Latest news with #ChrisBeauchamp
Daily Mail
10-07-2025
- Business
- Daily Mail
Bitcoin hits new all-time high above $112,000 as investors pile into stocks and crypto
Bitcoin reached a new record high on Wednesday night, surging past the $112,000 mark for the first time. The cryptocurrency rose to $112,009 late on Wednesday, surpassing its previous record of $111,999, before slipping back to $111,294.17 by late morning trading in London. The jump comes as investors throw their weight behind risk assets like cryptocurrencies and stocks, despite the latest tariff rumblings from Donald Trump. Shares in chipmaker Nvidia, meanwhile, spiked early on Wednesday, reaching $164.15 and pushing the S&P 500 back towards its 3 July record high of $6,279.35. Chris Beauchamp, chief market analyst at IG, said: 'Nvidia's brief ascent to a $4trillion market cap marks a defining moment for markets and underscores the extent to which artificial intelligence is driving investor enthusiasm. 'Bitcoin was in on the act too, confirming the ebullient summer mood prevailing among investors. Perhaps most notable is the market's apparent indifference to escalating trade tensions.' Beauchamp added: 'Perhaps most notable is the market's apparent indifference to escalating trade tensions. Trump's 50 percent tariff on copper imports and threats toward Brazil triggered little reaction.' Increasing institutional adoption of bitcoin has also served to drive the price of the crypto token over recent weeks, with a number of public firms having added Bitcoin to their treasuries, including the likes of GameStop, Metaplanet, Tesla and Twenty One Capital in the US. In the UK, there has also been a swathe of small-cap bitcoin treasury firms launching their own public listings. British bitcoin treasury firm Smarter Web Company, which IPO'd back in April, saw its own shares rise from 2.97.50p each to 402.50 pence from 7 to 9 July, with its market cap rising to £961.75million on the back of bitcoin's rise. The firm previously hit a market cap of more than £1billion last month. In fact, public company bitcoin purchases outpaced those of ETFs in the second quarter of the year. Nick Jones, founder and chief executive of Zumo, said: 'The rise is underpinned by increasing institutional adoption and resurgent retail demand, reflecting confidence that crypto has arrived in the mainstream and is now reshaping finance. Likewise, Lukas Enzersdorfer-Konrad, deputy chief executive of Bitpanda, said: 'Bitcoin's recent surge is no coincidence – it's fuelled by a perfect mix of supportive macro conditions and a steady rise in institutional interest. As liquidity returns to the market and the money supply expands in both Europe and the US, investors are looking for assets with real potential – and bitcoin is increasingly seen as one of them. 'We're seeing growing retail demand, still underpinned by strong ETF inflows and continued institutional adoption. All signs point to Bitcoin's role as a mainstream asset becoming more firmly established than ever.' There is expectation that bitcoin could continue to rise throughout the year. Financial product comparison site Finder says the average end of year price prediction for Bitcoin is now $145,167, with 61 per cent of its panel of crypto analysts viewing bitcoin as a buy.
Zawya
07-07-2025
- Business
- Zawya
Dollar firms against peers as investors brace for Trump tariff deadline
The dollar firmed against other major currencies on Monday, after remarks from U.S. officials offered little clarity on the outlook for tariffs, days ahead of a crucial deadline. Most U.S. trade partners face the prospect of steeper duties at the end of the 90-day moratorium on U.S. President Donald Trump's "Liberation Day" reciprocal tariffs on Wednesday. Trump clarified on Sunday that the new rates would take effect from August 1. He said he will name some dozen countries later on Monday that are receiving letters with their new, higher levies, and he threatened an additional 10% tariff on nations aligning with what he deemed to be the "anti-American" policies of the BRICS emerging economies. "It still feels like this administration is trying to find ways to avoid going all out on fresh tariff positions. We have people talking a (lot) about it, but talking and doing are two entirely different things," said Chris Beauchamp, chief market analyst at IG. "They (the United States) saw what happened with the volatility in April, and I don't think they want to wish that again." Options data reflected that currency markets were pricing in a limited resurgence in volatility ahead of the tariff deadline on expectations further extensions on the deadline were possible. The dollar index, which measures the currency against six major counterparts, rose 0.34% to 97.294 and briefly hit a one-week high. The index extended gains from last week when data reflecting labour market resilience pushed back expectations for imminent