July 9 2024: Thailand requires stronger economic growth as the current potential growth rate of about 3% is inadequate for long-term sustainable expansion, the central bank governor stated on Tuesday. Bank of Thailand Governor Sethaput Suthiwartnarueput emphasized the need for structural reforms to increase the potential growth rate during a seminar. “It’s not enough. 3% is a growth rate we see in rich countries,” he said. “As a low-income country, we need higher long-term, sustainable growth.” The central bank has forecasted that Southeast Asia’s second-largest economy will grow by 2.6% this year and 3% next year. Last year’s growth of 1.9%…
Author: editor2
July 9 2024: Most Asian currencies edged lower on Tuesday as the dollar regained some strength before Federal Reserve Chair Jerome Powell’s testimony, while the yen hovered around 38-year lows. Sentiment towards Asia was also cautious due to ongoing concerns over new European import tariffs on China, which could prompt retaliatory measures from Beijing and potentially ignite a trade war. The dollar index and dollar index futures rose slightly in Asian trade, stabilizing after steep losses last week amid increased bets on interest rate cuts by the Fed. Powell’s testimony is expected to provide more clarity on this trend later on…
July 9 2024: Gold prices rose in Asian trade on Tuesday, recovering some of their overnight losses as traders anticipated dovish signals from Federal Reserve Chair Jerome Powell’s upcoming testimony. The yellow metal pulled back on Monday but maintained gains from the past week due to weak labor market data, which increased expectations for a potential interest rate cut in September. A weaker dollar also supported gold’s upward movement. Spot gold increased by 0.4% to $2,367.97 an ounce, while gold futures for August delivery rose 0.5% to $2,374.40 an ounce by 00:21 ET (04:21 GMT). Gold Rises as Powell’s Testimony Expected…
July 9 2024: Bitcoin’s price showed marginal gains on Tuesday, holding steady amid ongoing concerns about a potential increase in token supply, while Ether saw a significant rise due to speculation around the launch of a spot exchange-traded fund (ETF). The world’s largest cryptocurrency has been recovering from steep losses over the past two weeks, hitting a four-month low last week due to fears surrounding token distributions by the now-defunct crypto exchange Mt Gox. However, the downward trend seems to have paused for now. Bitcoin rose 3.2% in the past 24 hours to $57,280.7 by 01:06 ET (05:06 GMT). Ether, the…
July 9 2024: Japan’s Nikkei reached a record high on Tuesday, while investors worldwide awaited Federal Reserve Chair Jerome Powell’s testimony, hoping he would indicate support for rate cuts following signs of a cooling U.S. labor market. In Europe, market openings were mixed, with EUROSTOXX 50 futures down 0.2% and FTSE up 0.1%. S&P 500 futures gained 0.2% and Nasdaq futures firmed 0.3%, after Wall Street equities closed at record peaks on Monday. The Nikkei index surged 2.3% to a record high, bolstered by semiconductor shares. MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.4% higher, just below a two-year…
July 8 2024: Bank of England policymaker Jonathan Haskel said on Monday that he does not want to cut interest rates from their current 16-year high as inflationary pressures remain in the job market and it is unclear how rapidly they will fade. Financial markets currently price in a roughly 60% chance that the BoE will cut interest rates on Aug. 1 for the first time since 2020, but Haskel maintained his cautious stance on looser policy. “The labour market continues to be tight, and I worry it is still impaired,” Haskel said in the text of a speech he is…
July 8 2024: The U.S. dollar steadied in early European trade Monday ahead of key inflation data, while the euro edged higher as traders digested the results of the French parliamentary elections. At 04:25 ET (09:25 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely flat at 104.577, consolidating after a near 1% slump last week. Dollar Stabilizes Ahead of CPI Release The dollar has stabilized at the start of the new week after being on the back foot following surprisingly soft U.S. payrolls data on Friday, which boosted bets for the Federal…
July 8 2024: Oil prices edged lower on Monday after four weeks of gains as supply disruption concerns eased on hopes of a ceasefire deal in Gaza. However, the potential impact of Hurricane Beryl on supplies kept the slide in check. By 1230 GMT, Brent crude futures were down 42 cents, or 0.5%, at $86.12 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 52 cents, or 0.63%, to $82.64 a barrel. Negotiations over a U.S. ceasefire plan to end the nine-month-old conflict in Gaza are being mediated by Qatar and Egypt. “If anything concrete comes from the ceasefire talks,…
July 8 2024: Bitcoin’s price dipped slightly on Monday amid ongoing concerns over distributions by the now-defunct crypto exchange Mt Gox, negatively impacting sentiment in the broader cryptocurrency market. Despite these challenges, the world’s largest cryptocurrency found some support around the $57,000 level after hitting over four-month lows earlier in the day. Bitcoin fell 0.8% in the past 24 hours to $57,072.0 by 08:09 ET. Bitcoin Impacted by Mt Gox Distributions Trustees of the defunct Mt Gox crypto exchange announced they had begun distributing tokens to clients affected by a 2014 hack. While the value of the distributions has not been…
July 8 2024: Bank of America’s technical strategists predict a robust summer rally for US equities, with the S&P 500 (SPX) expected to climb to 6150. Their analysis highlights the recent surge in the SPX, which has already achieved new all-time highs and is approaching the target in the 5600s, based on a 2022-2023 bullish cup and handle pattern. However, Bank of America underscores the importance of broader market participation. While the SPX, S&P 100 (OEX), NASDAQ 100 (NDX), and NASDAQ Composite (COMP) have reached new highs, the Russell 2000 (IWM), S&P 500 equal weight (RSP), NYSE (NYA), and Dow Jones…
