2023-11-24 11:56
Copyrighted Image by: Reuters. The Nigerian Naira has continued its decline, hitting record lows in both the official and parallel foreign exchange markets. Amidst the ongoing currency crisis, Central Bank of Nigeria (CBN) Governor Dr. Olayemi Cardoso is expected to announce new monetary policies today at a Chartered Institute of Bankers of Nigeria (CIBN) event. The Naira officially fell to a new low of N956.33 against the Dollar on Thursday, down from N840.53, according to data from FMDQ Securities Exchange. This significant depreciation was mirrored in parallel markets, where the Naira closed at N1,142/$1 and N1,162/$1 in peer-to-peer and black market segments, respectively. Forex transactions have also seen a sharp decline, with trading volumes falling to $105.50 million on Thursday. This drop in forex turnover comes despite a previous jump to $198.21 million on Tuesday, which failed to stem the Naira's downward trajectory. The CBN governor's upcoming policy outline is highly anticipated as the country has bypassed two Monetary Policy Committee (MPC) meetings since implementing reforms in June. These reforms were aimed at stabilizing the currency but have yet to yield the desired effect. Investors and citizens alike are closely watching for Dr. Cardoso's address for indications of how the central bank plans to tackle the ongoing forex market turmoil and restore value to the nation's currency. https://www.investing.com/news/forex-news/nigerian-naira-plunges-to-new-lows-against-us-dollar-93CH-3242684
2023-11-24 11:37
Copyrighted Image by: Reuters. Ripple CEO Brad Garlinghouse spoke at DC Tech Week today, expressing critical views on the U.S. Securities and Exchange Commission's (SEC) recent legal actions against Ripple. He highlighted the SEC's comprehensive losses in their ongoing litigation with Ripple and suggested that an appeal by the SEC could further complicate matters. Garlinghouse was confident enough in Ripple's position to suggest that the company is prepared to take the fight to the U.S. Supreme Court if necessary. He cited historical instances where regulators have been defeated in the country's highest court, implying a strong precedent that could work in Ripple's favor. In his discussion, Garlinghouse drew parallels between Ripple's legal challenges and those faced by Grayscale, where a judicial opinion criticized the SEC for its conduct, describing it as "arbitrarily and capriciously." This criticism adds to a growing chorus of voices calling for a revamp of how the U.S. approaches cryptocurrency regulation. The Ripple CEO also pointed out the stark contrast between America's cautious approach to crypto policy and other nations' ability to attract investment through clear and transparent regulations. He warned that the United States risks losing its potential dominance in the burgeoning crypto industry if it continues on its current regulatory path. Despite these challenges, Garlinghouse remains optimistic about the future of cryptocurrency regulation in the U.S. He believes that within ten years, regulatory reforms could significantly foster the growth of cryptocurrency, benefiting the industry and positioning the United States as a leader in this space. https://www.investing.com/news/cryptocurrency-news/ripple-ceo-criticizes-secs-legal-approach-sees-crypto-growth-93CH-3242668
2023-11-24 11:08
Copyrighted Image by: Reuters The precious metals market in India saw mixed signals today, with spot Gold prices experiencing a slight decline, while futures showed a modest uptick amidst global economic cues. In the major Indian cities of Mumbai and Ahmedabad, Gold was trading between INR 63,120 and INR 63,315 per 10 grams. The Multi Commodity Exchange of India (MCX) reported that spot Gold dropped to INR 61,175 per 10 grams, with futures edging up to INR 61,130 for the same quantity. Meanwhile, Silver futures contracts fell to INR 72,755 (USD1 = INR83.362) per kilogram. This price movement comes after a week of significant developments that influenced investor sentiment. On Wednesday, November 22, markets had priced in over a quarter chance of an interest rate reduction by March 2024 following the release of October's inflation figures. Additionally, positive data from the United States on job growth and consumer sentiment strengthened the US dollar, which generally moves inversely to Gold prices. The Federal Open Market Committee (FOMC) minutes released on Tuesday, November 21, indicated a preference for keeping interest rates high for a more extended period to mitigate inflation. This hawkish view from the Fed created a disparity with the market's expectations for rate cuts, leaving traders in the XAU/USD market hesitant. Central banks' continued heavy investment in Gold underscores its role as a reliable reserve asset and a safe-haven investment during times of economic uncertainty. Gold’s performance is often inversely correlated with both US dollar value and stock market movements, serving as a hedge against inflation. Amidst these varying factors, Comex Gold remained stagnant during Asian trading hours today. Investors are navigating the complex interplay between macroeconomic indicators and central bank policies to assess the future trajectory of precious metal prices. https://www.investing.com/news/commodities-news/gold-prices-fluctuate-in-india-as-global-cues-drive-market-uncertainty-93CH-3242636
2023-11-24 10:41
