2023-11-23 04:47

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies kept to a tight range on Thursday as some signs of resilience in the U.S. labor market pushed up the dollar and brewed uncertainty over the path of interest rates. Regional trading volumes were low on account of market holidays in the U.S. and Japan, and are expected to remain muted for the remainder of the week. The Chinese yuan was among the better performers for the day, rising 0.2% to 7.1428 against the dollar after a substantially stronger-than-expected daily midpoint fix from the People’s Bank. Markets were also watching for any more stimulus measures from the government, as Beijing was seen preparing more monetary support for the beleaguered property sector. Focus is now on Chinese purchasing managers index data for November, due next week, for more cues on the economy after a string of weak readings for October. Among other Asian currencies, the Japanese yen rose 0.3% in holiday-thinned trade, but was nursing steep overnight losses as the dollar recovered. Consumer inflation data for October is due on Friday, and is expected to provide more cues on the Bank of Japan’s plans for its ultra-dovish monetary policy. The Australian dollar rose 0.2% as Reserve Bank Governor Michele Bullock reiterated her warning over sticky inflation, which could potentially invite more interest rate hikes from the central bank in the coming months. The South Korean won rose slightly, while the Indian rupee hovered around record lows. The Indian currency hit a record low of 83.565 this week as constant dollar demand from local importers largely offset weakness in the greenback. India’s large trade deficit has been a major point of pressure for the rupee, which hit a series of record lows against the dollar this year. Dollar steadies after overnight gains, Fed rate outlook uncertain The dollar index and dollar index futures lost about 0.2% each in Asian trade, but were sitting on two straight days of gains after data showed that weekly jobless claims fell less than expected, indicating some resilience in the labor market. The data was preceded by somewhat hawkish signals from the minutes of the Federal Reserve’s late-October meeting, which brewed uncertainty over when the central bank intends to begin trimming interest rates. With the Fed maintaining its higher-for-longer outlook for rates, traders scaled back some bets that the bank will begin trimming rates by as soon as March 2024. Still, traders were largely betting that the bank was done hiking interest rates, which in turn kept the dollar trading close to near three-month lows. This trend offered some support to Asian currencies this week. https://www.investing.com/news/forex-news/asia-fx-muted-dollar-firms-amid-fed-rate-uncertainty-3241785

2023-11-23 04:15

Copyrighted Image by: Reuters. The USD/JPY currency pair experienced a pullback during Thursday's Asian trading session as market participants weighed the prospects of a hawkish turn in the Bank of Japan's (BoJ) policy against a backdrop of uncertainty regarding future Federal Reserve rate hikes. Despite a brief recovery from its monthly low on Tuesday, the pair failed to surpass the previous night's high due to these speculations. On Wednesday, the Japanese Yen initially weakened, reaching 149.75 against the US Dollar. However, it managed to regain some ground on Thursday. This recovery came despite strong US labor market data and minutes from the Federal Reserve that suggested a hawkish stance, both of which had previously bolstered the US Dollar. Contributing to the complex market sentiment were rising inflation expectations for November, which hit their highest level since April, and a significant decrease in US Durable Goods Orders. These factors introduced uncertainty about the Dollar's trajectory. Moreover, trading volumes were affected by the US Thanksgiving holiday, which typically leads to reduced market activity. Technical analysts have been closely monitoring key Fibonacci retracement levels that may serve as potential support and resistance points for the USD/JPY exchange rate movements. https://www.investing.com/news/forex-news/usdjpy-pair-struggles-amid-boj-and-fed-policy-speculation-93CH-3241776

