03/10/2024 Evening Reports
The dollar reached a six-week peak against the yen on Thursday amid expectations that the U.S. Federal Reserve will maintain a cautious approach to rate cuts. Meanwhile, the pound fell to a two-week low after Bank of England Governor Andrew Bailey hinted at potentially more aggressive rate cuts if inflation trends continue to improve.
Sterlin dropped 1% to $1.3114 as Bailey’s comments suggested the BoE might accelerate rate cuts, reducing the currency’s appeal after hitting a multi-year high recently. Analysts warn that further dovishness could weaken sterlin’s performance.
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US Equity Futures Fall Amid Middle East Tensions and Ahead of Key Economic Data
US equity futures declined as growing concerns over escalating conflict in the Middle East dampened investor risk appetite. Geopolitical uncertainty surrounding Israel’s response to Iran’s missile strike overshadowed optimism about US economic data that may guide the Federal Reserve’s next policy steps.
Crude oil extended its rally, with Brent crude nearing $75 per barrel due to fears of disrupted energy supplies. Additionally, shares of Levi Strauss slumped after the company lowered its full-year revenue outlook, while Treasury yields rose as markets awaited upcoming US job data for further cues on the economy.
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