Dec 13, 2023: U.S. stocks appear set for a positive start on Wednesday following the release of new data signaling a potential easing in inflation just ahead of the Federal Reserve’s conclusive policy decision for the year, widely anticipated to maintain existing interest rates. The Labor Department’s report unveiled a 0.9% annual rise in the Producer Price Index (PPI) for final demand in November, slightly below the 1% increase forecasted by Reuters-polled economists. On a month-to-month basis, producer prices remained unchanged, defying predictions of a 0.1% upswing. Recent reports, including Tuesday’s consumer price index (CPI) data, have reinforced expectations that…
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Dec 13, 2023: Amidst the recent market correction, XRP’s resilience stands out despite not experiencing a significant rebound. The asset’s price movement suggests an ongoing uptrend, albeit with subdued activity. While currently facing pressure, it appears poised for a potential rebound, generating anticipation for a momentum-driven price surge. Nevertheless, amidst optimism, a realistic perspective is crucial. The price chart exhibits a blend of promise and caution. While the coin maintains a position above critical moving averages, momentum indicators offer a tempered narrative. The Relative Strength Index (RSI), a gauge of market sentiment, hovers around the midline, refraining from confirming a…
Dec 13, 2023: In Asian trade on Wednesday, oil prices stabilized following a steep decline of over 3% to six-month lows in the prior session due to concerns about oversupply and demand dynamics. The February contract for Brent crude futures showed a marginal decrease of 1 cent, resting at $73.23 per barrel by 0207 GMT. Simultaneously, U.S. West Texas Intermediate crude futures for January slid by 2 cents, reaching $68.59 per barrel. The market stumbled in the previous trading session as stronger-than-anticipated U.S. inflation figures for November reinforced the notion that the Federal Reserve might not initiate early interest rate…
Dec 13, 2023: On Wednesday, most Asian currencies saw a decline, while the dollar stabilized due to persistent U.S. inflation data, creating uncertainties about the Federal Reserve’s forthcoming signals following its scheduled meeting. The regional currencies had been facing setbacks in recent sessions as the dollar surged, driven by indications of resilience in the U.S. labor market. November’s data also revealed a slight uptick in inflation, challenging the Fed’s earlier assumptions about the pace of the U.S. economy’s cooling. This realization had a dampening effect on most Asian currencies, compounded by ongoing concerns about a slowdown in China. The Chinese…
Dec 13, 2023: The trading day witnessed a decline in most Asian stocks on Wednesday, characterized by cautious sentiment prevailing before the Federal Reserve’s conclusive meeting for the year. Adding to the uncertainty surrounding the central bank’s outlook, a concerning U.S. inflation report contributed to the prevailing risk aversion. The apprehensions regarding feeble economic growth in China persisted, reflecting in sustained losses among local stocks subsequent to recent data signaling an exacerbation of the disinflationary trend in the nation. China’s Shanghai Shenzhen CSI 300 index was among the significant losers, experiencing a 1% decline, hovering slightly above a five-year low.…
Dec 12, 2023 :The dollar drifted lower and the yen stabilised in the Asia session on Tuesday as traders turned their focus on U.S. inflation data and a slew of central bank meetings ahead. The dollar was 0.5% lower at 145.46 yen. The pair has had a volatile few days, with the yen surging on remarks taken as hawkish from the Bank of Japan before falling back on a news report downplaying the prospect of an imminent policy change. “There is talk of a pivot by the Bank of Japan to higher rates and there is some speculation it could…
Dec 12, 2023: Oil prices moved little in Asian trade on Tuesday, as markets remained on edge following more signs of economic weakness in top importer China, while caution set in before key inflation readings from the U.S. and India. Data over the weekend showed that China slipped further into disinflation in November, raising more concerns over slowing economic growth in the country. The reading also came just a few days after data showing a pronounced drop in Chinese oil imports, which showed that slowing growth was now chipping away at the country’s appetite for crude. Oil prices had tumbled…
Dec 12, 2023: Most Asian stocks rose slightly on Tuesday, with Japanese markets trading positive on a dovish outlook from the Bank of Japan, while caution over China and a slew of upcoming indicators kept traders on edge. Markets were largely focused on upcoming U.S. consumer price index (CPI) inflation data later in the day, as well as a Federal Reserve interest rate decision on Wednesday, which is widely expected to set the tone for U.S. monetary policy in 2024. Japan’s Nikkei 225 index was among the better performers for the day, extending strong gains from Monday after media reports…
Dec 12, 2023: Gold prices moved little on Tuesday, with the yellow metal nursing a sharp fall away from record highs as markets hunkered down before key U.S. inflation data, as well as a Federal Reserve interest rate decision. Gold lost the coveted $2,000 an ounce level this week as markets second-guessed bets that the Fed will cut interest rates by as soon as March 2024. These bets had briefly driven gold to record highs of over $2,100 an ounce earlier this month. But gold plummeted sharply from record highs over the past week, as signs of resilience in the…
Dec 12, 2023: Most Asian currencies kept to a tight range on Tuesday, while the dollar steadied after recent gains as traders hunkered down before key U.S. inflation data and a Federal Reserve meeting due in the coming weeks. The dollar index and dollar index futures fell slightly in Asian trade. But the greenback held above 104 against a basket of currencies, as uncertainty over the Fed’s plans to cut interest rates in 2024 drove some flows into the dollar. Consumer price index data is due later in the day, and is expected to show that inflation eased slightly in…
