Swiss and Sterling fell against a broadly stronger US Dollar following strong US data [Video]
The Swiss cut the interest rate by 25bp to 1.5% yesterday, in a surprise move and became the first major central bank to cut rates. The move raised the expectation that the others will join ‘soon’. The Bank of England (BoE) also saw two BoE hawks abandoning their hike vote. Swiss and sterling fell against a broadly stronger US dollar following strong US data, but European and US stock indices traded at ATH levels.
Reddit made a strong debut on the NYSE, the shares opened 38% higher, rose as much as 60% and settled at +48% at the end of the first day of trading. Bitcoin managed to hold ground near the $60K this week, gold retreated after hitting a fresh ATH posterior to the Fed decision, while US crude failed to extend gains above the $83.70 and is back below the $81pb this morning on weaker US gasoline demand and hope of a ceasefire in Gaza, although the Israeli government said that they will ultimately invade Rafah no matter what the US says.
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