Gold and silver prices find support after a strong correction and build positive momentum. Gold (XAU) prices increased sharply as the weak US economic data renewed hopes for Federal Reserve rate cuts.

S&P 500 futures were down 0.2 percent, Nasdaq-100 futures dropped 0.1 percent, and Dow Jones Industrial Average futures declined 154 points, or nearly 0.4 percent. The pullback followed three days of gains as markets responded to a temporary easing in the US–China tariff dispute.

The global economy is under growing pressure, with growth expected to slow to 2.4 per cent in 2025, down from 2.9 per cent in 2024, according to the UN's World Economic Situation and Prospects report.

At the time of writing, NZD/USD is down 0.43% at 0.587, as markets assess New Zealand’s latest fiscal policy announcement, softer US inflation data, and comments from Federal Reserve (Fed) Chair Jerome Powell.

US GDP stalls amid tariff concerns and policy uncertainty. Consumer spending holds up, but confidence and markets falter as Fed navigates tough choices.

Japan’s economic slowdown and trade issues put pressure on BoJ’s rate path, while USD/JPY trades watch key US data and Fed signals for direction.

Saudi government officials ”haven’t said they’re going to crush the U.S. oil and gas industry, but it’s a foregone conclusion,” Sankey said in an interview. Meanwhile, “low oil prices is one of the things [Trump] can point to as a promise delivered.”

Across the pond, Gross Domestic Product (GDP) figures suggested the economy is stronger than expected, exerting pressure on the Bank of England (BoE) to keep interest rates on hold. In the 3 months to March, GDP rose by 0.7%, up from 0.1% in the previous reading, bearing the 0.6% growth foreseen by economists and the BoE.

S&P Global has downgraded GDP forecasts across most regions and raised its US inflation outlook, citing growing downside risks and heightened uncertainty. While a US recession is not currently projected,

Growth in the EBRD regions is projected to slow, standing at 3.0 per cent in 2025; Tariff hikes and global policy uncerta

The company now expects second-quarter net revenues in the range of $80 million to $85 million, compared with analysts' average estimate of $93.5 million, according to data compiled by LSEG. Beyond Meat had earlier forecast annual net revenue of $320 million to $335 million.

DXY extends Tuesday’s CPI-driven slide, falling to 100.58. Weaker inflation data fuels Fed rate cut bets and adds pressure to the U.S. dollar.