2024-01-11 10:17

NEW YORK - The cryptocurrency market has experienced a notable upswing, with Bitcoin and Ethereum leading the charge. Bitcoin's price has climbed to $46,313, reflecting a daily increase of 0.71% and a weekly gain of 7.17%. Similarly, Ethereum has seen its value rise to $2,606, marking a daily increase of 0.67% and a significant weekly rise of 16.29%. Other major cryptocurrencies have also seen positive movements. BNB, XRP, Cardano, and Dogecoin all posted gains, contributing to the market's bullish sentiment. Solana, while making more modest weekly progress, increased by 0.22%. Additionally, Polkadot and Shiba Inu recorded weekly increases of 6.27% and 4.33%, respectively. Polygon stood out with a substantial 10.15% rise today. The overall crypto market capitalization has reached a new milestone at $1.77T, which is a 3.7% increase from the previous figures. This surge in market cap is supported by a total market volume of $112.21B over the last 24 hours. Despite the general uptrend, there were some cryptocurrencies that did not share in the gains. Bonk, Lido DAO, Bitget Token, Stacks, and UNUS SED LEO were among the day's biggest losers, each experiencing a downtrend in their respective prices. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-lead-crypto-market-gains-as-overall-cap-hits-177-trillion-93CH-3272095

2024-01-11 09:19

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar steadied in early European trade Thursday, retaining most of 2024’s gains ahead of the release of key U.S. inflation data that could provide more clues on when the Federal Reserve could begin cutting interest rates. At 04:20 ET (09:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded flat at 102.090, but still 1% higher since the start of January. U.S. CPI looms large The dollar has been in demand for much of the new year as traders scaled back bets of early interest rate cuts by the Federal Reserve. However, the futures market indicates that around 140 basis points of cuts this year are still priced in, with around a two-thirds chance they will begin as soon as March. The release later in the session of the December U.S. CPI is likely to drive sentiment until the Fed’s next policy-setting meeting at the end of the month. The headline figure is expected to rise 0.2% on the month, an annual rise of 3.2%, just up from 3.1% the prior month. However, the core figure, which excludes volatile food and energy prices, is expected to fall to 3.8% on an annual basis, the lowest since mid-2021. “While we may not see a big jump in the dollar on a consensus CPI print (actually there are some downside risks given part of the market is possibly positioned for a strong number), we suspect the combination of only modest core inflation declines and lingering labour tightness will prompt the Fed to push back on rate cuts more forcefully,” said analysts at ING, in a note. Euro balances Spanish and Italian data In Europe, EUR/USD traded largely unchanged at 1.0974, helped by data showing that Spanish industrial production rose 0.8% on an annual basis in November, rebounding from a revised 1.4% drop the prior month. By contrast, the equivalent Italian data showed a slump of 1.5% on the month in November, far weaker than the expected drop of 0.2%, as the eurozone as a whole struggles to post any form of growth. "Soft indicators point to an economic contraction in December too, confirming the possibility of a technical recession in the second half of 2023 and weak prospects for the near term," ECB Vice President Luis de Guindos said, on Wednesday. GBP/USD rose 0.1% to 1.2756, with sterling boosted by Bank of England Governor Andrew Bailey declining to comment on potential rate cuts, as he testified before the Treasury select committee on Wednesday. “Price stability and inflation being a target is consistent with and supportive of financial stability. So it is important from a financial stability view that obviously we return inflation to target,” Bailey said. Yen close to one-month low Elsewhere, USD/JPY traded 0.1% lower to 145.53, as the yen hovered near a one-month low, seeing fresh weakness on growing conviction that the Bank of Japan will delay a pivot away from its ultra-dovish policy. USD/CNY fell 0.1% to 7.1628, with the yuan recovering slightly from a weak start to 2024. Sentiment towards China remained weak amid a sluggish economic rebound, with inflation and trade data due on Friday expected to show little improvement. https://www.investing.com/news/forex-news/dollar-largely-unchanged-ahead-of-cpi-release-2024-gains-intact-3272052

