February 4, 2025
United States:
US Trims Borrowing Estimate for First Quarter to $815 Billion
The US Treasury pared back its estimate for federal borrowing for the current quarter, while reiterating its previous assumption for cash balance at the end of March — assuming that Congress acts to raise or suspend the debt limit.
The Treasury Department said in a statement Monday that it now estimates $815 billion in net borrowing for January through March, down slightly from the $823 billion it had pencilled in back in October.
Europe:
Traders Bet on Rollercoaster for Euro
Traders are betting on bigger swings in the euro as the currency market wagers that the next focus of US President Donald Trump’s tariffs is Europe.
The common currency has already experienced the most volatility since 2022 in the past week, as US threats and the imposition of some trade tariffs turned to retaliations and delays.
Asia:
Yuan Extends Loss With China Proxies as US Trade War Reignites
The offshore yuan extended losses with regional peers, as China and the US slapped tariffs on each other’s exports as the trade war came to life.
The offshore yuan slid as much as 0.3% while currencies sensitive to China’s growth, including the Australian and New Zealand dollars, tumbled about 0.7%.
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