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Recently, Asian stocks have been closely following the upward trend seen in US markets. This surge in optimism comes as US consumer inflation expectations ease, leading to speculations that the Federal Reserve might consider cutting interest rates later this year. A gauge of Asian stocks saw a rebound after experiencing its worst week in over a month, with markets in Australia, South Korea, and Japan posting modest gains.
According to Tony Sycamore, an analyst at IG Markets, the positive sentiment in US markets is likely to influence Asian bourses as well. Amidst this, Japan saw the yen trading slightly stronger against the dollar, with the central bank’s interest rate decisions being closely watched by investors.
Federal Reserve Chair Jerome Powell and his colleagues are closely monitoring inflation rates before making any decisions on cutting the benchmark interest rate. The upcoming release of the Federal Reserve’s first-line inflation gauge is expected to provide some relief from persistent price pressures.
In terms of other market movements, investors are keeping a close eye on China industrial profits and PMI data to gauge the health of the global economy. Additionally, inflation prints from various countries will also influence monetary policy outlooks.
Oil prices are stabilizing after a weekly loss, with a focus on the OPEC+ supply meeting and US demand during the summer driving season. Meanwhile, gold prices remain relatively unchanged after experiencing a downturn last week.
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