The euro surged to its highest level in nearly four years against the U.S. dollar, as global investors turned to safe-haven assets amid growing geopolitical tensions and uncertainty surrounding the U.S.-China trade deal.
Market sentiment shifted sharply on Thursday as geopolitical tensions and fragile trade negotiations drove investors toward safer currencies. The dollar weakened after the U.S. president announced plans to send letters to trade partners outlining new tariff rates, with the 90-day pause on “reciprocal” levies nearing its end next month.
This retreat of the dollar helped the euro climb to $1.1589 — its highest level since late 2021 — supported not only by rate expectations but also growing investor confidence in the eurozone’s economic stability. Safe-haven currencies also gained ground, with the Swiss franc and Japanese yen rising 0.8% and 0.6% respectively, after President Trump’s warnings about rising Middle East tensions and efforts to curb Iran’s nuclear ambitions fueled caution.
In Asia, the Chinese yuan edged up to 7.1818 per dollar, though its gains were capped by persistent U.S.-China friction.
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The Middle East conflict remains tense as diplomatic efforts continue alongside renewed Houthi attacks. Iran says it remains open to mediation, while the Saudi-led coalition says it intercepted a ballistic missile fired towards the kingdom.
Evacuations and the provision of humanitarian aid in the Russian-occupied southern Ukrainian town of Oleshky have begun, a senior Ukrainian official said on Friday. In a statement on Telegram, David Arakhamia said a six-day ceasefire was holding, and that more details would follow.
Qatari mediators returned to Tehran on Friday as part of efforts to reach a deal between the U.S. and Iran, according to an official briefed on the talks.
Russian President Vladimir Putin said Russia remains willing to rebuild relations with European countries but warned that any wider conflict on the continent would leave no winners, as he commented on recent diplomatic contacts with Nordic leaders and growing security concerns in the Baltic region.
Hackers have pulled off a staggering $6.3 billion cryptocurrency heist targeting Binance, shaking confidence in one of the world's biggest digital asset exchanges and sending crypto prices tumbling. U.S. analysts suspect North Korea was behind the attack.
Cryptocurrencies are volatile, and their crashes make headlines. But does a slump in digital coins ever spill over into the pounds, dollars and euros in people's bank accounts? The short answer is not directly, but indirectly it can, and regulators are increasingly worried about how.
Russian President Vladimir Putin has praised record trade with Egypt as Moscow seeks to use its economic ties with Cairo to expand its influence across Africa, with a focus on manufacturing, infrastructure and energy.
Kazakhstan could begin building its first nuclear power plant in 2027, President Kassym-Jomart Tokayev said on 28 October, according to Azertac. But as Central Asia steps up its energy ambitions, which countries are investing in nuclear power and which are pursuing alternatives?
Apple's latest iPhone 18 Pro series has outperformed its predecessor in early global sales, even as rising manufacturing costs and weaker demand in some markets put pressure on the smartphone industry, according to Counterpoint Research data released on Tuesday (27 October).
Uzbekistan is moving into a new phase in the development of Islamic finance, with the country’s first Islamic banking licence issued shortly before a regional forum in Samarkand brought together industry players to discuss how the sector can expand across Central Asia.
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