Dollar heads for biggest weekly drop in a month as focus shifts to Fed, BOJ meets
Both the U.S.
Federal Reserve
and the
Bank of Japan
are expected to hold rates at next week's policy meetings, but traders are focusing on the subsequent comments to gauge the timing of the next move.
Explore courses from Top Institutes in
Please select course:
Select a Course Category
healthcare
MCA
PGDM
Data Science
Design Thinking
Data Analytics
MBA
Data Science
Finance
Others
Operations Management
Product Management
others
Management
Digital Marketing
Degree
CXO
Healthcare
Cybersecurity
Project Management
Public Policy
Leadership
Technology
Skills you'll gain:
Duration:
11 Months
IIM Lucknow
CERT-IIML Healthcare Management India
Starts on
undefined
Get Details
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
15 most beautiful women in the world
Topgentlemen.com
Undo
"Next week's BOJ policy meeting will be closely watched for hints on the timing of the next rate hike," said Carol Kong, currency strategist at Commonwealth Bank of Australia.
The prospect of rate hikes by the BOJ had improved, she added, after a trade deal struck with the United States this week lowered tariffs to 15% on auto imports from Japan.
The yen stood at 147.10 to the dollar, on course for a weekly gain of 1%, its strongest such performance since mid-May.
Live Events
A majority of economists in a Reuters poll this week expect Japan's central bank to raise
interest rates
by 25 basis points this year.
The dollar index, which measures the U.S. currency against six other units, was at 97.448, set for a drop of 1% this week, its weakest performance in a month.
On Thursday, the European Central Bank left its policy rate at 2%, as expected, in a break from a year of policy easing, to await clarity over future U.S. trade ties after the European Commission said a negotiated solution was in reach ahead of the August 1 deadline.
The euro was little changed at $1.1754 in early trade, but not far from $1.183, the near four-year high it touched at the start of the month. The euro is up 13.5% this year as tariff policies take the shine off the dollar.
Progress on trade deals has also raised market hopes for talks with China, after U.S. Treasury Secretary Scott Bessent said officials of both countries would meet in Stockholm next week to discuss an extension of the deal negotiation deadline.
The Australian dollar has been boosted by the rise in risk appetite after the trade deals and was last at $0.6593, hovering near an eight-month high touched on Thursday.
TRUMP'S FED VISIT
Donald Trump locked horns on Thursday with Fed Chair Jerome Powell during a rare presidential visit to the central bank, criticising the cost of renovating two historical buildings at its headquarters and pressing the case for lower interest rates.
Markets mostly shrugged off the visit, however, having become accustomed to Trump's repeated tirades against Powell and the Fed.
"Trump's Fed visit was spectacle over substance," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities.
"The market's focus is firmly on next week's Fed meeting. We expect Powell to repeat a patient, data-dependent policy outlook with flexibility but (he) is unlikely to commit to cuts."
At their two-day rate-setting meet, the central bank's 19 policymakers are widely expected to leave their benchmark interest rate in the range of 4.25% to 4.50%. Traders are pricing in 43 basis points of rate cuts by the end of 2025.
ANZ strategists expect the Fed to cut rates by 25 basis points in September and again in December.
"Were it not for tariff uncertainty, we judge that rate cuts would already have resumed," they said in a note.
"The labour market is weakening, service price disinflation is well established, demand growth has slowed and there is no discernible evidence that higher tariffs are spilling into a broader inflation problem."
In cryptocurrencies, bitcoin eased 0.79% to $117,840, while Ethereum was 2% lower at $3,655.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
41 minutes ago
- Time of India
BitMine Immersion Technologies (BMNR) explodes 14% in a day, up 167% this month—will its massive Ethereum bet push the crypto stock past $50 next?
