2023-11-23 05:48

Copyrighted Image by: Reuters. The Swiss Franc edged lower in the Asian session today, with USD/CHF trading at 0.8830. This movement comes on the heels of the Swiss National Bank's (SNB) announcement that it has reduced its currency reserves to a seven-year low of CHF 657 billion, down significantly from last year's peak of CHF 950 billion. The reduction reflects the central bank's repatriation efforts, which have been closely watched by traders. The broader market is also digesting a mix of economic data from the United States. Yesterday, the US Consumer Sentiment Index provided a positive surprise by registering at 61.3, slightly above the anticipated figure of 60.5. However, this was contrasted by a sharper-than-expected decline in Durable Goods Orders, which fell by 5.4%, surpassing forecasts that had predicted a more modest decrease. Additionally, Jobless Claims in the US declined more than projected to 209K, compared to the previous week's count of 233K. These figures have stoked concerns among traders about persistent inflation and the possibility of a slowing economy, which could lead to more aggressive tightening measures by the Federal Reserve. As investors and analysts look ahead, they are keenly awaiting further economic indicators to gauge market direction. Upcoming Friday, attention will turn to Swiss Q3 Employment data and US S&P Global PMI reports for additional insights into the economic health and potential future market movements. These data points are expected to provide fresh impetus for traders as they assess the ongoing economic landscape and central bank policies. https://www.investing.com/news/forex-news/swiss-franc-declines-as-snb-reduces-currency-reserves-to-sevenyear-low-93CH-3241836

2023-11-23 05:41

Copyrighted Image by: Reuters. Investing.com-- Gold prices rose slightly in Asian trade on Thursday after pulling back from key levels in overnight trade as strong labor market data fueled uncertainty over the path of U.S. interest rates. The yellow metal saw a strong run-up this week amid growing optimism that the Federal Reserve was done raising interest rates in its current cycle. Gold prices briefly crossed the $2000 an ounce mark on Tuesday. But signs of resilience in the U.S. labor market and hawkish signals from the minutes of the Fed’s recent meeting stalled gold’s rally. A rebound in the dollar- from near three-month lows- also weighed on bullion prices. Spot gold rose 0.2% to $1,994.43 an ounce, while gold futures expiring in December rose 0.1% to $1,995.20 an ounce by 00:11 ET (05:11 GMT). Gold trading volumes were also somewhat limited on account of market holidays in the U.S. and Japan this week. Gold rally stalls after strong jobless claims data Data on Wednesday showed that U.S. jobless claims fell less than expected in the prior week, indicating that the labor market was not cooling as quickly as investors had previously expected. A strong labor market could keep the Fed relatively hawkish in the near-term, although traders were convinced that the central bank will raise interest rates no more. But the jobless claims data, along with the Fed minutes still brewed some uncertainty over when the Fed could begin trimming rates in 2024. CME Group’s Fedwatch tool showed that traders trimmed their expectations for a rate cut by as soon as March 2024. Given that the Fed minutes still reiterated the bank’s outlook on higher for longer interest rates, gold prices are likely to see limited upside in the coming months, given that higher rates push up the opportunity cost of investing in bullion. Still, signs of deteriorating economic conditions across the globe could spur some safe haven demand for the yellow metal. Copper prices edge lower, more China stimulus awaited Among industrial metals, copper prices saw a degree of profit taking on Thursday after strong gains earlier in the week. Copper futures fell 0.1% to $3.7633 a pound, but were up 0.8% so far this week. Focus was largely on more planned stimulus measures from China, as the government prepared a whitelist of property developers for access to more funding. The property sector is a key driver of Chinese copper demand. On the supply front, focus remained on copper mine closures in Panama and Peru, which could potentially tighten supplies going into 2024. Such a scenario, coupled with increased demand for the red metal, presents a positive outlook for prices. https://www.investing.com/news/commodities-news/gold-prices-pull-back-from-2000-as-rate-uncertainty-persists-3241819

2023-11-23 05:40

Copyrighted Image by: Reuters The cryptocurrency market has been abuzz as FTX's native token, FTT, witnessed a dramatic surge, rising over 55% in the last 48 hours to trade at $4.85 today. This increase is part of a month-long rally that saw the token appreciate by 390%, pushing its market capitalization to $1.5 billion. The remarkable recovery comes amid a broader uptick in related cryptocurrencies and meme coins, despite FTT's past limited utility on the now-bankrupt FTX platform. The spike in FTT's value is attributed to significant buying activity from the top 10 whale wallets, which have collectively accumulated approximately $12.8 million worth of FTT, according to data from Santiment. This institutional interest has helped the token reach a year-to-date high and surpass key resistance levels. In contrast to FTT's rise, Binance's BNB token experienced a 13% decline to a valuation of $235, alongside massive net outflows totaling $1 billion. This downturn coincides with Binance facing legal challenges in the U.S., including a hefty $4.3 billion settlement with the Department of Justice and the resignation of its CEO. Amid these developments, there is renewed hope for FTX's revival as bids come in from various parties, including Tom Farley’s Bullish and others like Figure Technologies and Proof Group, following Bullish’s recent acquisition of CoinDesk. Market analysts are closely watching FTT as it currently sits in a distribution phase after an accumulation period. Analyst Crispus, with nine years of experience and who manages his family's trading operations from Nairobi, suggests that while there is potential for a bearish breakout, if FTT can sustain momentum and break above the $5.530 resistance level, further gains could be on the horizon. https://www.investing.com/news/cryptocurrency-news/ftx-token-rallies-to-485-market-cap-reaches-15-billion-93CH-3241817

