2024-01-08 03:27

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies fell on Monday, while the dollar steadied near three-week highs as stronger-than-expected U.S. payrolls data saw traders scale back bets that the Federal Reserve will cut interest rates early. The payrolls reading put upcoming U.S. inflation data squarely in focus, as markets sought more cues on when the central bank could potentially begin trimming rates this year. Regional currencies clocked steep losses after Friday’s reading, and saw little relief on Monday as traders hunkered down before a string of inflation readings from major Asian economies this week. Dollar strong as rate-cut bets ease; Inflation awaited The dollar index and dollar index futures both firmed slightly in Asian trade on Monday, and remained within sight of a three-week high. The greenback clocked a strong gain in the first week of 2024, as traders grew uncertain over when the Fed could begin trimming interest rates. This was exacerbated by a stronger-than-expected nonfarm payrolls reading on Friday, with strength in the labor market giving the central bank more headroom to keep rates higher for longer. The CME Fedwatch tool shows traders pricing in a nearly 63% chance for a 25 basis point cut in March, down from the 74% chance seen last week. U.S. consumer price index (CPI) data for December is due this Thursday, and is expected to show some pick-up in inflation- a scenario that bodes poorly for early rate-cut bets. Japanese yen nurses steep losses amid BOJ doubts Asian trading volumes were somewhat held back by a holiday in Japan on Monday. The yen rose 0.1% after nearly sliding to 145 against the dollar on Friday. The Japanese currency also logged its worst weekly loss since late-2022 after an earthquake battered central Japan. Rebuilding and stimulus efforts in the wake of the disaster are expected to potentially delay the Bank of Japan’s plans to begin tightening its ultra-loose policy, which is a major weight on the yen. Focus is now on CPI inflation data from Tokyo for December, which usually acts as a bellwether for nationwide Japanese inflation. Asia FX faces inflation test Broader Asian currencies retreated slightly on Monday, extending losses from the previous session. Regional markets were also bracing for a string of key inflation readings this week. The Australian dollar fell slightly, with a monthly CPI indicator for November due this Wednesday. The Chinese yuan fell 0.2% despite a stronger-than-expected daily midpoint fix by the People’s Bank, as sentiment towards China remained weak. Inflation data from the country is due this Friday, and is expected to show that China remained in deflation through December. Chinese trade data is also due on Friday. The Indian rupee rose 0.1%, with an inflation reading for December also due on Friday. Central bank intervention in forex markets helped the rupee recover from near record lows last week. Among other Asian units, the South Korean won and Singapore dollar fell 0.1% each. While regional currencies marked some strength in December on expectations of early interest rate cuts, they still ended 2023 largely unchanged amid pressure from high U.S. interest rates. This trend is expected to continue in early-2024. https://www.investing.com/news/forex-news/asia-fx-falls-dollar-strong-as-ratecut-hopes-retreat-before-inflation-test-3268742

2024-01-08 01:07

Copyrighted Image by: Reuters. Investing.com -- Oil prices fell sharply Monday after top exporter Saudi Arabia slashed the prices of its crude exports, signaling weakening demand as economic activity stagnates. By 09:10 ET (14.10 GMT), the U.S. crude futures traded 3.7% lower at $71.07 a barrel and the Brent contract dropped 3.4% to $76.08 a barrel. Saudi Arabia cuts export prices Saudi Arabia slashed the price of its flagship Arab Light crude for Asian customers to a 27-month low, state producer Saudi Aramco (TADAWUL:2222) said on Sunday. Prices on February-loading Arab Light to Asia were cut by $2 below the Oman/Dubai regional benchmark, while prices on crude supplied to parts of Europe and the Mediterranean were also cut by as much as $2 to just above the Brent benchmark. The price cuts come about a month after new production cuts from the Organization of Petroleum Exporting Countries and allies for 2024 largely underwhelmed markets. In fact, a Reuters survey on Friday found that OPEC oil output actually rose in December as increases in Iraq, Angola and Nigeria offset continuing cuts by Saudi Arabia and other members of the wider OPEC+ alliance. Speculators cut net long positions The latest positioning report showed that speculators reduced their net long positions in both the ICE Brent and Nymex WTI contracts over the last reporting week, with the moves predominantly driven by fresh shorts entering the market. “However, given the increase we have seen in prices since Tuesday, we could have seen some of these shorts covered already,” analysts at ING said, in a note. Red Sea supply disruptions The crude markets had posted gains last week following an escalation in the Israel-Hamas conflict, coupled with continued disruptions in shipping activity in the Red Sea. Shipping giant Maersk said on Friday that it would divert its vessels away from the Red Sea region for the "foreseeable future", with the world's second-largest shipper calling the situation in the area "highly volatile." U.S. Secretary of State Antony Blinken held more talks with Arab leaders on Monday as part of a diplomatic push to stop the war in Gaza from spreading further. Markets await more rate-cut, inflation cues Crude markets are also awaiting inflation readings from Japan, Australia, China and the U.S. this week, which could provide more cues on economic strength and the path of interest rates. A stronger-than-expected U.S. nonfarm payrolls reading on Friday saw markets sharply curtail bets that the Federal Reserve will cut interest rates early this year- a scenario that heralds limited support for oil prices. China, the world's largest oil importer, is also expected to show another month of disinflation in December, presenting a weak outlook for global crude demand as the country struggles with a sluggish economic recovery. https://www.investing.com/news/commodities-news/oil-prices-dip-on-saudi-price-cuts-middle-east-tensions-persist-3268729

