2023-11-24 01:56

Copyrighted Image by: Reuters. Investing.com -- Oil prices traded in a mixed fashion Friday after the U.S. holiday during the previous season, with traders looking to next week’s OPEC+ meeting for more news about future production levels. By 08:10 ET (13.10 GMT), the U.S. crude futures traded 0.9% lower at $76.43 a barrel, although there was no settlement on Thursday owing to the U.S. Thanksgiving holiday, while the Brent contract climbed 0.1% to $81.48 a barrel. OPEC+ meeting looms large The crude benchmarks are on course for their first positive week in five, with both trading with weekly gains of around 1%, with the Organization of the Petroleum Exporting Countries and allies, including Russia, a group known as OPEC+, widely expected to agree to more supply cuts next week to boost prices. However, the strong gains seen at the start of the week have been tempered by the news that the OPEC+ meeting was delayed to Nov. 30, having originally been scheduled for Sunday, as this prompted speculation of disagreements between member countries over the size of planned production cuts. “Several members are reportedly unhappy about their production targets for next year, levels which were announced back in June,” said analysts at ING, in a note. “This is specifically the case for Angola, Congo and Nigeria, who had their production targets cut since they struggled to hit their 2023 targets. These members were unhappy back then, and it was agreed that their targets would be revisited before the end of this year and possibly revised higher. Clearly, this has not happened.” However, these African countries are relatively junior members of the cartel, and the key to the market reaction will be if Saudi Arabia, the de facto leader of the group, agrees to extend its additional voluntary cut of one million barrels a day into early 2024. U.S. stockpiles at highest level since July Bigger gains for the week were also stymied by data showing a substantially bigger-than-expected increase in U.S. inventories, with U.S. production remaining close to record highs. U.S. crude oil inventories grew by 8.7 million barrels last week, leaving total U.S. commercial crude oil inventories at a little over 448 million barrels - the highest level since July. This is the fourth straight week of builds for U.S. inventories, with the record level of U.S. supply posing a problem for OPEC+, as the U.S. appears to be taking market share away from the cartel’s top producers as they, and Saudi Arabia in particular, cut output to boost prices. Weakening global economic outlook A string of weak economic readings this week also pointed to weakening conditions in major global economies. Purchasing managers index data from Australia, the euro zone and Japan all showed business activity remained in contraction through November, amid pressure from high interest rates and inflation. Focus is now on PMI readings from top oil importer China, which are due next week. While the country’s oil imports have remained steady this year, a massive build-up in its inventories and stricter refining quotas have raised some concerns over a demand slowdown in the coming months. (Ambar Warrick contributed to the article.) https://www.investing.com/news/commodities-news/oil-prices-inch-higher-amid-opec-jitters-set-for-first-positive-week-in-5-3242302

2023-11-24 01:07

The Australian Dollar edged slightly higher against the US Dollar today, trading between 0.6550 and 0.6570, marking a slight increase of 0.02%. This modest uptick comes despite concerning indicators of an economic downturn in Australia. The Judo Bank Manufacturing Purchasing Managers' Index (PMI) has reached a multi-year low, dropping to 47.7. Similarly, the Services PMI has fallen to 46.3, with the Composite PMI also declining to 46.4, signaling potential economic headwinds. Investors are also closely monitoring the situation in China, where financial aid for property developers is seemingly boosting market sentiment. Reports indicate that Country Garden Holdings and others have been included on a special financing list by China, which is seen as a positive development for the Australian currency due to the close economic ties between the two countries. Market watchers are now looking forward to the US S&P Global PMI data, which is expected to further influence the direction of the AUD/USD currency pair. The outcome of this data could provide clearer insights into global economic trends and their impact on currency valuations. InvestingPro Insights As the Australian Dollar shows resilience in the face of economic headwinds, investors may find value in examining key metrics that could influence currency movements. The InvestingPro platform offers real-time data and insights that are particularly relevant in such a dynamic market environment. One of the notable InvestingPro Data metrics is the Price % of 52 Week High, which currently stands at 99.3%. This suggests that the currency pair is trading near its peak levels over the past year, possibly indicating a strong market sentiment or a resistance level that traders should be mindful of. Another critical metric is the Year-To-Date Price Total Return, which is at an impressive 74.65%. This reflects the currency pair's performance since the beginning of the year and could be a key indicator of underlying strength or momentum in the Australian Dollar against the US Dollar. InvestingPro Tips also highlight the importance of upcoming economic data releases, such as the US S&P Global PMI, which could significantly impact the AUD/USD pair. With the Next Earnings Date for key companies involved in the currency pair set for February 1, 2024, these events are crucial for investors to watch. For those seeking a deeper analysis, InvestingPro offers additional tips, with a current tally of 25+ InvestingPro Tips available to subscribers. With the InvestingPro subscription now on a special Black Friday sale, offering a discount of up to 55%, it's an opportune time for investors to access these valuable insights to enhance their investment strategy. https://www.investing.com/news/forex-news/australian-dollar-sees-marginal-gain-amid-economic-downturn-signals-93CH-3242293

