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On Tuesday (May 16th), the US dollar retreated from a five-week high as investors took a pause after last week’s dollar rally and awaited news on how Washington would address the debt ceiling issue. Failure to resolve this matter could potentially force a US government default. Gold prices rose as the dollar weakened, and traders maintained their bets on interest rate cuts before the end of the year, disregarding comments from Federal Reserve policymakers. The market also remained attentive to negotiations regarding the US debt ceiling.
