Euro continues its gains from last week:
The Euro witnessed an increase in the European market on Monday against a basket of global currencies,
extending its gains for the fifth consecutive day against the US Dollar.
Topic
Euro
The Euro recorded its lowest level in two weeks, amid fading concerns about the widening gap in interest rates between Europe and the United States. Some officials at the European Central Bank expressed comments reducing the likelihood of an early reduction in European interest rates, awaiting more evidence about the future monetary policy in the Eurozone.
New Zealand
New Zealand inflation remains high with interest rates unchanged:
Adrian Orr, Governor of the Reserve Bank of New Zealand, stated in his testimony on Monday before the Finance and Expenditure Committee that the inflation rate remains excessively high. Consequently, the Reserve Bank of New Zealand decided to maintain the interest rate at 5.5%. Regarding economic growth in New Zealand, Orr noted a growth rate of 5.6% in the third quarter of 2023 but expressed concerns about a rapid increase in population amid a slowdown in the residential construction sector. Additionally, Orr expressed cautiousness in maintaining a tight monetary policy to address the current inflation rate of 4.7%, exceeding the country’s target range of 1-3%.
Bitcoin
Bitcoin and other digital currencies on the rise this week:
it prices saw an increase exceeding 12% during the current week, now trading at $48,000 per coin, approaching a trillion-dollar market value. Bitcoin’s market capitalization is nearing the trillion-dollar threshold, while the overall cryptocurrency market capitalization records a 1.8% increase, reaching $1.8 trillion. This period witnesses bullish dominance in cryptocurrency trading, with the greed and fear index reaching 67, indicating strong demand in the current market. The strongest surge for Bitcoin was recorded on Friday after data revealed that Bitcoin trading funds achieved their third-best performance in the market, leading asset managers to buy over 9,000 bitcoins.
gold
Global gold prices stabilize:
Gold prices remained stable in Monday’s trading, as markets were quiet due to investors anticipating statements from several Federal Reserve officials in a data-packed week. Market participants are focused on the release of US Consumer Price Index data on Tuesday, Retail Sales data on Thursday, and Producer Price Index data on Friday. At the same time, they await statements from seven Federal Reserve officials during this week. Several members of the Fed, including Jerome Powell, stated last week that they want to see more evidence of continued inflation decline before making a decision to lower interest rates.
Euro continues its gains from last week