Trump nominates Stephen Miran, gold rallies on tariff fears, Asian currencies slide as the dollar softens amid Fed succession concerns, Bitcoin climbs following a crypto-friendly 401(k) order, and European stocks end the week muted.
Trump Nominates Stephen Miran to Fill Fed Board Vacancy
President Trump has nominated Stephen Miran, current chair of the Council of Economic Advisers, to fill the vacant seat on the Federal Reserve Board through January 2026. If confirmed, Miran is expected to support lower interest rates, aligning with Trump’s dovish leanings. His possible vote at the Fed’s September meeting faces scrutiny from investors amid ongoing discussion around monetary policy.
Gold Rallies on Tariff Fears and Supply Disruption
Gold prices gained in Asian trading after the U.S. imposed tariffs on one-kilo gold bars impacting Switzerland’s bullion trade hinting at supply issues and prompting safe-haven demand.
Asia FX Slips Amid Tariff Anxiety and Fed Leadership Uncertainty
Asian currencies broadly weakened as traders fretted over U.S. trade tariffs, while the dollar traded weaker amid speculation surrounding Federal Reserve succession.
Bitcoin and Altcoins Surge on Crypto-Friendly 401(k) Move
Bitcoin jumped to about $116.5K, and altcoins rallied after President Trump signed an executive order allowing cryptocurrencies and alternative assets in 401(k) plans.
European Stocks Flat Despite Week of Gains
European equities ended the week on a flat note, consolidating earlier gains. Markets awaited fresh direction amid mixed corporate earnings and continued trade tensions.
Tags:
Leave A Comment