EUR/USD
1.17251
1.030%
Gold
3376.28
1.128%
Oil
63.356
-0.050%
USD/JPY
146.646
-1.167%
GBP/USD
1.35330
0.896%
GBP/JPY
198.445
-0.272%
Real-time News
U.S. biotech stocks rose, with Moderna (MRNA.O) up 4.7% and Novavax (NVAX.O) up 3.4%.Nvidia (NVDA.O) launched Spectrum-XGS Ethernet to help connect distributed data centers into gigabit-scale artificial intelligence superfactories.On August 22, Swissquote senior analyst Ipek Ozkardeskaya said, "Todays situation is quite interesting because we see the Fed, or at least Powell, shifting to a more dovish stance to support a weakening job market. So this is actually a dovish shift were seeing in Fed policy, which is consistent with recent market expectations. The Fed is now preparing to provide the market with that 25 basis point rate cut, at least as the market expects, which has obviously caused a lot of excitement."U.S. Treasury yields continued to fall, with the two-year yield now down 10.6 basis points to 3.685%.On August 22nd, Helen Given, head of trading at Monex USA, reported that dollar shorts returned strongly today following Powells speech at Jackson Hole and Trumps threat to fire Fed Governor Tim Cook. The first concrete move naturally came when Powell indicated that downside risks to the job market were becoming increasingly important in Fed decision-making. The reaction we saw in the foreign exchange market is directly related to the significant increase in the probability of a 25 basis point rate cut in September, as Powell decisively left the door open today. Traders also see a significant possibility of another 25 basis point rate cut this year, and the overnight swaps market is heavily betting on significant easing in the first half of 2026 for the first time. Trumps comments about Cook have reignited concerns about the independence of the Federal Reserve, as the administration increasingly appears to be seeking to reshape the central bank into its idealized form. If Trump secures the rate cuts he hopes for from Powell and his colleagues in the second half of the year, he may be able to remain chairman for the rest of his term, but the market remains skeptical that any Fed action this year will satisfy Trump.
