2023-11-24 05:49
The US dollar saw an uptick against the Indian rupee today as markets reopened following the Thanksgiving holiday in the United States. This movement comes on the heels of analysts' projections that India's Q2 Gross Domestic Product (GDP) might outperform the Reserve Bank of India's (RBI) forecast of 6.5%. With the Organization of the Petroleum Exporting Countries plus allies (OPEC+) meeting set for November 30, there is heightened attention on potential oil supply adjustments that could impact India's economy. Investors are also keeping a close eye on the S&P Global Purchasing Managers' Index (PMI) releases in the truncated US session post-holiday. Concurrently, Indian markets are preparing for a short-term closure due to the Guru Nanak Jayanti holiday next Monday, with significant anticipation building up for the release of India's crucial Q2 GDP figures next Thursday. Analysts from Reuters have expressed a bullish outlook for the Indian stock market over the coming year, supported by RBI Governor Shaktikanta Das's projection of steady economic growth and resilience of the Indian Rupee amidst global financial changes. These include speculations around pauses in Federal Reserve rate hikes. The Ministry of Finance is closely monitoring inflation trends, with expectations of a decline from previous fiscal levels. Technical analysis further highlights a bullish trajectory for the USD/INR pair, which has breached past ranges and sustained levels above key Exponential Moving Averages (EMAs). This suggests potential for further gains, bolstered by economic indicators such as S&P Global Manufacturing PMI and US Jobless Claims data that imply an economy steering clear of recessionary pressures. https://www.investing.com/news/forex-news/usd-climbs-against-inr-amid-positive-economic-forecasts-for-india-93CH-3242376
2023-11-24 05:41
Copyrighted Image by: Reuters. ARK Investment Management, led by CEO Cathie Wood, has been selling off shares of the Grayscale Bitcoin Trust (GBTC) despite Bitcoin's recent surge to its highest price point since May 2022. The firm sold more than 700,000 shares since October 23 and continued its divestment this Wednesday. These sales came at a time when the cryptocurrency sector is facing increased regulatory scrutiny, with industry figures like Binance's CZ and FTX's Sam Bankman-Fried in the spotlight. Despite the sell-off, Wood spoke favorably about GBTC at the Sohn Australia conference held at the Sydney Opera (NASDAQ:OPRA) House. She highlighted GBTC as a prime investment, indicating her long-term confidence in the asset. As of the end of September, ARK remained a significant shareholder with over five million units of GBTC. The strategic decisions by ARK's management have been reflected in the performance of their internet ETF, which has outperformed the market with a 65% surge compared to Nasdaq's increase of 46%. This notable growth is attributed to active management decisions rather than investor capital flows into or out of the fund. https://www.investing.com/news/cryptocurrency-news/ark-investment-management-divests-grayscale-bitcoin-trust-shares-amid-bitcoin-rally-93CH-3242374
2023-11-24 05:39
The oil market is closely watching the developments within OPEC+ as the group prepares for a virtual meeting on November 30 to discuss potential production cuts. This comes in the wake of a significant increase in US crude inventories and amid expectations of a Chinese stimulus that could impact demand. The outcome of OPEC+'s meeting and the subsequent decisions on production levels will be critical for the direction of oil prices as the market heads into the final month of 2023. https://www.investing.com/news/commodities-news/wti-crude-steadies-as-opec-considers-further-cuts-93CH-3242373
2023-11-24 05:36
Copyrighted Image by: Reuters. The EUR/USD currency pair experienced a slump below the key 1.0900 level in early Asian market hours today, influenced by a strengthening US dollar which has been bolstered by a surge in US Treasury yields. Technical indicators suggest that if the pair falls through its support near the nine-day exponential moving average (EMA) at 1.0867, as well as other critical levels at 1.0850 and the Fibonacci retracement level of 1.0842, it could face further downward pressure towards the 1.0800 zone. On the flip side, some technical signals remain positive for the euro, with the Relative Strength Index (RSI) staying above the midpoint of 50 and the Moving Average Convergence Divergence (MACD) indicating upward momentum. These factors point to a potential recovery, with targets set around recent three-month highs near 1.0950 and possibly extending gains to test resistance at the substantial 1.1000 threshold. https://www.investing.com/news/forex-news/eurusd-slips-below-10900-as-us-dollar-gains-strength-93CH-3242369
