The NZD/USD pair softens to near 0.5930 during the early Asian session on Thursday. However, the downside for the pair might be limited amid rising concerns over the US President Donald Trump administration's tax cut and spending bill and worries over the performance of the US economy.
EUR/USD caught a bid on Wednesday, breaking through the 1.1300 technical barrier and climbing for a third straight session after market sentiment turned away from the US Dollar following a pummeling of US Treasury markets.
The preliminary reading of Australia's Judo Bank Manufacturing Purchasing Managers Index (PMI) came in at 51.7 in May versus 51.7 prior, the latest data published by Judo Bank and S&P Global showed on Thursday.
Silver price extended its rally to three days on Wednesday, edging up 0.21% as the Greenback continued to weaken across the board. Moody’s downgrade to US sovereign debt and the vote of the US fiscal budget, keeps investors seeking safety in the precious metal.
US Treasury yields soared on Wednesday as a weaker-than-expected 20-year US bond auction ahead of the vote on the US budget in the US Congress. At the time of writing, the US 10-year T-note benchmark note surges 11 basis points at 4.601%.
EUR/USD extended its rally for the third consecutive day on Wednesday as the US Dollar (USD) continued to face headwinds following the credit downgrade of the United States last Friday.
Update: The House Rules Committee approves US President Donald Trump's sweeping tax-cut bill. US House rules Rules Committee stated that a full house floor vote on Trump tax cut bill is set stage in the coming hours.
Oil prices have been under persistent pressure since the inauguration of United States (US) President Donald Trump in January, weighed down by a combination of recession fears, rising global supply and a softer US Dollar.
The US Dollar (USD) maintained its weekly leg lower well in place, weakening to new two-week lows on the back of rising concerns over the US fiscal position in light of President Trump’s tax bill and worries over the performance of the US economy.
The Dow Jones Industrial Average (DJIA) recoiled on Wednesday, tumbling 800 and testing below 42,000 after demand for United States (US) Treasuries declined.
The Pound Sterling (GBP) rose to a new year-to-date (YTD) high of 1.3468 against the US Dollar (USD) on Wednesday as United Kingdom (UK) inflation rose, drifting away from the Bank of England's (BoE) 2% target, which had led to interest rate reductions earlier in the month.
The New Zealand Dollar (NZD) continues to strengthen against the US Dollar (USD) on Wednesday, with the release of a record trade surplus in April highlighting the largest monthly goods surplus on record with the United States (US).
Silver price (XAG/USD) hits a fresh weekly high to near $33.20 during North American trading hours on Wednesday. The white metal strengthens as the US Dollar (USD) extends its downside on the United States (US) credit rating erosion in the wake of large debt levels and escalated fiscal imbalances.
German Chancellor Friedrich Merz said on Wednesday that there are signs that the United States (US) could be interested in having a trade deal with the European Union (EU), per Reuters.
The EUR/JPY pair edges down to near 162.90 during North American trading hours on Wednesday. The cross ticks lower as the Japanese Yen (JPY) outperforms across the board, with investors remaining increasingly confident that the Bank of Japan (BoJ) will raise interest rates again this year.
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