2023-11-22 07:40

Copyrighted Image by: Reuters. The GBP/USD currency pair continued its rise for the fourth day, buoyed by expectations around monetary policy on both sides of the Atlantic. The pound strengthened against the dollar, building on gains above its September high, as market sentiment turned cautious regarding further interest rate hikes by the Federal Reserve, according to minutes from the latest FOMC meeting. Investors are also closely monitoring upcoming economic announcements. They are awaiting the autumn statement from UK Finance Minister Jeremy Hunt in the House of Commons, along with key US economic data that could provide further direction for the currency markets. The recent uptrend in GBP/USD has been further reinforced by comments from Bank of England Governor Andrew Bailey. Speaking at a Treasury Select Committee hearing on Tuesday, Bailey emphasized the need for ongoing high interest rates in response to persistent inflation concerns. His remarks challenged some investors' expectations for an early easing of monetary policy, lending support to the pound's performance. As traders navigate a complex economic landscape, the interplay between central bank policies and economic indicators continues to be a driving force in currency valuations. With key statements and data on the horizon, market participants remain vigilant for signals that could sway currency trajectories further. https://www.investing.com/news/forex-news/boe-governors-inflation-warning-supports-gbpusd-gains-93CH-3240741

2023-11-22 07:32

In recent crypto market activity, digital currencies have displayed a mix of fluctuations. Toncoin (TON) experienced a slight increase to $2.36, while other cryptocurrencies like Axie Infinity (AXS), Ankr (ANKR), Geegoopuzzle (GGP), and Threshold (T) witnessed declines in their trading prices. According to the latest updates: In contrast, GateToken (GT) held its ground at $4.26, and NXM maintained stability at $57.03. SingularityNET (AGIX) saw a decline to $0.29, while CashBackPro (CBP) notably climbed to $2.67. Sourceless (STR) also saw its value rise to $0.0105. BITCOIN ADDITIONAL (@btca_en), which launched on February 1st, is currently available on two active markets with a total supply of 1,299,197 coins and a circulating supply of 12,418 coins. Its last known price was approximately $37,392. Toncoin's recent performance is particularly notable as it was launched in August with an official Twitter @ton_blockchain and website ton.org for updates and market insights. Despite minor market contractions in the last hours, its trading volume exceeded expectations with a circulating supply around billion coins out of a total exceeding billion coins. https://www.investing.com/news/cryptocurrency-news/crypto-market-sees-mixed-movements-as-toncoin-rises-and-axie-infinity-falls-93CH-3240735

2023-11-22 07:28

Copyrighted Image by: Reuters The global commodities market is witnessing a complex interplay of supply and demand dynamics, with Goldman Sachs maintaining a bearish outlook on lithium, even as iron ore prices receive a boost from Chinese economic stimulus expectations. The investment bank has projected additional potential declines in lithium prices, with spodumene spot prices already having plummeted over 75% to $1,650 per tonne this year. This trend is mirrored in China, where prices for lithium hydroxide and carbonate hover around $19,000-$20,000 per tonne, respectively. Analysts at Goldman Sachs believe it's too early to expect a market rebound for lithium. They anticipate a surplus of the metal, with projections showing an excess of 29K tonnes LCE (lithium carbonate equivalent) in 2023 that could swell to 202K tonnes LCE by 2024. This upcoming surplus is attributed to increased production that is not being matched by the growth rates in the electric vehicle (EV) sector. In Australia, non-integrated refineries are facing high costs for lepidolite and spodumene inputs averaging between $19,000-$27,000 per tonne. These costs could lead to significant losses as the industry grapples with a predicted surplus. Core Lithium (OTC:CXOXF) is feeling the financial pressure on its BP33 mine, although its share value has been only mildly impacted due to merger and acquisition speculation. Contrasting this bearish view on lithium, the iron ore market is experiencing near-record stock levels following Fortescue Metals Group (OTC:FSUGY)'s (FMG) annual general meeting (AGM). Iron ore demand has surged, pushing prices to $134 per tonne. This increase is largely driven by prospects of Chinese economic stimuli. The positive sentiment extends to other major miners such as BHP and Rio Tinto (NYSE:RIO). Gold miners are also seeing their fortunes rise as gold prices crest at $2,000 per ounce. This uptick comes despite potential future pressures from a strengthening U.S. dollar as indicated by recent Federal Open Market Committee (FOMC) minutes. In the gold sector, De Grey Mining reported gains after expanding resources at its Hemi gold project beyond 10 million ounces. Investors are also anticipating dividends from FMG's profitable iron operations despite scrutiny over executive remuneration and legal concerns involving board members highlighted during their AGM. Goldman Sachs challenges the common narrative of slow mine ramp-ups by pointing out that new mining projects are achieving capacity more quickly than expected and with improved recovery rates. However, they note that underground mining costs have escalated by around 40%, which could impact future profitability in the sector. https://www.investing.com/news/commodities-news/goldman-sachs-warns-of-further-lithium-price-declines-as-iron-ore-surges-93CH-3240734

