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...
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...
Oil prices rose on Thursday, boosted by a strong demand outlook in the United States after fuel inventories fell more than expected, and a weaker U.S. dollar. Brent crude futures rose 34 cents, or 0.5%, to $71.12 a barrel by 0745 GMT, their highest since March 3. U.S. West Texas Intermediate (WTI) crude rose 42 cents, or 0.6%, to $67.58. U.S. government data showed a larger-than-expected draw last week in distillate inventories, which include diesel and heating oil, which fell by 2.8 million barrels, more than the 300,000-barrel draw expected in a Reuters poll. [EIA/S] "The U.S. oil...
Gold hit an all-time high on Thursday as the U.S. Federal Reserve hinted at two possible interest rate cuts this year, adding to bullion's appeal amid ongoing geopolitical and economic tensions. Spot gold was steady at $3,047.1 an ounce by 0700 GMT, after hitting a record high of $3,057.21 earlier in the session. U.S. gold futures rose 0.4% to $3,054.10. Gold is being driven by "a lot of market uncertainty, geopolitical tensions, a weaker U.S. dollar and expectations that interest rates will be cut later," said Dick Poon, general manager at Heraeus Metals Hong Kong Ltd. On Wednesday, the...