Written by Steven Dooley, Head of Market Insights, and Shier Lee Lim, Lead FX and Macro Strategist
USD back at lows as markets extend relief rally
The major volatility seen across markets so far in 2025 looks to have been mostly shrugged off as the US’s tech-focused Nasdaq 100 ended at an all-time closing high overnight.
US shares continued their rebound this week with the S&P 500 up 1.1% and the Nasdaq climbing 1.4%. The S&P 500 is less than 1.0% from all-time highs.
In FX markets, the US dollar was lower, with the USD index falling back to three-year lows.
The biggest losses for the USD were against safe havens like the Japanese yen and Swiss franc.
The AUD/USD gained 0.5%.
USD/SGD edges lower as Fed signals split views on rate path
Overnight, Federal Reserve chair Jerome Powell refused to open the door to impending rate cuts at his closely watched testimony to the US Congress.
That said, recent remarks from Fed Governor…
