Abstract:Market players brace for a slew of data/events on early Wed. .mmnesday as they consolidate the year-start moves amid mixed feelings. Even so, dovish Fed bias joins the China stimulus hopes to unde and Antipodeans. However, the odds of witnessing the US soft landing tests the US Dollar bears of late.
Market players brace for a slew of data/events on early Wed. .mmnesday as they consolidate the year-start moves amid mixed feelings. Even so, dovish Fed bias joins the China stimulus hopes to unde and Antipodeans. However, the odds of witnessing the US soft landing tests the US Dollar bears of late.
That said, the US Dollar‘s struggle to defend the previous day’s recovery allows EURUSD and GBPUSD to regain upside momentum despite Tuesday‘s downbeat PMIs from the Eurozone and the UK. USDJPY, however, remains firmer while tracing the Treasury bond yields’ rebound whereas the USDCAD remains dicey as Oil prices stay pressured and the Bank of Canada (BoC)is more likely to announce rate cuts in 2024.
Elsewhere, Oil remains depressed at a two-week low while the Gold price snaps a three-day losing streak amid downbeat US Dollar and mixed sentiment.
It should be noted that the BTCUSD and ETHUSD both defend the latest recovery moves near the yearly high as crypto traders remain hopeful of a better 2024 due to spot ETF approvals.
TNG Digital, in collaboration with CIMB Bank, has launched e-Mas, a digital gold investment product that enables TNG eWallet users to invest in gold starting from as little as RM10 (approximately 2.1 USD).
In response to the growing exploitation of soaring gold prices by fraudulent entities, Bank Negara Malaysia faces mounting pressure to establish comprehensive regulations for gold investment schemes. Datuk Seri Ramli Mohamed Yoosuf, director of the federal police Commercial Crime Investigation Department (CCID), underscored the urgency of the situation, noting the proliferation of deceptive gold investment schemes.
The yen has rallied significantly after falling to a 34-year low versus the dollar, amid anticipation of Japanese intervention.
Gold prices see minor movement as traders await the Federal Reserve meeting for interest rate clues.