Asian Stocks Climb Following Wall Street, Nvidia Falls Amid Cooling AI Hype
Asian Stocks Climb Following Wall Street, Nvidia Falls Amid Cooling AI Hype Asian stocks experienced a rise on Tuesday, even as mixed results were observed on Wall Street, primarily due to a further decline in Nvidia amid cooling enthusiasm for artificial intelligence (AI) stocks. Despite the fall of this tech giant, the majority of U.S. […]
Chinese Economy Poised for Growth Despite Challenges
Chinese Economy Poised for Growth Despite Challenges China’s economy is set to continue its growth trajectory this year, bolstered by significant untapped potential in rural consumption, manufacturing, and further economic liberalization, as reported by the World Economic Forum. Chen Liming, chair of Greater China at the WEF, highlighted China’s enduring strengths such as its vast […]
USD/CAD Nears 1.3700 as Fed Postpones Rate Cut
USD/CAD Nears 1.3700 as Fed Postpones Rate Cut The USD/CAD pair arrested a six-day downtrend, trading near the 1.3700 mark in Monday’s Asian trading session, buoyed by robust U.S. economic data from the previous Friday. The uplift in the U.S. Dollar (USD) was primarily due to an unexpectedly strong U.S. Purchasing Managers Index (PMI) report. […]
Japan’s Demand-Driven Inflation Slows, Obscuring BOJ Rate Hike Outlook
Japan’s Demand-Driven Inflation Slows, Obscuring BOJ Rate Hike Outlook Japan’s core inflation saw an uptick in May due to increased energy levies, but an index that removes the impact of fuel continued to decline for the ninth consecutive month, as shown in data released on Friday. This trend complicates the central bank’s decision on the […]
USD/JPY Bulls Cautious Near 159.00, Highest Since April Amid Intervention Fears
USD/JPY Bulls Cautious Near 159.00, Highest Since April Amid Intervention Fears The USD/JPY pair is trading within a narrow range during the Asian session on Friday, consolidating recent gains near the 159.00 mark, the highest level since late April. The pair’s fundamental backdrop supports prospects for further appreciation, although fears of intervention might limit the […]
Australian Dollar Dips Amid Renewed US Dollar Demand
Australian Dollar Dips Amid Renewed US Dollar Demand On Thursday, the Australian Dollar (AUD) experienced losses, trading in negative territory. Despite this, the currency’s downside may be limited due to the hawkish stance taken by the Reserve Bank of Australia (RBA) during its June meeting earlier this week. The RBA’s firm approach suggests that they […]
Japan’s Insurers’ Yen Hedge Falls to Decade Low
Japan’s Insurers’ Yen Hedge Falls to Decade Low Japanese life insurers have significantly reduced their protection against a strengthening yen to the lowest level in a decade, and they may continue to cut these positions in the coming months. As of March 31, nine of Japan’s largest life insurers had only 47% of their foreign […]
Chinese Bond Market Heats Up: Firm Considers 50-Year Sale
Amid an unprecedented boom in bond issuance as borrowing costs plummet to record lows, a state-owned Chinese firm is contemplating an unprecedented offering of a 50-year note. This potential issuance would mark the nation’s longest corporate debt tenor if it comes to fruition. Wuxi Industry Development Group Co., which is owned by the Wuxi city […]
GBP/USD Holds Steady at 1.2700, Awaits UK CPI Data
GBP/USD Holds Steady at 1.2700, Awaits UK CPI Data The GBP/USD pair is struggling to gain any significant traction on Wednesday, trading within a narrow range around the 1.2700 mark during the Asian session. Despite this, spot prices are holding above the one-month low reached last Friday, as traders eagerly anticipate the release of the […]
Fed’s Harker Advocates for Single Rate Cut in 2024 Based on Economic Forecast
Fed’s Harker Advocates for Single Rate Cut in 2024 Based on Economic Forecast Patrick Harker, President of the Federal Reserve Bank of Philadelphia, believes that one interest rate cut this year would be suitable, based on his current economic outlook. He emphasized the need for more consistent signs of declining inflation before considering a rate […]
EUR/USD Consolidates Near 1.0700 After Recent Low
EUR/USD Consolidates Near 1.0700 After Recent Low The EUR/USD pair starts the week on a subdued note, consolidating its recent losses to the lowest level since early May, around the 1.0670-1.0665 region touched on Friday. Currently trading around the 1.0700 mark, the pair appears vulnerable to further declines. Concerns over a potential snap election in […]
Japanese Yen’s Downside Limited by Rising Producer Prices
Japanese Yen’s Downside Limited by Rising Producer Prices The Japanese Yen (JPY) extended its losing streak for the fourth consecutive session on Wednesday, with the USD/JPY pair strengthening as investors favored the US Dollar (USD) ahead of the Federal Reserve’s (Fed) decision and the release of US inflation figures for May, scheduled for later in […]
US CPI Steady in May Ahead of Fed Decision
US CPI Steady in May Ahead of Fed Decision The Bureau of Labor Statistics (BLS) is set to release the eagerly awaited Consumer Price Index (CPI) inflation data for May on Wednesday at 12:30 GMT. This report is highly significant as it could trigger substantial volatility in the US Dollar, with any unexpected figures potentially […]
EUR/USD Declines for Third Consecutive Day Ahead of Fed Rate Decision
EUR/USD Declines for Third Consecutive Day Ahead of Fed Rate Decision The EUR/USD experienced its third consecutive day of losses on Tuesday as market sentiment soured following the European Union parliamentary elections. The elections resulted in a significant shift towards center-right and far-right parties, with European voters showing strong support for these groups. Meanwhile, left-leaning […]
Gold Price Stays Low Amid Rate Concerns, Rising US Dollar Demand
Gold Price Stays Low Amid Rate Concerns, Rising US Dollar Demand During early trading in Europe on Tuesday, the gold price (XAU/USD) faced renewed selling pressure, diminishing some of the modest recovery gains it had made from the previous day. These gains had lifted the price from a low of $2,287—the lowest in over a […]
Australian PM’s Support Falls After Weak GDP Growth
Australian PM’s Support Falls After Weak GDP Growth Support for Australia’s center-left Labor government has slumped following a week of unfavorable economic news and political tensions over immigration, according to a new poll. Prime Minister Anthony Albanese’s party has hit its lowest point since winning power two years ago. A Newspoll survey published by The […]
Yen Consolidates as Suzuki Signals No FX Intervention Limit
Yen Consolidates as Suzuki Signals No FX Intervention Limit On Friday, the Japanese Yen (JPY) consolidated following the release of Japanese Foreign Reserves for May by the Ministry of Finance, which showed a significant drop to $1,231 billion from $1,279 billion. This marks the lowest level since February 2023, as the government engaged in foreign […]
ANZ Economists Predict Earlier OCR Cut Amid ‘Meaningful Progress’ in Inflation Battle
ANZ Economists Predict Earlier OCR Cut Amid ‘Meaningful Progress’ in Inflation Battle Economists at ANZ New Zealand, the country’s largest bank, have revised their forecast for the first Reserve Bank Official Cash Rate (OCR) cut, moving it up to February 2025 from the previously anticipated May 2025. Currently, the OCR stands at 5.50%, unchanged since […]