Dollar/yen temporarily 147.3 yen, Coinbase stock rises significantly, US FOMC board member turning dovish | 29th Financial Tankan

11/29 (Wednesday) morning market trends (compared to the previous day)

Traditional finance US stock rebound

• NY Dow: 35,416 +0.2%
• Nasdaq: 14,281 +0.3%
• Nikkei average: 33,408 -0.1%
• USD/JPY: 147.4 -0.03%

Today’s main market materials are as follows:.

• US consumer confidence index rises for the first time in four months in November as outlook for employment and income improves
• Several FOMC members are reluctant to raise interest rates further; US bond yields plunge
• Crude oil futures rebound as OPEC and OPEC+ continue negotiations over production levels
• The yen was briefly bought to 147.33 yen against the dollar on expectations of an end to US interest rate hikes.
• Berkshire Hathaway Vice Chairman Munger dies at age 99

Source: Minkabu

What market participants will be paying attention to this week is the October Personal Consumption Expenditure (PCE deflator), which is scheduled to be released on Thursday, and will have an impact on the year-end sales performance in the United States. The PCE deflator is an indicator that the US Federal Reserve considers more important than the CPI.

Important economic indicators/events from this week onwards

• 11/29 (Wednesday) 22:30 Revised quarterly real GDP for the July-September period in the US
• 11/30 (Thu) 22:30 US October personal consumption expenditure (PCE deflator)
• 12/6 (Wednesday) 22:15 US November ADP employment statistics
• 12/8 (Friday) 22:15 U.S. November unemployment rate
• 12/12 (Tue) 22:30 U.S. November Consumer Price Index (CPI)
• 12/14 (Thu) 4:00 US FOMC policy rate announcement

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Cryptocurrency-related stocks Coinbase continues to grow

• Coinbase | $128.2 (+7.1%)
• MicroStrategy | $505.8 (+2.1%)
• Marathon | $12.3 (+9.7%)

Virtual currency market rebound

• Bitcoin: $37,868 +2%
• Ethereum: $2,050 +1.4%

Coinbase, Bitcoin mining-related stocks, and the virtual currency Bitcoin (BTC) rose significantly in response to the FOMC director’s dovish remarks.

Waller, who is known to be a hawk, has suggested the possibility of lowering policy interest rates as early as the first half of 2024 if the inflation rate continues to decline. Bowman, another hawkish member of the Fed, did not express support for a rate hike in December, although he maintained that he would support raising rates if the pace of inflation slows.

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