2023-11-23 03:11

The Japanese cryptocurrency exchange BitTrade has introduced lending options for Ripple (XRP) and Shiba Inu (SHIB), increasing its digital asset offerings to 34. The platform now permits loans ranging from 100 to 500,000 XRP and from 10 million to 10 billion SHIB with a competitive annual interest rate of 2% for a three-month term. This strategic move came earlier this week when BitTrade announced the expansion of its lending services to encompass both cryptocurrencies. Despite an initial decrease in value—XRP by 3% and SHIB by 4%—following the announcement, market analysts suggest a potential rebound for these tokens. Adding to the dynamics of SHIB's market activity, a notable transaction occurred this month involving the transfer of trillions of SHIB tokens by a whale investor into an unidentified wallet. This event coincided with an increase in the coin's burn rate, following the marketing team's unveiling of a two-year strategic plan. Analysts are also forecasting a promising increase in XRP's value based on recent technical analysis. The positive outlook for XRP comes as BitTrade's latest update aims to attract investors looking for new opportunities within the crypto lending space. InvestingPro Insights As the Japanese cryptocurrency exchange BitTrade expands its lending offerings with Ripple (XRP) and Shiba Inu (SHIB), investors are closely monitoring the performance of these digital assets. The current market dynamics show that despite initial dips, there is optimism for a potential rebound. In assessing the value proposition of such investments, it is crucial to consider the broader financial context. An InvestingPro Tip suggests that when evaluating cryptocurrencies like XRP and SHIB, one should not only look at the short-term market fluctuations but also at the long-term technological developments and adoption trends. This is particularly relevant as the lending services for these tokens could increase their utility and, potentially, their demand. Moreover, with the InvestingPro subscription now on a special Black Friday sale offering up to 55% off, subscribers can access an additional 12 InvestingPro Tips that delve into the intricacies of cryptocurrency investments and market indicators that could signal buy or sell opportunities. Investors considering BitTrade’s new lending options might also be interested in the platform's financial health and its ability to sustain competitive interest rates. For instance, the company's ability to maintain a low PEG Ratio, currently at 1.02 as of the last twelve months ending Q3 2023, indicates that its earnings growth rate is in line with its price, which can be a sign of a fairly valued company in the market. Lastly, the Gross Profit Margin of 46.24% over the same period suggests that BitTrade is effectively managing its costs relative to its revenue, which is crucial for sustaining its operations and offering attractive rates to its customers. This level of profitability, coupled with the strategic expansion of its lending services, positions BitTrade as a potentially strong player in the crypto lending market. https://www.investing.com/news/cryptocurrency-news/bittrade-expands-lending-services-to-include-xrp-and-shib-93CH-3241768

2023-11-23 03:03

Copyrighted Image by: Reuters Today's trading session highlighted a significant policy move by the People's Bank of China (PBOC) as it set a new benchmark rate for the onshore yuan (CNY), allowing a trading variance of up to 2% from this rate against the US dollar. This decision is a strategic signal from China's central bank, often indicating policy directions and adjustments. The previous session closed with the onshore yuan at 7.1650 to the dollar. The offshore yuan (CNH), which trades as USD/CNH in markets, continues to operate without any imposed trading boundaries, reflecting more market-driven dynamics compared to its onshore counterpart. The PBOC's actions are closely watched by investors as they can have broad implications for international trade and currency markets. The setting of the daily benchmark rate is a tool used by the PBOC to manage volatility and guide the onshore yuan's value in an economy that still maintains strict capital controls. By adjusting this rate, the central bank can influence how the yuan trades onshore during the day. The decision to allow a 2% fluctuation from the benchmark suggests a degree of flexibility while still maintaining a level of control over the currency's movements. Investors and market participants will be monitoring how these adjustments influence the yuan's performance in upcoming trading sessions, as well as any potential ripple effects across global financial markets. https://www.investing.com/news/forex-news/peoples-bank-of-china-sets-new-benchmark-for-onshore-yuan-93CH-3241764

