July 11 2024: South Korea’s central bank indicated it is preparing for potential interest rate cuts but requires more evidence to confidently assert that inflation is returning to its 2% target. This follows the Bank of Korea’s decision on Thursday to leave its key policy rate unchanged. The Bank of Korea stated, “we will examine the timing of a rate cut,” in a policy statement after maintaining the benchmark interest rate at 3.50% for the 12th consecutive meeting. This decision was widely anticipated by all 40 economists surveyed by Reuters. “Given the underlying uncertainties regarding the future path of inflation, however,…
Author: editor2
July 11 2024: Most Asian currencies rose on Thursday as the dollar lost ground following comments from Federal Reserve Chair Jerome Powell, which sparked optimism over potential interest rate cuts. This puts upcoming inflation data in the spotlight. Regional currencies gained some ground against the dollar as traders largely maintained their bets on a September interest rate cut by the Fed. Thursday’s consumer price index (CPI) inflation report is expected to provide further insights. However, weak economic data caused the Japanese yen to continue lagging behind its peers, with the currency remaining close to its weakest level in 38 years. Dollar…
July 11 2024: Gold prices rose in Asian trading on Thursday, benefiting from a weaker dollar and declining Treasury yields as speculation over U.S. interest rate cuts grew ahead of key inflation data. The yellow metal has gained this week, buoyed by reports that several central banks in emerging markets are increasing their gold reserves. Dovish comments from Federal Reserve Chair Jerome Powell also supported the metal’s advance. Spot gold rose 0.4% to $2,381.73 an ounce, while gold futures expiring in August increased 0.3% to $2,386.75 an ounce by 00:42 ET (04:42 GMT). Gold Buoyant as Powell Comments Highlight CPI Data…
July 11 2024: Bitcoin’s price fell on Thursday, cutting short a recent rebound due to persistent concerns over increased token supplies. There were few signs that selling pressure from Mt Gox and the German government had eased. The world’s largest cryptocurrency is down 15% over the past month and remains on the brink of a bear market. Fears of increased token supplies have significantly impacted the market. Bitcoin fell 2.7% in the past 24 hours to $57,772.4 by 01:33 ET (05:33 GMT), with only limited relief from some bargain buying this week. Mt Gox, German Sales, and Miner Capitulation Weigh on…
July 11 2024: Asian stocks rallied on Thursday, driven by a surge in technology stocks after strong revenue figures from chipmaking giant TSMC fueled optimism about artificial intelligence. Japanese stocks also reached new peaks. Regional markets followed an overnight rally on Wall Street, where the S&P 500 and NASDAQ Composite hit record highs. Comments from Federal Reserve Chair Jerome Powell fostered optimism about a soft landing for the U.S. economy and potential interest rate cuts this year. Powell’s remarks put upcoming consumer price index inflation data in the spotlight, as this data is likely to influence the Fed’s interest rate outlook.…
July 10 2024: Oil prices declined on Wednesday as the effects of Hurricane Beryl diminished and inflation data underscored persistently weak consumer demand in China, the top crude importer. As of 0632 GMT, Brent futures fell 58 cents, or 0.69%, to $84.08 a barrel, following a 1.3% drop in the previous session. U.S. West Texas Intermediate (WTI) crude decreased by 48 cents, or 0.59%, to $80.93 a barrel, after a 1.1% decline in the previous session. Over the last three sessions, both contracts lost about 3% due to signs that Texas’ energy industry emerged relatively unscathed from Hurricane Beryl, which impacted…
July 10 2024: European shares gained on Wednesday, driven by corporate earnings, though the rise was tempered by weak oil and metal prices. Investors were also focused on Federal Reserve Chair Jerome Powell’s second day of testimony for further insights on interest rates. By 0815 GMT, the pan-European STOXX 600 had risen 0.2%, led by a more than 1% increase in real estate shares. Gains were limited as the basic resources sector fell 0.5% due to declines in crude oil and base metal prices. French stocks rose 0.2% after declining in the previous session, as investors evaluated the political situation following…
July 10 2024: Most Asian currencies traded within a narrow range on Wednesday as the dollar regained some strength following Federal Reserve Chair Jerome Powell’s testimony, which provided no direct signals on interest rate cuts. The New Zealand dollar emerged as the day’s worst performer after the Reserve Bank of New Zealand (RBNZ) adopted a dovish stance during its meeting. Dollar Steadies Post-Powell Testimony; CPI Data Awaited The dollar index and dollar index futures continued to recover from recent losses, steadying in Asian trading after Powell highlighted cooling labor market conditions and progress in reducing inflation. However, he emphasized that any…
July 10 2024: Bitcoin’s price rose on Wednesday, recovering from recent losses as bargain hunters capitalized on the recent dip. Despite this, sentiment remained cautious due to increased supply concerns linked to Mt Gox and the German government. Ether, the second-largest cryptocurrency, also saw gains, continuing its recent recovery as the market anticipated a key decision from the Securities and Exchange Commission regarding a spot exchange-traded fund. Bitcoin climbed 2.8% over the past 24 hours, reaching $58,870.5 by 01:40 ET (05:40 GMT) and briefly crossing the $59,000 mark after hitting a four-month low. Bitcoin Gains from Bargain Buying Amid Ongoing Supply…
July 10 2024: Shares of Taiwan Semiconductor Manufacturing (TSMC) rose on Wednesday after the world’s largest chipmaker reported stronger-than-expected second-quarter sales, driven by the ongoing AI boom and increased global investment in data centers. TSMC, the exclusive supplier of Nvidia (NASDAQ: NVDA) and Apple’s (NASDAQ: AAPL) most advanced chips, announced June revenue of NT$207.9 billion. This contributed to a 40% growth in the June quarter, reaching NT$673.5 billion, surpassing the average projection of a 35.5% increase. As a result, TSMC’s US-listed shares climbed 1.7% in premarket trading. Orders for AI chips have helped offset weak smartphone sales, which are beginning to…
