2023-11-21 16:48

Copyrighted Image by: Reuters The Mexican peso's recent surge against the US dollar took a breather today with the USD/MXN pair ticking up to 17.18, despite a general weakness in the dollar across Forex markets. Investors are closely watching Mexico's economic indicators, such as retail sales and mid-November inflation data, which are expected to influence the Bank of Mexico's (Banxico) interest rate decisions. Today, the market is also awaiting the Federal Reserve's meeting minutes, which could sway market sentiment. This comes in the wake of US Existing Home Sales experiencing their most significant decline since November 2022. Despite the broader softness of the dollar, as evidenced by the Dollar Index (DXY) standing at 103.28 and Treasury yields decreasing to 4.39%, technical analysis suggests bearish signals for USD/MXN. The pair is trading under key Simple Moving Averages (SMAs), coupled with a 'bullish engulfing' pattern that might indicate an upward movement ahead. Looking ahead to Friday, traders are speculating on potential shifts in Fed policy following subdued US price growth readings, while Mexico is set to release its GDP data for the third quarter and current account figures. Market swaps hint at possible rate cuts in 2024. Mexico's October inflation report came in below expectations at 4.26% year-over-year, leading Banxico to adjust its inflation forecast for 2024 closer to target levels at 3.87%. This adjustment comes amid nearshoring trends that have been bolstering prospects for the Mexican peso. From a technical standpoint, resistance levels for USD/MXN are being watched around SMA benchmarks. Breaking through or dropping below critical points like 17.28 could propel the pair toward new tests or bring it back down to revisit yearly lows near the year-to-date low of 16.62, as anticipations from the swap market play into currency valuations. https://www.investing.com/news/forex-news/mexican-peso-pauses-rally-against-us-dollar-amid-market-anticipation-93CH-3240383

2023-11-21 16:37

Copyrighted Image by: Reuters. The Euro continued its ascent today, marking a fourth consecutive session of gains against a retreating US dollar, as market participants await the release of the Federal Open Market Committee (FOMC) minutes for further insights into future policy rates. In the early European trading hours today, the EUR/USD pair traded above key Exponential Moving Averages (EMAs), signaling a bullish trend, despite indications from the Relative Strength Index (RSI) suggesting the currency may be overbought and could face near-term consolidation. Investors are closely monitoring key resistance levels, with immediate focus on the Bollinger Band top at 1.0978. A break beyond this point could see the currency pair challenge the significant psychological mark and August 11's high at 1.1000. If this resistance is breached, it may open a path toward early August highs and possibly reach July's peak of 1.1149. On the downside, support levels are emerging around a psychological threshold observed in November between 1.0895 and 1.0900. This support is bolstered by lower Bollinger Band limits at 1.0817, the pivotal EMA at 1.0759, and further by November 16's high at 1.0725. Market watchers are poised for any signals from the FOMC minutes that might indicate future interest rate movements, which have been a critical driver for currency valuations in recent months. The anticipation of these minutes has contributed to the fall in Treasury yields and has played a role in weakening the dollar, providing an additional lift to the Euro in today's session. https://www.investing.com/news/forex-news/euro-extends-gains-as-dollar-retreats-ahead-of-fomc-minutes-93CH-3240377

2023-11-21 16:26

BitTrade has introduced lending services for XRP and Shiba Inu, offering crypto investors a new avenue to earn interest on their holdings. This move is part of the platform's broader strategy to diversify its offerings, which now include 34 different assets. The lending terms are set at a 90-day duration with an annual interest rate of 2%. Investors can lend amounts ranging from 100 to 500,000 XRP or from 10 million to 10 billion SHIB. Alongside this launch, BitTrade is also promoting the inclusion of Shiba Inu through various targeted campaigns. In related developments, Credefi Finance has made strides in bridging traditional finance with the crypto world by integrating with the XRP Ledger. This integration allows the use of Gatehub EUR, USD, and Bitstamp EUR stablecoins to facilitate funding options for SME borrowers in the EU. By leveraging cryptocurrency lenders, Credefi aims to address the financing gap within the European Union. The crypto market itself is experiencing fluctuations with XRP falling to $0.6114 after a daily decline of 2% and Shiba Inu dropping to $0.00000832. Despite the price drops, trading volumes have shown significant activity with XRP's volume increasing by almost 6% and SHIB's surging by 27% over the last day. The Shiba community's efforts in token burns have been highlighted as a contributor to the heightened trading volumes. Investors interested in BitTrade's lending services can use the platform's lending simulators to calculate potential fees. These market activities occur alongside ongoing legal discussions in the cryptocurrency space, such as debates over Tether’s billion-dollar deposit and a challenge by a pro-XRP lawyer to Charles Hoskinson for clarification on ADA’s non-security status amidst regulatory scrutiny. https://www.investing.com/news/cryptocurrency-news/bittrade-adds-xrp-and-shiba-inu-lending-credefi-integrates-with-xrp-ledger-93CH-3240362

