2023-11-17 08:23

Copyrighted Image by: Reuters. LONDON - Copper prices experienced fluctuations this week as market participants weighed a mix of global economic indicators, including China's industrial data and movements in the US dollar. On Thursday, the London Metal Exchange's (LME) three-month copper contract edged up slightly by 0.1%, while the Shanghai Futures Exchange's (SHFE) December copper contract declined by 0.3%. The shifts in copper prices have been influenced by various factors. Wednesday's robust industrial output from China initially drove copper prices to near six-week highs. However, concerns over China's property sector and a strengthening dollar capped these gains. The dollar's strength continued into Thursday, buoyed by solid US retail sales data and indications of slowing inflation, which contributed to a minor pullback in copper prices. The strength of the dollar is particularly significant for commodities priced in the currency, as it determines their affordability for holders of other currencies. This week, the US dollar faced weekly losses due to disappointing US economic data, which hinted at a possible easing of the Federal Reserve's tight monetary policy stance. Such a shift could make dollar-priced commodities like copper less expensive for international buyers. In China, persistent declines in home prices over the past four months have raised demand concerns, which could impact copper consumption in the world’s largest user of the metal. Additionally, ANZ Research pointed out that increased domestic production of refined copper in China could further influence market dynamics. Other metals traded on both LME and SHFE saw varied price movements. SHFE lead bucked the trend with a rise, while aluminum, nickel, zinc, and tin experienced dips across both exchanges. Looking ahead, traders are focusing on several key events that could affect the markets. These include upcoming UK retail sales data, European Central Bank President Christine Lagarde's keynote speech at the 33rd Frankfurt European Banking Congress, and the release of US Housing Starts Number for October. The Bank of England's Megan Greene is also set to participate in a panel discussion about the monetary policy outlook, and final data for EU HICP for October will be released. Market trends are expected to continue being influenced by the interplay between dollar dynamics and China’s copper production activities amidst global economic developments. https://www.investing.com/news/commodities-news/copper-prices-fluctuate-amid-dollar-dynamics-and-chinas-economic-signals-93CH-3237368

2023-11-17 08:03

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar edged higher in early European trade Friday, but was heading for a sharp weekly loss after cooling inflation spurred growing bets that the Federal Reserve has completed its series of rate hikes. At 03:00 ET (08:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, rose 0.1% to 104.374, still on course for a weekly loss of around 1.3%. Dollar set for hefty weekly loss The dollar has weakened this week growing expectations that inflation is in retreat and interest rate increases by the Federal Reserve are a thing of the past. Tuesday’s drop in U.S. consumer prices started the ball rolling, but oil slipping to four-month lows and news from Walmart (NYSE:WMT) on Thursday that it will cut prices to help struggling consumers in the holiday quarter have added to the disinflationary pressures. “Confidence that the Fed tightening cycle is over should be positive for the rest of the world currencies - especially those that are very sensitive to higher interest rates,” said analysts at ING, in a note. “Yet with overnight rates in the US at 5.4%, the dollar is an expensive sell and the bar is high to invest elsewhere. That is why… the dollar bear trend is going to take some time to build and its more intense period may not be until 2Q24.” There are a number of Fed speakers scheduled to speak later in the session, and traders will look for how hawkish they appear to be given the change in market tone. Sterling slips after weak U.K. retail sales In Europe, GBP/USD fell 0.2% to 1.2377, weakening after data showed U.K. retail sales slumped 0.3% on the month in October, an annual fall of 2.7%, as British shoppers continued to struggle from the combination of higher interest rates and still elevated inflation. U.K. CPI plunged to 4.6% on an annual basis in October, from 6.7% in September, data showed earlier this week. This was the largest fall in the annual CPI rate from one month to the next since April 1992, but it still remains among the highest in the developed world, and the Bank of England has sought to stress that it is nowhere near cutting interest rates from their 15-year peak, even as the economy flat-lines close to a recession. EUR/USD fell 0.1% to 1.0839, but is set to gain around 1.5% this week, its largest weekly increase since mid-July. ECB President Christine Lagarde is set to speak at the European Banking Congress in Frankfurt later in the session, and her comments will be parsed carefully for clues of the intentions of policy makers regarding interest rates after the central bank paused its cycle of hikes last month. Yen benefits from dollar weakness In Asia, USD/JPY traded 0.2% lower at 150.44, with the yen among the biggest beneficiaries of recent dollar weakness, as this pair is on track to drop 0.7% this week - its best weekly gain in over four months. But Bank of Japan Governor Kazuo Ueda on Friday stressed on the need to maintain an ultra-dovish stance, presenting little near-term relief for the yen USD/CNY rose 0.1% to 7.2464, with the yuan recovering from the one-year low seen earlier in the week, helped by data showing some signs of resilience in the Chinese economy. Focus is now on the People’s Bank of China, which is set to decide on its benchmark loan prime rate on Monday. The bank is expected to keep rates at record lows, as it struggles to maintain a balance between shoring up economic growth and stemming weakness in the yuan. https://www.investing.com/news/forex-news/dollar-edges-higher-but-set-for-sharp-weekly-loss-as-inflationary-pressures-ease-3237324

