Today’s News
The Japanese yen and Swiss franc have risen to multi-month highs against the dollar following a sharp decline in U.S. manufacturing, which has stoked fears of an economic downturn and led to widespread losses in stocks and bonds.
Image Source: CNBC
The yen strengthened to 149.085 per dollar, reaching its highest since mid-March, while the franc climbed to its peak since early February. Both currencies benefited from their safe-haven status as investors moved away from riskier assets.
The British pound and the euro also fell, reacting to easing measures by their respective central banks aimed at supporting their economies. This comes as global markets react negatively to the U.S.’s latest manufacturing data, with significant sell-offs in major stock indices and a notable drop in U.S. Treasury yields, which fell below 4% for the first time in six months.
Market analyst Tony Sycamore from IG highlighted the pervasive market fear, noting, “There was nowhere to hide overnight as dour economic data fueled hard landing fears.” This sentiment is underscored by the market’s anxious anticipation of the U.S. non-farm payrolls report, which could further influence expectations for upcoming Federal Reserve rate decisions.
Other News
Economic Data Spurs Market Downturn
Disappointing economic reports have driven a widespread stock selloff and pushed 10-year Treasury yields below 4%. Investors are moving towards safer assets as concerns over economic stability grow.
Barclays Unveils USD 960 Million Buyback
Barclays has announced a new USD 960 million share buyback and raised its financial targets for 2026, buoyed by strong trading income in its investment banking division.
Oil Prices Waver Amid Global Demand Concerns
Despite a slight rise on Friday, oil prices are set for a fourth weekly decline, driven by ongoing concerns over weak global demand and overshadowed by Middle Eastern supply risks.
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