Gold prices have surged to a record high near $2,950, driven by escalating trade war concerns. Widely recognized as a safe-haven asset, gold is attracting investors seeking security amidst uncertain market conditions. Meanwhile, financial markets are turning their attention to upcoming US economic data and the Federal Open Market Committee (FOMC) Minutes, as they search for clues regarding future monetary policy.
In related economic developments, the Reserve Bank of Australia (RBA) made a widely anticipated move by cutting interest rates. RBA Governor Michele Bullock emphasized that the strategy of higher interest rates has been effective in slowing economic activity and curbing inflation. However, she clarified that this rate cut does not signal the start of a series of reductions.
In the cryptocurrency market, Maker (MKR) has extended its rally, closing Wednesday with a 6% gain at $1,189. MKR's impressive performance is evident as it has surged over 20% this week alone. Artemis data indicates that MKR generated $10 million in revenue on February 10, highlighting its growing prominence in the digital currency space.
On the international front, inflationary pressures continue to mount. In the UK, annual Consumer Price Index (CPI) inflation rose to 3% in January from 2.5% in December. This increase underscores ongoing challenges faced by policymakers in managing inflationary trends amid varying economic dynamics.
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