Morning Brief: Chump Profit, forex trading for beginners
Welcome to Chump Profit's Morning Brief! Get the latest stock market news, trading insights, and broker reviews. Our goal is to provide valuable information to help you navigate the finance world. Subscribe to our blog at www.chumpprofit.com for updates and free articles. Let's dive into this morning's top stories.
1. Asian Stocks Gain on Bets Fed Is Nearing Rate Peak: Markets Wrap
Asian stocks are on the rise, following gains in US equities. The recent slide in the American inflation rate to a two-year low has eased pressure on global markets from rising interest rates in the world's largest economy. Asian share gauges, including those in Hong Kong, Japan, and Australia, are showing positive momentum. Notably, technology stocks in Hong Kong are rallying amid optimism that the government is ending its crackdown on the industry.
2. The Dollar Remains at the Lowest Level in More Than a Year
The US dollar continues to decline, reaching its lowest level in over a year. This trend is attributed to the recent slowdown in inflation data, which has led to speculation that the Federal Reserve's rate hike cycle may be approaching its peak. Some money managers even suggest that the US dollar has already reached its peak and anticipate other currencies performing better in the latter half of 2023-2024.
3. Hong Kong Tech Stocks Rally as Crackdown is Seen Ending
Technology stocks in Hong Kong have rallied for a fourth consecutive day. This surge is fuelled by the optimism that the Chinese government is ending its crackdown on the industry amid a weakening economy. The meeting between Chinese Premier Li Qiang and senior executives from leading technology firms has further reinforced the positive sentiment.
4. Volatility Subsides as Inflation Moderates
A gauge of the dollar has fallen to its lowest level in over a year, reflecting the market's reaction to the recent softening in US inflation data. The yen, on the other hand, has remained relatively stable after experiencing significant gains against the dollar. Emerging market currencies, including the South Korean won, have rallied, indicating the market's shifting focus away from the US dollar.
5. BOJ Speculation Stirs in Tokyo as Traders Weigh July Policy Tweak
Traders in Tokyo are closely watching for a possible policy tweak by the Bank of Japan (BOJ) at the end of July. Speculation arises as benchmark Japanese bonds resist the global rally, and the yen gains strength. This suggests that market players believe the BOJ may consider reshaping its yield-curve control policy, especially with stronger economic data and signs of improved price and wage trends in Japan.
6. Oil Extends Gains as Softening US Inflation Signals Possible End to Rate Hikes
Oil prices continue to rise as softening US inflation data suggests that the rate-hiking cycle may be nearing an end. Despite a 6-million-barrel increase in US crude stockpiles, the biggest jump in four weeks, the demand outlook for oil remains positive. The International Energy Agency and OPEC will release reports today, offering valuable insights into the oil market's tightening conditions in the second half of the year.
7. Coinbase Continues Rally on Bitcoin ETF Optimism
Shares of Coinbase, the largest US crypto exchange, are soaring as optimism builds over the potential approval of a Bitcoin Exchange-Traded Fund (ETF). The recent filing by CBOE for amendments to its Bitcoin ETF applications, along with Coinbase reaching an agreement on surveillance sharing with CBOE, has further fuelled hopes. The odds of a spot Bitcoin ETF winning approval in the US have improved, leading to increased interest and potential short squeezes in Coinbase's stock.
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Note: The information provided in this brief is based on the given news articles and does not constitute financial advice.