2024-01-11 05:25

Copyrighted Image by: Reuters. Investing.com-- Gold prices rose in Asian trade on Thursday, recovering slightly from a rough start to 2024, with focus now squarely on upcoming U.S. inflation data for more cues on the Federal Reserve’s plans to cut interest rates. The yellow metal was still reeling from steep losses over the first week of January, as traders questioned whether the Fed will begin trimming interest rates by as soon as March 2024. Uncertainty over rate cuts spurred a sharp rebound in the dollar, which also weighed on gold. But the greenback gave up a bulk of its recent gains this week, while traders also largely maintained bets on a March rate cut. This allowed gold prices some relief, although they remained within a $2,000-$2,050 an ounce trading range seen through most of December. Spot gold rose 0.4% to $2,031.78 an ounce, while gold futures expiring in February rose 0.4% to $2,035.80 an ounce by 00:09 ET (05:09 GMT). Both instruments were down about 1.7% so far in 2024, but were sitting on an over 10% gain from the past year. CPI data in focus, traders hold March rate-cut bets Markets were now awaiting key U.S. consumer price index (CPI) data for December, which is due later in the day. Headline CPI inflation is expected to have increased slightly, while core CPI is expected to fall further. Inflation is expected to remain well above the Fed’s 2% annual target which, coupled with recent signs of resilience in the labor market, bode poorly for expectations of early interest rate cuts. But traders appeared to have largely maintained their expectations for a 25 basis point cut in March, despite trimming them slightly last week. The CME Fedwatch tool showed traders pricing a 67.1% chance for a cut in March, up from the 60.8% seen a day ago and the 64.7% seen last week. Bets on early rate cuts saw a resurgence this week after several Fed officials stated that high interest rates were acting as expected in bringing down inflation. But they also offered scant cues on when the Fed could begin cutting rates. General consensus is for at least 100 to 150 bps of rate cuts this year. Lower rates bode well for gold, which suffers from higher opportunity costs in a high-rate environment, given that it offers no yield. Copper rebounds from new year losses, China data awaited Among industrial metals, copper prices rose sharply on Thursday, amid easing pressure from a stronger dollar. Copper futures expiring March rose 0.6% to $3.8112 a pound. But the red metal was still nursing some losses from a soft start to 2024, as a swathe of weak economic readings from across the globe pushed up concerns over slowing manufacturing activity- which spells weaker copper demand. Focus is now on trade and inflation figures from China, due this Friday, for more economic cues on the world’s largest copper importer. Upgrade your investing with our groundbreaking, AI-powered InvestingPro+ stock picks. Use coupon INVSPRO2024 to avail a limited time discount on our Pro and Pro+ subscription plans. Click here to know more, and don't forget to use the discount code when checking out! https://www.investing.com/news/commodities-news/gold-prices-recover-some-lost-ground-cpi-awaited-for-more-ratecut-cues-3271957

2024-01-11 04:32

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies rose slightly on Thursday, while the dollar trimmed a bulk of its new year gains in anticipation of key U.S. inflation data for more cues on when the Federal Reserve could begin cutting interest rates. But the Japanese yen hovered near one-month lows, seeing fresh weakness on growing conviction that the Bank of Japan will delay a pivot away from its ultra-dovish policy. Dollar retreats, CPI data awaited for more rate-cut cues The dollar index and dollar index futures both fell 0.1% in Asian trade, extending overnight losses as traders maintained bets that the Fed will enact steep interest rate cuts this year. Consumer price index (CPI) inflation data due later on Thursday is widely expected to factor into expectations for interest rate cuts this year. Headline inflation is expected to rise slightly, while core CPI is expected to fall further. But inflation is still expected to remain well above the Fed’s annual 2% target- a trend that could potentially see the central bank keep policy tighter for longer. While traders somewhat scaled back bets on early interest rate cuts by the Fed, general consensus still remained on at least 100 to 150 basis points of cuts in 2024. The CME Fedwatch tool showed traders pricing in a 65% chance of a 25 bps cut in March- up from 60.8% seen a day earlier and 64.7% seen last week. Lower U.S. interest rates bode well for Asian markets, given that they free up more capital for investment into the region. Most regional currencies advanced on that notion. The Australian dollar rose 0.3%, cheered by data that showed a substantially bigger-than-expected jump in the country’s trade balance in November. But the increase was also driven chiefly by a sharp month-on-month decline in imports, as Australian consumer demand worsened. The Chinese yuan rose 0.1%, recovering slightly from a weak start to 2024. Sentiment towards China remained weak amid a sluggish economic rebound, with inflation and trade data due on Friday expected to show little improvement. The South Korean won rose 0.2% as the Bank of Korea kept interest rates steady as expected, but signaled that rates were likely to remain higher for longer. The Singapore dollar was flat, while the Indian rupee broke below the 83 level for the first time in nearly one month. Indian CPI data is also due on Friday. Japanese yen lags on dovish BOJ bets The Japanese yen saw some strength on Thursday, but was nursing steep losses so far in 2024 amid growing conviction that the Bank of Japan will delay a pivot away from its ultra-dovish policies. While this trend spurred sharp gains in Japanese stocks, the yen was battered by the prospect of Japanese interest rates remaining in negative territory- which had severely battered the yen over the past two years. The currency was among the worst-performing Asian units over the past two years. The yen traded at 145.44 to the dollar, and was close to its weakest level in a month. The BOJ is set to meet later in January, and is widely expected to maintain its ultra-dovish course in the face of increased stimulus measures after a devastating earthquake in central Japan. Soft inflation and wage growth also gave further credence to bets on a dovish BOJ. Upgrade your investing with our groundbreaking, AI-powered InvestingPro+ stock picks. Use coupon INVSPRO2024 to avail a limited time discount on our Pro and Pro+ subscription plans. Click here to know more, and don't forget to use the discount code when checking out! https://www.investing.com/news/forex-news/asia-fx-rises-as-dollar-pulls-back-ahead-of-cpi-report-yen-fragile-3271952