monetary policy easing by the Federal Reserve. Still, the index is close to a 3-1/2-year trough and has declined 10% so far this year as investors questioned the safe-haven status of the U.S. currency and reassessed earlier expectations that the U.S. could be spared in the event of a global economic slowdown. The dollar inched up 0.25% to 0.797 against the Swiss franc on Monday, near the January 2015 low it revisited in the previous week. The euro slipped 0.41% to $1.1738 having rallied over 13% so far this year. The dollar reversed an earlier decline and rose 0.78% at 145.725 yen, reaching a one-week high. Investors are concerned that Tokyo and Brussels might not be able to secure deals with Washington ahead of the deadline as progress on agreements with Japan and the European Union has been slow, despite multiple rounds of negotiations. Sterling weakened 0.08% to $1.364, but stayed near its strongest level since October 2021. Currencies positively correlated to risk appetite, such as the Aussie dollar and the New Zealand dollar lost 0.61% and 0.63%, respectively ahead of monetary policy decisions in both countries in the coming two days. The Reserve Bank of Australia is widely expected to cut the cash rate by another quarter point on Tuesday, while New Zealand's central bank is predicted to hold rates steady on Wednesday. U.S. policy uncertainty weighing on the dollar "may not be as potent as in early April, but we think this correlation still matters," Paul Mackel, global head of FX research at HSBC said. (Reporting by Hannah Lang and Johann M Cherian; additional reporting by Kevin Buckland; Editing by Christian Schmollinger, Rachna Uppal, Gareth Jones and Barbara Lewis)
CNA
07-07-2025
- Business
- CNA
Dollar firms against peers as investors brace for Trump tariff deadline
NEW YORK :The dollar firmed against other major currencies on Monday, after remarks from U.S. officials offered little clarity on the outlook for tariffs, days ahead of a crucial deadline. Most U.S. trade partners face the prospect of steeper duties at the end of the 90-day moratorium on U.S. President Donald Trump's "Liberation Day" reciprocal tariffs on Wednesday. Trump clarified on Sunday that the new rates would take effect from August 1. He said he will name some dozen countries later on Monday that are receiving letters with their new, higher levies, and he threatened an additional 10 per cent tariff on nations aligning with what he deemed to be the "anti-American" policies of the BRICS emerging economies. "It still feels like this administration is trying to find ways to avoid going all out on fresh tariff positions. We have people talking a (lot) about it, but talking and doing are two entirely different things," said Chris Beauchamp, chief market analyst at IG. "They (the United States) saw what happened with the volatility in April, and I don't think they want to wish that again." Options data reflected that currency markets were pricing in a limited resurgence in volatility ahead of the tariff deadline on expectations further extensions on the deadline were possible. The dollar index, which measures the currency against six major counterparts, rose 0.34 per cent to 97.294 and briefly hit a one-week high. The index extended gains from last week when data reflecting labour market resilience pushed back expectations for imminent monetary policy easing by the Federal Reserve. Still, the index is close to a 3-1/2-year trough and has declined 10 per cent so far this year as investors questioned the safe-haven status of the U.S. currency and reassessed earlier expectations that the U.S. could be spared in the event of a global economic slowdown. The dollar inched up 0.25 per cent to 0.797 against the Swiss franc on Monday, near the January 2015 low it revisited in the previous week. The euro slipped 0.41 per cent to $1.1738 having rallied over 13 per cent so far this year. The dollar reversed an earlier decline and rose 0.78 per cent at 145.725 yen, reaching a one-week high. Investors are concerned that Tokyo and Brussels might not be able to secure deals with Washington ahead of the deadline as progress on agreements with Japan and the European Union has been slow, despite multiple rounds of negotiations. Sterling weakened 0.08 per cent to $1.364, but stayed near its strongest level since October 2021. Currencies positively correlated to risk appetite, such as the Aussie dollar and the New Zealand dollar lost 0.61 per cent and 0.63 per cent, respectively ahead of monetary policy decisions in both countries in the coming two days. The Reserve Bank of Australia is widely expected to cut the cash rate by another quarter point on Tuesday, while New Zealand's central bank is predicted to hold rates steady on Wednesday. U.S. policy uncertainty weighing on the dollar "may not be as potent as in early April, but we think this correlation still matters," Paul Mackel, global head of FX research at HSBC said.