Citycon, a leading owner, manager, and developer of mixed-use centers in the Nordics and Baltics, has secured a substantial green loan to bolster its financial strategy. The company announced today it has arranged a SEK 1.02 billion (€89.5 million) green term loan with pbb Deutsche Pfandbriefbank and Helaba, with a seven-year term and Liljeholmstorget Galleria as collateral. The move is part of Citycon's broader efforts to enhance its liquidity and manage debt more effectively. In April 2023, the firm increased its credit facilities to €650 million with the goal of repurchasing bonds to mitigate the impact of rising interest rates on its earnings. This proactive financial management reflects the company's commitment to maintaining a robust balance sheet amidst fluctuating market conditions. Additionally, in December 2022, Citycon embarked on a divestiture strategy, selling €120 million worth of non-core assets and engaging in negotiations for further sales amounting to €380 million. This strategy aligns with the company's focus on prime assets located in urban areas across the Nordics and Baltics, particularly those adjacent to public transportation networks, which comprise a portfolio worth approximately €4.2 billion. CFO Bret McLeod expressed satisfaction with the favorable terms of the new green loan, noting its positive influence on the company's balance sheet tactics. The strategic refinancing initiative underscores Citycon's dedication to sustainability and prudent financial stewardship as it navigates the complexities of the real estate market. https://www.investing.com/news/cryptocurrency-news/citycon-secures-895-million-green-loan-for-strategic-refinancing-93CH-3242605
2023-11-24 10:41
The digital currency market is presenting a variety of signals today, with several prominent tokens at critical junctures according to analysts and on-chain data. Ethereum-based decentralized exchange Uniswap (UNI) is currently trading at $6.18 and could potentially surge above a significant threshold of $5.70, eyeing a target high of $10, as noted by crypto expert Ali Martinez. Meanwhile, the Ethereum scaling solution Polygon (MATIC) risks a downturn if it fails to overcome the crucial supply zone between $0.84 and $0.86, with its current price at $0.772. In contrast, Chainlink (LINK), supported by wallets holding LINK in a specific demand area, might exceed its annual high as it trades at $14.34 today. This follows a substantial accumulation by whales on October 17th that contributed to approximately a 125% price increase within roughly one month. Additionally, XRP is positioned to climb to between $0.65 and $0.66 after moving past the midpoint of a descending parallel channel; it is presently valued at $0.612. On another positive note, Skale Network (SKL), which provides Ethereum sidechain technology for scaling solutions, has seen its market cap triple since mid-August from $0.0194 to $0.0601 despite bearish bets from traders through short positions. Moreover, Ethereum (ETH) itself is showing bullish signs with increased address activity not matched by inflows to exchanges, as only 8.24% of its supply is held on exchanges, with ETH's price standing at $2,013 today. These developments indicate a dynamic and uncertain market where investors are closely watching technical indicators and on-chain metrics to navigate the volatile landscape of cryptocurrency investments. https://www.investing.com/news/cryptocurrency-news/crypto-assets-show-mixed-signals-amid-market-movements-93CH-3242603
2023-11-24 10:33
Copyrighted Image by: Reuters The cryptocurrency industry has been navigating a complex landscape of regulatory pressures and security concerns, even as market analyses show bullish trends for leading digital assets. This week, the sector faced significant events that underscore the delicate balance between innovation, investor protection, and compliance with governmental oversight. Wednesday: HTX, a notable player in the crypto space, suffered a security breach. Justin Sun, a prominent figure in the industry, confirmed that plans were in place to compensate for any losses incurred by users. In response to the hack, all transactions on the platform were temporarily halted pending an investigation into the incident. Earlier this week: Jesse Powell, CEO of Kraken, openly criticized the U.S. Securities and Exchange Commission (SEC) for its ongoing legal battles with the cryptocurrency exchange. Following a hefty $30 million settlement with the SEC, Powell's comments highlighted the increasingly challenging regulatory environment in the United States for crypto companies. He suggested that such pressures could potentially push these businesses to relocate abroad to more favorable jurisdictions. Thursday: Powell continued his commentary on the industry by reflecting on Binance's operational scrutiny. He suggested that the focus on Binance could lead to a more level playing field within the crypto markets. However, there remain unanswered questions about Binance's ability to effectively manage regulatory challenges. Monday: The SEC ramped up its enforcement actions by accusing Kraken of operating as an unlicensed broker/dealer. The commission also alleged that Kraken had improperly mixed customer assets with its own funds without proper authorization. November 23: The Monetary Authority of Singapore (MAS) introduced new measures aimed at bolstering retail investor protections within its jurisdiction. Set to take effect in mid-2024, these regulations include a prohibition on purchasing cryptocurrencies using credit cards and a ban on promotional incentives from crypto firms. Furthermore, MAS advised retail investors against using leverage options when investing in digital currencies. Amidst this backdrop of regulatory and security developments, technical analysis provided a glimmer of optimism for cryptocurrency enthusiasts. Bitcoin is showing bullish signs, maintaining above key exponential moving average (EMA) levels with an upcoming resistance challenge at $37,600. Similarly, Ethereum is exhibiting strength with a target resistance set at $2,143. Investors and market observers continue to monitor these trends closely while also keeping an eye on updates related to the potential introduction of crypto-spot exchange-traded funds (ETFs). https://www.investing.com/news/cryptocurrency-news/crypto-industry-faces-regulatory-challenges-and-security-issues-amid-market-optimism-93CH-3242596
