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 trying to hold on to its position after posting gains in the previous session, trading around 1.3300 during the Asian trading hours on Tuesday (06/05). Technical analysis on the daily chart suggests neutral near-term price momentum, as the pair ranges around the nine-day Exponential Moving Average (EMA). However, the GBP/USD pair continues to trade above the 14-day Relative Strength Index (RSI) which is holding above 50, indicating the bullish bias is still in place. Further moves will offer a clear directional trend. The GBP/USD pair faces initial resistance at the...
The USD/CHF pair struggled to capitalize on its modest Asian session uptick and is currently placed near the lower boundary of its daily range amid a subdued US Dollar (USD) price action. However, the spot prices managed to hold above the 0.8200 mark as traders opted to wait for the outcome of the two-day FOMC monetary policy meeting that began today. The Federal Reserve (Fed) is scheduled to announce its decision on Wednesday and is widely expected to keep interest rates steady. Moreover, traders have been trimming their bets that the Fed will cut interest rates in June following Friday's...
Silver (XAG/USD) prices extended its gains for the second straight session, trading around $33.10 per troy ounce during Asian trading hours on Tuesday (06/05). Precious metals prices, including Silver, rose as President Donald Trump's new tariff threats spurred demand for safe-haven assets. President Trump announced plans to direct the US Trade Representative and the Commerce Department to begin imposing 100% tariffs on films produced overseas. On Monday, he also stated that he intends to impose pharmaceutical tariffs within the next two weeks. Dollar-denominated Silver's gains could be...
Gold prices rose to a two-week high on Tuesday as concerns over U.S. President Donald Trump's tariff plans boosted interest in safe-haven metal, while investors also kept a close tab on the upcoming Federal Reserve policy meeting. Spot gold was up 1.4% at $3,380.92 an ounce, as of 0224 GMT, after hitting its highest level since April 22 earlier in the session. U.S. gold futures climbed 2% to $3,389.90. "Gold prices have a strong run-up to start this week, with investors returning to the safe-haven asset to hedge against portfolio volatility amid renewed tariff concerns from U.S. President...
AUD/USD retreated from a five-month high of 0.6493 hit on Monday, dropping to around 0.6450 during the Asian session on Tuesday (06/05). The decline came as the US Dollar (USD) strengthened ahead of the Federal Reserve's (Fed) upcoming monetary policy decision on Wednesday. While the Fed is widely expected to keep interest rates on hold, investors' focus remains on Chairman Jerome Powell's remarks, especially amid uncertainty over tariffs and growing pressure from President Donald Trump to cut rates. Adding to the mix, Treasury Secretary Scott Bessent said on Monday that the US was "very...