EUR/USD slumped near 1.0830 as the US Dollar (USD) strengthened, while investors digested the gloomy outlook for the US economy under President Donald Trump, anticipated by the Federal Reserve (Fed). The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, rose near 104.00. On Wednesday, the Fed left its key lending rate unchanged in a range of 4.25%-4.50%, as expected, for the second straight day and stuck to its guidance for two rate cuts this year as projected in its December policy meeting. The Fed said it was in no rush to adjust monetary policy...
The dollar strengthened on Thursday after the Federal Reserve signaled it was in no rush to cut interest rates further this year due to uncertainty over U.S. tariffs, while the pound remained weak after the Bank of England kept interest rates steady. The Swiss franc weakened slightly after the Swiss National Bank cut its policy rate to 0.25%, while the Swedish crown weakened after its central bank kept rates unchanged. U.S. policymakers project two quarter-point interest rate cuts are likely later this year, the same median forecast as three months ago, even as they forecast slower...
Oil prices were little changed on Thursday, as a higher-than-expected drawdown in U.S. fuel inventories and fresh tensions in the Middle East offset a stronger dollar. Brent crude was up 8 cents, or 0.11%, at $70.86 a barrel by 1251 GMT, while U.S. West Texas Intermediate (WTI) crude for April delivery rose 4 cents to $67.20. The more actively traded May WTI contract rose 5 cents, or 0.07%, to $66.96. U.S. government data showed a larger-than-expected drawdown last week in distillate inventories, which include diesel and heating oil, which fell by 2.8 million barrels, more than the...