Asia FX muted as dollar perseveres; yen on intervention watch
-- Most Asian currencies moved in a flat-to-low range on Tuesday as speculation over a Donald Trump presidency helped the dollar rise past increased bets on interest...
-- Most Asian currencies moved in a flat-to-low range on Tuesday as speculation over a Donald Trump presidency helped the dollar rise past increased bets on interest...
Investors have been rotating to stocks outside of Big Tech in what could be the start of a new leg of the bull market.
According to Odaily, Terra has announced via X that the general deadline for filing claims in the Chapter 11 bankruptcy cases of Terraform Labs Pte Ltd (TFL) and Terraform Labs Limited (TLL) has been set for August 10, 2024, at 5:00 AM Beijing Time. Users who have claims against TFL that arose before January 21, 2024, or July 1, 2024, must submit their claims before the general deadline.
According to Odaily, Federal Reserve's Mary Daly has indicated that policy adjustments are anticipated in the near future. Daly noted that there is growing confidence in achieving a sustainable pace to bring the inflation rate back to 2%.
The Dow Jones Industrial Average (^DJI) notched a record close while the S&P 500 (^GSPC) ended the day just below a record high in Monday's session. Yahoo Finance Reporter Josh Schafer joins Asking for a Trend to discuss his takeaways from the trading day. First, he points to the continued broadening of the market as a major trend. Energy (XLE), financials (XLF), and industrials (XLI) all led the market's rally while tech (XLP) came in just shy of the S&P 500 over the last five days. Next, the Russell 2000 (^RUT) hit its highest level since 2022. As more economic data points to cooling inflation, confidence grows in the potential for a September rate cut, giving small caps a boost. Finally, the economy is showing signs of overall moderation. As June's retail sales report is set to be released on Tuesday, Wall Street is expecting sales to fall about 0.2%. Schafer explains that if the print comes in line with expectations, it would serve as yet another data point showing that the economy is responding to higher interest rates. This would also give the Federal Reserve more confidence in initiating an interest rate cut. For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend. This post was written by Melanie Riehl
According to BlockBeats, Federal Reserve Chair Jerome Powell stated on July 16 that the economy has performed well over the past few years. He anticipates that economic growth will slow down this year, while inflation will continue to make progress. Powell noted that the recent three inflation data points have indeed boosted confidence.Powell emphasized that no specific signals will be given regarding any particular meeting today. Decisions will be made based on evolving data and outlooks. With inflation now decreasing, the focus will shift to the Federal Reserve's dual mandate. Powell also mentioned that if the Fed waits until the inflation rate reaches 2% before cutting interest rates, it would be waiting too long.
Equity ETPs led the charge with $90 billion in inflows, while fixed income and commodities also saw positive flows
The yield on the benchmark U.S. 10-year Treasury note rose to 4.22% Monday morning. It’s tempting to say that the move is due to rising expectations of a second Donald Trump presidency, but the gain has to be put into context. The 10-year yield was hovering around 4.3% just last Thursday before the more-benign-than-expected consumer price index report raised hopes of a Federal Reserve rate cut as soon as September.
According to Odaily, Federal Reserve official Austan Goolsbee has indicated that the moderate inflation data for June has strengthened his belief that price pressures are easing, which supports the case for interest rate cuts. Goolsbee expressed concerns that maintaining current interest rates could result in an overly stringent policy stance, as each month of declining inflation effectively raises the real short-term interest rates.
- The U.S. dollar stabilized in early European trade Monday, handing back some of the gains seen after the attempted assassination of former U.S. President Donald...