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Investors await US Inflation Data as Asian, European Markets Weaken

POSTED ON June 24, 2024 •   Business      BY Abiodun Saheed Omodara
Asian and European l Photo Credit: Punchng

Asian and European markets showed a mixed performance on Monday, following a poor run last week. 

Investors are eagerly awaiting the release of key US inflation data, with attention also focused on Japan as the yen hovers around three-decade lows.

A strong reading on the US services sector indicated the robustness of the world's largest economy, dampening hopes for interest rate cuts. 

Asian markets opened the week on a weak note, with several major indices in negative territory. Meanwhile, London, Paris, and Frankfurt saw gains. 

In Japan, the yen's struggle against the dollar has prompted officials to signal readiness to intervene in currency markets. 
The uncertainty surrounding US interest rates is adding further pressure on the yen. 

The cautious approach of the Japanese Central Bank in tightening monetary policy, coupled with the Federal Reserve's maintenance of high interest rates, is contributing to the yen's challenges. 

Analysts anticipate intervention from authorities if the yen triggers buy orders.

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