2023-11-24 06:31

Copyrighted Image by: Reuters Following a recent court ruling criticizing the U.S. Securities and Exchange Commission (SEC) for its rejection of Grayscale's Bitcoin exchange-traded fund (ETF) proposal, Grayscale Investments has amended its filing to convert its existing Bitcoin Trust into an ETF. The discussions with the SEC and NYSE Arca suggest a positive trajectory towards potential approval, buoyed by legal support from DavisPolk advocating for the ETF based on existing market surveillance mechanisms similar to those used for Bitcoin futures ETFs. Bloomberg has highlighted key updates in the filing process, including a future planned ticker change from GBTC to BTC, although there is no immediate change to the current ticker symbol. This follows Grayscale's pursuit of converting GBTC into a Spot ETF on NYSE Arca, with a service agreement with BNY Mellon (NYSE:BK) enhancing their position. The broader market has shown strong interest in a Spot Bitcoin ETF, as evidenced by the success of Grayscale's GBTC and the increased demand for products offering transparency and liquidity benefits. Despite historical regulatory challenges associated with market integrity, there is cautious optimism under SEC Chair Gary Gensler's leadership that these hurdles can be overcome. This sentiment is echoed by Finance Magnates' recognition of growing investor education efforts regarding digital assets' integration into mainstream finance. In light of these developments, Bloomberg has expressed a high probability (90%) of an ETF approval by January 10. However, application delays from other firms such as Hashdex and Franklin Templeton illustrate the complex regulatory landscape still impacting the cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/grayscales-bitcoin-etf-prospects-brighten-with-sec-talks-93CH-3242399

2023-11-24 06:29

Copyrighted Image by: Reuters In the wake of mixed financial signals and market anticipation, the USD/CHF currency pair remains steady in early Asian trading today, with traders expressing uncertainty over the future of Federal Reserve rate hikes. This sentiment has led to the dollar hovering around 0.8840 against the Swiss Franc, which is facing its own pressure as the Swiss National Bank's (SNB) reserve levels have fallen to a seven-year low. The SNB's reserves have significantly decreased to CHF 657 billion, marking a strategic decline from last year's peak of CHF 950 billion (CHF1 = USD1.1314). This drop raises concerns about the potential devaluation of the Swiss Franc and suggests a cautious approach by the central bank. Investors are also closely monitoring today's release of US S&P Global PMI data, which is expected to show slight decreases in both Services and Manufacturing indices. These indicators are important for gauging the health of economic sectors and could influence market sentiment. Following the Thanksgiving holiday, yields on US Treasuries have seen a modest uptick during Asian trading sessions. The yield on the benchmark 10-year note is currently at 4.46%, while the shorter-duration 2-year note is yielding at 4.94%. These increases may lend support to the USD amidst a tentative Dollar Index (DXY) positioned around 103.70. Amid these developments, investment advisories are highlighting not only the financial uncertainties but also emotional distress as additional risks for market participants. They emphasize the need for due diligence and caution when engaging in investment activities within open markets. https://www.investing.com/news/forex-news/usdchf-steadies-as-traders-question-fed-rate-hikes-snb-reserves-drop-93CH-3242400

2023-11-24 06:25

Copyrighted Image by: Reuters. Gold's attempt to stay above the coveted $2000 mark faltered today as trading volumes remained thin due to the Thanksgiving holiday. The precious metal, often sought after as a safe haven, showed a brief rise in early trading but faced challenges in sustaining gains above this psychological threshold. The metal's inability to hold its ground comes against the backdrop of an appreciating dollar, which gained strength following unexpected jobless claims data released on Wednesday. These figures suggested a more robust US labor market than anticipated, diminishing the allure of gold as a hedge against economic uncertainty. Investors are also weighing the impact of recent geopolitical developments. A ceasefire that has been instrumental in facilitating aid and prisoner exchanges is seen as a significant diplomatic step. However, it has left gold's traditional role as a safe-haven asset somewhat in limbo. The metal now encounters resistance near the $2010 level, with support found at $1985. Additional support levels are marked by the 200-day simple moving average (SMA) and the critical $1937 level, which traders are closely monitoring for potential shifts in momentum. https://www.investing.com/news/commodities-news/gold-struggles-to-maintain-position-above-2000-amid-us-labor-market-resilience-93CH-3242393

