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The GBP/USD pair dropped to 1.3252, its lowest level since 11 May 2025, as a resurgent US dollar and disappointing UK economic data weighed on the pound.
Today's focus centres on corporate earnings, critical economic data releases, central bank decisions on interest rates, and developments in trade negotiations ahead of the new U.S. tariffs set to take effect this Friday.
While the Fed voted to maintain the Fed Funds rate at 4.25-4.50%, Michelle Bowman and Christopher Wallace cast dissenting votes in favor of reducing rates.
The US Federal Reserve held rates steady as expected, but effectively dashed expectations of a rate cut at its September meeting, sending the US Dollar soaring.
The GBP/USD pair has broken key support levels after strong US data and a hawkish Fed, with bearish technical patterns signaling a likely move toward 1.3000.
Despite two dissenting votes, the Fed delivered a broadly hawkish hold, with Chair Powell remaining firm on his inflation call and forcing markets to trim September cut bets.
The USD/JPY exchange rate pulled back slightly on Thursday as the market reacted the Federal Reserve and Bank of Japan (BoJ) interest rate decisions. It was trading at 148.75, a few points below this week’s high of 149.52.
As I sit in my backyard this evening, the /NQ is exploding higher by hundreds of points to lifetime highs. As high as tech stocks are, their earnings reports were jaw-droppingly good.
Yesterday was Fed day, with no change in interest rates, which should be bullish for the stock markets. It means they think the economy and inflation are under control.
Asia-Pacific stock markets began Thursday’s session with a mixed and cautious performance, as investors assessed the impact of new US tariffs on South Korea and eagerly awaited the outcome of the Bank of Japan’s latest policy meeting.
The Australian Dollar appreciates on Thursday, halting its five-day losing streak. The AUD/USD pair maintains its position following the release of key economic data from Australia and its close trading partner, China.
Oil prices strengthened further after President Trump threatened penalties on India for importing Russian energy. Meanwhile, Comex copper prices plunged after the US provided new details about its 50% import tariffs.
The Japanese Yen edges higher against a softer US Dollar during the Asian session on Thursday and recovers a part of the previous day's slide to its lowest level since early April.
Markets were floating along reasonably well today. Then Fed Chair Powell started talking about using the Fed funds rate to thwart tariff-led inflation in the U.S. economy, and they all dropped significantly.
Following strong results from big banks earlier in the month, several financial sector stocks are standing out in this week's earnings lineup after crushing their Q2 EPS expectations.
U.S. copper futures crashed over 19% within minutes around 2:00 p.m. ET, marking the largest intraday drop on record, after the White House announced a 50% tariff on all semi-finished copper imports starting August 1.
The Bureau of Economic Analysis announced today that seasonally adjusted U.S. real GDP grew at a 3.0% annual rate in the second quarter. I have some concerns, but it looks better than many economists had been anticipating.
GBP/USD sank for a fifth straight session on Wednesday, falling as the US Dollar catches a broad-market bid after the Fed held rates steady and stuck to its stubborn wait-and-see stance, trimming hopes for a September rate cut.
Stocks declined after the Fed held rates steady, with Jay Powell signaling during the press conference that he’s comfortable waiting for additional data before considering any cuts.
The dollar surge we got wasn’t your average 1% flutter; it was a three-to-four-day tear that hammered the euro hours before Powell even opened his mouth.
The change in the inflationary outlook that hurt bonds in 2022 and persists today has diluted the diversification benefits of the plain vanilla 60/40 portfolio.
The Federal Open Market Committee (FOMC) made no changes to the federal funds rate on Wednesday, keeping it in the 4.25% to 4.50% range, where it has been since December.
