A survey from the Institute for Supply Management on Wednesday showed its manufacturing PMI declined further in June, with the ISM describing manufacturers as demonstrating “an unwillingness to invest in capital and inventory due to current monetary policy and other conditions.”
The yen traded at fresh 38-year lows against the dollar and a record trough against the euro on Wednesday, as the currency continued its downward grind, with Japanese officials largely remaining on the sidelines amid the risk of intervention.
According to Citi, “Gold investment demand in China and central banks has risen to 85% of mine supply during 1Q’24 and averaged more than 70% of mine supply over the past two years.” This surge in investment demand has counteracted the negative impact of higher US real interest rates, pushing gold prices to record highs.
Bitcoin fell 4% in the past 24 hours to $60,339.1 by 08:20 ET (12:20 GMT). The world’s biggest cryptocurrency was nursing steep losses through June and remained squarely within a trading range established since March.
Friday sees the release of the July nonfarm payrolls report, which could provide further clues over when the U.S. central bank will start its rate-cutting cycle, given strength in the labor market is another key consideration for the Fed in cutting interest rates.
