Policymakers at the latest Fed meeting noted that the US dollar's (USD) safe-haven status had taken a hit...
EUR/USD fell below 1.1300 during the North American session as the US Dollar (USD) remained firmer following the release of the Federal Reserve's (Fed) latest meeting minutes. High US bond yields and a slightly downbeat mood have pushed the greenback higher against most G7 currencies. On May 6-7, the Fed decided to keep interest rates unchanged, citing uncertainty about the impact of tariffs on the economy. The minutes revealed that policymakers were concerned that inflation could become more persistent, driven by the Trump administration's inflation-prone trade policies. The policymakers...
Oil prices rose more than 1% on Wednesday on supply concerns as OPEC+ agreed to leave its output policy unchanged and as the U.S. banned Chevron (CVX.N), opening up new opportunities to export Venezuelan crude. Investors had anticipated OPEC+ members would agree to increase output later this week. Brent crude futures settled up 81 cents, or 1.26%, at $64.90 a barrel. U.S. West Texas Intermediate crude rose 95 cents, or 1.56%, to $61.84 a barrel. OPEC+, the Organization of the Petroleum Exporting Countries and its allies, left output policy unchanged. They agreed to establish a mechanism...
Gold prices were little changed, trading around $3,300 an ounce on Wednesday as investors digested the minutes from the Federal Reserve's May meeting, which revealed growing concerns about inflation and a weakening labor market, in part due to trade tensions and proposed tariffs. The Fed maintained a cautious stance, opting to hold interest rates steady for a third straight meeting while acknowledging rising economic uncertainty and risks to inflation and employment. While the economy remains solid, officials have warned of lower growth forecasts and rising recession risks. Gold, up 26%...
Oil prices rose as markets weighed the risk of additional U.S. sanctions on Russia and the possibility that nuclear talks with Iran would fail to produce a deal. West Texas Intermediate crude rose more than 2% to $62 a barrel after President Donald Trump said Russian President Vladimir Putin was "playing with fire" by escalating attacks on Ukraine. The U.S. is considering additional sanctions on the country after aggressive actions against Russia's oil industry earlier this year sent crude surging past $80 a barrel. Russia-Ukraine talks are set to be held in Istanbul on June 2, according to...