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Tesla's rally Gives SP 500 a boost on tuesday

USDJPY Hits 24-Year High, Tesla Stock Climbs After Elon Musk Details Layoffs & UK Rail Strike

USDJPY hits a 24-year high

USDJPY rallied to a twenty-four year high on Tuesday, as traders continued to react to the BOJ’s decision to keep policy unchanged.

Last week, the Bank of Japan opted to keep rates and current monetary policy unchanged, despite the current rise in inflation.

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The bank appears to be waiting for a peak, prior to moving in to act, however the Yen hasn’t responded kindly to this.

Investors looking for safe havens are also buying this pair, which is contributing to its current highs.

As of writing, USDJPY is trading at 136.57.

Tesla stock climbs, as Musk details layoffs

 Tesla stock was trading higher in today’s session, as CEO Elon Musk gave further details on pending layoffs.

Speaking today, Musk confirmed that around 3.5% of staff will be laid off, mainly due to the current rate of inflation.

He went on to add that, “A year from now, I think our head count will be higher in both salaried and obviously hourly”.

Musk also addressed a recent lawsuit that failed against the company, stating that, “That is a small lawsuit of minor consequence. Anything that relates to Tesla gets big headlines, whether it is a bicycle accident or something much more serious”.

$TSLA closed 9.35% higher.

FTSE 100 higher, despite UK rail strike

 The FTSE 100 was in the green on Tuesday, despite the travel disruption caused by a rail strike.

In a nationwide protest, roughly 40,000 Railway employees, in addition to 13 train operators went on strike today.

Tuesday’s walkout is the first of a series of planned strikes that comes as workers demand increased pay.

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A member of one of the Union’s responsible for the strike stated that, “Many public sector workers are waiting to hear what their pay offer will be. Unions in education, the civil service and other parts of the public sector have already been clear that if the offers are substantially below inflation they will ballot their members for industrial action”

London’s FTSE 100 closed 0.42% higher today.

“Time is your friend; impulse is your money.”

-John Bogle.

Eliman Dambell

Senior Market Analyst