2023-11-21 20:03
Copyrighted Image by: Reuters. The Euro has maintained its bullish stance against the US Dollar, staying above key moving averages despite a brief retraction from its weekly high. Market participants have been closely monitoring the currency pair after the Federal Reserve released its Meeting Minutes, which reinforced the central bank's commitment to maintaining a high-rate policy to combat inflation expectations. The EUR/USD pair tested the critical level of 1.0900 following the release, but market reaction remained subdued. Investors are now looking ahead to Wednesday's economic data releases for further direction. The upcoming figures include: As market players assess these indicators and forecasts, the Euro's performance will continue to be influenced by economic data releases and central bank policy decisions in both Europe and the United States. https://www.investing.com/news/forex-news/euro-holds-firm-against-dollar-as-markets-digest-feds-highrate-stance-93CH-3240488
2023-11-21 20:00
Copyrighted Image by: Reuters The AUD/USD currency pair remains restrained, trading around 0.6550 after an initial peak at 0.6589. This comes in the wake of the Reserve Bank of Australia's (RBA) latest meeting minutes, which outlined a determined approach to raising interest rates in efforts to tackle high inflation. Despite this hawkish stance, the Australian Dollar failed to sustain gains above the 0.6560 mark. In recent developments affecting the currency landscape, data revealed that October's US Existing Home Sales dropped to 3.79 million, underscoring challenges within the housing market. Meanwhile, minutes from the Federal Reserve's Federal Open Market Committee (FOMC) meeting kept interest rates steady between 5.25% and 5.50%. Federal Reserve officials conveyed a neutral position but did not close the door on potential rate increases should inflation persist. From a technical perspective, the AUD/USD pair is encountering resistance near a significant level, specifically the 200-day moving average (DMA) at 0.6588. A move below Monday’s close of 0.6556 could pave the way for a decline towards the support level around 0.6500. The market's reaction has been notably visible in the US Dollar Index (DXY), which maintains its strength at 103.61, indicating a prevailing preference for the US dollar as investors process signals from central banks. https://www.investing.com/news/forex-news/aussie-dollar-struggles-despite-rbas-rate-hike-focus-93CH-3240486
2023-11-21 19:32
Copyrighted Image by: Reuters. Traders are closely monitoring the oil markets as anticipation builds for the upcoming OPEC+ meeting scheduled for November 26th. This key gathering of oil-producing nations has sparked speculation about potential supply cuts, particularly led by Saudi Arabia, which has already driven West Texas Intermediate (WTI) and Brent crude prices upward for two consecutive days. WTI is currently trading at $77.34 a barrel, while Brent stands at $81.85. Amidst these developments, the US Dollar has shown signs of weakness, dipping below critical technical averages in the DXY index, which tracks the currency against a basket of major peers like the Euro. This downturn is contributing to an increase in commodity prices and hints at a possible further decline of the dollar in foreign exchange markets. Adding to the complex market dynamics, Russia has strategically reduced its seaborne crude exports to levels last seen in August. This move comes just days before OPEC's meeting and aligns with expert predictions from RBC that suggest OPEC+ may be considering more substantial and deeper production cuts as part of a collective effort to stabilize the market. In Iran, there are expectations of a significant increase in oil production over the next two years, adding another layer to the global supply narrative. Meanwhile, today's geopolitical landscape remains tense as Iran-backed Houthi rebels recently seized a tanker in the Strait of Hormuz. This critical maritime passage is essential for global oil shipments, and such incidents underscore ongoing regional instability that could influence oil flows and pricing strategies in the sector. The American Petroleum Institute is also expected to release its latest weekly crude inventory figures today. The last report showed a considerable inventory build-up, which typically exerts downward pressure on prices. However, given current geopolitical events and market speculations ahead of the OPEC+ meeting, industry observers are keenly awaiting this data to gauge its impact on an already volatile market. https://www.investing.com/news/commodities-news/crude-oil-prices-rise-on-opec-meeting-and-geopolitical-tensions-93CH-3240480
2023-11-21 19:29
