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 USD/CHF pair rose near 0.8340 during the early European session on Monday (5/12). The Swiss Franc (CHF) weakened against the Greenback amid easing fears of a trade war between the United States (US) and China, the world's two largest economies. China and the US have said that they have made progress in trade talks in Switzerland, weighing on safe-haven currencies such as the CHF and providing some fresh air for the pair. US Treasury Secretary Scott Bessent described the discussions as "productive and constructive," while Chinese Vice Premier He Lifeng said trade talks with US officials...
Gold fell on Monday as positive US-China trade talks eased market concerns, prompting investors to shift from safe-haven assets to riskier investments. Spot gold fell 1.4% to $3,277.34 an ounce, as of 0432 GMT. US gold futures fell 1.9% to $3,281.70. "The dollar index has strengthened as the Trump administration touted progress in trade negotiations, with China joining talks over the weekend in Switzerland weighing on gold prices," said Jigar Trivedi, senior commodities analyst at Reliance Securities. The US and China ended high-stakes trade talks on a positive note on Sunday, with US...
Oil prices rose on Monday after both sides in U.S.-China trade talks over the weekend touted progress, lifting market sentiment that the world's two largest crude users may be moving toward resolving their trade dispute. Brent crude futures rose 43 cents, or 0.67%, to settle at $64.34 a barrel by 0500 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading at $61.50 a barrel, up 48 cents, or 0.79%, from Friday's close. Both benchmarks rose more than $1 on Friday and gained more than 4% last week for their first weekly gain since mid-April, after a U.S. trade deal with Britain...
The Japanese Yen (JPY) remained weaker against its American rival through the Asian session on Monday (May 12) as fresh optimism over a US-China trade deal continued to undermine the safe-haven asset. Moreover, concerns about Japan's growth outlook amid US tariff uncertainty seemed to weigh on the JPY. The US Dollar (USD), on the other hand, held steady near multi-week highs amid a hawkish Federal Reserve (Fed) pause and easing fears of a recession in the US, which further acted as a tailwind for the USD/JPY pair. Upbeat Japanese Household Spending data released on Friday boosted the case...
The Australian dollar (AUD) continued to strengthen against the US dollar (USD) for the second straight session on Monday (5/12). The AUD/USD pair benefited from growing optimism surrounding the US-China trade talks being held in Geneva. As Australia maintains strong economic ties with China, developments in the Chinese economy often have a direct impact on the AUD. After two days of negotiations aimed at easing trade tensions, both the US and China reported "substantial progress." Chinese Vice Premier He Lifeng described the talks as an "important first step" toward stabilizing bilateral...