Global markets under pressure
Global financial markets are facing heightened volatility due to escalating political and economic uncertainties. Asian equities and U.S. stock futures fell after former President Donald Trump criticised Federal Reserve Chair Jerome Powell and explored removing him, raising concerns over Fed independence. Investor confidence weakened, leading to a surge in gold, which hit a record $3,370.17 per ounce. Major tech stocks like Tesla, Alphabet, and Intel are also under pressure ahead of earnings. Oil prices fell 1.8% on progress in U.S.-Iran nuclear talks.
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Currency markets react
The U.S. dollar weakened significantly amid growing concerns about the Federal Reserve’s independence. It hit a 10-year low against the Swiss franc and a three-year low against a broader currency basket. The euro passed $1.15, the New Zealand dollar topped $0.60, and the yen reached a seven-month high.
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Firms extend currency hedges
U.S. multinational companies are extending the duration of their currency hedging strategies to counter volatility triggered by tariff disputes and dollar weakness. Firms are now hedging positions two to five years out to shield against recession fears and policy uncertainty.
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Bank of Japan chief heads to Washington
BOJ Governor Kazuo Ueda will travel to Washington this week for the G20 finance leaders’ summit and the IMF’s spring meetings. The visit precedes the BOJ’s monetary policy review on April 30–May 1, where new inflation and growth forecasts will be released.
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Key data ahead this week
This week will bring a range of important economic indicators, including flash PMI data, U.S. durable goods and home sales, and UK retail figures. These updates are expected to shape investor expectations for interest rates and trade policy.
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