2023-11-17 06:27

Copyrighted Image by: Reuters Kaspa (KAS), a relatively new entrant in the cryptocurrency market, has seen a remarkable surge in its value this week. Following its addition to the Coinbase (NASDAQ:COIN) platform, the digital currency's price began to climb from $0.0800 on Sunday, reaching an all-time high, a phenomenon often attributed to the so-called 'Coinbase effect,' which confers a sense of legitimacy to the listed asset. The momentum continued as Binance, one of the world's leading cryptocurrency exchanges, announced it would list KAS for perpetual trading starting today. This announcement fueled a 15% increase in Kaspa's price within just 24 hours and drove an 80% surge in trading volume between Wednesday and Thursday. The heightened activity suggests that the market is responding positively to the listing, with improved order execution and robust interaction between buyers and sellers. Despite indicators such as the Relative Strength Index (RSI) suggesting that Kaspa may be overbought, there remains potential for further gains. Analysts predict that if KAS can surpass the $0.1400 mark, it could reach a new range high of $0.1483, presenting an opportunity for long-term investors. Nonetheless, there is also an expectation of a pullback to the 61.8% Fibonacci retracement level at $0.0930 as some investors start to realize early profits. https://www.investing.com/news/cryptocurrency-news/kaspa-cryptocurrency-hits-alltime-high-amid-binance-listing-93CH-3237239

2023-11-17 06:07

In a significant move to streamline cryptocurrency transactions and address the challenges of volatility, Coinbase (NASDAQ:COIN) has introduced its innovative Onchain Payment Protocol. This open-source solution is designed to offer instant settlements, lower fees, and expanded asset support, with the goal of transforming online payments in a manner comparable to how the internet revolutionized access to information. The protocol, launched on Thursday, is integrated into Coinbase's Commerce product and targets global merchants by simplifying the payment process. It enables a single setup for merchants and allows for seamless integration with popular e-commerce platforms such as WooCommerce, Primer, and Jumpseller. The new system promises to deliver volatility-free payments through automatic conversion of cryptocurrencies into USD Coin (USDC), ensuring stable transaction values despite market fluctuations. Key benefits of the Onchain Payment Protocol include: The protocol addresses common pain points in the crypto payment process by reducing decline rates and chargeback risks. It guarantees error-free payments and offers flexible payment options that aim to make the checkout process effortless for customers while providing instant payment confirmation. By facilitating billions in on-chain payments, Coinbase's new protocol is poised to make it easier for thousands of merchants around the world to integrate cryptocurrency into their businesses. This initiative reflects the company's commitment to fostering an ecosystem where digital currency can be used as conveniently and efficiently as traditional money. https://www.investing.com/news/cryptocurrency-news/coinbase-unveils-onchain-payment-protocol-to-simplify-crypto-transactions-93CH-3237229

