Asia Stocks in Tight Range With Eyes on China Data: Markets Wrap
Asian markets remained subdued as investors awaited crucial economic data from China, fueling cautious sentiment across the region. The MSCI Asia Pacific Index saw minimal movement, with benchmarks in Japan, South Korea, and Australia trading in tight ranges. Concerns over China’s economic trajectory kept traders on edge, particularly as manufacturing and retail sales figures are […]
PBOC sets USD/CNY reference rate at 7.1882 vs. 7.1876 previous
The People’s Bank of China (PBOC) set the USD/CNY reference rate at 7.1882 on Monday, slightly higher than the previous rate of 7.1876. This marginal adjustment reflects Beijing’s continued focus on managing currency stability amid external economic pressures. The decision comes as the Chinese yuan faces ongoing challenges from a strong U.S. dollar and slower […]
Dollar’s Trump-fueled gains face a reality check late next year
The U.S. dollar has been riding a wave of optimism fueled by Trump-era policies and expectations of continued economic strength. However, by late next year, analysts believe the currency may face a reality check as economic conditions shift and global uncertainties loom. The greenback’s performance has been largely driven by strong domestic growth and tax […]
EUR/USD holds ground above 1.0500 as looming Fed decision
The EUR/USD pair is maintaining levels above 1.0500 as traders position themselves ahead of the Federal Reserve’s upcoming monetary policy decision. While the currency pair showed minimal movement in the early trading hours, the market remains cautious, reflecting uncertainty over the Fed’s rate outlook. Investors are speculating whether the Fed will maintain its hawkish stance […]
GBP/USD edges higher to 1.2630, looks to UK/US PMIs for some impetus
The GBP/USD pair climbed modestly on Monday, trading around 1.2630 as investors shifted focus to upcoming economic data. Market participants are closely watching the UK and US Purchasing Managers’ Index (PMI) readings, which could offer fresh insights into economic health and monetary policy direction. The modest rise follows a lackluster performance last week, with the […]
Gold Price Forecast: XAU/USD holds steady below $2,650 ahead of US PMI data
Gold prices remained stable below $2,650, with investors exercising caution ahead of the release of key US PMI data. The metal has faced a period of consolidation as traders assess the economic outlook and its potential impact on the Federal Reserve’s monetary policy trajectory. The upcoming PMI report is expected to shed light on economic […]
China’s GDP growth estimated around 5% this year, senior official says
China’s economy is expected to grow by approximately 5% in 2024, according to a senior government official, signaling resilience amid global economic headwinds. The estimate aligns with Beijing’s modest growth target and reflects stability following pandemic recovery efforts. Despite external challenges such as weak demand and geopolitical tensions, China remains focused on fostering domestic consumption […]
Israel approves plan to expand Golan Heights settlement, cites threats from Syria
The Israeli government has approved an extensive plan to expand settlements in the Golan Heights, citing escalating security threats from Syria. Prime Minister Benjamin Netanyahu emphasized the strategic importance of bolstering Israel’s presence in the disputed region, linking the move to concerns over Iran-backed forces operating near the Syrian border. The decision underscores Israel’s ongoing […]
South Korean parliament votes to impeach president Yoon over martial law attempt
South Korea’s parliament has voted to impeach President Yoon Suk-yeol, citing accusations of attempting to impose martial law during a period of escalating domestic unrest. The decision, passed in a tense parliamentary session, reflects growing dissatisfaction with Yoon’s leadership amid allegations of authoritarian tendencies. Opposition lawmakers argued that the alleged move represented a severe violation […]