July 23 2024: Singapore’s central bank is widely expected to maintain its current monetary policy settings this week, refraining from easing amid persistent inflation risks driven by geopolitical tensions. Of the 10 analysts polled by Reuters, nine anticipate that the Monetary Authority of Singapore (MAS) will keep its policy unchanged during the scheduled review on Friday. Inflation Concerns:”The MAS is likely in no rush to ease policy setting, with core inflation still above its soft 2% target,” said Lloyd Chan, senior currency analyst at MUFG Global Market Research. Core inflation is projected to return to the 2% level only by early…
Author: editor2
July 23 2024: Asian currencies drifted higher on Tuesday, while the dollar retreated due to continued expectations of interest rate cuts and uncertainty over the 2024 presidential election in the United States. Sentiment towards Asia remained constrained by concerns over China, including signs of a slowing economic recovery and uncertainty regarding future U.S. policies towards the country. Japanese Yen Outperforms:The Japanese yen was the best performer of the day, continuing to strengthen against the dollar following suspected government intervention last week. The USDJPY pair fell 0.4% to 156.41 yen, nearing a 1.5-month low. A senior Japanese government official called for more…
July 23 2024: Oil prices stabilized on Tuesday after declining for the past two sessions, as investors remained cautious amidst expectations of abundant supplies and weak demand. The market largely ignored the recent upheaval in the U.S. presidential campaign. Current Prices: Brent crude futures for September: Rose 11 cents to $82.51 a barrel by 0645 GMT.U.S. West Texas Intermediate crude for September: Climbed 5 cents to $78.45 per barrel.Political Impact:Traders showed little reaction to President Joe Biden’s decision to withdraw from the 2024 presidential race and endorse Vice President Kamala Harris. Citi analysts suggested that neither Harris nor Republican nominee Donald…
July 23 2024: Bitcoin’s price declined on Tuesday as the recent weekend rally lost momentum amid growing uncertainty over the U.S. presidential race. Traders are now keenly awaiting an address by Republican presidential nominee Donald Trump. Bitcoin Price Drops:Bitcoin fell by 2.2% in the past 24 hours, reaching $66,419.2 by 01:24 ET (05:24 GMT). The cryptocurrency had peaked at $69,000 over the weekend but started stalling on Monday. Ether Also Declines:Ether, the world’s second-largest cryptocurrency, also dropped 2.2%, trading at $3,432.21. Despite the SEC approving six spot Ether ETFs set to begin trading later in the day, the token saw limited…
July 23 2024: European shares opened flat on Tuesday, with gains in the technology sector offset by declines in metal mining stocks. The pan-European STOXX 600 index remained steady at 514.9 points as of 0715 GMT, following its best performance in over a month on Monday. Earnings Drive Tech Rally:Investor attention was drawn to earnings updates from major tech companies: SAP shares surged 6.2% after the European software giant reported a 25% increase in its cloud business and exceeded analysts’ revenue estimates for the second quarter.Logitech International saw a 2.3% rise in its stock after the computer peripheral maker raised its…
July 22 2024: Sri Lanka’s central bank is anticipated to maintain its current interest rates for a second consecutive meeting on Wednesday, aiming to sustain monetary stability amid a prolonged financial crisis and ongoing political tensions. According to a Reuters poll, nine out of 14 economists and analysts expect the Central Bank of Sri Lanka (CBSL) to keep the Standing Deposit Facility Rate (SDFR) at 8.50% and the Standing Lending Facility Rate (SLFR) at 9.50%. The CBSL reduced rates by 50 basis points in March as part of an easing cycle that has seen rates decline by 700 basis points since…
July 22 2024: The dollar eased slightly against a basket of currencies on Monday while dropping sharply versus the yen as investors focused on U.S. President Joe Biden’s decision to end his re-election campaign and the next moves from the Federal Reserve and the Bank of Japan. Analysts noted that the Japanese currency could be at a turning point after a prolonged decline since the beginning of 2024. The Fed is nearing a rate cut, and the BoJ is widely expected to tighten its monetary policy soon. The Federal Reserve Open Market Committee will meet on July 30, followed by the…
July 22 2024: Oil prices increased in Asia on Monday as investors anticipated potential interest rate cuts by the U.S. Federal Reserve, possibly as soon as September. Brent crude futures gained 32 cents, or 0.39%, reaching $82.95 a barrel by 0651 GMT. U.S. West Texas Intermediate crude futures rose by 34 cents, or 0.42%, to $80.47. “Since the June FOMC meeting, inflation and labor market data have signaled that disinflation and labor market rebalancing are in place, which we expect will allow the Fed to begin its interest rate cutting cycle in September,” ANZ Research noted. The U.S. Federal Reserve is…
July 22 2024: Bitcoin’s price saw a slight increase on Monday, stabilizing after a significant rally over the weekend driven by President Joe Biden’s announcement to withdraw from the reelection race, which added uncertainty to the U.S. political outlook. The world’s largest cryptocurrency rose 0.9% in the past 24 hours, reaching $67,622.5 by 02:00 ET (06:00 GMT). Bitcoin had tested $69,000 over the weekend but pulled back to the current levels by Monday. Bitcoin Steadies as Biden Endorses VP Harris, Trump Reacts Bitcoin and the broader crypto markets are now facing heightened uncertainty regarding the 2024 elections after Biden endorsed Vice…
July 22 2024: Asian stocks faced fresh declines on Monday, receiving little boost from an unexpected rate cut by China’s central bank, while U.S. futures firmed following President Joe Biden’s decision to withdraw from the election race. The People’s Bank of China lowered short-term rates by 10 basis points, reducing long-term borrowing costs and bond yields. This move follows Beijing’s release of a policy document outlining its economic ambitions. However, investors appeared underwhelmed, with Chinese blue chips dropping 0.9%, and the yuan also weakening. “Fundamental factors suggest China needs a lower rate environment, especially given the current disinflationary trend,” said Gary…
