The U.S. dollar gained against major peers as reports of attacks on oil tankers in the Strait of Hormuz and a subsequent U.S. response against Iran drove investors toward safe-haven assets.
Citigroup analysts project the USD/JPY exchange rate could reach 163 if Japan's Topix stock index surges to the 4,500 level, driven by investor portfolio rebalancing and hedging activities.
The U.S. dollar ended Wednesday lower as minutes from the Federal Reserve's June meeting signaled a divided outlook on interest rates, offsetting earlier safe-haven demand fueled by escalating military conflict in the Middle East.
The British pound gained slightly on Thursday, but the move was overshadowed by a broadly stronger U.S. dollar, which gained support from rising oil prices after U.S. airstrikes in Iraq bolstered expectations for a hawkish Federal Reserve.
Baghdad has reportedly reached a deal with Washington to implement stricter controls on dollar flows to Iran, ending a four-month suspension of physical currency shipments from the Federal Reserve, according to The Wall Street Journal.
Bitcoin's recent rally has hit a significant roadblock at the $63,300 resistance level, with technical indicators suggesting the upward momentum is weakening and raising the risk of a potential reversal.
Bitcoin traded above the $62,000 level amid thin weekend volume, supported by growing optimism that a comprehensive U.S. cryptocurrency bill could become law.
Bitcoin's recent price advance has stalled at the key $63,300 resistance level, with technical indicators like declining volume and chart patterns suggesting the bullish momentum may be weakening.
In an internal memo, Volkswagen CEO Oliver Blume told staff that an additional 50,000 jobs may need to be eliminated to address a 20% cost disadvantage, potentially bringing total workforce reductions to 100,000.
