Oct 3, 2023: Oil prices slipped by around 1% in early Asian trade on Tuesday, after falling to a three-week low in the previous session, on a stronger U.S. dollar, rising U.S. bond yields and mixed supply signals. Brent futures for December delivery declined 99 cents, or 1.09%, to $89.72 a barrel by 0549 GMT, while U.S. West Texas Intermediate crude (WTI), fell 78 cents, or 0.88%, to $88.04 per barrel. “(Brent) crude oil prices slid to (around) $90 a barrel as rising US yields and a stronger US dollar dominated market sentiment,” ANZ analysts said in a client note.…
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Oct 3, 2023: Japanese Finance Minister Shunichi Suzuki said on Tuesday that any decision on currency market intervention would be based on volatility, not specific yen levels, as investors brace for a possible move if the yen breaches the 150-per-dollar threshold. Authorities are watching the currency market closely and stand ready to respond, Suzuki said, repeating a warning against speculative moves as the yen hovered near a one-year low versus the dollar, just shy of the 150 mark. “Currency levels won’t be a factor for judgment” on whether to intervene, Suzuki said. “It’s volatility that matters.” The foreign exchange market…
Oct 2, 2023: Wall Street index futures were subdued on Monday ahead of comments from Federal Reserve officials including Chair Jerome Powell, while investors looked forward to more economic data this week to gauge the central bank’s interest-rate outlook. Powell and Philadelphia Fed President Patrick Hasker will speak at a roundtable discussion, due 11 a.m. ET, with local employers and small business owners on efforts to grow the economy. Later in the day, Cleveland Fed President Loretta Mester will speak on the outlook for the U.S. economy. All three major stock indexes ended the July-September period lower to log their…
Oct 2, 2023: A recent Harvard case study has delved into the business model of Ripple, a prominent player in the cryptocurrency market, and its potential impact on the company’s initial public offering (IPO) valuation. The study was conducted by researchers Yoffie, Wu, and von Bargen and was spotlighted by Crypto Eri on Monday. The key focus of the study is Ripple CEO Garlinghouse’s ambition to revolutionize the global payments industry using the company’s native cryptocurrency, XRP. The researchers explore Ripple’s distinctive position within the crypto landscape and the underlying distributed technology that powers it. In addition to this, the…
Oct 2, 2023: The dollar was in the ascendant on Monday on the prospects that U.S. interest rates would stay higher for longer, while the yen slid towards 150 per dollar and near a one-year low, putting traders on watch for intervention from Japanese authorities. The yen eased to 149.83 per dollar, its weakest in more than 11 months, moving ever closer to the 150 mark that some traders believe could prompt intervention by Tokyo to support the currency. “For the yen to sustainably turn, the Bank of Japan needs to move away from its very loose monetary policy,” said…
Oct 2, 2023: Oil prices climbed $1 on Monday after suffering losses at the end of last week, as investors’ focus returned to a tight global supply outlook while a last-minute deal that avoided a U.S. government shutdown restored some risk appetite. Brent December crude futures rose $1.04 to $93.24 a barrel by 1124 GMT after falling 90 cents on Friday. Brent November futures had settled 7 cents lower at $95.31 a barrel at the contract’s expiry on Friday. U.S. West Texas Intermediate crude futures pared gains that had lifted the contract by more than $1 and were last 96…
Oct 2, 2023: Japan’s Chief Cabinet Secretary Hirokazu Matsuno said on Monday the government would continue to monitor currency moves with “a high sense of urgency”. He also repeated that it is important that the currency market moves in a stable manner reflecting fundamentals. The yen has slid to 11-month-low levels near 150 to the dollar, spurring market speculation that the government might intervene to stem further declines as it did last year. Earlier in the day, Japanese Finance Minister Shunichi Suzuki said he was watching currency moves “cautiously”, Bloomberg News reported. Source Courtesy: Reuters/Investing.com
Sep 28, 2023: The dollar clung close to a 10-month high against a basket of its peers on Thursday, keeping the yen near a key intervention zone as investors size up upbeat U.S. economic data and fresh comments from Federal Reserve officials. As the dollar held firm, the euro and sterling struggled to pick up much from new multi-month-lows hit on Wednesday. The Australian and New Zealand dollars pared losses, shrugging off retail sales data from Australia that came in weaker than expected. Federal Reserve Bank of Minneapolis President Neel Kashkari was one among several Fed voices to caution markets…
Sep 28, 2023: Most Asian stocks drifted lower on Thursday, extending recent declines amid persistent fears of higher U.S. interest rates, while Chinese stocks fell on renewed concerns over the country’s beleaguered property market. Japan’s Nikkei 225 was the worst performer in Asia, losing 0.8% as rising Treasury yields pressured heavyweight technology stocks. Uncertainty before a key inflation reading on Friday also kept sentiment towards Japan under pressure. Asian markets took a weak lead-in from Wall Street, as U.S. indexes saw an extended rout on concerns that the Federal Reserve will raise interest rates further this year. The Fed also…
Sep 28, 2023: Most Asian currencies moved little on Thursday amid persistent concerns over hawkish signals from the Federal Reserve, while the Japanese yen rose slightly as markets watched for any intervention in currency markets by the government. The dollar remained perched at 10-month highs, with the dollar index and dollar index futures moving little in Asian trade. But most regional currencies remained weak against the greenback, after the Fed signaled that it will keep U.S. interest rates higher for longer. Japanese yen rises slightly from 10-mth low, intervention in focusThe Japanese yen rose 0.2%, recovering slightly from a 10-month…
