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Gold Prices Slip as Stronger Dollar and Iran Peace Talk Uncertainty Weigh on Market 
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Gold Prices Hold Near Record Levels as Inflation Concerns Offset Middle East Ceasefire Hopes 
European EV Sales Surge in April 2026 as Tesla and Chinese Automakers Gain Ground 
Oil Prices Set for Sharp Weekly Losses as U.S.-Iran Ceasefire Hopes Ease Supply Concerns 
US Dollar Slips as Markets Weigh Potential US-Iran Peace Deal and Oil Price Outlook 
Iran-U.S. Nuclear Talks Remain Unresolved as Strait of Hormuz Risks Keep Markets on Edge 
The U.S. dollar hovered near multi-year lows on Wednesday as markets weighed dovish remarks from Federal Reserve Chair Jerome Powell and concerns over the fiscal impact of President Donald Trump’s sweeping tax-and-spending bill. The dollar index, which tracks the greenback against six major currencies, edged up to 96.677 but remained close to Tuesday’s 16-month low of 96.373.
Powell, speaking at the European Central Bank’s forum in Sintra, Portugal, signaled a patient stance on interest rate cuts while leaving the door open for a potential reduction this month. Traders are now focused on Thursday’s U.S. non-farm payrolls report, following labor market resilience shown in the latest JOLTS data, which gave the dollar a modest lift.
The euro held firm at $1.1802 after peaking at $1.1829 overnight, its highest since September 2021. The Swiss franc remained strong, with the dollar trading at 0.7906 after hitting 0.7873—its weakest since January 2015. Sterling edged higher to $1.37435, nearing October 2021 levels.
Meanwhile, Trump’s recently passed Senate bill, projected to add $3.3 trillion to the national debt, raised concerns about ballooning U.S. fiscal deficits and bond issuance. Analysts say increased government spending could weigh further on Treasury markets and the dollar.
Additional pressure came from Trump’s criticism of Powell, including a handwritten note suggesting the U.S. interest rate should fall between Japan’s 0.5% and Denmark’s 1.75%, accusing the Fed Chair of being “too late” again.
Against the yen, the dollar inched up 0.1% to 143.59, recovering slightly from a 0.4% drop in the previous session.
Investors now await upcoming economic data to gauge the Fed’s next move and its impact on the dollar’s trajectory.