2023-11-21 16:22

An unknown user recently transferred a significant amount of ShibaSwap's governance token, BONE, to a wallet associated with the cryptocurrency exchange Binance, leading to speculation about a potential new listing on the platform. The transfer, which took place today, involved approximately 17,000 units of BONE, valued at around $10,000. The transaction was detected by blockchain explorer Etherscan, which identified the receiving wallet as part of Binance's vast network. Alongside the larger transfer, another batch of 507.2 BONE tokens was also sent to the same wallet. This type of activity is not new; similar patterns involving BONE and this particular wallet have been observed over several years. The move has caught the attention of crypto enthusiasts and investors, as Binance is one of the world's leading cryptocurrency exchanges. The presence of Shiba Inu (SHIB), a related token that is already traded on Binance, adds to the intrigue surrounding the transaction. As of now, it remains unclear whether the transfers indicate an upcoming listing of BONE on Binance or if they were simply user deposits made in error. It's important to note that exchanges like Binance do not guarantee asset credit for tokens that are not officially listed on their platform. The crypto community will be watching closely for any announcements from Binance regarding the status of BONE on its trading platform. https://www.investing.com/news/cryptocurrency-news/shibaswaps-bone-token-transfer-sparks-binance-listing-speculation-93CH-3240360

2023-11-21 16:02

Copyrighted Image by: Reuters In the latest developments within the cryptocurrency sector, Bitcoin has taken a significant lead over Ethereum in the non-fungible token (NFT) market. Data from CryptoSlam indicates that Bitcoin's NFT sales volumes have reached $16.94 million in just one day, contributing to a weekly total of $177 million, marking an 88% increase. This surge is attributed to the growing popularity of SATS BRC-20 NFTs, which are currently the most sought-after collections on the Bitcoin network. The resurgence in Bitcoin's NFT market is largely due to the success of the Ordinals protocol, as reported by Dune analytics. The protocol has seen more than 5.6 million inscriptions this November alone, suggesting a robust revival from what was previously termed as an NFT winter. This increase in activity has also been reflected in transaction fees, where Bitcoin has outpaced Ethereum. According to Glassnode statistics from Monday, Bitcoin's average transaction fee stood at $10.35, surpassing Ethereum’s $8.43. This indicates a significant uptick in network activity and interest in Bitcoin-based NFTs and smart contracts functionality. Furthermore, Bitcoin's dominance in the NFT market is evident from its monthly sales figures, which amounted to $312 million against Ethereum's $304 million. Notably, BRC-20 NFTs have topped the sales volume ranking with $83 million in transactions on Tuesday, overshadowing other prominent collections such as the Bored Ape Yacht Club, which reported $42 million in sales. The buyer base for BRC-20 NFTs has expanded by 398%, showcasing a rapidly growing interest among collectors and investors. These trends underscore a shifting landscape within the cryptocurrency markets, where Bitcoin is not only seen as a store of value or medium of exchange but is also gaining traction in the burgeoning NFT space — a realm that was predominantly led by Ethereum due to its early adoption of smart contracts and support for various digital assets and applications. The increased earnings for miners due to higher transaction fees further highlight the positive impact of this shift on various stakeholders within the Bitcoin ecosystem. https://www.investing.com/news/cryptocurrency-news/bitcoin-leads-nft-market-with-surge-in-brc20-token-sales-93CH-3240339

2023-11-21 14:48

Copyrighted Image by: Reuters. The New Zealand dollar (NZD) has experienced a significant rally against the US dollar (USD), driven by a wave of optimism following China's announcement of stable economic policies and the People's Bank of China (PBOC) maintaining its rates at 3.45%. The NZD/USD pair broke past the key resistance level at 0.6050-0.6055, signaling a potentially bullish outlook for the currency pair. This surge comes on the heels of market sentiments that were already lifted on Monday, after the PBOC affirmed its commitment to support China's property sector with further economic measures. The positive reactions from these developments are indicative of the intricate relationship between New Zealand's economy and China's financial health, given China's position as a major trading partner. The Federal Reserve’s recent meeting minutes, which suggested an approaching end to US rate hikes, have also set expectations that may be contributing to the NZD's strength. Additionally, an inverse head and shoulders pattern has completed on charts, pointing to a possible target of 0.6215 for the NZD/USD if Tuesday concludes positively for the pair, despite a prevailing long-term bearish trend. Several factors are at play influencing the NZD's valuation. Interest rate differentials between the Reserve Bank of New Zealand (RBNZ) and Federal Reserve policies remain a key driver of currency movements. Moreover, as New Zealand's top export, the performance of the dairy industry plays a crucial role in shaping trade dynamics and, consequently, the strength of the NZD. Robust economic data releases from New Zealand have bolstered the currency's value further. Nevertheless, broader risk sentiment in global markets continues to dictate currency strength during periods of either optimism or turbulence. As investors and traders monitor these developments closely, the NZD/USD pair's movement reflects the complex interplay of domestic performance and international economic policy decisions. https://www.investing.com/news/forex-news/nzd-surges-as-chinas-economic-stability-boosts-optimism-93CH-3240251