Federal Reserve
Korean won falls past 1,500 against dollar amid oil surge
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The South Korean won fell sharply past the 1,500-won level against the US dollar on Thursday as global oil prices surged amid escalating Middle East tensions. It opened at 1,505 won per dollar, down 21.9 won from the previous session, breaching the psychologically and technically critical threshold.
US stock markets tumbled after the Federal Reserve kept interest rates unchanged and signaled just one rate cut this year. The Dow Jones dropped 768 points, while the S&P 500 and Nasdaq fell over 1.3%. Rising oil prices, geopolitical tensions, and an increase in the Producer Price Index contributed to the uncertainty.
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Asian equities opened higher, tracking gains in US stocks and Treasuries, as investors overlooked geopolitical tensions. Markets displayed cautious optimism despite worries over oil prices and inflation, with the Federal Reserve's interest-rate decision pending. Oil prices held near $103 amid expectations of continued volatility until energy stabilizes.
Anthony Pompliano, chairman of ProCap Financial, forecasts a strong recovery for bitcoin as the Federal Reserve prints money to combat deflation. He describes this as a 'monetary slingshot' that will devalue the currency and boost bitcoin's value in the long term. Despite recent price drops, Pompliano urges investors to hold firm through the current economic pressures.
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Bitcoin has bounced back modestly after flirting with US$60,000 last week, following a roughly 50% drop from its October 2025 high. Altcoins continue to underperform as investors shift capital toward AI stocks and more durable crypto assets. This rotation reflects broader market caution amid hawkish Federal Reserve expectations and economic uncertainties.
President Donald Trump has nominated former Federal Reserve governor Kevin Warsh to replace Jerome Powell as the central bank's chairman. The announcement, made on Friday via Truth Social, praises Warsh as a potential great leader for the Fed. Warsh requires Senate confirmation to assume the role when Powell's term ends in May.
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Precious metals experienced a dramatic plunge on Friday, with silver dropping 35% and gold falling 12% from recent highs. Bitcoin remained relatively stable around $83,000 amid the volatility. The sell-off appears linked to President Trump's nomination of Kevin Warsh as Federal Reserve chair.
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