2024-03-25 09:26

LONDON, March 25 (Reuters) - The pound was little changed on Monday, hovering near its lowest level in a month after investors last week ramped up their bets that the Bank of England will cut interest rates in June. Sterling was flat at $1.2608, not far off Friday's one-month low of $1.2576. The euro was little changed against the pound at 85.79 pence, down from Friday's two-month high of 86.02 pence. The pound dropped about 1% against the dollar last week after the Bank of England held interest rates at 5.25% on Thursday and Bailey said inflation is moving in the right direction for interest rate cuts. Bailey caused the pound to fall further on Friday after he told the Financial Times that rate cuts are "in play" this year. Traders now see a roughly 75% chance the BoE cuts rates by June, up from about 35% at the start of last week, according to money market pricing. Those bets have been encouraged by data showing inflation is falling faster than expected. "Sterling is consolidating at slightly lower levels after the Bank of England's dovish bout of communications late last week," said Chris Turner, head of global markets at ING. Turner said he thought the BoE's message means the euro could rise to 87 pence over the coming month as the pound slips. Meanwhile, U.S. economic and inflation data has remained broadly stronger than expected, causing investors to reduce their expectations of a June cut from the Federal Reserve. Expectations that interest rates might remain higher for longer in the U.S. have boosted the appeal of American bonds and supported the dollar. The dollar index , which tracks the currency against six peers, was last roughly flat on Monday at 104.38, after rising around 1% last week. Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. https://www.reuters.com/markets/currencies/sterling-hovers-near-one-month-low-rate-cut-bets-2024-03-25/

2024-03-25 09:10

NAPERVILLE, Illinois, March 24 (Reuters) - Speculators last week covered short positions in Chicago-traded grains and oilseeds for a second consecutive week as futures continued climbing off recent multi-year lows. The collective fund positioning is the most bearish for mid-March, which sometimes features relatively tamer market action as traders await pivotal U.S. stocks and acreage data at the end of the month. In the week ended March 19, most-active CBOT corn and soybeans declined fractionally while wheat and soybean oil notched fractional gains. Soybean meal fell 1.6%. Money managers’ most notable move in the week ended March 19 was the slashing of their net short in CBOT soybean oil futures and options, to 14,748 contracts from 33,410 a week earlier and 62,473 two weeks earlier. Soyoil futures rose 7% in those two weeks, which featured the biggest round of fund short covering since June, and the most-active contract on March 18 hit a three-month top. Global vegoil prices as well as U.S. crude and gasoline futures have strengthened this month, which began with speculators holding their most bearish ever early March soyoil views. Funds are holding their most bearish mid-March meal views, but they trimmed their net short in the week ended March 19 despite the price slide. That resulted in a managed money net short of 46,874 CBOT soybean meal futures and options contracts versus 50,935 in the prior week. Money managers covered shorts in CBOT soybean futures and options through March 19, trimming their net short by less than 7,000 to 148,339 contracts, two weeks removed from the record of 171,999. The week ended March 19 featured some notable short covering in CBOT corn futures and options, though less so than in the previous week. Money managers cut their corn net short to 242,988 contracts from 255,928 a week before, which is similar positioning as in March 2019. Commodity index traders’ total number of positions in CBOT corn futures and options topped 700,000 contracts last week for the first time since June 2022. Those have expanded by 55% since late December, the type of growth last seen in late 2020. CBOT wheat futures were up through March 19, but money managers expanded their net short to a 15-week high of 80,570 futures and options contracts from 78,870 a week earlier. That resembles funds’ year-ago position when wheat futures were trading 24% higher. CBOT corn, soybeans, soybean meal and wheat all made multi-week highs on either Thursday or Friday. Corn was unchanged over the last three sessions, soyoil slid 1%, meal added 1.6% and wheat and beans notched fractional gains. The U.S. Department of Agriculture will publish 2024 planting intentions and quarterly stock data on Thursday, which will be the market’s focus this week in addition to weather for Brazil’s corn crop. Analysts expect a rebound in U.S. soybean acres versus last year. Karen Braun is a market analyst for Reuters. Views expressed above are her own. Get a look at the day ahead in European and global markets with the Morning Bid Europe newsletter. Sign up here. https://www.reuters.com/markets/europe/funds-chip-away-cbot-grain-oilseed-shorts-ahead-key-us-data-2024-03-25/

