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21 May 2025

President Trump's budget bill headed for vote in US Congress

The United States (US) House of Representatives is poised to begin casting votes on the Republican party's tax and budget bill that is front-loaded with many of President Donald Trump's wishlist items. President Trump has colloquially refered to the tax and budget bill as a "big, beautiful bill", leading Congressional Republicans to officially rename the document the "One Big Beautiful Bill Act".

Key Republicans have been hammering on dissidents to the bill within their own party after several hard-line Republicans voiced displeasure with the budget outline: some felt that the budget doesn't include enough cuts to critical federal spending programs like Medicaid, while others felt that the budget does the exact opposite of the Republican platform's stated goals of reducing the government deficit.

The budget bill is expected to be voted on sometime Thursday, and if passed, the One Big Beautiful Bill Act is poised to add somewhere between $3T and $4T to the US federal budget deficit over the next ten years.

May 21, 2025

WTI Crude Oil faces major resistance at $62.00

Oil prices have been under persistent pressure since the inauguration of US President Donald Trump in January, weighed down by a combination of recession fears, rising global supply, and a softer US Dollar. 
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May 21, 2025

EUR/USD rallies for third day as US debt fears grow ahead of US budget vote

EUR/USD extended its rally for the third consecutive day on Wednesday as the US Dollar (USD) continued to face headwinds following the credit downgrade of the United States last Friday.
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