Zawya
07-07-2025
- Business
- Zawya
Dollar wobbles near multi-year lows as investors brace for Trump tariff deadline
The dollar firmed against other major currencies on Monday, after remarks from U.S. officials offered little clarity on the outlook for tariffs, days ahead of a crucial deadline. Most U.S. trade partners face the prospect of steeper duties at the end of the 90-day moratorium on U.S. President Donald Trump's "Liberation Day" reciprocal tariffs on Wednesday. Trump clarified on Sunday that the new rates would take effect from August 1. He said he will name some dozen countries later on Monday that are receiving letters with their new, higher levies, and he threatened an additional 10% tariff on nations aligning with the "anti-American" policies of the BRICS emerging economies. "It still feels like this administration is trying to find ways to avoid going all out on fresh tariff positions. We have people talking a (lot) about it, but talking and doing are two entirely different things," said Chris Beauchamp, chief market analyst at IG. "They (the United States) saw what happened with the volatility in April, and I don't think they want to wish that again." Options data reflected that currency markets were pricing in a limited resurgence in volatility ahead of the tariff deadline on expectations that there could be further extensions on the deadline. The dollar inched up 0.2% to 0.7972 Swiss franc on Monday, near the January 2015 low it revisited in the previous week. The euro slipped 0.5% to $1.1726 having rallied over 13% so far this year. The dollar reversed an earlier decline and rose 0.54% to touch a one-week high at 145.38 yen . Investors are concerned that Tokyo and Brussels might not be able to secure deals with Washington ahead of the deadline as progress on agreements with Japan and the European Union has been slow, despite multiple rounds of negotiations. The dollar index, which measures the currency against six major counterparts, rose 0.41% to 97.363 and briefly hit a one-week high. The index extended gains from last week when data reflecting labour market resilience pushed back expectations for imminent monetary policy easing by the Federal Reserve. Still, the index is close to a 3-1/2-year trough and has declined 10% so far this year as investors questioned the safe-haven status of the U.S. currency and reassessed earlier expectations that the U.S. could be spared in the event of a global economic slowdown. On Monday, sterling weakened 0.26% to $1.36, but stayed near its strongest level since October 2021. The U.S. dollar also gained about 0.4% against the Canadian dollar . Currencies positively correlated to risk appetite, such as the Aussie dollar and the New Zealand dollar lost 0.7% and 1%, respectively ahead of monetary policy decisions in both countries in the coming two days. The Reserve Bank of Australia is widely expected to cut the cash rate by another quarter point on Tuesday, while New Zealand's central bank is predicted to hold rates steady on Wednesday. U.S. policy uncertainty weighing on the dollar "may not be as potent as in early April, but we think this correlation still matters," Paul Mackel, global head of FX research at HSBC said. (Reporting by Kevin Buckland and Johann M Cherian; Editing by Christian Schmollinger, Rachna Uppal, Gareth Jones and Barbara Lewis)
CNA
07-07-2025
- Business
- CNA
Dollar wobbles near multi-year lows as investors brace for Trump tariff deadline
TOKYO :The dollar firmed against other major currencies on Monday, after remarks from U.S. officials offered little clarity on the outlook for tariffs, days ahead of a crucial deadline. Most U.S. trade partners face the prospect of steeper duties at the end of the 90-day moratorium on U.S. President Donald Trump's "Liberation Day" reciprocal tariffs on Wednesday. Trump clarified on Sunday that the new rates would take effect from August 1. He said he will name some dozen countries later on Monday that are receiving letters with their new, higher levies, and he threatened an additional 10 per cent tariff on nations aligning with the "anti-American" policies of the BRICS emerging economies. "It still feels like this administration is trying to find ways to avoid going all out on fresh tariff positions. We have people talking a (lot) about it, but talking and doing are two entirely different things," said Chris Beauchamp, chief market analyst at IG. "They (the United States) saw what happened with the volatility in April, and I don't think they want to wish that again." Options data reflected that currency markets were pricing in a limited resurgence in volatility ahead of the tariff deadline on expectations that there could be further extensions on the deadline. The dollar inched up 0.2 per cent to 0.7972 Swiss franc on Monday, near the January 2015 low it revisited in the previous week. The euro slipped 0.5 per cent to $1.1726 having rallied over 13 per cent so far this year. The dollar reversed an earlier decline and rose 0.54 per cent to touch a one-week high at 145.38 yen. Investors are concerned that Tokyo and Brussels might not be able to secure deals with Washington ahead of the deadline as progress on agreements with Japan and the European Union has been slow, despite multiple rounds of negotiations. The dollar index, which measures the currency against six major counterparts, rose 0.41 per cent to 97.363 and briefly hit a one-week high. The index extended gains from last week when data reflecting labour market resilience pushed back expectations for imminent monetary policy easing by the Federal Reserve. Still, the index is close to a 3-1/2-year trough and has declined 10 per cent so far this year as investors questioned the safe-haven status of the U.S. currency and reassessed earlier expectations that the U.S. could be spared in the event of a global economic slowdown. On Monday, sterling weakened 0.26 per cent to $1.36, but stayed near its strongest level since October 2021. The U.S. dollar also gained about 0.4 per cent against the Canadian dollar. Currencies positively correlated to risk appetite, such as the Aussie dollar and the New Zealand dollar lost 0.7 per cent and 1 per cent, respectively ahead of monetary policy decisions in both countries in the coming two days. The Reserve Bank of Australia is widely expected to cut the cash rate by another quarter point on Tuesday, while New Zealand's central bank is predicted to hold rates steady on Wednesday. U.S. policy uncertainty weighing on the dollar "may not be as potent as in early April, but we think this correlation still matters," Paul Mackel, global head of FX research at HSBC said.
