A new leadership race could complicate Tokyo’s efforts to restore fiscal discipline as voting this month for the ruling party’s new leader, and by extension the next prime minister, risks triggering a snap parliament election.
The euro experienced a decline, dropping 0.24% to $1.1043 against the dollar on Tuesday. It had earlier touched a two-week trough, falling to $1.1033 during the trading session.
Oil prices fell on Wednesday, extending a plunge of more than 4% the previous day and hovering at their lowest since December, on expectations that a political dispute halting Libyan exports could be resolved and concerns over sluggish global demand.
The data shows that cryptocurrency traders are likely to see “Uptober” arrive again. However, September, which started with a massive Bitcoin price fall, may continue to remain bearish, keeping the world’s largest cryptocurrency, Bitcoin, and the whole crypto market in the red.
Crude oil for October delivery was down 0.48% or 0.34 to $70.00 a barrel. Elsewhere in commodities trading, Brent oil for delivery in November fell 0.37% or 0.27 to hit $73.48 a barrel, while the December Gold Futures contract fell 0.51% or 12.85 to trade at $2,510.15 a troy ounce.
Bank Negara Malaysia (BNM) will leave its key interest rate unchanged on Thursday and keep it there at least through 2025 as growth remains robust and inflation stays under control, according to a Reuters poll of economists.
The U.S. dollar steadied Tuesday as investors look forward to the release of key economic data, including Friday’s U.S. payrolls, that could cement an interest rate cut from the Federal Reserve later this month.
Brent oil prices declined on Tuesday as sluggish economic growth in China, the world’s biggest crude importer, increased demand concerns while a halt to Libyan production and exports provided a floor.
The U.S. Federal Reserve is widely expected to start cutting interest rates later this month, and the payrolls data could determine the size of the reduction, likely impacting wider risk sentiment. Lower rates bode well for cryptocurrencies, given that they free up more liquidity for speculative trade.
Europe stocks struggled for direction on Tuesday as investors remained cautious ahead of a raft of economic data in the run-up to the all-important U.S. jobs report on Friday, while German stocks hit all-time highs.
