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.
Treasury Secretary Scott Bessent sharply criticized The Financial Times for what he called an 'explicitly false' article claiming he favors modeling US oversight of the Federal Reserve on the Bank of England. In a detailed post on X, Bessent denied ever advocating such a change and accused the outlet of fabrication. He reiterated his actual views on reforming the Fed to address institutional bloat and nonstandard policies.
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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.
The XRP token increased by more than 4% on February 14, reaching its highest level in over a week. This rebound, which exceeds 30% from its year-to-date low, aligns with broader cryptocurrency market gains following positive US inflation data. The surge also ties to growth in Ripple's USD stablecoin after its Binance listing.
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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.
Seoul's stock market opened sharply lower on February 2 due to risk-averse sentiment following the nomination of a new U.S. Federal Reserve chair. The KOSPI index fell 1.05% in the first 15 minutes and was down 3.47% by 11:20 a.m. Investors offloaded tech heavyweights, particularly major semiconductor makers.
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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.
Asian stocks open higher ahead of Fed rate decision
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