{"id":84521,"date":"2023-05-26T01:56:32","date_gmt":"2023-05-25T21:56:32","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=84521"},"modified":"2023-05-26T02:01:57","modified_gmt":"2023-05-25T22:01:57","slug":"market-drivers-us-session-25-05-2023","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-25-05-2023\/05\/26\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session \u2013 25\/05\/2023"},"content":{"rendered":"\n

US data pointed to a resilient economy while progress on US debt ceiling talks remained elusive, helping Treasury yields higher and the US Dollar to score its highest level in over two months. Traders were wary of a possible default in early June while US President Joe Biden and top congressional Republican Kevin McCarthy were still not able to put a deal together. However, the two sides are now just $70 billion apart on a deal according to market chatter.

The US Dollar has been boosted on Thursday for the fourth consecutive day versus other major currencies. The dollar rallied from a low of 103.84 to a high of 104.312 and at the time of writing the Dollar Index reads 104.215.

Economic Data
<\/strong>
The number of Americans filing new claims for unemployment benefits rose modestly last week, and the prior week’s data was revised sharply lower, the Labor Department said. US Jobless Claims in the week to 20 May came in at 229k, slightly above the previous week but lower than expected.

The US economy is growing quicker than expected with real Q1 Gross Domestic Product up 1.3% QoQ.

Key Developments<\/strong>

Gold retreated to its lowest level in two months on Thursday and crude prices dropped by $3 a barrel after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week.

BTC rallied from the day\u00b4s lows in midday trade and traveled between a low of 25,878 and 26,611.

As for the Federal Reserve speak, Boston Fed President Susan Collins said on Thursday the time may be at hand for the Fed to push the pause button on its interest-rate-hiking campaign to assess the impact of past tightening.

In forex, EUR\/USD was down 0.31% to 1.0715. The Japanese yen fell 0.52% versus the greenback to 140.16 per US Dollar as investors wait for Tokyo Consumer Price Index on Friday.

GBP\/USD fell to a low of 1.2309. AUD was under pressure as was the Kiwi ahead of Aussie Retail Sales today with AUD\/USD hitting a fresh cycle low below 0.6500.

Also Read:
<\/strong>Gold price retreats to March lows after US data<\/a><\/p>\n\n\n\n

US debt-ceiling concerns drag EUR\/USD to two-month low<\/a><\/p>\n\n\n\n

USD\/CAD surges amid higher T-yields; US default uncertainty<\/a><\/p>\n\n\n\n

ECB\u2019s Knot: We need at least two more rate hikes<\/a><\/p>\n\n\n\n

US, China set to start a new round of trade talks to ease tensions<\/a><\/p>\n\n\n\n

CANADA STOCKS-TSX retreat amid mixed bank earnings<\/a><\/p>\n\n\n\n

Oil price declines on US data boosting US dollar<\/a>
<\/p>\n","protected":false},"excerpt":{"rendered":"

US data pointed to a resilient economy while progress on US debt ceiling talks remained elusive, helping Treasury yields higher and the US Dollar to score its highest level in over two months. Traders were wary of a possible default in early June while US President Joe Biden and top congressional Republican Kevin McCarthy were …<\/p>\n","protected":false},"author":13,"featured_media":52669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[10348,7026,10335,6885,194,6874,7070,7106,10146,6846,7004,9475,8812,6887,8367],"class_list":["post-84521","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-alexander-novak","tag-btc","tag-debt-ceiling-talks","tag-fed","tag-gdp","tag-gold","tag-jobless-claims","tag-joe-biden","tag-mccarthy","tag-oil","tag-opec-2","tag-q1","tag-tightening","tag-unemployment","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=84521"}],"version-history":[{"count":4,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84521\/revisions"}],"predecessor-version":[{"id":84532,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84521\/revisions\/84532"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52669"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=84521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=84521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=84521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}