2024-03-25 08:06

WARSAW, March 25 (Reuters) - Moves to put Poland's central bank governor before a State Tribunal have not had a negative effect on markets, the finance minister said on Monday, in a sign the government is relaxed about any possible fallout from efforts to oust him. Poland's pro-European coalition government looks set to submit a motion this week to put Governor Adam Glapinski before a State Tribunal on charges including breaking constitutional rules regarding the central bank financing government borrowing and misleading the finance ministry about the bank's results. Glapinski has rejected the accusations against him and defended his record, pointing in particular to a sharp deceleration in inflation over the past year. The government has launched sweeping reforms of state media and the judiciary as it seeks to root out those it accuses of wrongdoing under the previous nationalist government. Setting in motion a process that could lead to the removal of the central bank governor is a potentially a risky move. However, Finance Minister Andrzej Domanski told private broadcaster Polsat News on Monday that markets had taken news about Glapinski in their stride. "This has been talked about for a long time ... and last week bond yields dropped," Domanski said. "The zloty is stable, it is clearly visible that this topic does not make much of an impression on the markets." The Polish zloty has held onto gains of around 5% versus the euro it has made since the pro-European government secured a majority in an October election. Benchmark 10-year Polish bond yields have risen so far this year but remain around 30 basis points lower than they were before the election. Glapinski told the Financial Times in an interview published on Monday that he would write to Prime Minister Donald Tusk to try and end their feud over the potential tribunal case. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. https://www.reuters.com/world/europe/polish-markets-calm-over-potential-glapinski-tribunal-case-says-minister-2024-03-25/

2024-03-25 07:51

March 25 (Reuters) - Cryptocurrency exchange Binance said on Monday customers would no longer be able to deposit and withdraw the dollar-pegged stablecoin USDC using the Tron blockchain network. Stablecoins are digital tokens that are designed to keep a constant value and are backed by traditional currencies. A stablecoin can be based on various different blockchains. Last month, Boston-based crypto firm Circle said it would no longer create its USDC tokens on the Tron blockchain, a decision it said "aligned with its efforts to ensure that USDC remained trusted, transparent and safe". Binance said it would end support for the stablecoin via the Tron blockchain from April 5 at 0200 GMT. Users can continue trading USDC on Binance, while deposits and withdrawals of USDC via other supported networks will not be impacted, Binance said in a blog post , opens new tab. Tron did not immediately respond to a Reuters request for comment. Tron founder Justin Sun, a prominent crypto entrepreneur, was sued last year by the U.S. Securities and Exchange Commission for allegedly artificially inflating trading volumes and selling Tron tokens as an unregistered security. Sun said the SEC charges "lack merit". With around $32.1 billion in circulation, USDC is the eighth largest cryptocurrency and second-largest stablecoin, after Tether. Most of the USDC in circulation is based on the Ethereum blockchain, according to Circle's website. In February, before Circle ended support for Tron-based USDC, there was around $335 million USDC hosted on Tron. In November, Reuters reported, citing interviews with financial crime experts and blockchain investigation specialists, that Tron had overtaken Bitcoin as a platform for crypto transfers associated with groups designated as terror organisations by Israel, the United States and other countries. In response to that article, a Tron spokesperson said it did not have control over those using its technology, and that it was not linked to the groups identified by Israel. The Technology Roundup newsletter brings the latest news and trends straight to your inbox. Sign up here. https://www.reuters.com/technology/binance-end-support-usdc-stablecoin-tron-blockchain-2024-03-25/

2024-03-25 07:41

March 25 (Reuters) - Mobico (MCG.L) , opens new tab lowered the lower-end of its annual profit outlook range by about 9% on Monday, as the British transport company flagged some accounting issues related to its German rail business. The company, which last month delayed its annual results citing the accounting review, forecast adjusted operating profit for the year ended Dec. 31 to be in the range of 160 million pounds ($201.7 million) to 175 million pounds, compared with its previous expectations of 175 million pounds to 185 million pounds. ($1 = 0.7934 pounds) Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here. https://www.reuters.com/business/autos-transportation/uk-transport-group-mobico-warns-profit-amid-audit-issues-2024-03-25/

2024-03-25 07:39

MOSCOW, March 25 (Reuters) - The rouble hit a one-week low past 93 to the dollar on Monday as the Russian market reopened after a deadly shooting rampage near Moscow on Friday evening, with the Russian currency supported by high oil prices and month-end tax payments. Russia lowered flags to half-mast for a day of mourning and charged four men it accused of gunning down scores of people at a concert outside Moscow on Friday night in the deadliest attack inside Russia for two decades. At 0730 GMT, the rouble was unchanged against the dollar at 92.81 , having dipped to a one-week low in early trade. It had lost 0.1% to trade at 100.36 versus the euro and shed 0.3% against the yuan to 12.78 . Investors were also reacting to Friday's interest rate hold at 16%. The Bank of Russia warned that inflationary pressure remained high and that tight monetary conditions would be maintained for a long time to try to return inflation to the bank's 4% target. Brent crude oil , a global benchmark for Russia's main export, was up 0.4% at $85.76 a barrel. The rouble should also be supported this week by month-end taxes that usually see exporters convert foreign currency revenues to pay local liabilities. Russian stock indexes were lower. The dollar-denominated RTS index (.IRTS) , opens new tab was down 0.5% to 1,107.0 points. The rouble-based MOEX Russian index (.IMOEX) , opens new tab was 0.4% lower at 3,259.5 points. For Russian equities guide see For Russian treasury bonds see Keep up with the latest medical breakthroughs and healthcare trends with the Reuters Health Rounds newsletter. Sign up here. https://www.reuters.com/markets/currencies/russian-rouble-hits-one-week-low-vs-dollar-after-deadly-moscow-attack-2024-03-25/