2023-12-11 07:57

Copyrighted Image by: Reuters The cryptocurrency market experienced a downturn at the start of the week, with the global crypto market cap declining to $1.58 trillion. Bitcoin, the leading digital currency by market value, managed to stay above the $42,000 mark despite facing a 3.14% decrease, trading at $42,444.70 today. Ethereum, another major player in the crypto space, also recorded a fall of 4.13%, with its price hitting $2,253.64. The broader market saw significant losses, with Dogecoin down by 1.10%, Litecoin by 4%, Ripple by 5.32%, and Solana by 1.40%. Despite this widespread downtrend, Helium posted significant gains, soaring by 18.62%. On the other hand, Flow suffered the most among top cryptocurrencies, dropping by 9.65%. Technical analysis indicated that Bitcoin faced resistance around the $44,700 level and may find potential support near $40,600 if the downward trend continues. Amidst these movements, the fear and greed index pointed towards extreme optimism among investors, registering a high of 80. In contrast to the general market slump, Avalanche stood out as an outlier today, with its price appreciating by about 7.57% to approximately $35 despite substantial liquidations reported over the weekend that exceeded $335 million. https://www.investing.com/news/cryptocurrency-news/crypto-market-cap-drops-to-158-trillion-as-bitcoin-holds-above-42k-93CH-3253492

2023-12-11 06:25

Copyrighted Image by: Reuters. The Central Bank of Nigeria (CBN) has stepped forward to address the concerns over the reported shortages of naira notes in the country, ascribing the situation to heightened withdrawals by Deposit Money Banks (DMBs) and customer panic. The bank's Corporate Communications Department and CBN Governor Olayemi Michael Cardoso emphasized that there is no shortage in actual currency supply and assured that measures are in place to ensure sufficient cash flow for necessary economic activities. The bank's announcement comes as a response to the increased rate of significant cash withdrawals by financial institutions. The CBN is actively managing the circulation of cash and has called on the public to refrain from panic withdrawals. It also advocates for the use of alternative payment methods to reduce dependence on physical cash throughout Nigeria. https://www.investing.com/news/forex-news/nigerias-central-bank-assures-ample-naira-supply-amid-withdrawal-surge-93CH-3253407

2023-12-11 05:34

Copyrighted Image by: Reuters. Indonesia and South Korea have finalized operational guidelines for a new local currency transactions (LCT) framework slated to begin in 2024, marking a significant step towards stronger financial integration between the two nations. The initiative will enable direct trade transactions between the Indonesian Rupiah (IDR) and the South Korean Won (KRW), streamlining cross-border payments and reducing foreign exchange risks associated with trade. The LCT framework is a result of a memorandum of understanding signed in May by Bank Indonesia (BI) and the Bank of Korea (BOK). This agreement is set to foster economic stability within Asia's financial landscape by minimizing dependency on major currencies like the US dollar for bilateral trade settlements. Both central banks have expressed their commitment to this initiative, which is expected to bolster trade promotion, deepen financial markets, and stabilize regional economies. Banks will provide quotes for IDR-KRW currency pairs, thereby diminishing forex risk and costs associated with currency conversion. BI Governor Perry Warjiyo has highlighted the potential benefits of more efficient bilateral trade under the new framework. BOK Governor Rhee Chang-yong has also emphasized the contribution this collaboration will make toward macroeconomic resilience. https://www.investing.com/news/forex-news/indonesia-and-south-korea-set-to-launch-local-currency-trade-in-2024-93CH-3253383

2023-12-11 04:46

Copyrighted Image by: Reuters. Investing.com-- Gold prices fell below key levels in Asian trade on Monday as strong labor market data saw traders rethink bets that the Federal Reserve will begin trimming interest rates earlier in 2024. Spot prices fell below the $2,000 an ounce level, marking a sharp reversal from record highs hit last week. A resilient dollar and signs of strength in the U.S. economy were the key weights on the yellow metal, as risk sentiment improved. Spot gold fell 0.4% to $1,996.24 an ounce, while gold futures expiring February fell 0.1% to $2,012.75 an ounce by 23:19 ET (04:19 GMT). Both instruments were trading about $150 below record highs hit last week. Fed meeting looms, March rate cuts in doubt Traders were also wary of gold before a Fed meeting later this week, where the central bank is widely expected to keep interest rates on hold. But the Fed’s outlook for loosening monetary policy in 2024 will be closely watched, especially as recent data showed the U.S. labor market running strong. Friday’s nonfarm payrolls reading saw markets sharply pare expectations for a rate cut by as soon as March 2024- a move that sparked heavy losses in gold. Risk appetite also improved after the reading, given that it signaled just enough strength in the U.S. economy for the possibility of a “soft landing.” Gold prices fell, while stock markets advanced. Beyond the Fed, interest rate decisions from the Bank of England, European Central Bank and Swiss National Bank are due this week, with all three banks likely to signal higher-for-longer interest rates. Higher interest rates dent gold prices by pushing up the opportunity cost of investing in the yellow metal, which offers no yields. U.S. inflation data for November is also due later in the week. Copper dips as China disinflation feeds demand fears Among industrial metals, copper prices fell on Monday tracking weak economic signals from major importer China. Copper futures expiring March fell 0.6% to $3.8087 a pound. Data over the weekend showed Chinese consumer price index inflation contracted for a second straight month in November, while a contraction in producer price index inflation deepened into a fourteenth consecutive month. The readings indicated that the world’s largest copper importer was likely to see sustained economic weakness in the coming months, as spending failed to pick up despite continued liquidity measures from Beijing. The weak inflation readings largely overshadowed recent data that showed Chinese copper imports remained robust in November. https://www.investing.com/news/commodities-news/gold-prices-dip-below-2000-as-early-fed-rate-cut-bets-recede-3253355