Social media platforms have been abuzz with discussions about the U.S. Securities and Exchange Commission's (SEC) lawsuit against the cryptocurrency exchange Kraken, particularly following a revelation that Cardano (ADA) was mentioned more than 60 times in the court filings. ADA's price fell to $0.384, hitting a low of $0.3791. Despite this dip, the digital currency experienced a significant increase in trade volume, surging by 36% and closing the last week with a gain of +4.14%. The attention on Cardano came as StakeWithPride highlighted its frequent mentions in the legal documents, which has led to heightened scrutiny among investors and traders. Meanwhile, Tony Edward pointed out that XRP and Ethereum (ETH) were not listed as securities in the lawsuit, which contrasts with other cryptocurrencies such as Axie Infinity (AXS) and Algorand (ALGO), based on a chart from TradingView. Other cryptocurrencies also felt the impact of the ongoing legal developments, with Solana (SOL) dropping to $55.71 and NEAR Protocol (NEAR) declining to $1.92 at one point during the day. However, both managed to maintain an upward trajectory over the past week, posting gains of +0.81% for SOL and an impressive +18% for NEAR, respectively. The case against Kraken has become a focal point for the crypto community as it may set precedents for how digital assets are classified and regulated in the United States. The outcome could have significant implications for the industry, influencing both market sentiment and the regulatory landscape moving forward. https://www.investing.com/news/cryptocurrency-news/cardano-drops-as-social-media-tracks-sec-vs-kraken-case-93CH-3240473
2023-11-21 19:07
The digital asset MANA has seen a significant increase in value, rising by 47% year-to-date to $0.4162. This uptrend comes even as the coin faced resistance at $0.5060 and has since found support at $0.4058, suggesting a continued positive trajectory for investors. The Relative Strength Index (RSI), a momentum indicator, has normalized from an overbought condition of 78 to a more stable level of 53 since mid-October, indicating that earlier concerns about the asset being overvalued may be subsiding. Adding to the optimistic outlook is the positive Exponential Moving Average (EMA) crossover observed in the market. The 50-day EMA, now at $0.3787, has recently risen above the 150-day EMA, which stands at $0.3743. This technical movement is often interpreted by market analysts as a bullish sign, suggesting potential for further growth ahead for MANA coin. https://www.investing.com/news/cryptocurrency-news/mana-coin-value-climbs-47-yeartodate-amid-bullish-signals-93CH-3240466
2023-11-21 18:49
Former executives from Revolut, Coinbase (NASDAQ:COIN), and Spotify (NYSE:SPOT) have unveiled Zeal, a new digital wallet aimed at streamlining financial operations within the cryptocurrency space and web3 applications. Led by Hannes Graah, Zeal is crafted to overcome the limitations of existing digital wallets by incorporating advanced security features to safeguard users against fraud and providing free USDC transactions from Polygon to banks. Although currently available on an invite-only basis, Zeal is gearing up for a public launch in early 2024. The digital wallet space, which includes competitors like Binance's wallet and Metamask's Blockade collaboration, has a new entrant that stands out due to its strong backing from prominent investors such as Galaxy, Framework, Variant Fund, and Northzone. Galaxy has commended Zeal for its intuitive interface coupled with stringent security protocols that promise to improve asset management and visibility on the blockchain. Zeal's introduction into the market reflects a strategic response to growing concerns over security in the digital currency environment. The platform's advanced safety checks are designed to provide users with peace of mind while engaging with cryptocurrencies and web3 platforms. Additionally, the feature of free USDC transfers to bank accounts addresses a common pain point for users who seek cost-effective solutions for managing their digital assets. With Hannes Graah at the helm, Zeal's development team brings a wealth of experience from their previous roles at leading tech firms. Their collective expertise is expected to drive innovation in the digital wallet sector and offer a user-friendly yet secure alternative for both novice and experienced cryptocurrency enthusiasts. As Zeal prepares for its broader release next year, the crypto community awaits further details on how this platform will distinguish itself in an increasingly competitive market. The promise of enhanced security measures and seamless integration with traditional banking systems positions Zeal as a potentially transformative force in the digital asset management landscape. https://www.investing.com/news/cryptocurrency-news/zeal-digital-wallet-set-to-transform-crypto-and-web3-transactions-93CH-3240455