2023-11-17 05:44

Copyrighted Image by: Reuters Binance, the world's leading digital-asset exchange, is experiencing a notable reshuffling of its upper ranks, with Jennifer Hicks, the company's Senior Counter-Terrorism Official, being the latest high-profile executive to depart. Hicks, who had joined the exchange in late 2021 and quickly ascended to her unique role, confirmed her exit on LinkedIn. Hicks' departure comes at a time when Binance and the broader cryptocurrency industry face increased scrutiny over their potential role in terrorism financing. This follows allegations that groups such as Hamas have used cryptocurrencies to fund an attack on Israel. U.S. lawmakers have initiated an investigation into how digital currencies might be exploited for such purposes. Meanwhile, Elliptic, a blockchain analytics firm, has challenged the extent of these fundraising activities reported by some sources. The exit of Hicks marks another significant loss for Binance's leadership team, which has seen the departure of key figures this year including the head of product, chief business officer, general counsel, and Asia-Pacific boss. These departures signal a substantial transformation within the management structure of Binance during a period marked by regulatory challenges and increasing attention from authorities on the operations of cryptocurrency platforms. https://www.investing.com/news/cryptocurrency-news/binance-sees-wave-of-executive-departures-including-counterterrorism-advisor-93CH-3237211

2023-11-17 05:44

Copyrighted Image by: Reuters. Investing.com-- Gold prices rose slightly on Friday and were headed for a strong weekly performance as more weak U.S. economic data spurred bets that the Federal Reserve was done raising interest rates. The yellow metal was set for its best week since early-October, and was once again trading close to the $2,000 an ounce level after dropping sharply over the past week. Spot gold rose 0.2% to $1,985.60 an ounce, while gold futures rose slightly to $1,988.05 an ounce by 00:06 ET (05:06 GMT). Gold marks strong weekly gain, more Fed cues awaited Prices of the yellow metal were set to rise between 2.5% and 3% this week, as softer-than-expected U.S. inflation data fueled bets for a definite Fed pause. The yellow metal also saw some safe haven demand, as weak economic prints from Japan and the euro zone pushed up concerns over a looming global recession. But the biggest boost to the yellow metal came on Thursday, after data showed that U.S. jobless claims grew more than expected for a fourth straight week, signaling more cooling in the labor market. Gold prices jumped over 1% after the data, given that a cooling labor market and softer inflation are the two key factors for the Fed to consider halting its rate hike cycle. The dollar and Treasury yields tumbled after the reading. Still, traders remained wary of bidding further on gold, given that a slew of Fed officials are set to speak on Friday. The minutes of the Fed’s October meeting are also due next week, and are likely to offer more cues on the central bank’s outlook on interest rates. But even with a Fed pause, the central bank has repeatedly signaled it will keep rates hikes for longer- a scenario that bodes poorly for gold, given that higher rates push up the opportunity cost of investing in bullion. Copper steadies, set for strong week on some China hopes Copper prices traded sideways on Friday, but were set for their best week in over four months as some positive data and more stimulus measures from Beijing pushed up optimism over major importer China. Copper futures rose 0.1% to $3.6978 a pound, and were set to add over 3% this week. Data released this week showed some signs of resilience in the Chinese economy, specifically in industrial production. The People’s Bank of China also injected a staggering 600 billion yuan of liquidity into the economy to spur lending. Focus is now on a decision on the PBOC’s loan prime rate this Monday, where the central bank is widely expected to keep rates at record lows to foster an economic recovery. China is the world’s largest copper importer, and an economic slowdown in the country this year severely dented copper prices as traders feared slowing demand. https://www.investing.com/news/commodities-news/gold-prices-steady-set-for-strong-week-as-fed-rate-fears-ease-3237212