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Markets update: In the midst of a turbulent week for Asian markets, the yen has managed to maintain its stability, signaling a potential turnaround for the region. As the markets show signs of recovery after recent setbacks, there is cautious optimism following positive economic data from the U.S. and speculation about upcoming policy decisions by major central banks. These developments have sparked interest and activity in various financial markets, with implications for global economic trends.
Economic Calendar
Global Markets Roundup: 26 July 2024
Market Performance and Recovery
The Asian markets experienced volatility, with the MSCI Asia-Pacific index dipping slightly by 0.06% after a significant 1.88% decline the day before. However, there were signs of recovery as Australia's ASX 200 increased by 0.79%, South Korea's Kospi rose by 0.89%, and Hong Kong's Hang Seng climbed 0.21%. Additionally, U.S. stock futures showed positive momentum after two days of losses, with S&P 500 futures rising 0.43% and Nasdaq futures advancing 0.53%.
Yen's Performance and Central Bank Decisions
The yen stabilized near a 12-week high against the dollar and rose approximately 2.5% against the dollar this week, marking its best performance since late April. Both the Bank of Japan and the Federal Reserve are set to announce policy decisions, with markets largely betting on a rate cut by the Fed in September. The rate futures market indicates a 67.2% chance of a 10-basis-point rate hike by Japan's central bank, up from 40% earlier in the week.
Oil Prices and Currency Movements
Oil prices saw a modest increase driven by expectations of heightened crude demand from the U.S. following robust economic data. Brent crude futures for September rose 12 cents to $82.49 a barrel, while U.S. West Texas Intermediate crude for September climbed 13 cents to $78.41 per barrel. In currency movements, the euro edged up 0.13% to $1.0857, and the British pound rose 0.11% to $1.2864.
General news - Information source from multiple newswires.
The article and the data is for general information use only, not advice!
The Trade Academy Team