Global Market – Gold, Cryptocurrency & US averts shutdown
Last week, we have discussed how global market continues to trade at recent high on hope of interest rate peaked out and hope of economic stability. This week we will focus on Gold which has now trading around $2050 & BITCOIN which is now above $60000 almost after two years. We will also discuss China’s continues effort to boost economy.
Congress Approves Interim Funds to Avert U.S. Government Shutdown
The Senate passed the bill on a 77-13 vote on Thursday night, hours after the House acted on it.
Fed Officials emphasize Data to Guide Pace of Interest-Rate Cuts
Three Federal Reserve officials said the pace of interest-rate cuts will depend on incoming economic data, suggesting the path to lower borrowing costs may look different than in previous rate-cutting cycles.
U.S. Fed’s Preferred Inflation Metric Increases by Most in A Year
The Federal Reserve’s preferred gauge of underlying inflation rose in January at the fastest pace in nearly a year, helping explain policymakers’ patient approach to start cutting interest rates.
Bitcoin Scales $60,000 As ETF Demand Puts Record High in Sight
A wild 24 hours for the cryptocurrency market saw Bitcoin jump as much as 13% on Wednesday to $63,968 — its first trip above $60,000 since November 2021. Along the way, leading US digital-asset exchange Coinbase suffered outages as traffic surged before eventually restoring services.
Gold trading above $2050
Gold has been trading around $2000 level for some time now, gold price would rally if interest rate decline or any economic uncertainty. Gold is considered as safe heaving and asset class which comes into focus in case of any economic uncertainty.
Japanese Currency Official Warns Against Unstable FX At G-20
Japan kept up its drumbeat of warnings against currency volatility, with a top finance ministry official saying that foreign exchange rates should reflect fundamentals, and authorities in Tokyo are watching moves closely.
Equichain Wealth Advisors: Market View & Opinion
We remain cautious on Japan ‘s change in monitory policy which was -0.10 interest rate since 2016. Japanese currency official warning against unstable FX at G-20 needs to see with cautious.
Global market and risk-on sentiment remains very much strong; however, we have been cautious for past weeks, but market momentum seems to be very strong. Incoming economic data due next week could provide further cues as we remain neutral with balance view. Recent up move in Gold & Bitcoin is interesting to watch as incoming economic data needs to be watched carefully ahead US Fed meeting on 20-Mar-24.