Overview
- The dollar index hovered near its highest since Jan. 23 and was on track for its strongest weekly gain since November, supported by a tech-led equity selloff.
- The Bank of England kept rates unchanged in a 5–4 split, pressuring sterling, which also faced strain from doubts over Prime Minister Keir Starmer’s political standing.
- Fed Governor Lisa Cook said inflation risks are now tilted higher, reinforcing the dollar even as Treasury yields eased.
- U.S. labor signals softened with jobless claims rising, JOLTS openings dropping to a 5.25-year low, and Challenger-reported layoffs jumping, leaving traders still pricing rate cuts later this year.
- Gold and silver tumbled on the stronger dollar and forced liquidations, with silver plunging about 16% on the day and on course for an 18% weekly drop.