Dollar Dominates Global Trade in January; India's Consumer Staples Shares Decline After Tax Cut Rally

In January, the U.S. dollar's use in global trade reached 50.2% of all international foreign-exchange traffic via Swift, up from 49.1% the previous month. This marks the highest level since Swift revised its transaction data collection methods in mid-2023. India's Nifty FMCG Index experienced a decline following an initial rally triggered by federal income tax cuts. The index concluded a 13-session losing streak on Wednesday, despite an initial 3% increase on February 1 after the announcement of $12 billion in tax cuts.