Mar 8 2024: The yen soared to a fresh five-week peak against the dollar on Friday amid reports suggesting that the Bank of Japan (BoJ) is increasingly open to the idea of raising interest rates and considering a new quantitative monetary policy framework. Jiji news agency indicated that the BoJ is contemplating a framework to provide insights into upcoming government bond buying amounts. Concurrently, Reuters reported that an increasing number of BoJ policymakers could endorse ending negative interest rates this month, anticipating strong outcomes from this year’s annual wage negotiations. The yen strengthened by 0.6% against the dollar, reaching 147.18, with…
Author: editor2
Mar 8 2024: In early European trading on Friday, the U.S. dollar saw a modest uptick, though it remained on track for a significant weekly decline following indications from Federal Reserve Chair Jerome Powell signaling potential lower interest rates in the coming months. Meanwhile, the euro pulled back from recent highs subsequent to the European Central Bank meeting. At 04:15 ET (09:15 GMT), the Dollar Index, which measures the dollar against a basket of six other major currencies, was trading slightly higher at 102.787. However, it is poised for a weekly loss of approximately 1%, marking its most substantial decline in…
Mar 8 2024: On Friday, oil prices experienced a dip as investors evaluated indications of potential interest rate cuts in the United States and Europe alongside expectations of robust global supply for the year. Brent crude futures dropped by 0.54%, or 45 cents, to $82.51 a barrel by 1305 GMT. Similarly, U.S. West Texas Intermediate crude futures fell by 0.66%, or 52 cents, to $78.41, after initially trading more than $1 higher than Thursday’s settlement earlier in the session. Both benchmarks are on track for weekly losses, with Brent facing a 1.29% decline from last Friday and WTI down by 1.95%.…
Mar 8 2024: According to analysts at Goldman Sachs, the recent spike in digital asset prices, reaching all-time highs, has contributed to increased trading volumes and greater participation from retail investors on the cryptocurrency exchange Coinbase (NASDAQ:COIN). In a client note issued on Thursday, Goldman Sachs upgraded their rating of Coinbase stock from “Sell” to “Neutral,” highlighting that daily trading volumes on the platform have surged to levels not witnessed since 2021. The analysts project that this trend will lead to a 48% rise in Coinbase’s annual revenues and a 114% increase in core earnings. The analysts stated, “[O]ur analysis suggests…
Mar 8 2024: Late on Thursday, the U.S. Senate confirmed two nominees, Andrew Ferguson and Melissa Holyoak, by voice vote to occupy Republican positions within the Federal Trade Commission (FTC). Nominated by President Joe Biden in July, Andrew Ferguson, Virginia Solicitor General, and Melissa Holyoak, Utah Solicitor General, were appointed to the five-member FTC. Their confirmation does not shift the power balance at the FTC, which is currently chaired by Democrat Lina Khan, with two additional Democratic commissioners. The Senate also approved a new term for Democratic FTC Commissioner Rebecca Slaughter during the same session. Notably, the FTC has lacked a…
Mar 7 2024: The head of the UK’s debt agency suggests that there is currently diminished value in issuing long-dated gilts compared to shorter or medium-dated bonds as the country faces its second-highest borrowing needs on record. In an announcement by the United Kingdom Debt Management Office (DMO), plans were unveiled to issue £265 billion ($338 billion) of government bonds in the 2024/25 financial year, marking an increase from the £232 billion issued in the current year. Robert Stheeman, CEO of the DMO, described the new remit as “substantial,” emphasizing efforts to design it in a manner that enhances the…
Mar 7 2024: Market analysts foresee the U.S. dollar retaining its robust position in the near term, with a potential delay in the Federal Reserve’s initial interest rate cut until the latter half of the year, reveals a recent Reuters poll of foreign exchange strategists. Despite a weakening trend observed towards the end of last year, the dollar has shown resilience, strengthening against nearly all currencies monitored by traders and investors, registering a nearly 2.5% increase for the year. The recent upsurge in the greenback’s value is primarily attributed to better-than-anticipated U.S. economic performance and diminishing expectations for imminent Fed…
Mar 7 2024: Gold Prices Reach New Peaks as Powell Suggests Rate Cut in 2024 On Thursday, gold prices soared to unprecedented levels, marking their seventh consecutive daily increase. This surge was propelled by weak U.S. economic data and indications from Federal Reserve Chair Jerome Powell hinting at potential rate cuts in the near future, should inflation ease. As of 0432 GMT, spot gold rose by 0.5% to $2,159.79 per ounce, hitting an all-time high of $2,161.09 earlier in the session. Meanwhile, U.S. gold futures increased by 0.4% to $2,167.00. Marcus Garvey, head of the commodities strategy team at Macquarie,…
Mar 7 2024: EOS Sees 11% Gain in Favorable Market Conditions By 21:27 (02:27 GMT) on Thursday, EOS exhibited significant strength, trading at $1.0773 , marking an impressive 10.58% increase for the day. This surge represented the largest single-day percentage gain since March 2. This upward movement propelled EOS’s market capitalization to $1.2147 billion, accounting for 0.05% of the total cryptocurrency market cap. Notably, EOS’s market cap had reached a peak of $17.5290 billion previously. Within the preceding twenty-four hours, EOS traded within a range of $1.0633 to $1.0922. Over the past week, EOS has exhibited strong performance, witnessing a…
Mar 7 2024: Tesla’s German Plant Faces Prolonged Power Outage After Suspected Arson Attack In a recent development, Tesla has disclosed that its German plant is likely to remain without electricity until March 17th following a suspected arson attack that rendered the gigafactory near Berlin powerless, resulting in a halt in production. Security measures were swiftly implemented at the Tesla (NASDAQ:TSLA) site on Tuesday subsequent to an alleged arson attack in the vicinity, which CEO Elon Musk criticized as “extremely dumb.” Confirming a report by Bild newspaper, a Tesla spokesperson informed Reuters that the plant’s power outage is anticipated to…
