2023-12-08 06:48

SAO PAULO - In a significant move to expand the reach of digital currencies in Latin America, Circle, the company behind the USDC stablecoin, has forged a strategic partnership with Brazilian neobank Nubank. This collaboration aims to enhance the adoption and understanding of USDC through Nubank's dedicated cryptocurrency platform, Nubank Crypto. The partnership comes at a time when Brazil is witnessing a remarkable increase in stablecoin usage, with data from the Brazilian Federal Revenue Secretariat revealing that Tether accounted for nearly 80% of all crypto transactions in the country last year. As part of their alliance, Circle will provide exclusive educational content on the benefits and applications of USDC via Nubank's platform. This initiative is expected to drive further awareness and utilization of USDC among Nubank's customer base. Circle CEO Jeremy Allaire has recognized Latin America's burgeoning demand for digital dollar access, which is driving the integration of digital currencies like USDC in the region. The collaboration is set to build on previous efforts by fintech company Tribal, which focused on promoting USDC to small and medium-sized enterprises in Brazil throughout 2022. Thomaz Fortes from Nubank expressed optimism about the partnership's potential to open up new financial opportunities and service integrations for customers through Nubank Cripto. https://www.investing.com/news/cryptocurrency-news/circle-partners-with-nubank-to-promote-usdc-stablecoin-in-brazil-93CH-3252219

2023-12-08 06:29

Copyrighted Image by: Reuters Investing.com - Gold prices moved little in Asian trade on Friday, sticking above key levels as markets awaited a potentially softer U.S. nonfarm payrolls reading, which comes just days before a Federal Reserve meeting. The yellow metal had raced to record highs at the beginning of the week, helped by a mix of rate cut bets and safe haven demand. But it had lost the record highs as abruptly as it had reached them, as traders locked in profits amid some uncertainty over U.S. monetary policy. Spot gold steadied at $2,030.26 an ounce, while gold futures expiring in February were flat at $2,046.05 an ounce by 01:17 ET (06:17 GMT). Both instruments had touched record highs above $2,100 an ounce on Monday, before swiftly reversing most gains. Still, the yellow metal had now maintained the $2,000 an ounce level for nearly three weeks, indicating increased optimism over gold’s prospects in the coming months. Nonfarm payrolls in sight, markets seek softer reading Focus was now squarely on nonfarm payrolls data for November, due later on Friday. The reading is expected to show further cooling in the labor market, after a drop in job openings and private payrolls data signaled some unwinding in the sector. Any further cooling in the labor market gives the Federal Reserve less impetus to keep interest rates higher for longer-a scenario that benefits gold. While the central bank is widely expected to keep rates on hold when it meets next week, its outlook on monetary policy, particularly on when it plans to begin trimming rates, remains uncertain. Bets that the Fed could cut rates by as soon as March 2024 were a key point of support for gold prices earlier this week. But traders scaled back those bets, given that the Fed has largely maintained its stance that rates will remain higher for longer. Still, the yellow metal may be poised for more strength in the coming months, especially if interest rates fall and global economic conditions deteriorate further. A raft of recent economic readings from the U.S., Asia and the euro zone suggested that growth was set to cool in 2024. https://www.investing.com/news/commodities-news/gold-prices-steady-above-2000-with-nonfarm-payrolls-in-focus-3252215

2023-12-08 05:49

Copyrighted Image by: Reuters. Investing.com - Most Asian currencies moved little on Friday as traders positioned for a potentially softer U.S. nonfarm payrolls reading, while the yen sat near a four-month high to the dollar tracking hawkish signals from the Bank of Japan. The yen was the best-performing Asian currency this week, up over 2% after BOJ Governor Kazuo Ueda signaled that the central bank was considering an eventual move away from negative interest rates. The yen rose 0.2% to 143.88 against the dollar on Friday. Ueda’s comments, made during an address on Thursday, sparked a sharp reversal in bets for more weakness in the yen, while reinforcing expectations that the BOJ will end its negative rate regime in 2024. This helped the yen strengthen past data showing that Japan’s economy shrank more than initially estimated in the third quarter. Ueda also noted that policy will remain loose in the near-term to keep supporting the Japanese economy. Dollar weakens as markets bet on softer nonfarm payrolls Broader Asian currencies were muted, while the dollar reversed a recent rebound following a string of soft labor market readings this week. The dollar index and dollar index futures steadied in the mid-103s in Asian trade, after falling sharply on Thursday. Job openings and private payrolls readings suggested that the U.S. labor market was cooling, potentially setting the scene for a softer nonfarm payrolls reading for November, which is due later in the day. Any signs of a cooling labor market give the Federal Reserve less impetus to keep interest rates higher for longer. Friday’s reading also comes just days before the Fed’s final meeting for the year, where the central bank is expected to keep rates on hold. But markets were still seeking more cues on when the Fed could begin cutting rates in 2024. Expectations that rate cuts could come as soon as March 2024 had boosted Asian currencies in recent sessions. Most regional units moved little in anticipation of the payrolls reading. The Chinese yuan fell 0.1%, and was set for mild weekly losses amid persistent concerns over an economic slowdown in China. Dollar selling by Chinese state banks helped limit losses in the yuan this week. The Indian rupee was flat after the Reserve Bank of India kept rates on hold as widely expected, and said that monetary policy will remain restrictive to curb persistent risks from inflation. The Australian dollar rose 0.2%, but was set to lose 0.8% this week following a string of weak economic readings. A slowdown in China, Australia’s biggest export market, appeared to be spilling over into the country. https://www.investing.com/news/forex-news/asia-fx-muted-with-nonfarm-payrolls-in-sight-yen-scales-4mth-peak-3252203