2023-12-11 03:46

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies fell on Monday, with the Chinese yuan among the worst performers after data pointed to a sustained deflationary trend in the country, while the dollar steadied in anticipation of a Federal Reserve meeting. The greenback saw some strength on Friday after a stronger-than-expected nonfarm payrolls reading, which dented expectations for an early interest rate cut by the Fed. The central bank is widely expected to keep rates on hold this week, although its signals for 2024 will be in close focus. The Chinese yuan lost 0.3% as data released over the weekend showed the country remained in disinflation for a second consecutive month, with consumer price index inflation falling at its fastest pace in three years. The reading ramped up concerns over a Chinese economic slowdown, as it came on the heels of several middling data prints for November. Steeper losses in the yuan were held back by a stronger daily midpoint fix from the People’s Bank of China. But sentiment towards the currency remained dour, and it appeared set to test the 7.2 level once again. Focus this week is on Chinese industrial production, fixed asset investment and retail sales data for November, due on Friday. Concerns over China weighed on broader Asian currencies. The Australian dollar fell 0.2% on its high trade exposure to China, while the South Korean won and Singapore dollar lost 0.2% and 0.1%, respectively. The Japanese yen fell 0.3%, but traded close to four-month highs hit last week following a slew of hawkish signals from the Bank of Japan. But the BOJ is still expected to keep policy ultra-loose in the near-term. The Indian rupee hovered close to record lows after the Reserve Bank stood pat on interest rates last week. But the RBI warned of a potential uptick in inflation, with consumer price index data for November due later this week. Dollar steadies with Fed in focus, early rate cut bets recede The dollar index and dollar index futures both rose slightly in Asian trade, after marking some gains on Friday. Stronger-than-expected nonfarm payrolls data saw traders scaling back bets that the Fed could cut interest rates in early-2024. Fed Fund futures prices show a 43% chance of 25 basis point cut in March, down from earlier expectations of over 60%. The central bank is set to keep interest rates steady at the conclusion of a two-day meeting on Wednesday. But its outlook on rates, especially in the light of recent labor market strength, will be in focus. Still, the strong labor reading signals some resilience in the U.S. economy, and heralds a potential soft landing. Beyond the Fed, U.S. inflation data is also on tap this week. https://www.investing.com/news/forex-news/asia-fx-falls-yuan-battered-by-china-disinflation-jitters-dollar-steady-3253330

2023-12-11 02:15

Investing.com - EOS was trading at $0.7494 by 21:13 (02:13 GMT) on the Investing.com Index on Monday, down 12.29% on the day. It was the largest one-day percentage loss since June 10. The move downwards pushed EOS's market cap down to $910.8241M, or 0.06% of the total cryptocurrency market cap. At its highest, EOS's market cap was $17.5290B. EOS had traded in a range of $0.7470 to $0.8380 in the previous twenty-four hours. Over the past seven days, EOS has seen a rise in value, as it gained 15.26%. The volume of EOS traded in the twenty-four hours to time of writing was $158.4909M or 0.34% of the total volume of all cryptocurrencies. It has traded in a range of $0.7075 to $0.8773 in the past 7 days. At its current price, EOS is still down 96.74% from its all-time high of $22.98 set on April 29, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $41,195.6 on the Investing.com Index, down 5.94% on the day. Ethereum was trading at $2,174.29 on the Investing.com Index, a loss of 7.45%. Bitcoin's market cap was last at $847.0378B or 52.11% of the total cryptocurrency market cap, while Ethereum's market cap totaled $280.5674B or 17.26% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/eos-falls-12-in-bearish-trade-3253320