US Dollar Weakens Amidst Disappointing Economic Data; Buffett's Berkshire Hathaway Holds $334.2 Billion in Cash Reserves

The U.S. dollar weakened against major currencies following disappointing U.S. economic data, increasing the likelihood of Federal Reserve interest rate cuts. The University of Michigan's consumer sentiment index fell to 64.7 in February, and the S&P Global Purchasing Managers Index (PMI) contracted to 49.7, signaling a slowdown in the service sector. In other news, Warren Buffett's Berkshire Hathaway reported holding $334.2 billion in cash reserves, reflecting a cautious investment approach amidst limited compelling opportunities in the American market. Buffett indicated that Greg Abel would soon succeed him as CEO and highlighted a $11.6 billion income from Treasury bill holdings. Emerging market currencies also strengthened against the U.S. dollar due to reduced tariff concerns.