Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

23 Nov 2021

Dollar Strengthens With Jerome Powell Reappointment

The Index Today

Fed chair Jerome Powell’s reappointment pushed the dollar higher after hawkish bets on rate hikes became firm. On Tuesday, the dollar peaked near a four and a half year high against the Japanese Yen.

The dollar went up to 114.97 against the yen, jumping by 0.77% on Monday. U.S president Joe Biden reappointed Jerome Powell for a second term with Lael Brainard as vice Fed chair. U.S treasury notes and treasury yields increased by 8.5 basis points on Monday, the highest number recorded since March last year.

The news of Jerome Powell’s reappointment helped firm up market sentiment regarding rate hikes and tapering of bond buying programs. Analysts at Westpac said, “Chair Powell nomination for a second term will leave markets comfortable pricing in Fed lift-off from July next year. At least three Fed officials have now openly discussed speeding up tapering too. Meanwhile, virus suppression measures are being implemented in Europe again, making for a stark contrast.”

In other market news, the euro was at $1.124 after losing 2.8% this month. The currency fell due to the dovish tone pursued by the European Central Bank after the resurgence of the coronavirus. The Australian dollar also slid down to $0.7228 with the dovish tone of the Reserve Bank of Australia.

Clay pottery with table linens