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Dollar on course for strongest week since 2022

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Dollar on course for strongest week since 2022

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The dollar is on course for its strongest weekly performance since 2022 after outsize US inflation figures caused ripples through world markets.

The US currency has strengthened by 1.6 per cent against a basket of six currencies since Monday, its best weekly performance since September 2022, as traders reversed bets on early interest rate cuts by the Federal Reserve.

The euro and sterling fell to their weakest levels against the dollar since November on Friday at $1.0642 and $1.2447, respectively, while the yen sank to a 34-year low, before recovering to ¥153.13.

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Sterling’s decline also contributed to a 0.9 per cent rise in UK stocks on Friday, as the FTSE 100, whose constituent companies draw most of their revenues in dollars, ended the day’s trading just short of a record close.

“The US is its own special case with very loose fiscal policy and now tight monetary policy, which is a recipe for a stronger dollar,” said Quentin Fitzsimmons, a senior portfolio manager at T Rowe Price. “The buzzword that is going through markets at the moment is divergence.”

This week’s increase in US consumer price inflation — which hit a higher than expected 3.5 per cent for March — has prompted traders to increase bets that the Fed might deliver as few as one rate cut this year.

That compares with expectations of as many as six quarter-point cuts at the start of January. 

On Thursday, the European Central Bank signalled it was still on course to deliver interest rate cuts in June. Pressure on the euro increased because of growing expectations that eurozone interest rates will fall ahead of those in the US.

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As of Friday afternoon, the single currency was down 1.8 per cent on the week, the biggest weekly decline since September 2022.

“It looks like a happily divergent ECB has sent the euro weaker against the dollar,” said Chris Turner, head of global markets at ING.

The shift in sentiment helped push the spread — or gap — between benchmark 10-year US and German government borrowing costs to 2.17 percentage points, its highest level since 2019.

Speculation also rose that Sweden’s Riksbank could cut interest rates as soon as May after the country reported lower than expected inflation on Friday.

Sustained dollar strength could cause problems for countries looking to cut rates without undermining their currencies and accelerating price rises.

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The outlook has been complicated by a surge in oil prices, with Brent crude topping $92 a barrel for the first time since October on Friday amid rising fears of a widening conflict in the Middle East.

“Other central banks clearly don’t want their currencies to weaken materially . . . what it means is effectively you will end up importing more inflation” said James Novotny, a portfolio manager at Jupiter Asset Management. 

Markets are betting that the ECB will deliver at least three quarter-point cuts by the end of the year, compared with two reductions for the Bank of England and only one or two for the Fed.

Japan’s currency has suffered most from the rise in US rate expectations, which has pushed the yen to its weakest level since 1990, putting the finance ministry on red alert for a possible intervention. 

Masato Kanda, Japan’s vice-finance minister for international affairs, told reporters on Thursday that authorities would not rule out any measures to address excessive moves in the exchange rate.

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Mark Dowding, chief investment officer at RBC BlueBay Asset Management, said the impact of any intervention would be expensive and temporary. 

“The yen has been undermined by policy from the [Bank of Japan], which is too accommodative,” he said. “It looks like the yen remains vulnerable just because the policy gap remains achingly wide.”

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Utah County declares State of Emergency as wildfires ‘ravage’ the state

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Utah County declares State of Emergency as wildfires ‘ravage’ the state

UTAH COUNTY, Utah (ABC4) — Utah County has declared a state of emergency.

According to an announcement from the Utah County Commissioner Skyler Beltran, the county is in a dire position due to the extensive wildfires in the area and high fire risk.

The announcement states that declaring the State of Emergency will allow the county to access additional resources, and notes there is no imminent threat to Utah County residents.

“We have utilized a tremendous amount of our resources (very early in the traditional fire season schedule) responding to the Iron Fire and continue to face ongoing recovery concerns,” the statement read. “This was even before the Maple Peak and Cherry fires, which have now merged and are moving toward the Iron Fire.”

The Iron Fire, which started last week, has burned over 40,000 acres. Around 22,830 of those acres were in Utah County. Reportedly, the county has limited resources available to help those who are evacuating from Juab County, including the 600 residents in the Town of Eureka.

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Due to the influx in evacuees, the Utah County Commission says that more resources are necessary to help the evacuation shelters in Elberta, Utah. Additionally, due to the Iron Fire and other wildfires, Utah County is facing immense repair needs to avoid future flooding, loss of homes, and disruption to local economies and ecosystems.

There is “imminent threat” to public safety due to the damage.

The commission also asks the public to be vigilant when handling heavy equipment, using campfires or barbecues, and discharging fireworks, to avoid preventing fires.

Their statement added, “Our firefighters are exhausted, our resources are stretched thin and we are in a very vulnerable position.”

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A day after Alito’s testy response to Sotomayor’s dissent, court says it was a ‘misunderstanding’

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A day after Alito’s testy response to Sotomayor’s dissent, court says it was a ‘misunderstanding’

The justices of the U.S. Supreme Court, with Justice Sonia Sotomayor (seated left) and Justice Samuel Alito (seated second from right).

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As the Supreme Court heads into the announcement of its final and hugely important opinions next week, there are reverberations from this week’s announcements, and Justice Samuel Alito’s public rebuke of his colleague Justice Sonia Sotomayor.

