Forexlive Americas FX news wrap 7 May: Fed and Chair Powell stays noncommitted ...Middle East

US stocks close higher thanks to late comments on chips from TrumpTrump will not enforce the AI diffusion rule on chip exports - reportSome bucketing of the Fed chair comments.Powell Q&A: I don't think we can say which way this will shake outPowell: Economy is solid, our policy is well positioned to respondTrump says he isn't open to lowering China tariffs to get them to the negotiating tableA comparison of the March 2025 statement to the May 2025 statementThe full statement from the May 2025 FOMC rate decisionMay 7 FOMC decision: Rates unchanged as expectedMore from US Treasury Sec Bessent: "Believes" US Debt to GDP ratio will drop next yearAlphabet now down over 7.50%. Comments from Apple's Cue send the stock tumbling lowerEuropean major indices closing lower on the dayApple VP of services: Apple is exploring adding AI to search browserWSJ: Tariffs could lift laptop and phone prices by some 30%Crude oil inventories draw -2.032M versus an estimate -0.833M drawVP Vance. There is a big gulf between Russia and UkraineKickstart the trading day for May 7 with a technical look at the EURUSD, USDJPY & GBPUSDForexLive European FX news wrap: Dollar steadies on US-China trade news, Fed up next

USD moves higher vs the major currencies

EUR +0.59%JPY 1.01%GBP 0.64%CHF 0.16%CAD 0.43%AUD 1.06%NZD 1.18%

Dow +0.70%S&P +0.43%Nasdaq +0.27%

The US yields move lower:

2 year yield 3.780%, -0.8 basis points5 year yield 3.864%, -3.3 basis points10 year yield 4.271%, -4.7 basis points30 year yield 4.774%, -3.8 basis points

Crude oil $-1.15 or -1.95% to $57.93Gold $-68.50 or -1.99% at $1368.50Bitcoin $-420 and $96,394

The big event was the FOMC rate decision. The Federal Reserve Rates unchanged. In their statement, the Fed did acknowledge that there was a higher risk of unemployment moving higher:

"The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen."

Inflation remains somewhat elevated, but Powell emphasized that the Fed’s goal is to ensure any price increases from policy shocks like tariffs do not become entrenched. He reiterated that the current stance of monetary policy is well-positioned to respond as needed but stressed there is time to wait before adjusting rates. The cost of waiting, he noted, is “fairly low.” During the Q&A session, Powell underscored that the implications of current risks are still unknown and that the Fed doesn’t yet have enough clarity to determine if cuts are appropriate. He acknowledged cases where no cuts may be warranted, and others where easing could be justified.

US stocks traded higher and lower through the press conference but was extended to the downside after Powell was finished. However just before the close there were reports from Bloomberg that Pres. Trump will not enforce the AI diffusion rule on chip exports. That sent chip stocks higher and the major indices along with it.

At the end of the day, Nvidia shares rose $3.52 to $117.06 after trading as low as $112.28.

This article was written by Greg Michalowski at www.forexlive.com.

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