More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
The Fed is not likely to make a move on interest rates when it meets this week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
Target CEO Brian Cornell apologized to customers for a disappointing weekend after the company experienced outages that shut down its cash registers and credit-card processors...Retailread more
American Airlines is ordering Airbus' new A321XLR, according to a source familiar with details of the agreement.Paris Air Showread more
Companies are increasingly willing to pay for employees to go to the doctor. Uber is partnering up with Grand Rounds, a start-up that sells into the employer channel, to make...Technologyread more
Huawei CEO Ren Zhengfei tells CNBC the company's business is still strong in China.Technologyread more
Here are the biggest calls on Wall Street on WednesdayInvestingread more
The pilots union for Southwest Airlines says it will ask Boeing for compensation to cover legal costs and lost income for pilots due to the 737 Max grounding.Airlinesread more
Amazon announced an all-new Kindle Oasis on Wednesday morning with a feature that lets you adjust the screen to warmer tones for easier reading at night.Technologyread more
But BlackRock's global fixed income chief also says he doesn't think the Fed will announce a rate cut until July.Market Insiderread more
Panera Bread has been testing a menu specifically for dinner and plans to expand the pilot to a new market next month.Restaurantsread more
The dollar fell against a basket of major currencies on Friday as continued uncertainty over the economic agenda of U.S. President Donald Trump pushed investors out of the greenback.
The dollar dropped to a four-month low against the yen in early trading but retraced some of its losses after rumors began to swirl about the impending firing of White House senior adviser Steve Bannon. The White House confirmed Bannon's exit in a statement Friday afternoon.
As Trump's chief strategist, Bannon has been seen as representing a right-wing political faction that critics have said encourages white supremacists like those involved in the deadly rioting last weekend in Charlottesville, Virginia.
Bannon has been also seen by some market participants as an opposing force to Trump's chief economic adviser, Gary Cohn, and Treasury Secretary Steve Mnuchin.
The dollar dropped nearly 1 percent against the yen, falling to 108.58 yen, its lowest since late April. It was last down 0.37 percent at 109.15 yen.
"A lot of this was just carryover from the problems in the last few days out of Washington and the markets getting a bit dejected with the idea that Trumps going to get any legislative initiatives done this summer or even this autumn," said Thierry Albert Wizman, global interest rates and currencies strategist at Macquarie Limited. "Especially given the public backlash against the administration in the last few days."
As a candidate, Trump promised wide-ranging tax reform and fiscal stimulus measures that traders bet would kick start the economy and inflation.
The dollar bounced back but failed to move higher against the yen or the euro and surrendered gains late in the day against the British pound.
"(Today) is kind of a microcosm of what weve seen all week," said John Doyle, director of markets at Tempus Inc. "Weve seen volatility but its been short-term."
The dollar index, which tracks the greenback against six major currencies, rose 0.35 percent for the week. The euro fell 0.5 percent, for its first weekly loss against the greenback in six. The dollar finished the week up nominally against the yen, gaining 0.1 percent.
"Weve seen some ups and downs," Doyle said, "but at the end of the week the dollar, for the most part, isnt much changed from where we started."