Macron: US has made offer for Israel-Iran ceasefire
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Reuters
4 minutes ago
- Reuters
Dollar holds losses on US economy concerns, Fed appointments
TOKYO, Aug 7 (Reuters) - The dollar remained lower against major peers on Thursday, as expectations of Federal Reserve rate cuts grew and concerns swirled about partisanship creeping into key U.S. institutions. Initial jobless claims in the United States are under scrutiny after last week's disappointing nonfarm payrolls, which triggered a slide in the greenback. Meanwhile, the euro found support ahead of anticipated talks next week to end the war between Russia and Ukraine. Last week, President Donald Trump fired the official responsible for the labour data he did not like, and focus is centring on his nomination to fill a coming vacancy on the Fed's Board of Governors and candidates for the next chair of the central bank. "All those things suggest that we're seeing those political risks around the U.S. dollar increase, and on top of that you've got the weak data coming through," said Tony Sycamore, a market analyst at IG. Any progress in ending the war in Ukraine "is going to be a positive driver of the euro," he added. The dollar index , which measures the greenback against a basket of major peers, edged up 0.1% to 98.259 in early trade in Asia, after a 0.6% slide in the previous session. The U.S. currency was little changed at 147.36 yen . The euro stood at $1.1654 , down almost 0.1% after a 0.7% jump previously. The U.S. Labor Department is expected to report that initial claims for unemployment benefits likely rose by 3,000 to 221,000 for the week ended August 2. Continued jobless claims for the week that ended July 26 are expected to increase slightly. Data last Friday showed U.S. employment growth was weaker than expected in July while the nonfarm payrolls count for the prior two months was revised down considerably, suggesting a sharp deterioration in labour market conditions. Fed funds futures traders are now pricing in a 94% probability of a 25 basis point cut at the Fed's September meeting, up from 48% a week ago, according to the CME Group's FedWatch Tool. In total, traders see 60.5 basis points in cuts this year. Trump could meet Russian leader Vladimir Putin as soon as next week, a White House official said on Wednesday, as the U.S. kept up pressure on Moscow to end the war in Ukraine. The president said on Tuesday he would decide on a nominee to replace outgoing Fed Governor Adriana Kugler by the end of the week and had separately narrowed the possible replacements for Fed Chair Jerome Powell to a short list of four. Sterling was steady at $1.33505 . The Australian dollar was little changed at $0.65 . Bitcoin edged 0.1% lower to $115,038.79.
The Guardian
4 minutes ago
- The Guardian
Trump news at a glance: president hails progress on Ukraine war and threatens India with steep tariffs
US president Donald Trump may meet with Russian leader Vladimir Putin as early as next week to discuss the war in Ukraine, White House officials have said. The development comes as senior administration officials have also warned that serious 'impediments' remain to achieving a ceasefire. Secretary of state Marco Rubio said he was hopeful the progress could lead to a meeting between Putin and Ukrainian leader Volodymyr Zelenskyy in future, but that he did not want to overstate progress made during US special envoy Steve Witkoff's visit to Moscow. 'What we have is a better understanding of the conditions under which Russia would be willing to end the war,' he said. The US would then need to compare that with 'what the Ukrainians are willing to accept'. Here are today's key stories at a glance: Donald Trump has claimed 'great progress was made' during talks on ending the war in Ukraine between his special envoy, Steve Witkoff, and Vladimir Putin in the Kremlin on Wednesday. The three-hour talks came two days before a deadline the US president set for Russia to reach a peace deal in the war or face fresh sanctions. Read the full story The White House is placing an additional 25% tariff on imports from India, bringing total tariffs up to 50%, in retaliation for the country's purchase of oil from Russia, according to an executive order signed on Wednesday morning. India has 21 days to respond to the potential tariffs before they go into effect. The tariffs will be tacked on to a 25% tariff on India Donald Trump set last week as a 'penalty' for the country's trading relationship with Russia. Read the full story Donald Trump on Wednesday celebrated a commitment by Apple to increase its investments in US manufacturing by an additional $100bn over the next four years. Apple's plan to up its domestic investment comes as it seeks to avoid Trump's threatened tariffs, which