Most Asian currencies nursed steep losses on Wednesday, while the dollar hovered near three-month highs after stronger-than-expected U.S. inflation data brewed more fears that the Federal Reserve will keep interest rates higher for longer.
The yellow metal saw extended losses after spot prices slid below the closely-watched $2,000 an ounce support on Tuesday, with analysts warning of more potential declines after the loss of the key support level.
Despite the downgrade, the firm acknowledges GoDaddy’s approximately 50% stock appreciation since the third-quarter report of 2023. This surge is credited to management’s focus on profitability improvements and strategies aimed at enhancing shareholder value. These factors are expected to continue providing support to the stock’s valuation.
The cryptocurrency has risen 16.3% so far this year, on Monday touching its highest since Dec. 27, 2021. At 12:56 p.m. EST (1756 GMT), bitcoin was up 4.96% on the day at $49,899, having oscillated around the $50,000 level.
Trading was largely subdued in Asia with markets in China and Hong Kong still closed for the Lunar New Year holidays and traders on guard ahead of Tuesday’s release of consumer prices data in the world’s largest economy.
Most Asian currencies weakened on Tuesday, while the dollar firmed as markets hunkered down before key U.S. inflation data that is widely expected to factor into the path of interest rates.
Gold prices kept to a tight range on Tuesday, remaining under pressure from the dollar as investors hunkered down before inflation data that is widely expected to factor into the Federal Reserve’s plans for interest rates.
The worst performers of the session were JGC Corp. (TYO:1963), which fell 17.45% or 301.00 points to trade at 1,423.50 at the close. Nippon Paper Industries Co., Ltd. (TYO:3863) declined 15.71% or 222.00 points to end at 1,191.00 and Nippon Sheet Glass Co., Ltd. (TYO:5202) was down 9.59% or 58.00 points to 547.00.
New bank loans in China jumped by more than expected to an all-time high in January, as the central bank moved to shore up the sputtering economy, reinforcing expectations for more stimulus in the coming months.
Most Asian currencies moved in a tight range on Monday as market holiday across most of the region kept trading volumes limited, while the dollar fell slightly before key inflation data due this week.