2023-11-23 05:31

Copyrighted Image by: Reuters. The Canadian dollar has been on a downward trajectory this week, influenced by various economic factors and market movements. Despite an overall stronger US dollar, the USD/CAD currency pair marked its third consecutive session of decline on Thursday, trading near 1.3680. This comes amid a broader dip in the DXY index, which measures the greenback against a basket of other major currencies, falling to around 103.70 as equity markets showed signs of cooling before the US Thanksgiving holiday. The loonie's weakness was particularly noticeable on Wednesday as West Texas Intermediate (WTI) crude oil prices dropped to $76.10. This decline in one of Canada's key exports was attributed to delayed discussions among OPEC+ members and signs of a slowing US economy, both of which can have significant implications for Canada's commodity-driven economy. Looking ahead, market participants are turning their attention to upcoming economic data releases. Canada's retail sales figures will be closely watched for signs of consumer spending health, while anticipated declines in the US S&P Global Purchasing Managers' Indexes (PMIs) could provide further insights into the economic outlook. This focus on fresh data follows some significant releases from the United States, including a sharper-than-expected fall in Durable Goods Orders by 5.4%, a decrease in Jobless Claims to 209K, and an uptick in Consumer Sentiment to 61.3. https://www.investing.com/news/forex-news/canadian-dollar-weakens-as-economic-indicators-point-to-challenges-ahead-93CH-3241814

2023-11-23 05:28

Copyrighted Image by: Reuters. The global oil market is facing uncertainty as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) postponed their production-cut meeting to November 30. The decision came early Thursday, pushing West Texas Intermediate (WTI) crude prices down near $76.20, although they slightly recovered to around $77.20 later in the day. This delay has heightened concerns about future crude supplies and market stability, especially in light of the recent Israel-Hamas tensions and a slowdown in demand growth from China. Saudi Arabia has indicated plans to continue with its ongoing production cuts of one million barrels per day. In addition to these developments, the US dollar's resurgence may make dollar-denominated oil more expensive for foreign buyers. As markets closed for Thanksgiving Day on Friday, investors shifted their focus to the upcoming release of S&P Global PMI data. The Manufacturing PMI is expected to be at 49.8 and Services PMI at 50.4. These indicators are particularly significant for WTI price trends as oil traders search for signals within the economic data that could hint at future demand patterns. The OPEC+ meeting's outcome is now highly anticipated by market participants who are eager to understand how the group will address the current geopolitical and economic challenges affecting the oil industry. https://www.investing.com/news/commodities-news/wti-crude-wavers-as-opec-postpones-meeting-amid-market-concerns-93CH-3241802

2023-11-23 05:15

Copyrighted Image by: Reuters. Gold prices demonstrated resilience in Asian markets today, recovering from recent declines and approaching monthly peak levels despite lower trading volumes due to the Thanksgiving holiday. The halt in the US dollar's advance comes amid growing expectations that the Federal Reserve may pause its aggressive rate hikes. The precious metal is trading just below the critical $2,000 mark, with a significant resistance level at $2,010 yet to be breached. On Wednesday, market sentiment was influenced by a more than 50% probability of Federal Reserve rate cuts by May 2024, which played a role in the USD's dynamics, despite the Fed's recent emphasis on maintaining higher rates or even tightening further if inflation remains uncontrolled. Economic indicators presented a mixed picture: the University of Michigan consumer sentiment survey indicated increased inflation expectations, while unemployment claims fell to a month-low of 209K, suggesting a tighter labor market. Conversely, a larger-than-expected decrease in durable goods orders highlighted concerns about slowing economic demand. Technical analysis points to key levels for gold, with immediate support situated between $1,989 and $1,988 and additional support between $1,979 and $1,978. Should these levels fail to hold, gold prices may retest the 200-day Simple Moving Average (SMA) near $1,940. Conversely, a push above the formidable resistance at $2,010 could see prices aiming for intermediate resistance at $2,022. In currency markets, the US dollar is notably weaker against major counterparts such as the New Zealand dollar (NZD) and the Japanese yen (JPY), while showing minor fluctuations against the euro (EUR) and British pound (GBP). The interplay between gold prices and USD dynamics continues to be closely watched by investors as they gauge the potential direction of Federal Reserve policy and its implications for financial markets. https://www.investing.com/news/commodities-news/gold-prices-near-2000-as-usd-stalls-on-fed-rate-hike-pause-expectations-93CH-3241797