On Thursday, Justice Alito summarized from the bench three very big opinions he authored for the court’s six justice conservative majority. Alito, unlike most of his colleagues, doesn’t spend much time on these summaries. And it is rare that a justice has three big opinions to announce, but it is almost the end of the term, and there are a lot of big cases still outstanding.

The first case he announced came and went. Alito then moved on to a second case, this one tests whether migrants may apply for asylum in the U.S. by going to one of several ports of entry along the U.S.-Mexican border, and presenting themselves for admission. This entails presenting documents that persuade an asylum officer that applicants’ fear of persecution in their home country is credible enough to allow them to enter the U.S. while their asylum application is processed. Alito’s opinion ruled in favor of the Trump administration’s policy of refusing all such applicants by blocking them at the border. It was a policy also followed at one time by the Obama administration until it was blocked by the lower courts.

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After Alito finished his summary of the opinion, he paused, at which point Justice Sotomayor read a summary of her contrary views in dissent. When she finished, however, Justice Alito did not move on to the announcement of his third opinion. Instead, he did something that nobody in the press corps ever remembers happening before. Looking much as if he had just bitten into a lemon, Alito said, “There is much that I would have added to my bench statement had I known there would be a dissent read.” And he then went on to a short extemporaneous rebuttal.

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“It’s blood money”: Family of exonerated man in Texas yogurt shop murders speaks out after settlement

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“It’s blood money”: Family of exonerated man in Texas yogurt shop murders speaks out after settlement

The widow and the daughter of Maurice Pierce, one of the four men wrongfully accused in the 1991 Texas yogurt shop murders, have confirmed they signed a multimillion-dollar settlement with the city of Austin.

Kimberli and Marisa Pierce spoke with correspondent Erin Moriarty in a new episode of the podcast “48 Hours: Case by Case.” Moriarty has reported on the yogurt shop murders for over 30 years. 

Maurice Pierce’s widow Kimberli made clear that their priority has never been financial compensation. “It’s blood money for us. He died for this money,” Kimberli Pierce said. “It’s about the reform and the changes that need to happen, not only in Austin, but apparently across the country.”

They also went into great detail about what they believe happened when Maurice Pierce was shot and killed by police in 2010. 

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Maurice Pierce was one of four men, along with Michael Scott, Robert Springsteen and Forrest Welborn, who were wrongfully accused in the murders of four teenage girls in Austin on Dec. 6, 1991. Eliza Thomas, Amy Ayers, and sisters Jennifer and Sarah Harbison were tied up, shot and left inside the yogurt shop as it was set ablaze. 

The four men were exonerated in February after investigators linked another man, Robert Eugene Brashers, to the killings. The city of Austin subsequently offered a $35 million settlement. Because Maurice Pierce died in 2010, his share of $10 million will go to Kimberli and Marisa Pierce.

Eight days after the killings, 16-year-old Maurice Pierce was arrested at a mall, carrying a .22, the same caliber handgun connected to the crime. Kimberli Pierce said police told Maurice Pierce that his gun was the murder weapon. He responded by mentioning his friend Forrest Welborn. Maurice Pierce was then wired up and sent to speak with Welborn, but investigators ultimately determined that Welborn and the others knew nothing about the murders, and no charges were filed at that time.

Marisa Pierce has said there was no evidence when her father was questioned, “only a detective and a narrative, a narrative so completely false. It feels evil.”

From left, Maurice Pierce, Forrest Welborn, Michael Scott and Robert Springsteen were exonerated in February 2026 after investigators linked another man, Robert Eugene Brashers, to the December 1991 killings of four teenage girls in an Austin, Texas, yogurt shop. 

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Nearly eight years later, in 1999, all four men were arrested after Scott and Springsteen confessed to the murders. They later recanted, saying they had been coerced. Springsteen and Scott were tried and convicted, but later those convictions were overturned on constitutional grounds. A subsequent DNA test excluded all four men. Maurice Pierce was never convicted but spent three years in jail before his release in 2003. 

Kimberli Pierce said her husband came home a hardened man. She believes police continued to harass Maurice and their family after his release. In 2010, Maurice Pierce was stopped for a routine traffic stop, fled on foot, and was shot and killed by an Austin police officer who said Pierce had stabbed him with a knife. 

Marisa and Kimberli Pierce told “48 Hours” that they intend to review the circumstances surrounding the night of Maurice Pierce’s death. Marisa Pierce revealed in new, emotional detail that she was on the phone with her father at the time. She believes he panicked and was only trying to get away, not to hurt anyone. She described her father’s last breaths: “And in those last moments, he had just said I’m sorry, I don’t think you’re gonna see me again, and I love you.” 

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“48 Hours” reached out to the Austin Police Department about the Pierces’ allegations of harassment and their questions about Maurice Pierce’s death in 2010. The police department said they had no additional comment.

For the Pierce family, the settlement is a starting point, not an end point. They have put forward seven proposed reforms they hope the city of Austin will approve, including appointing a child advocate whenever a minor is questioned, prohibiting deceptive interrogation tactics, educating juveniles about their rights and establishing accountability measures to address tunnel vision in police investigations.

In a statement shared with “48 Hours,” the Pierces wrote: “Real justice is not only about acknowledging harm after the fact but about creating safeguards that prevent future families from enduring the same pain.”  

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