Market Recap | 22-Aug-2024
On Thursday, most Asian currencies weakened as the U.S. dollar gained strength after hitting its lowest point in seven months. Some traders bought the dollar at lower prices, but many still expect it to weaken if U.S. interest rates are cut.
The Japanese yen, which had gained earlier in the week, lost some ground, even though positive economic data from Japan kept a positive outlook.
Gold prices dropped on Thursday in Asian trading after reaching record highs earlier in the week. The rise in gold was driven by expectations that the U.S. Federal Reserve might start cutting interest rates in September, but concerns about a possible recession have also influenced the market.
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