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...
Oil steadied after its biggest four-day rally since October, driven by trade war optimism and U.S. President Donald Trump's increasingly hostile rhetoric on Iranian supplies. West Texas Intermediate traded above $63 a barrel after rising nearly 10% in the previous four sessions, while Brent settled near $67. Trump said during a visit to Saudi Arabia that the U.S. would put maximum pressure on Iran's energy exports if a deal is not reached on the OPEC member's nuclear program, after the State Department earlier imposed sanctions on a pipeline that helps ship the Islamic Republic's oil to...
The USD/CHF pair retraces towards the critical round-level support of 0.8400 during the North American session on Tuesday. The US Dollar (USD) faced selling pressure following the release of the United States (US) Consumer Price Index (CPI) data for April, which revealed that inflation grew at a moderate pace, coming in below market expectations. According to the US Bureau of Labor Statistics (BLS), the headline CPI rose 2.3% year-on-year in April, down from 2.4% in March and missing the 2.4% forecast. The core CPI, which excludes volatile food and energy components, remained steady at 2.8%,...
The US Dollar faced downward pressure on Tuesday, retreating to 101.50, following a softer than expected Consumer Price Index (CPI) for April. The Australian Dollar, on the other hand, surged by nearly 1.5% against the US Dollar, boosted by improving global sentiment and the easing of US-China trade tensions. Investors now eye further economic data. The market expects that the Federal Reserve (Fed) will maintain its current rate policy through mid-2025.The Australian Dollar gains traction as the US Dollar weakens as a combination of softer inflation data and trade progress lifts...
The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, lost ground on Tuesday, slipping to 101.50 as inflation data for April came in softer than expected. While CPI rose 0.2% monthly and 2.3% annually, missing forecasts, core inflation held steady at 2.8%. Traders remain cautious amid vague trade commitments with China and the UK, and there are new uncertainties after President Trump pushed ambitious investment and tax plans without detailing how they would impact the economy. Despite tariff de-escalation headlines, the Fitch-rated effective...
Crude oil futures climbed more than $1.60 a barrel on Tuesday, lifted by a temporary cut in U.S.-China tariffs and a better-than-expected inflation report. Brent crude futures settled at $66.63 a barrel, up $1.67, or 2.57%. U.S. West Texas Intermediate (WTI) crude finished at $63.67, up $1.72 or 2.78%. The two benchmarks rose by about 4% or more in the previous session after the U.S. and China agreed on sharp reductions to their import tariffs for at least 90 days, which also boosted stocks on Wall Street and the dollar. "We didn't participate as much as other markets did yesterday in the...