The US dollar index fell below 108 on Friday (1/24), set to drop more than 1% for the week. The decline came as President Donald Trump refrained from imposing aggressive tariffs after his inauguration, contrary to market expectations. In his speech at the World Economic Forum, Trump also called for immediate interest rate cuts and reiterated his commitment to lower taxes on US-based manufacturers, while promising tariffs on companies that produce overseas. Despite Trump's comments, the Federal Reserve is widely expected to keep interest rates unchanged at its policy meeting next week. Market...
The Australian dollar (AUD) continued its upward momentum against the US dollar (USD) for the third straight session on Friday (1/24). The AUD/USD pair gained traction after the People's Bank of China (PBOC) conducted a medium-term lending operation. The Chinese central bank kept interest rates at 2.00% and injected 200 billion yuan ($27.46 billion) through a one-year medium-term lending facility (MLF) to certain financial institutions, according to Reuters. Traders are likely to keep an eye on the release of the preliminary US S&P Global Purchasing Managers' Index (PMI) and the...
GBP/USD extends its gains for the second straight day, trading around 1.2400 during Asian hours on Friday (1/24). The pair's gains could be attributed to remarks by US President Donald Trump on Thursday night. President Trump said that he wants the US Federal Reserve (Fed) to cut interest rates soon. "With oil prices going down, I'm going to demand that interest rates go down soon, and interest rates go down around the world," Trump said at the World Economic Forum in Davos, Switzerland. Traders expect the Federal Reserve (Fed) to keep its benchmark interest rate steady at 4.25%-4.50% at...