2023-11-24 05:30
Copyrighted Image by: Reuters. Investing.com-- Gold prices hovered just below key highs on Friday as a U.S. market holiday made for scant trading cues, with focus now turning to upcoming business activity readings for more cues on the world’s largest economy. The yellow metal was still headed for a second straight week of gains, amid growing conviction that the Federal Reserve was done raising interest rates. It also remained in sight of the coveted $2000 an ounce level, which it had breached earlier in the week. But gold failed to hold the level after strong labor market data and hawkish signals from the Fed spurred doubts over when the central bank planned to begin trimming rates. Spot gold rose 0.1% to $1,993.75 an ounce, while gold futures expiring in December rose 0.1% to $1,994.70 an ounce by 00:00 ET (05:00 GMT). Both instruments were set to add between 0.5% and 0.7% this week. A muted overnight session in the dollar index, on account of the U.S. Thanksgiving holiday, also provided few cues to gold. Gold saw sharp gains earlier in November as markets bet that the Fed will raise interest rates no further. But given that the central bank still reiterated its higher-for-longer outlook on rates, future gains in the yellow metal remained in doubt. US PMIs awaited for more economic cues Markets were now awaiting U.S. purchasing managers index data, due later in the day. The readings are expected to show sustained weakness in business activity, as the world’s largest economy cools under high interest rates and sticky inflation. Any signs of weakness in the U.S. economy gives the Fed limited headroom to keep rates higher, and also increases the chances of an early rate cut. Weak PMI readings from the euro zone and Japan also pointed to weakening economic trends across the globe, which in turn could support safe haven demand for gold. But the outlook for the yellow metal still remains uncertain, given that most global central banks have signaled they will keep rates higher for longer. Rising rates push up the opportunity cost of investing in bullion. Still, the yellow metal was trading up around 10% for the year, having benefited from some safe haven demand. Copper prices set for weekly gain amid China stimulus hopes, tighter markets Among industrial metals, copper prices moved little on Friday, but were set for a second positive week following positive cues on Chinese demand and expectations of tighter markets. Copper futures expiring in December steadied at $3.7732 a pound, and were up 1% this week, extending a 4.1% jump from the prior week. China- the world’s largest copper importer- was seen preparing more stimulus measures for its property sector, which is a key driver of copper demand in the country. The move pushed up hopes that the sector will avoid a broader meltdown and help spur copper demand in the coming months. On the supply front, major mine stoppages in Panama and Peru also heralded tighter markets. https://www.investing.com/news/commodities-news/gold-prices-hover-below-2000-us-pmis-awaited-3242365
2023-11-24 05:23
Copyrighted Image by: Reuters. The US dollar strengthened against the Canadian dollar early today, with the USD/CAD pair extending its weekly gains to hit 1.3710. This movement comes just before the release of Canada's Retail Sales report and amid a recovery in West Texas Intermediate (WTI) crude oil prices, which have risen to $76.50. The increase in oil prices typically supports the Canadian dollar, known as the Loonie, but market fluctuations spurred by delays from OPEC+ have tempered gains. Bank of Canada Governor Tiff Macklem has suggested that existing policies may be adequate for managing inflation, hinting at a potential pause in interest rate hikes. This stance mirrors that of the Federal Reserve, which has also indicated a possible halt to its aggressive rate increases, boosting risk-on sentiment that could exert downward pressure on the USD/CAD pair. Meanwhile, the US Dollar Index, which tracks the greenback against a basket of other major currencies, experienced an uptick to 103.80. This rise is supported by a surge in US Treasury yields, with the 10-year yield reaching 4.46% and the 2-year yield climbing to 4.94%. Investors are closely monitoring these developments as well as the anticipated slight downturn in November's S&P Global PMI data for further insights into the health of key sectors within the US economy. https://www.investing.com/news/forex-news/usdcad-climbs-ahead-of-canada-retail-sales-data-93CH-3242359