BitMine Immersion Technologies Inc. (NYSE American: BMNR) continued its recent momentum on Wednesday, closing up 13.45% at $37.78 , a gain of $4.48 in a single trading session. This move follows weeks of intense volatility driven by the company's aggressive Ethereum accumulation strategy and renewed retail and institutional interest in crypto-linked equities. The key catalyst behind BMNR's latest move is its continued commitment to Ethereum. Over the last month, BitMine raised $250 million in private funding to build up one of the largest ETH treasuries held by a public company. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program With a growing ETH treasury, a rapidly expanding market cap, and a long list of high-profile backers, BMNR is increasingly being seen as one of the market's most speculative but potentially explosive crypto-adjacent stocks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Belly Fat Removal Without Surgery in Algeria: The Price Might Surprise You Belly Fat Removal | Search Ads Get Info Undo How has BMNR stock performed in the past month? 1-week gain : +21.2% 1-month gain : +167% 52-week range : $1.00 – $161.00 Recent high : $97 (July 2025 intraday peak) Volume (August 6) : Over 35.3 million shares traded Since announcing its $250 million private placement to build a treasury of Ethereum, BMNR has moved from under $5 (pre-reverse split) to nearly $100, before settling near the $35–40 range this week. What is the size of BitMine's Ethereum treasury? BitMine has reportedly acquired over 833,000 ETH, which at current market prices (~$3,500 per ETH) values the company's Ethereum holdings at approximately $2.91 billion. This positions BMNR as one of the largest Ethereum-holding public companies, placing it in similar territory as corporate crypto-holders like MicroStrategy (Bitcoin) and Hive Digital (mixed assets). Live Events What are analysts and technical indicators saying about BMNR? While BMNR does not yet have coverage from major Wall Street analysts, some retail-focused platforms and chart analysts have made bullish short-term predictions based on momentum and treasury size. Technical indicators: Relative Strength Index (RSI) : Currently around 62 , indicating near overbought territory. MACD : Still in bullish crossover, suggesting positive momentum. 200-day moving average : ~$12.50 (far below current levels) Short interest : Elevated, but not extreme — potential for short squeezes remains. Forecast: Support zone : $31.70–$33.10 Resistance zone : $42.00–$45.00 3-month forecast range : $45 to $247 , depending on market volatility and ETH price 'BMNR is a speculative play, but if Ethereum continues to rise, a move toward $50 or even $75 in the next 4–6 weeks isn't off the table,' said one technical analyst on Reddit's r/stocks forum. How dependent is BMNR's stock on Ethereum price? Extremely. BMNR's value now closely tracks Ethereum price movements, given the massive ETH holdings on its balance sheet. If ETH rises to $4,000 , BMNR's treasury could exceed $3.3 billion , potentially pushing the stock above $50 . If ETH drops below $3,000 , the company's valuation could contract sharply — possibly returning the stock to the $20s . The correlation makes BMNR a high-risk proxy for Ethereum performance, especially attractive to traders wanting crypto exposure via equities. What do the financials and fundamentals say about BMNR? Despite its growing popularity, BitMine Immersion is still a pre-profit company . Based on public data from StockAnalysis, it reported just $5.45 million in revenue over the past 12 months and posted a net loss of about $6.5 million . Its EPS (earnings per share) stands at –$2.89, and it does not yet have a P/E ratio due to negative earnings. This makes BMNR a high-risk, high-reward stock driven more by sentiment, crypto market trends, and its strategic narrative than by strong fundamentals—at least for now. Still, the market cap hovers around $3.5–$4.3 billion, which is largely based on the value of its ETH holdings and future growth potential. What should investors expect next from BMNR? Short-Term Catalysts to Watch: Additional ETH purchases or staking rewards announcements Q2 earnings report (tentative: late August 2025) Any new partnership or institutional investment news Ethereum price volatility Risk Factors: BMNR is still a pre-profit company with $5.45M TTM revenue and –$6.5M net loss Massive volatility and past pump-and-dump behavior Lack of long-term operational track record or profitability Prediction: Could BMNR hit $50 soon? If Ethereum breaks $3,800–$4,000 and BMNR announces a staking revenue stream or expands its treasury, it's very possible the stock reclaims $50+ within the next 2–4 weeks. However, that would likely depend on: Continued risk-on sentiment in crypto Strong trading volumes staying consistent No dilution or negative earnings surprises A bearish ETH move could quickly send BMNR back to the $25–30 range. BitMine Immersion Technologies (BMNR) is turning heads with its Ethereum-first strategy, rapidly growing market cap, and strong momentum. But this is not a fundamentals-led trade—it's a bet on ETH, sentiment, and smart positioning. For now, the stock has the attention of both Wall Street and crypto bulls alike. Whether that continues depends heavily on ETH's path—and how well BitMine plays its cards in the weeks ahead. FAQs: What is BitMine Immersion Technologies' (BMNR) latest stock move? BMNR jumped 14% in a day , driven by its Ethereum holdings strategy. Can BMNR stock hit $50 soon? If momentum and Ethereum prices rise, BMNR could test the $50 level shortly.
