International News 09 May 2025
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Wall Street gains on hopes of US-UK trade deal
US stock indexes surged on Thursday following news of an impending trade deal between the US and the UK, the first such agreement since President Trump halted import tariffs. The Dow Jones, S&P 500, and Nasdaq all experienced growth as optimism regarding the deal spread, including potential reductions in US tariffs on British automotive and steel products. Trump announced plans for a press conference to reveal the comprehensive agreement, which would mark progress in ongoing trade negotiations with key partners. Market analysts anticipate increased clarity on tariff policies once the specifics of the deal are disclosed, setting a foundation for future agreements. Furthermore, the US and China are scheduled to resume trade discussions this weekend in Switzerland, indicating ongoing efforts to address trade tensions.
Today's Economic Calendar (May 9, 2025), BoE Governor Speeches
The economic calendar for 9 May 2025 includes limited data releases affecting major currencies such as the USD, EUR, GBP, JPY, AUD, CAD, NZD and CHF. The agenda includes a speech by the Governor of the Bank of England, Mr Bailey, which is likely to have an impact on the movement of the British pound. There will also be a discussion of the Swiss inflation indicator, which is likely to have an effect on the Swiss franc. Key points to note include various events influencing the USD movement throughout the day, including the US 30 Year Notes Auction, the Fed Balance Sheet Report, FOMC Member Williams' Speech, and more. There is no significant economic data for the EUR, while GBP highlights include speeches by BoE Governor Bailey and MPC Member Pill. Additionally, an article suggests that the smartphone era may be coming to an end by 2030, and discusses recent developments involving Trump's actions against Russia.
https://internasional.kontan.co.id/news/kalender-ekonomi-hari-ini-9-mei-2025-pidato-gubernur-boe
Ukraine considers switching from dollar to euro, here's why
Ukraine's Central Bank Governor, Andriy Pyshnyi, has expressed interest in transitioning away from the US dollar and moving towards closer alignment with the euro. Key factors that Pyshnyi has identified as justification for this change include the potential for Ukraine to become a member of the EU, increased cooperation on defence issues between Ukraine and the EU, market volatility and the evolving global trade landscape. This shift would represent a significant departure from the dollar-centric approach seen in global trade and reserves. This move follows growing concerns about US trade policies under President Trump and the implications for the dollar's status as a dominant reserve currency. Pyshnyi has emphasised the intricacies involved in this potential transition and the necessity for meticulous preparation, signifying a significant advancement in Ukraine's currency strategy.