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...
Gold prices eased on Tuesday, as a slightly firmer dollar and optimism over a potential ceasefire between Russia and Ukraine dampened demand for safe-haven assets. Spot gold was down 0.5% at $3,214.17 an ounce as of 0627 GMT. U.S. gold futures slipped 0.6% to $3,215.60. The dollar slightly recovered after touching a more-than-one-week low in the prior session, making greenback-priced gold less appealing to holders of other currencies. "We are seeing a knee-jerk response to the U.S. credit downgrade wear off and there's some hope of a truce between Ukraine and Russia," said Kyle Rodda,...
The dollar index fell to 100.1 on Tuesday, marking a near two-week low and extending a 0.7% decline from the previous session, as renewed concerns over the US economic and fiscal outlook weighed on sentiment. Traders also remained focused on potential developments in global trade negotiations. Over the weekend, Treasury Secretary Scott Bessent reaffirmed that President Trump intends to impose tariffs at the rates threatened last month, on trading partners that fail to engage in "good faith" negotiations. Adding to fiscal anxiety, Moody's downgraded the US rating from Aaa to Aa1 on Friday,...
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, oscillates in a range around the 100.35 area through the Asian session on Tuesday and remains close to over a one-week low touched the previous day. Moreover, the lack of any buying interest and a bearish fundamental backdrop suggests that the path of least resistance for the index remains to the downside. Traders increased their bets for further interest rate cuts by the Federal Reserve (Fed) in 2025 following last week's softer-than-expected release of the US Consumer Price Index (CPI) and the Producer...
The Australian Dollar (AUD) dips against the US Dollar (USD) on Tuesday, following a gain of over 0.50% in the previous session. The AUD/USD pair remains under pressure after the interest rate decisions from the Reserve Bank of Australia (RBA) and the People's Bank of China (PBoC). The RBA board voted to cut the Official Cash Rate (OCR) by 25 basis points, reducing it from 4.1% to 3.85% at the conclusion of its May monetary policy meeting. The move was largely expected by markets. The PBoC announced a reduction in its Loan Prime Rates (LPRs) on Tuesday. The one-year LPR was lowered from...
Silver price continues its decline for the third consecutive session, trading near $32.20 per troy ounce during Tuesday's Asian session. The metal's weakness comes as optimism over a potential ceasefire between Russia and Ukraine reduces demand for safe-haven assets. Reuters reported that US President Donald Trump stated on Monday that following a call with Russian President Vladimir Putin, Ukraine and Russia are set to begin immediate ceasefire negotiations, potentially without US involvement. This development has pressured precious metals, including Silver, which typically benefit from...