2023-11-23 01:56

Copyrighted Image by: Reuters. Investing.com-- Oil prices extended recent losses into Asian trade on Thursday as unexpected delay in an upcoming OPEC+ meeting spurred uncertainty over just how much further the producer group intended to curb supplies. Some strength in the dollar also weighed on oil markets, as a smaller-than-expected increase in weekly jobless claims spurred concerns that the labor market will not cool as quickly as initially expected. Crude market trading volumes are likely to be limited for the remainder of the week, on account of holidays in the U.S. and Japan. This trend could spur additional volatility in price swings. Brent oil futures slid 1.4% to $80.80 a barrel, while West Texas Intermediate crude futures fell 1.2% to $76.19 a barrel by 20:44 ET (01:44 GMT). Both contracts lost about 1% on Wednesday. Oil prices were still headed for a positive weekly finish, albeit barely, as media reports suggested that the Organization of Petroleum Exporting Countries and allies (OPEC+) will consider more supply cuts during an upcoming meeting. OPEC meeting delayed, supply cuts in focus But a delay in the meeting- to Nov. 30 from Nov 26- cast some doubts over just how much the cartel will cut supply, given that the delay was reportedly due to disagreements over production between the member countries. The delay was linked to African producers, which make up a relatively small portion of overall supply in the cartel. Any production changes by Saudi Arabia and Russia will be in close focus, given that the two have led the cartel in cutting supply through 2023. The two also recently signaled that they will maintain their current supply cuts until end-2023. But analysts said that in order to boost oil prices, Saudi Arabia and Russia will likely have to deepen their production cuts and tighten markets further in early-2024. Recent data suggested that despite ongoing Saudi and Russian supply cuts, global oil markets were not tight as initially expected. Other members of OPEC were seen increasing production, while U.S. data showed a substantially bigger-than-expected build in inventories over the past week. Gasoline inventories also saw an unexpected build, while distillates saw a slightly bigger-than-expected draw. But U.S. oil production remained close to record highs through the past week, at 13.2 million barrels per day. The country ramped up production in recent months to fill the supply gap from the OPEC cuts, as well as to help global markets weather more curbs on Russian oil exports. A swathe of weak economic readings from across the globe, particularly major oil importer China, have also raised concerns over whether demand will remain steady in the coming months. https://www.investing.com/news/commodities-news/oil-prices-deepen-losses-as-opec-meeting-delay-brews-uncertainty-3241751

2023-11-23 01:36

Copyrighted Image by: Reuters Amid a challenging regulatory landscape, Binance remains at the forefront of the digital asset market. Despite agreeing to a hefty $4 billion settlement with U.S. regulators and predictions from Whale Wire of a possible 95% drop in the price of its native token BNB, Binance continues to lead with the highest spot trading volumes, exceeding $14.7 billion daily. The exchange has not only kept its position as one of the top five in global market cap rankings but also as the third-largest cryptocurrency by market cap. CEO Richard Teng has been spearheading compliance overhauls to ensure customer fund safety and adhere to regulatory standards. This focus on compliance comes as the Department of Justice (DOJ) has granted Binance a transitional window to continue operations across borders while it retracts from certain markets including Russia, Canada, and the Netherlands. Despite these market exits affecting trading volumes negatively, Binance's BNB token shows resilience, trading around $230 with significant support at the $200 level. This suggests a short-term bullish trend from October lows, although it still falls short of its all-time high of approximately $670 from 2021. The exchange's commitment to navigating regulatory requirements while maintaining its dominant market position illustrates the evolving nature of cryptocurrency markets and the importance of robust compliance frameworks in sustaining operations and investor confidence. InvestingPro Insights In light of Binance's efforts to navigate the complex regulatory environment and maintain its market dominance, InvestingPro data reveals some key financial metrics that could be of interest to investors and industry observers. The company boasts a substantial market capitalization of $1.52 trillion, underscoring its significant presence in the digital asset industry. Moreover, the exchange has demonstrated robust revenue growth, with a 10.32% increase over the last twelve months as of Q3 2023, and an even more impressive quarterly revenue growth of 12.57% for Q3 2023. InvestingPro Tips suggest that Binance's resilience is also reflected in its price performance, with the BNB token showing a strong year-to-date price total return of 74.65% as of the end of 2023. This performance is indicative of the exchange's ability to attract and retain investors despite the regulatory challenges and market exits it has faced. Additionally, with a P/E ratio adjusted for the last twelve months standing at 69.27, Binance is positioned in a competitive spot relative to industry benchmarks. For those considering a deeper dive into Binance's financial health and future prospects, InvestingPro offers a wealth of additional tips, with a total of 23 more tips available exclusively for subscribers. Now is an excellent time to explore these insights, as InvestingPro subscription is currently on a special Black Friday sale, offering discounts of up to 55%. This promotion provides a valuable opportunity for investors to access comprehensive analysis and data that can guide their investment decisions in the dynamic cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/binance-retains-top-spot-in-trading-despite-4-billion-fine-93CH-3241746