would increase the tech giant's costs as it relies on a complex international supply chain to produce its iPhones. Read the full story Donald Trump said he would impose a 100% tariff on foreign computer chips, likely raising the cost of electronics, autos, household appliances and other goods deemed essential for the digital age. Read the full story Texas Democrats who left the state say they experienced a bomb threat at their Illinois hotel amid an ongoing clash with Republicans over their effort to block a new congressional map from going into place. Read the full story A new report has found hundreds of reported cases of human rights abuses in US immigration detention centers. The alleged abuses uncovered include deaths in custody, physical and sexual abuse of detainees, denial of access to attorneys, and child separation. Read the full story The report comes on the same day that US border patrol agents carried out a raid outside a Home Depot in Los Angeles on Wednesday, with officers jumping out of an unmarked rental truck and chasing and arresting more than a dozen people. The raid raised questions about whether the US government was complying with a federal court order. Read the full story In a sweeping escalation of its attacks on institutions of higher education, Trump administration has suspended $584m in federal funding for the University of California, Los Angeles – nearly double the amount that was previously expected, the school's chancellor announced on Wednesday. Read the full story JD Vance's team had the army corps of engineers take the unusual step of changing the outflow of a lake in Ohio to accommodate a recent boating excursion on a family holiday, the Guardian has learned. Read the full story Republican senator and Trump ally Marsha Blackburn announced she will run for governor of Tennessee. Donald Trump is threatening to strip Washington DC of its local governance and place it under direct federal control after an alleged assault on a Doge employee. JD Vance was reportedly to host a meeting on Wednesday evening at his residence with a handful of senior Trump administration officials to discuss their strategy for dealing with the ongoing scandal surrounding the convicted sex offender Jeffrey Epstein. Donald Trump is threatening to strip Washington DC of its local governance and place the US capital under direct federal control, citing what he described as rampant youth crime. Catching up? Here's what happened on 5 August 2025.
Sky News
13 minutes ago
- Sky News
Trump announces huge tech tariffs - and hails 'significant step' towards an 'ultimate goal'
Donald Trump has announced 100% tariffs on computer chips and semiconductors made outside the US. The announcement came as Apple chief executive Tim Cook said his company would invest an extra $100bn (£74.9bn) in US manufacturing. Soon, all smartwatch and iPhone glass around the world will be made in Kentucky, according to Mr Cook, speaking from the Oval Office. "This is a significant step toward the ultimate goal of ensuring that iPhones sold in the United States of America are also made in America," said Mr Trump. "Today's announcement is one of the largest commitments in what has become among the greatest investment booms in our nation's history." Mr Cook also presented the president with a one-of-a-kind trophy made by Apple in the US. Trump's tariffs hit India hard Mr Trump has previously criticised Mr Cook and Apple after the company attempted to avoid his tariffs by shifting iPhone production from China to India. The president said he had a "little problem" with Apple and said he'd told Mr Cook: "I don't want you building in India." India itself felt Mr Trump's wrath on Wednesday, as he issued an executive order hitting the country with an additional 25% tariff for its continued purchasing of Russian oil. Indian imports into the US will face a 50% tariff from 27 August as a result of the move, as the president seeks to increase the pressure on Russia to end the war in Ukraine. Mr Trump told reporters at the White House he "could" also hit China with more tariffs. 2:14 Apple's 'olive branch' Apple, meanwhile, plans to hire 20,000 people in the US to support its extra manufacturing in the country, which will total $600bn (around £449bn) worth of investment over four years. The "vast majority" of those jobs will be focused on a new end-to-end US silicon production line, research and development, software development, and artificial intelligence, according to the company. Apple's investment in the US caused the company's stock price to hike by nearly 6% in Wednesday's midday trading. The rise may reflect relief by investors that Mr Cook "is extending an olive branch" to Mr Trump, said Nancy Tengler, chief executive of money manager Laffer Tengler Investments, which owns Apple stock.