2023-12-08 05:21

Copyrighted Image by: Reuters WASHINGTON - In the race for the White House, presidential hopeful Vivek Ramaswamy has positioned himself as a proponent of cryptocurrency, using recent debates and public appearances to criticize the current regulatory approach to digital assets. During a GOP debate on Wednesday evening, Ramaswamy defended Bitcoin's value in promoting economic freedom and targeted what he views as bureaucratic constraints within U.S. financial systems. He cited the FTX scandal and Sam Bankman-Fried's alleged crimes as examples of ineffective oversight by the Securities and Exchange Commission (SEC), proposing his "Three Freedoms of Crypto" policy to spur innovation amidst regulatory hurdles expected to continue past the 2024 election. Ramaswamy's stance on cryptocurrency was further detailed before an unspecified date at the Texas Blockchain Council, where he outlined a plan to protect self-hosted wallets from overregulation, emphasizing the importance of innovation in the sector. His criticism extended to SEC Chair Gary Gensler for providing unclear guidance on whether cryptocurrencies should be classified as securities, particularly taking aim at Gensler's evasive responses during an exchange with House Financial Services Committee Chair Patrick McHenry. In a similar vein, Florida Governor Ron DeSantis has voiced his opposition to Central Bank Digital Currencies (CBDCs), citing privacy concerns. DeSantis has pledged to prevent CBDCs from gaining a foothold in the United States if elected president, reinforcing actions taken earlier in May when he banned CBDCs in Florida to avoid government overreach into private transactions. While Ramaswamy advocates for cryptocurrency freedom, JPMorgan CEO Jamie Dimon stands on the opposite side of the debate. Dimon suggested that he would eliminate cryptocurrencies entirely if he had the authority, citing a need to protect public wellbeing. https://www.investing.com/news/cryptocurrency-news/ramaswamy-and-desantis-target-crypto-regulation-in-presidential-ambitions-93CH-3252197

2023-12-08 05:19

On Friday, Ripple continued its routine of unlocking 1 billion XRP from escrow, a practice that has become a monthly occurrence for the blockchain-based digital payment protocol company. In line with this established pattern, December saw Ripple strategically retain 200 million XRP, transferring these funds between various crypto wallets to ensure liquidity in the market. The latest release is part of a series of planned unlocks that Ripple has been executing to maintain supply and liquidity in the market. The allocation for December involved distributing portions of the unlocked XRP to different wallets. For instance, Ripple (11) received escrowed funds that are due in April and May 2027, while Ripple (10) re-escrowed a significant amount for May 2027. Investors and market watchers pay close attention to these monthly releases as they provide insights into potential trading volume changes and market behavior. The unlocks are seen as having a substantial impact on supply inflation and could influence market price actions. Ripple has outlined future plans for similar unlocks from wallets such as Ripple (22) and Ripple (23), which will see an additional 3 billion XRP released into the market by March 2024. These continued releases are anticipated to contribute significantly to the ongoing supply inflation. https://www.investing.com/news/cryptocurrency-news/ripple-maintains-pattern-with-1-billion-xrp-monthly-release-93CH-3252196

2023-12-08 05:08

Copyrighted Image by: Reuters. MUMBAI - The Indian rupee experienced slight fluctuations this week as traders anticipated the Reserve Bank of India's monetary policy announcement. On Friday, the currency appreciated by two paise to trade at 83.34 against the US dollar, buoyed by positive equity trends. Finrex Treasury Advisors noted that the rupee is expected to fluctuate narrowly due to balanced inflows and outflows. In contrast, Thursday saw the rupee settle at 83.36 versus the dollar following significant share sales by Foreign Institutional Investors (FIIs), amounting to ₹1,564.03 crore (INR100 crore = approx. USD12 million). The Monetary Policy Committee (MPC), led by Governor Shaktikanta Das, began discussions on Wednesday with expectations for interest rates to remain unchanged. This comes amidst a minor rise in the dollar index to 103.59 and an increase in Brent crude oil prices to $75.31 per barrel. The stock market responded positively, with the BSE Sensex surging by over 229 points and the NSE Nifty by around 70 points. Previously, the rupee had appreciated by five paise on Wednesday, settling at 83.32 supported by the RBI's efforts to maintain critical exchange rate thresholds. Market participants are closely monitoring the outcome of the RBI's review, which has implications for both domestic equities and the broader forex market. Meanwhile, Brent crude oil prices had dipped to a six-month low of $74.63 per barrel on Thursday, which traditionally supports the rupee's value against stronger international currencies like the US dollar. https://www.investing.com/news/forex-news/indian-rupee-sees-marginal-movement-ahead-of-rbi-policy-review-93CH-3252195