Market Moves: Week Ending 26 July 2024

  • Bitcoin (BTXX, EBTC, IBTC) was a top performer last week after Former President Donald Trump talked up the asset at the 2024 Bitcoin Conference hosted in Nashville, Tennessee.1 Rumours have swirled in the crypto industry that Trump may look to create a US Bitcoin Strategic Reserve should he be re-elected as president.2
  • A hedged Japan ETF (HJPN) was the poorest performing fund of the week after the Yen rallied on rising expectations that the gap in interest rates between the US and Japan would soon narrow.3 The sharp increase in yen valuations has caused many investors to unwind their ‘carry trades’ – a popular strategy involving borrowing the yen at near-zero interest rates and using the proceedings to purchase international assets with higher returns.4
  • There were $489.7 million in reported inflows for the week and $161.5 million in outflows, marking a week of net inflows for the Australian ETF industry.

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Forecasts are not guaranteed and undue reliance should not be placed on them. This information is based on views held by Global X as at 30/07/2024. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.

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This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalised investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.