Sterling was set for its biggest weekly gain since December 2020 against a weakening dollar as the latest economic data suggested the market might not need to scale back its expectations for Bank of England rate hikes much further. The U.S. dollar was headed for its worst week since early February, showing fatigue after the currency's breathless 10%, 14-week surge.
Finance ministers and central bank governors of the Group of Seven wealthy democracies said on Friday they have mobilised $19.8 billion for Ukraine and pledged to give more financial support if needed.
Elon Musk's rejection of environmental, social and corporate governance scores as a "scam" highlights how Wall Street's hottest investment trend that encompasses some $35 trillion in assets means different things to different people.
Central banks are wrestling with inflation and sliding stocks are feeling the heat, leaving investors to ponder just where the so-called "Fed put" has gone. Meeting minutes from the world's foremost policy makers may shed some light, while New Zealand and South Korean central banks ponder how big their rate hikes need to be to keep up with the Fed.
The Bank of England will need to raise interest rates further to combat the risk of self-perpetuating price rises, the central bank's chief economist, Huw Pill, said on Friday. Pill said the central bank was battling the biggest inflation challenge since it gained operational independence in 1997, with inflation at a 40-year high of 9.0% and set to hit double digits later this year.
Michael Barr, the second person nominated by Democratic President Joe Biden to be the Federal Reserve's Wall Street cop, looked to be on a path to confirmation after testifying before the Senate on Thursday. Barr, who served as a senior Treasury Department official under Democratic President Barack Obama, received some skeptical questions from Republican lawmakers.
South Africa's central bank increased its main lending rate by 50 basis points to 4.75% in a decision announced on Thursday. The decision was in line with a Reuters poll published last week.
Michael Barr, the second person nominated by Democratic President Joe Biden to be the Federal Reserve's Wall Street cop, looked to be on a path to confirmation after testifying before the Senate on Thursday. Barr, who served as a senior Treasury Department official under Democratic President Barack Obama, received some skeptical questions from Republican lawmakers.
Michael Barr, the second person nominated by Democratic President Joe Biden to be the Federal Reserve's Wall Street cop, will appear before the Senate on Thursday to make the case for why he should take on the central bank's sweeping regulatory portfolio.
Guatemala's congress approved on Wednesday a $500 million loan from the International Bank for Reconstruction and Development, the lending arm of the World Bank. The loan, pushed by the government and its allies, passed with 86 votes in the 160-seat legislature.
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