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 GBP/USD pair is seen building on last week's strong move up and gaining some follow-through positive traction during the Asian session on Monday. The momentum lifts spot prices beyond the 1.3550 level, to the highest level since February 2022, and is sponsored by a combination of factors. The British Pound (GBP) continues with its relative outperformance on the back of the upbeat UK Retail Sales figures released on Friday, which suggest that consumer spending remains a bright spot despite a gloomy economic outlook. This, along with higher-than-expected inflation in April, fueled...
The US dollar index fell below 99 on Monday, hitting its lowest level in over a month, as the euro strengthened following President Donald Trump's decision to postpone the imposition of 50% tariffs on the European Union until July 9. Trump announced the delay on Truth Social after a call with European Commission President Ursula von der Leyen, who described the conversation as "good" but noted more time was needed to "reach a good deal." Adding to market unease, Trump threatened to impose a 25% tariff on iPhones sold in the US that are not manufactured domestically, raising concerns over...
Gold dropped below $3,340 per ounce on Monday as safe-haven demand eased after President Donald Trump agreed to delay the planned 50% tariff on European goods. Trump on Sunday set a July 9 deadline to buy time for negotiations with the bloc, backing away from his earlier threat to impose the tariff on June 1. However, trade concerns remain as Trump on Friday also warned Apple Inc. that it would be subject to 25% tariffs if it does not manufacture its iPhones in the US. Last week, bullion gained nearly 5%, supported by trade uncertainty and mounting concerns over the US economic and fiscal...
The Gold price (XAU/USD) attracts some sellers to near $3,335 during the early Asian session on Monday. The de-escalation of the trade war provides some support to the yellow metal. The FOMC Minute will be the highlight later on Wednesday. On Sunday, US President Donald Trump said that he agreed to an extension on the tariff deadline on the European Union (EU) until July 9, rescinding his threat of a 50% tariff from June 1. The easing fears of a global trade war drag the precious metal lower. However, traders will closely monitor the developments surrounding US-Japan trade deals and other...
Oil prices rose on Friday as U.S. buyers covered positions ahead of the three-day Memorial Day weekend amid concerns over the latest round of nuclear talks between U.S. and Iranian negotiators. Brent crude futures settled at $64.78 a barrel, up 34 cents, or 0.54%. U.S. West Texas Intermediate crude ended at $61.53, up 33 cents, or 0.54%. "I think there's some short-covering ahead of the weekend," said Phil Flynn, senior analyst at Price Futures Group. The Memorial Day weekend marks the start of the U.S. summer driving season, the peak demand period for motor fuel. U.S. and Iranian...