2023-11-24 06:24

Copyrighted Image by: Reuters. The New Zealand Dollar (NZD) saw an uptick in value today as global stock markets, particularly in Europe, showed strength amidst the Thanksgiving holiday in the United States. European indices, including the Euro STOXX 50 and the FTSE 100, experienced climbs while US markets took a pause for the national holiday. The NZD's rise comes in conjunction with a drop in oil prices, following the Organization of the Petroleum Exporting Countries and its allies (OPEC+)'s decision to delay production cuts. This move signals potentially lower input costs in the near future, which can have widespread economic implications. Earlier in the week, the NZD/USD pair briefly surpassed its October high of 0.6055 but has since pulled back slightly below this resistance level. Despite this retreat, the NZD maintains its bullish momentum. This is partly due to expectations that the Federal Reserve may reduce interest rates by December 2024, an outlook that has put downward pressure on US Treasury yields. Adding to the positive sentiment are recent Purchasing Managers' Index (PMI) data from Europe, suggesting a brighter economic outlook. This contrasts with concerns arising from China's Zhongzhi declaring insolvency. However, market experts anticipate strong regulatory actions to contain any potential fallout. In New Zealand's political arena, a shift is on the horizon as the National Party is poised to form a government after nearly six years under left-leaning leadership. This change could bring new policies and directions for the country's economy. Technical analysis of the NZD charts reveals an inverse head-and-shoulders pattern, which traditionally indicates a reversal from a downtrend to an uptrend. This pattern suggests there may be further room for growth for the NZD, with technical targets near 0.6215. Investors and analysts will be watching closely to see if these patterns hold true in the coming sessions. https://www.investing.com/news/forex-news/new-zealand-dollar-gains-as-global-stocks-rise-oil-prices-fall-93CH-3242395

2023-11-24 06:09

Copyrighted Image by: Reuters The British pound soared to a two-month peak against the US dollar on Thursday, buoyed by better-than-expected UK economic data. The GBP/USD pair reached a high of 1.2569 during the day's trading session but later settled around 1.2530. This rally was supported by the release of upbeat UK Services and Composite Purchasing Managers' Index (PMI) reports for November, which both exceeded market forecasts with readings of 50.5 and 50.1, respectively. Moreover, the Manufacturing PMI showed resilience, climbing to 46.7 amid a quieter trading atmosphere due to the US Thanksgiving holiday. Today, sterling continued its ascent versus the dollar following the positive PMI reports; however, it faced headwinds as GfK Consumer Confidence in the UK dipped more than anticipated to -24.0 amid growing concerns over Bank of England Governor's remarks on sustained high interest rates suggesting recessionary pressures. This comes despite a recent drop in Consumer Price Index (CPI) inflation to 4.6%. In contrast to the pound's performance, the US Dollar Index (DXY) saw an upswing, backed by surges in US Treasury yields, with the benchmark 10-year note hitting 4.46%. Additionally, market sentiment is influenced by expectations that there may be no further rate hikes from the Federal Reserve, as investors await forthcoming declines in US S&P Global Services and Manufacturing PMIs for more economic insights. https://www.investing.com/news/forex-news/sterling-hits-twomonth-high-against-dollar-on-robust-uk-pmi-data-93CH-3242386

2023-11-24 06:02

Copyrighted Image by: Reuters. In Asian trading hours today, the British pound reached its highest level against the Japanese yen in over a week, only to later give up some of those gains. The GBP/JPY pair, which had climbed to near 187.65, retreated to approximately 187.25. This fluctuation came as investors reacted to expectations of a shift in the Bank of Japan's (BoJ) negative interest rate policy by early next year. Despite a decline, Japan's core consumer inflation figures remain above the central bank's target, suggesting persistent inflationary pressures. The yen found support as Asian equity markets indicated a risk-off sentiment among investors. Meanwhile, comments from Bank of England (BoE) Governor Andrew Bailey earlier this week have continued to influence market dynamics. Speaking at a Treasury Select Committee hearing, Bailey underscored the need for ongoing restrictive monetary policy to address inflation concerns, which has bolstered the sterling. Further supporting the British currency were recent economic indicators from the United Kingdom. The robust Services and Composite indices from recent UK Purchasing Managers' Index (PMI) readings have pointed towards continued economic expansion, providing a buffer against more significant drops in the GBP/JPY exchange rate. https://www.investing.com/news/forex-news/sterling-retreats-from-weekhigh-against-yen-as-boj-policy-shift-looms-93CH-3242380