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 edged higher on Tuesday (5/20), edging closer to (but still not quite reaching) the 1.3400 level. Cable is heading into a series of key inflation and business outlook data releases, with UK Consumer Price Index (CPI) inflation due on Wednesday, with UK and US Purchasing Managers' Index (PMI) surveys due on Thursday. Trade headlines remain the main driver of global markets this week. Investors remain hopeful that a deal will be reached with the US that would prompt the Trump administration to move the tariff weapon away from its own economy, but the steady march into the unknown is...
The Japanese Yen (JPY) continued to strengthen against the US Dollar (USD) on Tuesday (5/20), marking a second straight day of gains amid broad USD weakness, although the USD/JPY pair traded flat near 144.75 during American hours. The pair dipped to an intraday low of 144.09 during early Asian trading hours before bouncing back during the European session. In contrast, the US Dollar Index (DXY), which measures the USD against a basket of six major currencies, remained subdued for the second day as sentiment weakened following Moody's downgrade of the US credit rating from Aaa to...
Oil prices were little changed on Tuesday (215) on uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks, while new government data provided a cautious outlook for the economy of China, a major crude importer. Brent crude futures fell 16 cents, or 0.2%, to settle at $65.38 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 13 cents, or 0.2%, to settle at $62.56. Iranian Supreme Leader Ayatollah Ali Khamenei said U.S. demands that Tehran halt uranium enrichment were "excessive and outrageous," casting doubt on whether talks on a new nuclear deal would...
Gold rose 2% to above $3,285 an ounce on Tuesday, boosted by a weaker U.S. dollar and rising geopolitical uncertainty. The dollar extended its decline after the Federal Reserve sounded cautious about the economy and Moody's downgraded the U.S. credit rating to Aa1, citing rising debt burdens. A weaker dollar makes gold more affordable for international buyers, boosting demand. Investor sentiment was further shaken by ongoing uncertainty over U.S. tariff policy and a key vote on President Trump's massive tax cuts. Geopolitical tensions also contributed to safe-haven inflows after...
Oil prices fell on Tuesday on uncertainty in U.S.-Iran negotiations and Russia-Ukraine peace talks, while new government data provided a cautious outlook for the economy of China, a major crude importer. Brent crude futures fell 42 cents, or 0.6%, to $65.12 a barrel by 11:02 a.m. EDT (1502 GMT), while U.S. West Texas Intermediate (WTI) crude fell 26 cents, or 0.4%, to $62.43. Iran's Supreme Leader Ayatollah Ali Khamenei said U.S. demands that Tehran halt uranium enrichment were "excessive and outrageous," casting doubt on whether talks on a new nuclear deal would succeed. Iran is the...