2024-01-07 11:26

Copyrighted Image by: Reuters. SEOUL - Bitcoin SV (BSV) has seen a dramatic increase in value, with its price more than doubling due to a surge in trading activity on the South Korean Upbit exchange. The cryptocurrency's value jumped from $50.51 to a high of $109.41, before stabilizing at approximately $105.42. The anticipation around the U.S. Securities and Exchange Commission's (SEC) decision regarding a spot Bitcoin ETF is adding to the speculative atmosphere. In related news, the digital token Rebel Satoshi ($RBLZ) has also experienced remarkable growth. During its public presale phase, the value of the token doubled from $0.010 to $0.025, amassing $1.3 million in funding. The token's burgeoning ecosystem, which features a Play-to-Earn (P2E) game and an NFT marketplace, has been a key factor in its growth. https://www.investing.com/news/cryptocurrency-news/bitcoin-sv-price-doubles-on-upbit-trading-93CH-3268637

2024-01-06 23:03

Copyrighted Image by: Reuters WASHINGTON - As the U.S. Securities and Exchange Commission (SEC) reviews applications for the nation's first Bitcoin exchange-traded funds (ETFs), major financial players BlackRock Inc (NYSE:BLK). and Grayscale Investments are signaling their readiness to enter the market. With amended filings made on Friday, these firms are positioning themselves at the forefront of what could be a significant development for cryptocurrency investment in the United States. Analysts are expressing optimism about the growth potential of Bitcoin ETFs, anticipating a notable increase in investment volume. This sentiment persists even as the market remains cautious in the wake of recent cryptocurrency scandals. The industry is eager for institutional engagement through ETFs, which is expected to provide a more structured and regulated investment environment for digital assets. BlackRock Inc. and Fidelity have already taken steps to prepare for their entry into this new market segment. Last week, both firms detailed the involvement of authorized participants in their revised S-1 prospectus documents, indicating that broker-dealers will play a role in the upcoming Bitcoin funds. The SEC has a pivotal week ahead, with commissioners expected to vote on these Bitcoin ETF proposals. This follows a Monday deadline for issuers to submit revised S-1 prospectus documents, marking a critical phase in the regulatory review process. https://www.investing.com/news/cryptocurrency-news/blackrock-and-grayscale-gear-up-for-bitcoin-etf-market-entry-93CH-3268588

2024-01-06 21:40

Copyrighted Image by: Ink Drop GLOBAL MARKETS - In a move that has caught the attention of the cryptocurrency community, a wallet associated with Satoshi Nakamoto, the pseudonymous creator of Bitcoin, received nearly 27 BTC, valued at approximately $1,191,134. This transaction comes amid heightened speculation and has sparked conversations about the potential impact on market dynamics. The transfer to Nakamoto's wallet occurred on the same day that a significant amount of Bitcoin was moved from Binance, one of the world's largest cryptocurrency exchanges. This has led to various theories about the sender's identity and the reasons behind the transaction. Some suggest it might be connected to the anticipation surrounding a U.S. Bitcoin Exchange-Traded Fund (ETF), while others believe it could be in celebration of Bitcoin's mainnet anniversary. Historically, activities involving early Bitcoin wallets have led to increased market volatility. While the cryptocurrency market is known for its rapid movements, transactions linked to Nakamoto's wallet are particularly notable due to the mystery surrounding the creator's identity and the potential influence they could have on the market. https://www.investing.com/news/cryptocurrency-news/bitcoin-sees-fresh-activity-as-satoshi-nakamotos-wallet-receives-27-btc-93CH-3268583

2024-01-06 21:05

Copyrighted Image by: Reuters GLOBAL MARKETS - An Ethereum whale, identified as '0x931', has made a significant move by acquiring $48 million worth of Ethereum, at an average price of $2,265 per coin. This recent purchase has increased their holdings to a substantial 80,000 ETH. The cryptocurrency has demonstrated stability in its value, maintaining a price above $2,150 since the beginning of the year, and is currently trading around $2,240. The Ethereum market has been subject to the usual risks associated with cryptocurrencies, yet the consistent demand for Ethereum and the expansion of its ecosystem indicate a positive outlook for the future. The increase in Ethereum's price and the whale's substantial investment underscore a growing confidence in the digital asset's long-term value. Investors and market watchers often look to the activities of large-scale investors, or "whales," as indicators of market trends. The actions of '0x931' suggest a bullish sentiment among some high-stakes investors in the Ethereum market. The continued growth and development within the Ethereum platform may be attracting investors who see the potential for long-term gains. https://www.investing.com/news/cryptocurrency-news/ethereum-whale-accumulates-48-million-in-eth-as-price-stabilizes-above-2150-93CH-3268581