Asian currencies fall as Fed hawks and Singapore growth concerns weigh!

Asian currencies slumped on Thursday as Federal Reserve officials pledged to keep raising interest rates despite a slowing in inflation, while Singapore's GDP outlook deteriorated.

The Chinese yuan fell about 0.3%, while the Japanese yen fell 0.2%. After seeing some gains on Wednesday, most major Asian currencies were trading in the red.

The US dollar index was up 0.2% as of 2321 ET (0321 GMT), after falling 1.1% on Wednesday.

After a similar range of losses, dollar index futures were up 0.2%.

While Wednesday's softer-than-expected US inflation report was a welcome sign, Minneapolis Fed President Neel Kashkari stated that the central bank will continue to tighten policy until its inflation objective is fulfilled, according to Reuters.

This might push the target rate up to 4.4% by the end of the year.

While Kashkari is often regarded as the most hawkish Fed member, others believe interest rates will continue to rise, albeit at a slower pace.

Following the announcement, stock markets rose, with traders now pricing in a 50 basis-point raise by the Fed at its next meeting, down from original estimates of a 75-point boost.

The Singapore dollar declined 0.1% in Asia as the island state reduced its annual economic growth prediction from 3% to 5% to 3% to 4%.

In addition, the country reduced its second-quarter GDP estimate, citing heightened headwinds from global economic downturn.

The majority of these headwinds come from China, Singapore's top commercial partner.

The mainland economy is still battling to recover from this year's COVID-19 lockdowns.

The Thai baht was unchanged after the central bank boosted interest rates on Wednesday, kicking off a period of monetary tightening.

The baht has progressively rebounded from this year's lows, as the Thai economy improves.

The central bank also said that a gradual increase in interest rates was required to counteract excessive inflation.

The rupiah in Indonesia climbed 0.5% as oil prices fell.

Comments

Proof has successfully raised $50 million in its Series A funding round, which was led by A16z.

Proof has disclosed that it has successfully finished a Series A investment round with a total value of $50 million. Andreessen Horowitz served as the lead investor for this round. Andreessen Horowitz was the driving force behind Proof's successful completion of a funding round that totaled $50 million (a16z). During the process of raising money, participation was also obtained from Seven Seven Six, True Ventures, Collab+Currency, Flamingo DAO, SV Angel, and VaynerFund. Prior to that, in the month of April, Seven Seven Six had already made an investment in the amount of $10 million in PROOF. In addition, the company shared information concerning the technology that is used to power its web3 platform, as well as ambitions for the expansion of the overall ecosystem. The company is now working on establishing a platform that will help NFT collectors collaborate with communities and unlock utilities. This platform will also help the company unlock new opportunities. Kevin Rose, Co-Foun...

Exploring Major Categories Of Financial Institutions

In this comprehensive guide, we delve into the major categories of financial institutions and their primary roles, providing a thorough understanding of the financial services industry landscape, including Personal Loan of $1,00,000. The financial sector plays a pivotal role in shaping our economy and influencing global financial stability. Understanding the various categories of financial institutions and their primary functions is essential for both industry professionals and individuals seeking financial services. In this article, we will explore the significant types of financial institutions and the pivotal roles they play in the economy. Major Categories of Financial Institutions are an integral part of this exploration. Commercial Banks: The Cornerstones of Finance Commercial banks are the bedrock of the financial industry. They provide a wide range of services to individuals, businesses, and governments. These services include basic savings and checking accounts, loans, credit ...

Using 500 phishing domains, North Korean hackers stole NFTs.

Hackers created fake NFT marketplaces, projects, and a DeFi platform. North Korean hackers linked to Lazarus Group are reportedly behind a massive phishing campaign targeting nonfungible token (NFT) investors. SlowMist released a report on Dec. 24 revealing the tactics North Korean APT groups have used to defraud NFT investors, including decoy websites disguised as NFT-related platforms and projects. Fake websites include one pretending to be a World Cup project and others imitating OpenSea, X2Y2, and Rarible. SlowMist said decoy websites offered "malicious Mints" to trick victims into thinking they were minting a legitimate NFT by connecting their wallet to the website. The NFT is fraudulent, and the hacker gains access to the victim's wallet. Many phishing websites operated under the same Internet Protocol (IP), with 372 NFT phishing websites under one IP and 320 under another. SlowMist says the phishing campaign has been ongoing for months, with the first domain name r...

Search This Blog