Dollar deepens losses despite rising US bond yields
The US dollar fell on Friday, despite the release of positive economic data, and rising US Treasury bond yields.
Bloomberg reported that US President Joe Biden administration is considering increasing taxes on the mega-rich to up to 43.4%, and the tax plan aims to increase taxes on those whose annual income is over $1 million to 39.6% from 20%.
The US microchip maker Intel reported yesterday higher-than-revenues and profits during the first quarter.
Data showed that the US manufacturing PMI rose to 60.6 points last month, lower than forecasts of 60.9.
The 10-year US Treasury bond yield rose today to 1.562%.
The dollar index fell against a basket of currencies by 0.5% to 90.8 points as of 18:51 GMT, after it hit a high of 91.3 points and a low of 90.8 points.
Gold closes lower, logs mild weekly loss
Gold prices fell on Friday, despite the US dollar's drop against most major currencies, and posted a weekly loss due to rising US Treasury bond yields.
Bloomberg reported that US President Joe Biden administration is considering increasing taxes on the mega-rich to up to 43.4%, and the tax plan aims to increase taxes on those whose annual income is over $1 million to 39.6% from 20%.
Data showed that the US manufacturing PMI rose to 60.6 points last month, lower than forecasts of 60.9.
The 10-year US Treasury bond yield rose today to 1.562%.
The dollar index fell against a basket of currencies by 0.5% to 90.8 points as of 18:34 GMT, after it hit a high of 91.3 points and a low of 90.8 points.
Gold June futures fell 0.2% or $4.20, and closed at $1و777.8 an ounce, and posted a weekly loss of 0.1%.
Copper rises as dollar falls amid focus on the US tax plan
Copper prices rose on Friday, as the US dollar fell against most major currencies, while investors focused on Joe Biden's proposal to raise taxes in the US.
Bloomberg reported that US President Joe Biden administration is considering increasing taxes on the mega-rich to up to 43.4%, and the tax plan aims to increase taxes on those whose annual income is over $1 million to 39.6% from 20%.
Copper was also lifted by expectations of a global supply shortage of industrial metal during 2021.
The dollar index fell against a basket of major currencies by 0.4% to 91 points as of 13:38 GMT, after hitting a high of 91.3 points and a low of 90.9 points.
Copper May futures rose 1% to $4.32 per pound as of 13:36 GMT, after hitting a high of $4.33 and a low of $4.26.
US stocks open higher after upbeat earnings reports
US stock indices opened higher on Friday, after the release of strong business results, while investors focused on Biden's proposed tax plan.
Bloomberg reported that US President Joe Biden administration is considering increasing taxes on the mega-rich to up to 43.4%, and the tax plan aims to increase taxes on those whose annual income is over $1 million to 39.6% from 20%.
The US microchip maker Intel reported yesterday higher-than-revenues and profits during the first quarter.
Data showed that the US manufacturing PMI rose to 60.6 points last month, lower than forecasts of 60.9.
As for stocks, Dow Jones rose 0.2% or 58 points to 33,873 as of 14:04 GMT, Nasdaq rose 0.8% or 106 points to 13,925, and S&P 500 rose 0.5% or 20 points to 4,155.