June 27 2024: China’s treasury futures soared to new highs on Thursday, while long-term yields hovered near record lows as investors continued pouring money into bonds, disregarding repeated risk warnings from the central bank. Chinese bond mutual funds’ assets surged to a record 6.5 trillion yuan ($894.3 billion) in May, marking a 40% increase from a year earlier, according to official data. This rise reflects how lower deposit rates are channeling savings into fixed income products amid stock market volatility. This bond bull run in China mirrors investor pessimism towards an economy grappling with a real estate crisis, local government debt…
Author: editor2
June 27 2024: Most Asian currencies showed minimal movement on Thursday as traders remained largely inclined towards the dollar in anticipation of key upcoming U.S. economic indicators. Attention was also focused on potential government intervention in the Japanese yen, which has surpassed levels that previously triggered intervention in May. Market sentiment in Asia was hampered by uncertainty regarding U.S. interest rates and concerns over China’s economy following weak data. The dollar index and dollar index futures fell slightly during Asian trading but remained close to the near two-month high reached on Wednesday. The market is closely watching the PCE price index…
June 27 2024: Oil prices declined on Thursday, influenced by an unexpected increase in U.S. stockpiles, which raised concerns about a potential slowdown in demand from the world’s largest oil consumer. However, the decline was limited by worries that the ongoing Gaza conflict might escalate and disrupt Middle Eastern oil supplies. As of 0635 GMT, Brent crude oil futures fell by 6 cents, or 0.1%, to $85.19 a barrel, while U.S. West Texas Intermediate crude futures dropped by 10 cents, or 0.1%, to $80.80 per barrel. Both benchmarks had settled slightly higher on Wednesday. “An anticipated increase in U.S. crude oil…
June 27 2024: XRP has been unable to maintain a reversal attempt that began on June 24, showing a gradual gain in strength but failing to break past the 26 EMA. This failure indicates a lack of momentum and buying pressure in the market, as the 26 EMA often acts as a significant resistance level. The inability to surpass the 26 EMA suggests that the bulls are not in control. Movements without substantial volume are likely to be erratic and short-lived. The broader cryptocurrency market’s volatility, with key assets like Ethereum and Bitcoin declining, makes it challenging for altcoins like XRP…
June 27 2024: London stocks closed lower on Wednesday for the second consecutive session, reflecting declines in European markets, with energy shares exerting the most pressure. Investors remained cautious ahead of the Federal Reserve’s key inflation gauge release on Friday. The blue-chip FTSE 100 fell by 0.3%, and the mid-cap FTSE 250 also decreased by 0.3%. The pound dropped 0.5% against the dollar as investors moved funds into the greenback amid growing caution before Friday’s release of the personal consumption expenditures price index. In the UK, investors are also awaiting the UK gross domestic product (GDP) data on Friday for further…
June 26 2024: The U.S. dollar rose on Wednesday, bolstered by hawkish comments from Federal Reserve officials, while the euro was weighed down by declining consumer confidence. At 03:35 ET (08:35 GMT), the Dollar Index, which measures the greenback against a basket of six other currencies, was up 0.2% at 105.480. Hawkish Fed Comments Propel Dollar The dollar gained strength during Tuesday’s session after Fed Governor Michelle Bowman stated that the U.S. central bank will likely keep interest rates steady “for some time” to manage “elevated” inflation. She added that she does not anticipate rate cuts in 2024. Bowman, known for…
June 26 2024: The U.S. dollar rose on Wednesday, bolstered by hawkish comments from Federal Reserve officials, while the euro was weighed down by declining consumer confidence. At 03:35 ET (08:35 GMT), the Dollar Index, which measures the greenback against a basket of six other currencies, was up 0.2% at 105.480. Hawkish Fed Comments Propel Dollar The dollar gained strength during Tuesday’s session after Fed Governor Michelle Bowman stated that the U.S. central bank will likely keep interest rates steady “for some time” to manage “elevated” inflation. She added that she does not anticipate rate cuts in 2024. Bowman, known for…
June 26 2024: Gold prices dipped slightly in Asian trade on Wednesday, extending losses from the previous session as traders favored the dollar in anticipation of key U.S. inflation data. The yellow metal remained within a trading range around the low $2,300 per ounce, a range it has maintained for most of June, as the outlook was clouded by the prospect of high U.S. interest rates. Spot gold decreased by 0.1% to $2,317.02 an ounce, while gold futures for August delivery also fell by 0.1% to $2,328.40 an ounce by 00:17 ET (04:17 GMT). Gold Prices Rangebound as PCE Inflation Data…
June 26 2024: Bitcoin’s price remained relatively flat at $61,000 on Wednesday, struggling with significant losses from the previous week due to concerns over potential selling pressure from the defunct crypto exchange Mt. Gox. The dollar’s strength negatively impacted broader cryptocurrency prices as traders favored the greenback ahead of crucial U.S. inflation data due this Friday. Additionally, a first-quarter economic growth report is also expected. Bitcoin saw a slight increase of 0.9% over the past 24 hours, reaching $61,597.0 by 01:30 ET (05:30 GMT). Earlier this week, the world’s largest cryptocurrency had dropped to $59,000, reflecting a generally negative risk appetite.…
June 26 2024: European stock markets rose on Wednesday as they prepared for the upcoming French election and a crucial U.S. inflation report. Meanwhile, the yen remained just below the 160 per dollar mark, keeping traders vigilant for potential intervention. Market sentiment in Europe was largely positive, buoyed by a rebound in Nvidia (NASDAQ ) shares on Tuesday after three consecutive days of declines. Investors were also focused on the monetary policy outlook and the possibility of further rate cuts. “Concerns about a significant market downturn are diminishing,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown. Although markets…