2023-11-24 00:48

The cryptocurrency exchange Binance has reached a settlement with the Department of Justice (DOJ), agreeing to pay $4.3 billion for anti-money laundering (AML) failures. The settlement, announced on Monday, comes after Changpeng Zhao, the former CEO known as "CZ," pleaded guilty to a felony charge related to the insufficient AML controls at the company. Zhao has agreed to pay $150 million as part of his share in the settlement and was released on a $175 million recognizance bond. The legal resolution has led to significant leadership changes at Binance, with Richard Teng taking over as the new head of the exchange. Teng is now seeking to engage with the community on social media, despite having a significantly smaller follower base than Zhao's 8.7 million. In a turn of events today, Zhao's account on social media platform X was temporarily restricted after he changed his profile name to "CZ BNB." He criticized the platform's bot detection algorithm, which led to the suspension of his account, and tagged Elon Musk in his public critique following his resignation from Binance. Zhao humorously addressed the suspension on Binance Square and offered Thanksgiving greetings to his community. Despite these challenges, Binance remains a dominant player in the cryptocurrency market with a daily trade volume of $65 billion. Regulatory scrutiny continues as authorities like the SEC have condemned Zhao for allegedly diverting client funds to his companies, and the CFTC has accused both him and Binance of circumventing federal laws and unlawfully operating a digital asset derivatives exchange. https://www.investing.com/news/cryptocurrency-news/binance-settles-for-43-billion-over-aml-failures-93CH-3242292

2023-11-23 23:47

Copyrighted Image by: Reuters The cryptocurrency market has seen notable movements with Ethereum (ETH) experiencing a surge following a significant filing by Blackrock (NYSE:BLK) Advisors. The financial giant filed for an Ishares Ethereum Trust in Delaware on Wednesday, November 9, 2023, which analysts believe could be a precursor to an Ethereum-based Exchange-Traded Fund (ETF). Following the announcement, Ethereum's value notably rose, reaching $2,018.66. In related cryptocurrency news, the Shiba Inu token (SHIB) also witnessed volatility after its recent integration with Atomic Wallet. On Tuesday, November 15, 2023, Atomic Wallet announced support for SHIB along with its related tokens LEASH and BONE. This development initially pushed SHIB's price up to $0.000009156. However, by Tuesday, November 22, the price had settled at $0.000007947. Moreover, the emerging cryptocurrency Rebel Satoshi (RBLZ) is making headlines as it targets a $100 million market cap. RBLZ is currently in its presale phase, trading at $0.010. The project aims to attract investors with governance mechanisms and exclusive NFT offerings. These developments highlight the dynamic nature of the cryptocurrency market and the growing interest from both retail investors and large financial institutions in digital assets and their associated technologies. https://www.investing.com/news/cryptocurrency-news/ethereum-gains-as-blackrock-advisors-files-for-ishares-trust-93CH-3242281

2023-11-23 23:43

Thursday witnessed silver prices inching up to close at $23.82 in a session marked by low trading volumes but maintaining weekly highs. Market participants are closely monitoring the precious metal as it approaches key resistance levels, with the immediate focus on the $24 mark and a further eye on June's peak of $24.52. As trading resumed in Japan and US markets on Friday, silver prices showed little change, hovering close to a potential breakout over the $24 threshold. Should this level be breached, the next targets for silver bulls are set at June's high, followed by a significant psychological barrier at $25, ultimately aiming for the year-to-date high of $26.12. The downside risk remains if silver prices were to fall below Thursday's low, which would see the metal testing critical support within its demand zone at the 200-day moving average (DMA) of $23.32. A further decline could expose additional supports at the 20-DMA ($23.13) and the more distant 50-DMA ($22.75). Investors are advised to remain vigilant of the emotional distress risks associated with such volatile trading environments. It is also important to note that insights provided do not serve as personalized investment advice. As market watchers stay tuned for silver's next move, the precious metal's performance in the upcoming sessions could be pivotal for its short-term price trajectory. https://www.investing.com/news/commodities-news/silver-nears-breakout-level-as-markets-eye-24-resistance-93CH-3242282

2023-11-23 19:07

Copyrighted Image by: Reuters In a significant development in the cryptocurrency industry, Binance, one of the world's largest cryptocurrency exchanges, has been charged with conducting unlicensed money transfer activities. In a parallel move, US authorities have also charged FTX, another prominent crypto exchange, with corporate fraud. These charges underscore the increasing focus of US regulators on protecting users and investors in the rapidly evolving digital currency space. India has taken a proactive stance in response to these developments by calling for global regulatory alignment during the G20 meetings. The Indian government's initiative is aimed at establishing a coherent regulatory framework across countries to better manage the risks associated with digital currencies and protect investors. In line with this approach, the International Monetary Fund (IMF) and the Financial Stability Board (FSB) have proposed a flexible regulatory framework. This framework is designed to be adaptable to various economic conditions while ensuring coordinated disclosure requirements that would enhance transparency in the cryptocurrency market. Simultaneously, India is advancing its own measures to curb speculation in cryptocurrencies by piloting fiat digital currencies. The country is exploring deterrent taxation policies as part of its strategy to mitigate the risks posed by volatile crypto markets, especially in light of recent financial disruptions. These concerted efforts by US authorities, international organizations, and India reflect a growing consensus on the need for robust regulatory measures in the crypto industry to safeguard investors and ensure financial stability. https://www.investing.com/news/cryptocurrency-news/binance-and-ftx-face-us-charges-india-seeks-g20-regulatory-alignment-93CH-3242264