Help
Gold prices drop in Asia, Copper hits four-month lows
Other safe havens, including the yen, gained strength over the past week. The yen rose as traders closed short positions in response to suspected market intervention by Tokyo.
Copper hit a four-month low due to concerns over China's demand and weak global manufacturing data.
BoC Governor expects inflation to slow further despite projecting economic growth
BoC cut its benchmark rate by 0.25%, now at 4.5%, amid cooling inflation and economic weakness
Interest rates
According to estimates from the Institute for Fiscal Studies, Britain's poverty levels have increased by 320,000 people due to the Bank of England's decision to raise borrowing costs to their highest level in 16 years.
BOC
The Bank of Canada cut its benchmark interest rate by a quarter of a percentage point, marking the second consecutive cut in the central bank's easing cycle. The policy rate, which significantly influences borrowing costs nationwide, now stands at 4.5 percent.
This move was widely anticipated by economists, given the ongoing cooling of inflation and signs of weakness in the Canadian economy. Bank of Canada Governor Tiff Macklem stated in prepared remarks that he expects inflation to continue slowing, even as the central bank projects an uptick in economic growth.
Gold & Copper
Gold prices declined in Asian trade, experiencing minimal safe-haven demand despite growing risk-off sentiment as traders capitalized on the sharp appreciation of the Japanese yen.
The broader commodity market also faced a downturn, with copper prices plummeting to nearly a four-month low. This decline was fueled by ongoing concerns about China's demand, and weak manufacturing activity data from the U.S., Germany, and Japan, which further dampened copper's outlook.
USD/JPY
The yen gained strength over the past week as traders unwound short positions, prompted by suspected currency market intervention by Tokyo. The USD/JPY tumbled to 152.41 from 156 recorded yesterday.
