Aug 20 2024: The Bank of Korea (BOK) is anticipated to maintain its key interest rate at 3.50% on Thursday, with a rate cut expected in the next quarter, following the likely start of U.S. Federal Reserve easing in September, according to a Reuters poll. The BOK’s benchmark rate has been held at 3.50% since January 2023. In July, inflation rose to 2.6% from an 11-month low of 2.4% in June, moving further away from the central bank’s 2% target. The BOK may wait for more stable price trends before considering policy easing. The Korean won, which has depreciated by over…
Author: editor2
Aug 20 2024: Most Asian currencies inched higher on Tuesday, while the U.S. dollar held steady at a more-than seven-month low, as expectations grew that the Federal Reserve will cut interest rates in September. The dollar’s recent weakness comes ahead of Fed Chair Jerome Powell’s anticipated speech at the Jackson Hole Symposium on Friday, where further indications of a rate cut may be provided. A softer dollar led to a strong rally in the Japanese yen on Monday, while the Chinese yuan saw a slight decline after the People’s Bank of China (PBOC) kept its benchmark loan prime rate unchanged, as…
Aug 20 2024: Oil prices edged lower on Tuesday as Israel accepted a proposal aimed at resolving disagreements obstructing a ceasefire deal in Gaza, easing concerns over potential supply disruptions in the Middle East. As of 0600 GMT, Brent crude was down 67 cents, or 0.86%, trading at $76.99 per barrel. The front-month U.S. West Texas Intermediate (WTI) crude futures, expiring on Tuesday, were at $73.75 per barrel, down 62 cents, or 0.8%. The more actively traded second-month contract dropped 63 cents, or 0.86%, to $73.03 per barrel. On Monday, Brent had declined by about 2.5%, while WTI fell by 3%.…
Aug 20 2024: Bitcoin’s price climbed on Tuesday, reflecting broader gains across risk-driven markets, fueled by increasing expectations that the Federal Reserve will begin cutting interest rates in September. As of 01:29 ET (05:29 GMT), Bitcoin, the world’s largest cryptocurrency, rose by 4.5% to $61,176.1. Concerns over token distributions from the defunct crypto exchange Mt. Gox, which had been weighing on the market, seem to have eased. Additionally, recent data showed positive capital flows into crypto investment products over the past week. Despite these gains, Bitcoin remains close to the trading range it has occupied for much of the year, struggling…
Aug 20 2024: European shares remained flat on Tuesday as traders adopted a cautious approach ahead of crucial euro zone data, with energy stocks leading the declines following a drop in global oil prices. As of 0710 GMT, the pan-European STOXX 600 index remained stable at 514.87 points, after reaching a three-week high in the previous session. The oil and gas sector was the biggest drag on the index, falling nearly 1% as crude prices declined amid easing geopolitical tensions and weak demand from China. In contrast, technology stocks rose by 0.6%, with ASML Holdings leading the gains with a 1.3%…
Aug 19 2024: Sweden’s central bank is anticipated to lower its policy rate by 25 basis points to 3.50% on August 20, with further cuts expected by the end of the year as inflation pressures continue to diminish, according to a Reuters poll conducted on Monday. All 16 analysts surveyed predicted a quarter-point reduction on Tuesday, with the policy rate projected to close the year at 3.00% before declining further in early 2025. “Swedish inflation and activity data have been weaker than policymakers anticipated,” noted Adrian Prettejohn, Europe Economist at Capital Economics. “We believe this will prompt them to lower the…
Aug 19 2024: On Monday, the yuan experienced its most significant gain in two weeks, driven by broad-based dollar selling as investors anticipated U.S. interest rate cuts. However, the yuan weakened against a strengthening yen. China’s currency climbed to 7.1314 per dollar during afternoon trading and ended the day about 0.4% stronger at 7.1363, marking its largest one-day increase since early August. This rally places the yuan back in the middle of its daily trading range—after spending months near the lower end—though this shift is largely due to a weakening dollar rather than an improvement in market sentiment. Despite the gains,…
Aug 19 2024: Oil prices softened on Monday as concerns over weaker demand in China, the world’s largest oil importer, dampened market sentiment. Investors are also closely monitoring the progress of ceasefire talks in the Middle East, which could potentially reduce supply risks. Brent crude futures decreased by 45 cents, or 0.56%, to $79.23 per barrel by 0646 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell by 58 cents, or 0.76%, to $76.07 per barrel. Both benchmarks saw nearly a 2% decline last Friday, as investor optimism regarding demand growth from China waned. However, by the end of the…
Aug 19 2024: In recent weeks, Shiba Inu (SHIB) has been largely inactive, with its price showing minimal movement. SHIB continues to trade within a narrow range, emphasizing its lack of volatility. The current chart indicates that SHIB is hovering around the $0.000013 level, with little deviation. Adding to the sluggishness, the 50-day and 200-day moving averages have shown no signs of convergence, typically a signal for potential bullish or bearish trends. On-chain data further underscores the lack of momentum, with minimal activity from large investors or “whales,” suggesting limited interest in SHIB at this time. The $0.000013 price level has…
Aug 19 2024: World stocks edged higher on Monday, while the dollar slipped as global equities extended gains from their best week in nine months. This optimism was fueled by expectations that the U.S. economy would avoid a recession and that cooling inflation could trigger a cycle of interest rate cuts. The prospect of lower borrowing costs kept gold near its historic highs and pressured the dollar against the euro. Meanwhile, the yen’s sudden surge weighed on Japan’s Nikkei index. MSCI’s broadest index of world stocks rose by about 0.2% as of 0900 BST. In contrast, Japan’s Nikkei index .N225 ended…