Time of India
41 minutes ago
- Time of India
US government uses ChatGPT for $1. Here's what federal government is planning
OpenAI on Wednesday said it was letting the US government use a version of ChatGPT designed for businesses for a year, charging just $1 for the service. Federal workers in the executive branch will have access to ChatGPT Enterprise in a partnership with the US General Services Administration, according to the pioneering San Francisco-based artificial intelligence (AI) company. "By giving government employees access to powerful, secure AI tools, we can help them solve problems for more people, faster," OpenAI said in a blog post announcing the alliance. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program ChatGPT Enterprise does not use business data to train or improve OpenAI models and the same rule will apply to federal use, according to the company. Earlier this year, OpenAI announced an initiative focused on bringing advanced AI tools to US government workers. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Orthopedic Knee Surgeon: Suffering From Pain After Age 50? Do This Every Morning Wellnee Undo The news came with word that the US Department of Defense awarded OpenAI a $200 million contract to put generative AI to work for the military. OpenAI planned to show how cutting-edge AI can improve administrative operations, such as how service members get health care, and also has cyber defense applications, the startup said in a post. OpenAI has also launched an initiative to help countries build their own AI infrastructure, with the US government a partner in projects. Live Events The tech firm's move to put its technology at the heart of national AI platforms around the world comes as it faces competition from Chinese rival DeepSeek. DeepSeek's success in delivering powerful AI models at a lower cost has rattled Silicon Valley and multiplied calls for US big tech to protect its dominance of the emerging technology. The OpenAI for Countries initiative was launched in June under the auspices of a drive -- dubbed "Stargate" -- announced by US President Donald Trump to invest up to $500 billion in AI infrastructure in the United States. OpenAI, in "coordination" with the US government, will help countries build data centers and provide customized versions of ChatGPT, according to the tech firm. Projects are to involve "local as well as OpenAI capital." FAQs Q1. Who is President of USA? A1. President of USA is Donald Trump. Q2. Where is headquarters of OpenAI? A2. San Francisco-based artificial intelligence (AI) company is OpenAI.
Time of India
43 minutes ago
- Time of India
Jubilant FoodWorks stays off price hikes to protect its market share
Jubilant FoodWorks , the country's largest quick service chain and operator of Domino's Pizza , said it has not increased prices over the past 15 quarters and has instead relied on cost-cutting to retain market share and increase sales amid intensifying competition and subdued demand. "We have taken several initiatives to reduce costs. We run a programme where we look at all the cost-cutting items, including discounts, rider cost, manpower productivity, support function and rental renegotiations, but we will not increase prices for consumers," Sameer Khetarpal, managing director at Jubilant FoodWorks, told ET. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program For instance, the company has shifted its corn sourcing from the US to India and is now working with local farmers to source tomatoes to reduce imports from the US. To counter the slowdown in discretionary spending, fast-food rivals have also stepped up value meals and price discounting, in addition to launching multiple menu options at lower price points. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Experts Warn If You See This Bug In Your Yard, Do This Quickly Undo "The free delivery itself was a 10% hit on our margins. If you even take 4% inflation, that's nearly 20% cost we have absorbed and not given back to the consumer," Khetarpal said. While Domino's is the market leader in the pizza segment, with about half a million pizzas sold every day on average, it trails chains such as KFC in the out-of-home chicken category. Live Events "We have enough room to go and rather than counting where we are, we want to be in all metros. We are already in 20 cities in South India with Popeyes but the magnitude of the chicken market is huge," Khetarpal said.
