The Aussie dollar initially rallied a bit on Tuesday but gave up those gains rather quickly as we continue to see a lot of volatility in this current economic environment. At this point, the entire world of financial markets are more likely than not going to be driven by the
After suffering its worst day in percentage terms since 1987, Japan’s Nikkei 225 notched one of its best days. + Tech stocks that got hammered on Monday rallied, with semiconductor manufacturing equipment maker Tokyo Electron up over 16%. + The yen, which had strengthened sharply on the unwinding of an investment strategy known as the carry trade, fell back to around 144.60 to the dollar.
Wall Street is wondering "what's next" after the biggest single-day decline in two years yesterday.
The Japanese currency is trading at around 145 to the dollar, versus about 142 at its strongest point on Monday. The move suggests the unwinding of the investment strategy known as the carry trade might have run its course for now. The Bank of Japan raised its policy rate on July 31, which accelerated the rush by carry-trade investors to buy back yen.
Stocks remained under heavy selling pressure at the start of the week as recession worries continued to dominate global sentiment. A short squeeze in the VIX further weighed on the broader stock market, with the S&P 500 falling by 3.00%.
The U.S. dollar rose Tuesday, reversing some of the recent losses as a degree of calm returned to the foreign exchange markets. The dollar has been hit hard of late by fears of a U.S. recession after a batch of weak readings on the labor market, which ramped up bets that the Federal Reserve will have to cut rates more than initially expected. Traders now expect 110 basis points of easing this year from the Fed, pricing in an 80% chance of a 50 bps cut in September, after having fully priced in a 50 bps cut on Monday.
The stock market was rocked Monday, but a third straight day of selling pressure didn't change the biggest problem for investors right now: the Federal Reserve.
BTC has dropped over 13% this month, but all is not lost, according to key indicators.
The death cross is known to cause catastrophizing among inexperienced investors. But it's an unreliable indicator.
According to BlockBeats, on August 6, the Hong Kong Monetary Authority (HKMA) released a review report on virtual banks. The review indicates that the development of virtual banks has successfully achieved the three policy objectives set for their introduction in Hong Kong. Additionally, the technology-driven innovative banking model of virtual banks has been widely accepted in the Hong Kong market. By the end of 2023, the number of virtual bank account holders reached 2.2 million. The market has responded positively to the products and services offered by the eight virtual banks.In conjunction with the review, the HKMA has also initiated a one-month public consultation on the proposal to rename