Monday's Markets Update (June 26, 2023)

28 Jun 2023 by rate3

On Monday, Dallas Index went up a bit, but NASDAQ (open: 13,468, close: 13,335) continued to correct on a downside, while BTC (o: 30,359, c: 30,243) fluctuated sideways.

Details: The Dallas Fed's manufacturing index in Texas rose to -23.2 in June, the highest in three months. However, the reading still showed worsening business conditions, with contractions in production, new orders, shipments, and capacity utilization. Labor market measures also pointed to weaker employment growth and declining work hours. On the price front, raw materials prices fell slightly while wage pressures remained elevated. Expectations for future manufacturing activity were mixed, with the future production index rising but the future general business activity index remaining negative.

Other Markets Updates:

China: The yuan rebounded from seven-month lows after the PBOC set a stronger-than-expected mid-point rate for the second consecutive day. This raised speculation that Beijing was growing more uncomfortable with the currency's weakness. The yuan fell sharply in June as economic data disappointed, leading banks to downgrade GDP growth forecasts. The central bank cut interest rates and is expected to ease policy further. This stands in contrast to other major economies that are tightening policy.