2024-03-29 00:31:00
Under these circumstances, the Japanese yen depreciated slightly to 151.38 yen to the dollar. On the 27th, the price hit its lowest price since 1990, dropping to just below the 152 yen mark.
Federal Reserve Board Director John Waller said late on Wednesday that recent disappointing inflation numbers were a reason to delay cutting interest rates. This was also a factor in the dollar’s rise.
The US bond and stock markets will be closed on the 29th due to the holiday. There are also fewer participants in the foreign exchange market, which could lead to higher volatility. Fed Chairman Jerome Powell is also scheduled to give a speech on the 29th.
The euro briefly hit a five-week low of $1.0775. It closed down 0.34% at $1.0789.
NY foreign exchange market:
The US Department of Commerce announced on the 28th that real GDP for the fourth quarter was an annualized increase of 3.4% compared to the previous quarter, an upward revision from the previous 3.2% increase.
The U.S. bond market’s reaction was slow. The market is focusing on the personal consumption expenditure (PCE) price index, which will be announced on the 29th.
The 10-year bond yield rose 0.6 basis points (bp) to 4.202%. It rose about 35 basis points in the first quarter.
Thierry Wizman, global currency and interest rate strategist at Macquarie, said: “I don’t have much doubt that inflation in the UK, euro and Canada will fall.The problem is that US inflation rose in January-February, and the US Federal Reserve… This is what the Federal Reserve (Fed) is facing.” The details of the rise in U.S. inflation are unclear, but the Fed said it needs to be a little more cautious than other central banks.
Mi Financial・Bond Market:
All three major stock indexes showed solid gains in the first quarter, with the S&P 500 rising on expectations for artificial intelligence (AI)-related stocks and expectations that the U.S. Federal Reserve will start cutting interest rates by the end of the year. led the charge.
The Dow Jones Industrial Average (.DJI), opens new tab is less than 1% away from breaking the $40,000 mark for the first time.
The final real gross domestic product (GDP) for the fourth quarter announced by the US Department of Commerce on the 28th was an annualized increase of 3.4% compared to the previous quarter, an upward revision from the revised 3.2% increase. This reflected strong personal consumption.
Additionally, the number of new unemployment insurance claims announced by the US Department of Labor for the week ending on the 23rd was 210,000, down 2,000 from the previous week, indicating the strength of the labor market.
US stock market:
In a speech the day before, U.S. Federal Reserve Board Director Waller said, “There is no need to rush to cut interest rates to normalize monetary policy,” in response to the upward swing in consumer and wholesale prices in January and February of this year. No,” he said. He expressed his intention to keep a close eye on price trends for the time being.
Additionally, US economic indicators released on the morning of the 28th also suggest that the economy is solid. The final real GDP (gross domestic product) for the October-December period of 2023 has been revised upward to 3.4% increase from the previous quarter, the number of new weekly unemployment insurance claims has decreased slightly, and the University of Michigan’s March The Consumer Business Confidence Index (confirmed value) reached its highest level in 2 years and 8 months, and expectations for three interest rate cuts this year have receded somewhat. However, with the release of the Personal Consumption Expenditure (PCE) price index for February, which the Federal Reserve focuses on as an inflation indicator, on the 29th, the market as a whole was in a wait-and-see mood on this day, and the gold price was near the previous day’s settlement price in the morning. But miai. In the afternoon, the buying increased and the price reached its highest level.
NY precious metals:
On this day, buying to pick up low prices prevailed, and the price rose almost steadily until the end of the day. There appears to have been some buying for the purpose of position adjustment ahead of the Good Friday holiday the next day. The fact that the final US real GDP (gross domestic product) for the October-December period of 2023, which was announced in the morning, was revised upward from the revised value, once again suggesting the strength of the economy, is also raising concerns about the future of energy demand. Soothed somewhat.
Supply has declined due to reports that OPEC+, which is made up of member countries of the Organization of the Petroleum Exporting Countries (OPEC) and non-member oil producing countries such as Russia, is likely to leave the current production policy unchanged until a ministerial meeting in June. The emergence of expectations that the market will tighten also continued to push up prices. There is a strong view that the Joint Ministerial Monitoring Committee (JMMC) meeting to be held online on April 3rd will be limited to understanding the current market situation and inspecting member countries’ compliance with production cuts.
NYMEX Energy:
This is a provisional value based on LSEG data.The previous day’s ratio may not match
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