2023-11-22 07:23

Copyrighted Image by: Reuters. The Indian Rupee has seen a depreciation as the country faces increased demand for the US Dollar, while the Ministry of Finance has issued a warning about potential inflation risks. Despite these concerns, there is an expectation that lower oil prices and stable core inflation will help mitigate these risks. The Reserve Bank of India (RBI) is keeping a close watch on external financial factors that may impact the Rupee's value and the nation's payment balances. In response to global trends among central banks, the RBI has expanded its gold reserves to 337 tonnes in Q3. This move is part of a strategy to bolster financial security amidst international market fluctuations. India's economic outlook remains positive with an estimated GDP growth of 6.5% for the fiscal year 2023-24. This optimism is bolstered by strong performance expected in Q3, driven by festive season demand. From a technical perspective, the USD/INR currency pair appears set for an uptrend, remaining above its 100-day Exponential Moving Average (EMA). Resistance is identified at the upper trading range of 83.35, with support near September's low of 82.80. In comparison to other major currencies today, the US Dollar performed most strongly against the New Zealand Dollar. Adding to economic indicators, the Chicago Fed National Activity Index pointed to an economic slowdown with a decrease to -0.49 in October. Similarly, US Existing Home Sales saw a decline of 4.1% month-over-month, signaling a contraction in the housing market. The RBI's interest rate decisions remain crucial as they seek to balance currency stability with controlling inflationary pressures. These measures are essential for maintaining economic growth and managing inflation in India. https://www.investing.com/news/forex-news/indian-rupee-weakens-amid-inflation-concerns-rbi-increases-gold-reserves-93CH-3240736

2023-11-22 07:16

Copyrighted Image by: Reuters. The US dollar fell to its lowest level against the Swiss franc since September, reaching 0.8832 amid a broader sell-off of the US currency and as markets gear up for the Thanksgiving holiday. The Federal Open Market Committee (FOMC) has recently reached a consensus on maintaining a restrictive monetary policy dependent on incoming data until inflation targets are closer to being met. This approach suggests a halt in rate hikes with potential reductions by mid-2024. Switzerland's economic indicators have also influenced the currency pair's movements. On Tuesday, the country reported a decrease in its Trade Balance to CHF 4,600 million with imports dropping to CHF 18,491 million and exports declining to CHF 23,091 million (CHF1 = USD1.1307). The Swiss National Bank (SNB) Chairman Thomas Jordan did not rule out further monetary tightening, which has supported the Swiss franc's strength. Investors are now looking ahead to key US economic reports for further guidance on the USD/CHF trajectory. Jobless Claims and Consumer Sentiment figures due today are expected to provide insights into the US economy's health, while Friday's S&P Global PMI data will be closely watched for additional market direction. https://www.investing.com/news/forex-news/usdchf-hits-multimonth-low-as-fomc-signals-rate-policy-shift-93CH-3240724

2023-11-22 07:02

Copyrighted Image by: Reuters. The GBP/USD exchange rate experienced a slight decline today, dropping 0.09% to 1.2525 as the dollar saw renewed demand in the morning trading session in Europe. This minor retreat comes after the currency pair enjoyed three days of gains. On Monday, Bank of England Governor Andrew Bailey indicated that interest rate hikes could be forthcoming due to sustained inflationary pressures, which are being exacerbated by ongoing geopolitical tensions. Technical indicators had previously shown strength for the GBP/USD pair, as it was positioned above key Exponential Moving Averages and displayed an upward trajectory. The Relative Strength Index (RSI) remained in bullish territory above the midpoint, suggesting potential for continued growth. However, it encountered immediate resistance at the Bollinger Band's upper boundary near 1.2580 and faced additional obstacles near September's highs at around 1.2642, with a significant peak from August at 1.2713 also looming overhead. On the downside, initial support for the currency pair is identified near November's peak of 1.2456. Should the pair continue to retreat, it may find further support at a significant psychological level that coincides with the lower limit of the Bollinger Band around 1.2400. Investors and market watchers are paying close attention to these technical levels as they assess the impact of potential policy changes from the Bank of England on the value of the pound against the dollar. The central bank's response to persistent inflation concerns remains a key factor in determining short-term movements in this currency pair. https://www.investing.com/news/forex-news/gbpusd-exchange-rate-dips-amid-rising-dollar-demand-93CH-3240706