investingLive Americas FX news wrap 7 MayFed officials not anxious to cut/Iran tensions up

Reports filtering in that Iran launched missiles at US Navy ships NASDAQ and S&P closed lower. No record close today Fed's Williams: There's a lot of uncertainty in the economy right now Trump: Agreed to give Von Der Leyen until July 4 to fulfill trade agreement Mexico central bank cuts rates but signals caution ahead US crude oil futures settle at $94.81 More from Fed's Hammack: I need to keep an open mind about the next policy move ECB Schnabel: Some damage from Iran War will be hard to reverse WSJ: Saudi Arabia and Kuwait lift restrictions on US military use of bases. Fed' Daly: Committed to bringing inflation back to Fed's 2% target Crude oil moving off of low levels and back toward the next target at the $95 area Iran can outlast Trump's Hormuz blockade for months NY Fed Survey of consumer expectations:1Y inflation higher @ 3.6% vs 3.4%. 5Y steady at 3% Fed's Hammack: I see a lot of uncertainty in economic outlook US construction spending for March 0.6% versus 0.2% estimate Geopolitical Tensions Push Oil Trading Higher in Q1, easyMarkets Reports US productivity preliminary for Q1 0.8% versus 1.0% estimate. US initial jobless claims 200K vs 205K estimate investingLive European markets wrap: Dollar, oil prices drop further on US-Iran hope The U.S. dollar moved higher helped who is tired home how are you for against the major currencies today. The greenback strengthened against the Euro (+0.14%), British pound (+0.26%), Australian dollar (+0.33%), New Zealand dollar (+0.24%) Japanese yen (+0.32%), Swiss franc (+0.19%), and Canadian dollar (+0.17%), With those currencies gaining on the day. The US Dollar Index (DXY) edged up 0.17% to 98.193, reflecting a modest overall gain for the dollar on the day, though the moves were relatively contained across the board with no outsized swings in any single pair. After riding a wave of optimism tied to U.S.-Iran peace deal hopes that drove all three major indices to record closes on Wednesday, Wall Street gave back some of those gains on Thursday. The S&P 500 fell 0.38% to close at 7,337.11, the Nasdaq Composite slid 0.13% to 25,806.20, and the Dow shed 313.62 points, or 0.63%, settling at 49,596.97 — snapping their record-close win streaks after all three had briefly touched fresh intraday all-time highs earlier in the session. The pullback was broad-based. The S&P 500 was dragged lower by losses in Amazon and semiconductor stocks such as Broadcom and Micron, while the Dow was weighed down by Caterpillar (-3.37%) and JPMorgan (-2.74%), falling further away from retaking the 50,000 mark. The Russell 2000 was the hardest hit, closing down 1.74% as industrials, energy, and healthcare stocks sagged. Lingering uncertainty around the Iran situation contributed to the afternoon reversal, as Iran continued to assess and criticize, the U.S. memorandum to end the war and restore tanker flows through the Strait of Hormuz, keeping traders cautious. Earnings were a mixed bag — strong results from Datadog (+28%) and Fortinet (+15%) weren't enough to offset the broader drag, with Shake Shack's near-30% plunge serving as the session's most jarring headline Fed speak today leaned hawkish overall as policymakers continued to emphasize elevated inflation risks, geopolitical uncertainty, and a still-resilient labor market. Cleveland Fed President Hammack said there is “a lot of uncertainty” surrounding the economic outlook and argued the Fed should remain patient and neutral rather than signaling a clear easing bias. She added that rates may need to stay on hold for “quite some time” and warned that the Iran conflict could create more persistent inflation pressures while also weighing on growth. San Francisco Fed President Daly reiterated the Fed’s commitment to returning inflation to its 2% target and stressed that policymakers cannot become complacent as higher oil prices and geopolitical tensions threaten to complicate the inflation outlook. New York Fed President Williams struck a more balanced tone,