Japanese authorities were “seriously concerned and on high alert” about the yen’s rapid decline, said the country’s top currency diplomat Masato Kanda, escalating warnings as the currency languished at its weakest level in almost 40 years.
Top currency diplomat Masato Kanda said on Monday that Japan was always ready to take action against excessive market moves, but traders ignored the warning after the last bout of intervention did little to stem the selling.
Both contracts are still sitting on strong gains over the past two weeks, as persistent geopolitical tensions- Israeli strikes on Gaza and Ukrainian attacks on Russian refineries- kept traders pricing a risk premium into oil prices.
Bitcoin rose 0.7% over the past 24 hours to $61,465.7 by 08:29 ET (12:29 GMT). The world’s largest cryptocurrency had fallen as far as $59,000 earlier this week, as risk appetite remained largely negative.
Artificial intelligence darling Nvidia (NASDAQ:NVDA) rose just under 1% early in the session, adding to Tuesday’s 7% gain, rebounding from three straight days of steep losses. However, it remains over 150% higher so far this year on rampant demand for all things AI.
Speaking on the first day of the industry event on Monday, German Chancellor Olaf Scholz only said that the plan was to adopt the budget in July, which looked likely based on his conversations.
“The dollar remains sidelined ahead of two key event risks later this week,” said analysts at ING, in a note. “Thursday night sees the first presidential debate between President Biden and Donald Trump on CNN. It may be too early to expect this, but we will want to see whether the dollar responds to who…
Oil prices were steady on Tuesday, easing only slightly from the previous session’s gains on escalating geopolitical tensions and expectations of improved fuel demand this summer, while investors awaited U.S. inflation data later this week.
Bitcoin price fell on Tuesday, extending recent declines as a mix of regulatory fears, particularly over U.S. action and German government sales, coupled with broader risk aversion, kept crypto prices under pressure.
Chipmaking stocks such as Broadcom (NASDAQ:AVGO), U.S. shares of Taiwan Semiconductor Manufacturing (NYSE:TSM) and Qualcomm Incorporated (NASDAQ:QCOM) tumbled on Monday, but Nvidia bore a brunt of the selling, falling 6.7% and tumbling for a third straight session after it briefly became the most valuable company on Wall Street last week.
