US House and Senate reach agreement to raise debt ceiling

US House and Senate reach agreement to raise debt ceiling

KUWAIT: The US dollar index fell on the week, last trading around 104.01.EUR/USD decreased to close at 1.0706, while GBP/USD increased by0.91% ending the week at 1.2448. USD/JPY fell below the 140.00 threshold this week, last trading at 139.91. Meanwhile, equities closed mixed this week. The S&P 500 gained 3.04% while the Nikkei 225 also increased 0.43%. Finally, the Euro Stoxx 50 edged lower by 0.40%. United States     US consumer confidence reaches 6 month low Consumer confidence in the United States fell to a 6-month low, after the Conference Board index came in at 102.3 in May, slightly below the previous print of 103.7.

The report revealed growing uncertainty around the economy, specifically as it relates to employment and future expectations. Ataman Ozyildirim, Senior Director of Economics at The Conference Board stated, “Consumers’ view of current conditions became somewhat less upbeat while their expectations remained gloomy.” The assessment of employment conditions saw the biggest drop, with consumers reporting that jobs are ‘plentiful’ falling 4% from 47.5% in April to 43.5% in May. Finally, Ozyildrim added, “consumers also became more downbeat about future business conditions, weighing on the expectations index.”

US labor market tight & robust Job openings in April surprised to the