Aug 23 2024: Wall Street is expected to trade within narrow ranges on Thursday, with investors keeping a close watch on labor data, a speech by Vice President Kamala Harris, and the highly anticipated start of the Jackson Hole symposium on Friday. 1. Powell’s Speech to Set Market Tone The focus is on Wyoming’s Grand Teton National Park, where Fed Chair Jerome Powell is set to deliver a pivotal speech at the Jackson Hole symposium on Friday. This address is likely to influence market expectations regarding upcoming monetary policy and the broader economy. Recent U.S. economic data has softened, paving the…
Author: editor2
Aug 23 2024: The U.S. dollar edged lower in early European trading on Friday, as its recent recovery from seven-month lows stalled, with market participants eagerly awaiting Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium. As of 04:30 ET (09:30 GMT), the Dollar Index, which measures the greenback against six major currencies, slipped by 0.1% to 101.245, hovering near its lowest levels since January 2. Dollar Weakens Ahead of Powell’s Speech Despite a slight rebound earlier in the week, the dollar has registered a roughly 1% decline for the week, marking its fifth consecutive losing week. This downturn…
Aug 23 2024: Gold prices edged higher in Asian trading on Friday but continued to recover from a sharp drop after hitting record highs earlier in the week. Investors exercised caution ahead of Federal Reserve Chair Jerome Powell’s speech, which provided some support to the U.S. dollar. Earlier this week, gold surged to record levels amid growing confidence that the Federal Reserve will begin cutting interest rates starting in September. While the market saw some profit-taking that led to a retreat in prices, gold remained relatively strong. As of 01:24 ET (05:24 GMT), spot gold rose by 0.4% to $2,495.52 an…
Aug 22 2024: Bitcoin’s price remained relatively unchanged on Friday as markets adopted a cautious approach ahead of Federal Reserve Chair Jerome Powell’s upcoming speech, which is expected to provide further insights into U.S. interest rate policy. Amid a broader risk-off sentiment in financial markets, Bitcoin faced additional pressure from concerns over potential token distributions by the defunct Mt Gox exchange. As of 01:56 ET (05:56 GMT), Bitcoin inched up by 0.2% to $60,846.8. The crypto market also felt the impact of a sudden appreciation in the Japanese yen after Bank of Japan Governor Kazuo Ueda hinted at the possibility of…
Aug 23 2024: European shares were mostly steady on Friday, experiencing mild turbulence as investors adopted a cautious stance ahead of Federal Reserve Chair Jerome Powell’s much-anticipated speech later in the day. The pan-European STOXX 600 index edged up 0.1% to 516.37 by 0820 GMT. Anticipation Builds Around Powell’s Speech The Euro STOXX volatility index, often referred to as the “fear gauge,” saw an increase this week, currently standing at 15.88 points. Despite hints from three Federal Reserve speakers on Thursday about a potential rate cut in September and their support for a “slow and methodical” approach, investors remained on edge,…
Aug 21 2024: Indonesia’s central bank opted to keep interest rates unchanged on Wednesday, focusing on stabilizing the rupiah before considering any potential rate cuts later in the year. Bank Indonesia (BI) maintained its benchmark 7-day reverse repurchase rate at 6.25%, a level it has held since April, aligning with the expectations of all 30 economists surveyed by Reuters. Additionally, the overnight deposit facility and lending facility rates were kept steady at 5.50% and 7%, respectively. BI has indicated the possibility of rate cuts in the fourth quarter, but for now, the central bank’s priority is to support further strengthening of…
Aug 21 2024: Nomura analysts, in a note dated Tuesday, projected ongoing weakness in the U.S. dollar, particularly in Asian markets. This outlook is influenced by several macroeconomic factors, adjustments in market positioning, and portfolio reallocations that are expected to exert downward pressure on the USD in the coming months. One of the key drivers behind this forecast is the anticipated narrowing of the growth differential between the U.S. and Europe, which has been a major factor in USD strength. The U.S. is expected to see its growth outperformance diminish, with the GDP growth gap between the U.S. and the EU…
Aug 21 2024: Oil prices held steady on Wednesday following a series of declines that pushed Brent crude down to nearly $77 per barrel. These declines were driven by persistent concerns over weakening Chinese demand and a reduction in fears regarding the spread of conflict in the Middle East. By 0806 GMT, Brent crude futures remained stable at $77.20 per barrel, while U.S. West Texas Intermediate (WTI) crude dipped slightly by 7 cents to $73.10 per barrel. Brent had shed 6.2% of its value since peaking above $82 the previous Monday, ending Tuesday’s trading at a two-week low of $77.20. During…
Aug 21 2024: Bitcoin’s price declined on Wednesday as concerns grew over potential token distributions from the defunct Mt Gox exchange, which appeared to have moved approximately $2 billion worth of Bitcoin. This movement rattled market sentiment, leading to a broader sell-off. Risk sentiment also weakened as Wall Street ended its eight-day winning streak, with traders seeking fresh positive signals to continue the mid-August rally. By 01:38 ET (05:38 GMT), Bitcoin had dropped 2.8% to $59,397.1 after failing to maintain the critical $60,000 support level. Mt Gox’s $2 Billion Bitcoin Movement Sparks Fears of Distribution A wallet associated with Mt Gox…
Aug 21 2024: London’s FTSE 100 edged higher on Wednesday, supported by gains in the mining sector, while global markets remained cautious ahead of upcoming U.S. economic data, the release of the Federal Reserve’s July meeting minutes, and speeches from policymakers later in the week. As of 0711 GMT, the blue-chip FTSE 100 index rose by 0.1% to 8,277.36, recovering slightly after experiencing its worst day since August 5 in the previous session. The mid-cap FTSE 250 index also gained 0.2%. Industrial metal miners led the gains in the benchmark index, rising by 1.6% despite a slight drop in copper prices.…
