June 13 2024: On Thursday, Taiwan’s central bank indicated that inflation is expected to gradually decrease for the remainder of the year, while maintaining a generally hawkish monetary policy stance. Although Taiwan’s inflation levels have not reached those of major Western economies—with the consumer price index (CPI) rising by 2.24% in May—the central bank has prioritized reducing it. Given Taiwan’s export-dependent economy, which has benefited from global demand for computer chips and the surge in artificial intelligence, concerns about impacting economic growth have been less pressing. After the quarterly rate-setting meeting where the central bank left the benchmark discount rate at…
Author: editor2
June 13 2024: The U.S. dollar fell on Thursday as traders balanced the factors of benign U.S. inflation with a more hawkish Federal Reserve stance. At 04:25 ET (08:25 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.3% at 104.340, after reaching its strongest level since mid-May earlier in the week. Dollar Awaits PPI Release The dollar experienced volatile trading on Wednesday, dropping immediately after the U.S. inflation report showed consumer prices were flat month-to-month in May, against expectations of a 0.1% rise. However, it recovered some losses when the Federal Reserve…
June 13 2024: Oil prices declined on Thursday as investors absorbed the news that the U.S. Federal Reserve likely postponed an interest rate cut to December, and as U.S. crude and fuel stockpiles increased. Brent crude futures fell by 60 cents, or 0.7%, to $82 a barrel by 1207 GMT. West Texas Intermediate (WTI) U.S. crude futures dropped 68 cents, or 0.9%, to $77.82. Both benchmarks had risen nearly 1% in the previous session. The Fed held rates steady on Wednesday and indicated that policy easing might not start until December. “In the Fed’s view, this is the price that needs…
June 13 2024: Bitcoin’s price slipped on Thursday during a volatile session, as the Federal Reserve’s forecast of higher-for-longer interest rates overshadowed signs of cooling near-term inflation. The world’s largest cryptocurrency dropped 2.1% in the past 24 hours to $67,850.9 by 08:30 ET (12:30 GMT). Bitcoin experienced significant swings this week, reaching as high as $70,000 before declining sharply. Bitcoin Remains Rangebound Amid Fed’s Rate Cut Forecast Traders stayed cautious about Bitcoin and broader cryptocurrencies due to the anticipation of prolonged high U.S. interest rates. Although the Fed kept rates unchanged on Wednesday, Chair Jerome Powell indicated the possibility of only…
June 13 2024: Global stocks pulled back from record highs on Thursday as optimism from slowing U.S. inflation and reassuring Fed signals gave way to renewed weakness in Europe due to political and tariff concerns. Bond market borrowing costs and the dollar rose after the Fed tempered rate cut expectations. However, these moves only partially reversed the significant declines from the previous day, with markets largely focusing on dramatic developments elsewhere. In Europe, the continent-wide STOXX 600 fell 1%, driven down by a 2.2% slump in car manufacturers. This came after China indicated it would respond to the EU’s decision to…
June 12 2024: According to a Reuters poll of 65 economists, the Bank of England (BoE) is set to start cutting interest rates in August, with most experts anticipating at least one more rate reduction this year, despite persistent wage and services inflation. The BoE, one of the first central banks to raise rates after the COVID-19 pandemic, increased the Bank Rate by 515 basis points between December 2021 and August 2023, reaching a 16-year high of 5.25% to combat surging price pressures in the economy. Overall inflation fell to 2.3% in April, nearing the central bank’s 2.0% target, down from…
June 12 2024: The U.S. dollar fell on Wednesday, retreating after reaching a four-week high overnight ahead of the Federal Reserve’s latest policy meeting conclusion. At 04:10 ET (08:10 GMT), the Dollar Index, which measures the greenback against six other currencies, was down 0.4% at 104.775, after peaking at 105.46, its highest level since May 14. Dollar Awaits Fed Meeting Despite recent gains, the dollar pulled back, influenced by a stronger-than-expected jobs report last Friday, which led traders to reduce expectations for Fed rate cuts this year. All attention is now on the release of critical U.S. consumer price data and…
June 12 2024: Gold prices are predicted to surge to $3,000 over the next 12 months, according to analysts at Citi. This bullish outlook is supported by strong physical demand, central bank purchases, and favorable macroeconomic factors. “The path for gold prices may not be linear, but average prices are expected to trend higher in the second half of 2024 and into 2025,” Citi analysts noted. “We anticipate the market will be well-supported above $2,000-2,200 per ounce and will frequently test nominal all-time highs through the end of 2024,” before potentially reaching $3,000 in 2025, the firm added. Several key factors…
June 12 2024: Bitcoin’s price declined on Wednesday, continuing its fall from the previous session as market participants remained cautious ahead of a Federal Reserve meeting and critical inflation data. The leading cryptocurrency dropped 0.8% over the past 24 hours, reaching $67,372.3 by 01:34 ET (05:34 GMT). It had previously fallen to a low of $66,000 on Tuesday. Bitcoin Volatility Heightened by Rate Concerns Bitcoin experienced significant price fluctuations in recent sessions, rising as high as $72,000 as market sentiment towards cryptocurrencies remained uncertain in anticipation of U.S. interest rate signals. Higher interest rates reduce the attractiveness of riskier assets like…
June 12 2024: Indonesian stocks declined on Wednesday, with the IDX Composite Index falling 0.33% to reach a six-month low. The decline was driven by losses in the Financials, Agriculture, and Basic Industry sectors. At the close of trading in Jakarta, MD Pictures Tbk PT (JK ) dipped 0.24% or 10 points to 4,210.00. On the other hand, Indoritel Makmur Internasional (JK ) surged 1,796% or 4,490 points to 4,740.00, and Super Energy Tbk PT (JK ) soared 1,532.26% or 2,375 points to 2,530.00 in late trade. The session’s worst performers included Totalindo Eka Persada Tbk PT (JK ), which plummeted…