2024-01-11 01:20

Copyrighted Image by: Reuters. Investing.com -- Oil prices rose Wednesday, rebounding after the previous weak close, as tensions in the Middle East remain fraught, disrupting the transport of crude through the key Red Sea route. By 09:15 ET (14.15 GMT), the U.S. crude futures traded 2.4% higher at $73.11 a barrel and the Brent contract climbed 2.2% to $78.52 a barrel. Iran seizes crude tanker Iran seized a tanker with Iraqi crude destined for Turkey on Thursday, the country’s state-run media reported, raising temperatures in a region that has already seen numerous attacks by Yemen-based Houthis on the international shipping lanes in the southern Red Sea. "The Navy of Iran's Army has announced the seizure of an American oil tanker in the Gulf of Oman with a judicial order," Iranian state media cited a statement by the Army as saying on Thursday. The vessel appeared to be the Marshall Islands-flagged tanker St Nikolas, which last year was confiscated by the United States for carrying Iranian oil, prompting speculation that this move was retaliation. The dangerous state of these waters has seriously disrupted international commerce on the key route between Europe and Asia that accounts for about 15% of the world's shipping traffic. U.S. inflation hotter than expected These gains were stunted by data released earlier Thursday showing U.S. inflation accelerated by more than expected in December, potentially causing food for thought for the Federal Reserve as its officials contemplate interest rate cuts this year. The year-on-year consumer price index from the world's largest economy accelerated to 3.4% last month, up from 3.1% in November. Month-on-month, the pace increased to 0.3%. Economists had seen the figures at 3.2% and 0.2%, respectively. That said, the rate of the so-called "core" measure, which strips out volatile items like food and energy, ticked down to 3.9% annually from 4.0% in the prior month. Traders are also looking for Chinese inflation and trade data, due Friday, for more cues on the economic health of the world’s largest oil importer. EIA inventories show surprise rise Crude prices settled lower on Wednesday, erasing early gains after Energy Information Administration inventory data registered a surprise jump in U.S. crude stockpiles of 1.3 million barrels to 432.4 million barrels in the week ended Jan. 5. This contrasted with market expectations for a draw of 700,000 barrels and earlier industry data, and raised concerns over demand in the world's largest oil market. A second straight week of massive builds in gasoline and distillate stockpiles also pointed to weakness in U.S. fuel demand. This notion was exacerbated by a severe winter storm in large swathes of the country, which further disrupted road travel in the world’s largest fuel consumer. https://www.investing.com/news/commodities-news/oil-prices-muted-after-surprise-us-inventory-build-cpi-data-awaited-3271919

2024-01-11 00:18

Copyrighted Image by: Reuters. By Ketki Saxena Investing.com -- The Canadian Dollar traded in a tight range vs. its US counterpart today, as markets await impetus from tomorrow’s US CPI print. The Canadian dollar gained some support from an uptick in risk-sentiment, reflected in equities. However, the commodity linked loonie faced pressure from sliding crude prices, following a surprise build in US inventories. "USD-CAD has traded in an extremely narrow range today as traders sit on their hands awaiting tomorrow's key U.S. CPI report for December," noted Michael Goshko, senior market analyst at Convera Canada ULC. The US dollar meanwhile was modestly weaker against a basket of major currencies, with trading relatively quiet ahead of tomorrow’s CPI release. The headline reading is forecast to come in at 3.2% YoY, above the previous month's 3.1% print. Despite forecasts from the Federal Reserve for only 75 bps of easing next year, markets are currently betting on five Fed rate cuts in 2024. Looking ahead for the pair, analysts at SocGen note that “Lower Fed rates will help CAD extend recent modest gains.” The loonie should be particularly reactive to interest rate shifts, the SocGen analysts note, given that “The most interest rate sensitive developed-economy currencies are the ones sensitive to housing.” On a technical level for the pair, analysts at FXStreet note, “Daily candlesticks have the USD/CAD bid facing a slowdown of bullish momentum from the 1.3400 handle, and a technical ceiling is forming up near 1.3500 as the 50-day SMA heads for a bearish cross of the 200-day SMA.” “With topside action capped, a pullback could see the pair heading back into December’s lows near the 1.3200 handle.” https://www.investing.com/news/forex-news/canadian-dollar-trades-in-tight-range-vs-usd-ahead-of-us-cpi-3271906