Jan 9, 2024: The dollar’s ascent was halted on Tuesday due to declining U.S. consumer inflation forecasts, affirming traders’ expectations for multiple Federal Reserve rate reductions this year. Meanwhile, Bitcoin maintained its position close to its highest level since April 2022, driven by mounting speculation regarding the impending approval of spot Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC). The latest Survey of Consumer Expectations from the New York Fed, released on Monday, indicated a notable drop in U.S. consumers’ short-term inflation forecasts, reaching their lowest point in nearly three years in December. An upcoming U.S. inflation…
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Jan 9, 2024: Most Asian currencies remained within narrow ranges on Tuesday but experienced some reprieve as the dollar encountered profit-taking before pivotal inflation data, expected to provide insights into potential interest rate cuts this year. At the onset of the year, regional currencies faced uncertainties regarding the Federal Reserve’s inclination toward early interest rate cuts. The market sentiment was influenced by robust data portraying resilience in the U.S. labor market, reducing the urgency for the Fed to initiate policy loosening promptly. While there was a minor respite for Asian currencies this week, they predominantly traded lower for 2024 following…
Jan 9, 2024: The Canadian Dollar faced a challenging start against its U.S. counterpart, influenced by the downward pressure exerted by declining crude prices on the commodity-linked loonie. Throughout a day of fluctuating trade movements, the loonie experienced strain against most major currencies. However, it managed to maintain a relatively stable position against the U.S. dollar as the trading day concluded. The US dollar demonstrated weakness broadly, marked by a decline in US Treasury yields and a shift in investor expectations concerning potential interest rate cuts by the US Federal Reserve. Anticipation prevailed ahead of significant CPI data. Presently, market…
Jan 9, 2024: U.S. stock index futures took a step back on Tuesday, pausing after a robust rally in the previous session. Investor sentiments recalibrated regarding the potential for imminent rate cuts, especially in anticipation of forthcoming inflation reports. Monday witnessed a strong finish across Wall Street, notably with the Nasdaq, centered on technology, surging over 2% to mark its most significant gain since November 2023. Simultaneously, the S&P 500 approached its highest closing level seen two years ago. The market buoyancy was fueled by a resurgence in high-capacity growth stocks and semiconductor entities like Nvidia (NASDAQ:NVDA), which achieved a…
The Dow Jones Industrial Average started lower on Monday, primarily impacted by a decline in Boeing (NYSE:BA) shares due to the grounding of some of its jets. However, megacap stocks lifted both the S&P 500 and the Nasdaq. At the open, the Dow Jones Industrial Average dropped by 138.74 points or 0.37%, reaching 37,327.37. In contrast, the S&P 500 began higher, rising by 6.46 points or 0.14% to 4,703.70. The Nasdaq Composite also saw gains at the opening bell, climbing 40.39 points or 0.28% to 14,564.47.
Jan 8, 2024: Coinbase (NASDAQ:COIN) has unveiled plans to acquire a Cyprus-based entity, pending regulatory approval, holding an EU MiFID license. The completion of this acquisition is anticipated within 2024. This strategic step aims to diversify Coinbase’s offerings, expanding its services beyond Bitcoin spot trading to include derivatives like futures and options. This move aligns with Coinbase’s ‘Go Broad, Go Deep’ strategy and its commitment to complying with European Single Market regulations. These regulations encompass robust Anti-Money Laundering (AML) and Know Your Customer (KYC) standards, along with compliance with sanctions laws. By broadening its range to cover various crypto asset…
Jan 8, 2024: On Monday, Cardano experienced a significant decline, trading at $0.4660 by 22:27 (03:27 GMT) as per the Investing.com Index. This marked a notable decrease of 10.24% within the day, representing the most substantial one-day percentage loss since December 16, 2022. This downward movement caused Cardano’s market capitalization to decrease to $16.7466B, constituting approximately 1.04% of the overall cryptocurrency market cap. Notably, its market cap had previously reached a high of $94.8001B. Within the preceding twenty-four hours, Cardano had a trading range between $0.4660 and $0.4996. Over the course of the last week, Cardano has seen a significant…
Jan 8, 2024: Gold prices continued their decline in Asian trading on Monday, extending losses observed in the preceding session. This retreat came in the wake of robust U.S. labor data, prompting a reconsideration of expectations around potential early interest rate cuts. The yellow metal experienced a lackluster start to the new year, closely tracking the dollar’s swift rebound as traders tempered their forecasts for the Federal Reserve’s potential rate reductions as early as March. Market Sentiment Shift: Stronger Labor Data The altered market sentiment was notably shaped by the stronger-than-anticipated nonfarm payrolls report released on Friday, underscoring the labor…
Jan 8, 2024: European stock markets navigated a mixed landscape on Monday, reflecting restrained risk sentiment as the week gears up for significant inflation data releases from the U.S., Japan, and China. As of 03:05 ET (08:05 GMT), Germany’s DAX index saw a modest 0.1% uptick, while France’s CAC 40 traded down 0.1%, and the U.K.’s FTSE 100 experienced a 0.3% decline. The Focus: Inflation Last week, European equities faced a retreat as investor expectations regarding early interest rate cuts this year shifted, particularly concerning moves by the U.S. Federal Reserve, the European Central Bank, and the Bank of England.…
Jan 5, 2024: Across Asia, most currencies saw little movement or marginal declines on Friday, with the dollar maintaining near three-week highs. The focus remained fixed on the upcoming U.S. labor data, which would offer crucial insights into the Federal Reserve’s stance on interest rate adjustments. The week unveiled a tough start for regional currencies in 2024, facing significant losses due to the dollar’s resurgence. This resurgence has fueled uncertainty regarding the exact timeline for the Fed’s initiation of interest rate reductions. Traders have visibly adjusted their expectations, pulling back from assumptions that the Fed might promptly implement rate cuts…
