2023-11-16 14:27

Copyrighted Image by: Reuters. JOHANNESBURG - The South African rand has seen a notable appreciation against the US dollar, buoyed by a combination of international and domestic factors. Favorable US inflation data, along with positive retail sales figures from South Africa and growing optimism in China's retail and industrial sectors, have contributed to the currency's strength. The upbeat mood surrounding the initial phase of the meeting between President Xi Jinping and President Joe Biden has also played a role in supporting the rand's value. Despite these positive indicators, a report from Harvard has highlighted state capacity challenges that could pose serious risks to South Africa's economic outlook. These issues are critical as they may affect the country's ability to implement policies and manage its economy effectively. In the United States, a slight uptick in jobless claims data appeared to have a negligible effect on the strength of the US dollar. However, commentary from Federal Reserve officials following recent misses in CPI and PPI data is being closely watched. The market is particularly sensitive to any signs of divergence from Fed Chair Jerome Powell's recent warning about moving too quickly towards monetary policy easing. Consistency in messaging is essential for maintaining the Federal Reserve's credibility. On a technical analysis front, the USD/ZAR currency pair is currently testing support at a trendline that dates back to March 2022. A confirmed close below this trendline could signal further depreciation for the US dollar relative to the rand. Nonetheless, an observed bullish divergence in the Relative Strength Index (RSI) suggests that downward momentum could be challenged, potentially stabilizing or reversing the trend. https://www.investing.com/news/forex-news/south-african-rand-gains-on-us-data-and-chinese-optimism-93CH-3236551

2023-11-16 14:25

Copyrighted Image by: Reuters NEW YORK - The cryptocurrency market is witnessing a notable upswing, with Bitcoin trading above $37,000, an increase of 7.5% this month after a significant 28% rise in October. Ethereum is also experiencing upward momentum, mirroring Bitcoin's positive trajectory. This resurgence is attributed to the robust applications of blockchain technology, particularly in decentralized finance (DeFi) and play-to-earn (P2E) gaming. Over 80,000 accounts now hold at least $1 million in Bitcoin, signaling a strong recovery from the 2021 downturn. Ethereum has been spotlighted as a potential wealth multiplier due to its decentralized applications (dApps) and smart contracts that are set to revolutionize DeFi and P2E games with non-fungible tokens (NFTs), paving the way for a new era of internet control, often referred to as "Web3." Adding to the crypto landscape's dynamism is Galaxy Fox (GFOX), which is generating buzz with its innovative approach to residual income through gaming and staking tokens via its Galaxy Fox Stargate. The project's upcoming NFT collection will feature characters from the Galaxy Fox Ecosystem, offering 3,000 NFTs for minting and trading. The presale of Galaxy Fox's tokens at $0.0066 each witnessed high demand and passed an audit by Crypto Hub, with experts predicting an impressive 1000x price increase by the end of the year. In a broader financial context, JPMorgan and Apollo have joined forces with the Monetary Authority of Singapore (MAS) to highlight blockchain's transformative potential in asset management through asset tokenization. Meanwhile, in the UK, a sharp decline in inflation for October has fueled expectations for interest rate cuts in the spring. These expectations, coupled with strong wage growth and declining unemployment rates, have strengthened the British Pound against major currencies. Despite economic challenges worldwide, HSBC Holdings (NYSE:HSBC) PLC has maintained strong earnings within its core market in Hong Kong by capitalizing on its unique market position. This financial resilience amidst global economic fluctuations underscores the diverse strategies institutions employ to navigate uncertain markets. The convergence of blockchain's growing influence in traditional finance and its expanding role in emerging sectors like gaming and NFTs illustrates a broader acceptance and integration of cryptocurrency technologies into mainstream economic activities. As these technologies continue to evolve, they offer promising avenues for investment and innovation across various industries. https://www.investing.com/news/cryptocurrency-news/bitcoin-and-ethereum-see-gains-as-blockchain-asserts-potential-in-asset-management-93CH-3236552

2023-11-16 11:52

Copyrighted Image by: Reuters. Amidst severe inflation and economic instability, Bitcoin has reached a new all-time high (ATH) in Turkey, trading at 1,076,038.99 Turkish Lira (TRY). The cryptocurrency's adoption in the country began during the COVID-19 lockdowns in March 2020, transforming Turkey into a significant player in the global crypto market. Larry Fink, CEO of BlackRock (NYSE:BLK), referred to the trend as a "flight to quality," with citizens seeking alternatives to their rapidly depreciating currency. The journey to this ATH began with Bitcoin's surge to its first significant milestone of 479,551.90 TRY (USD1 = TRY28.6844) on April 30, 2021. However, by mid-July 2021, the value dipped to 269,146 TRY, reflecting a temporary recovery of the Turkish Lira against Bitcoin. Since December 2, 2022, when Bitcoin was valued at 315,013.22 TRY, the BTC/TRY pair has experienced substantial growth, culminating in today's record value. This represents a cumulative growth of an astonishing 116,185.22%. Turkey's current inflation rate stands at a staggering 61.36%, starkly contrasting with the U.S.'s rate of 3.2%. The dire economic situation has prompted many Turks to turn to Bitcoin as an inflation hedge—a trend that is further supported by MicroStrategy's consistent accumulations of BTC. Although originally designed by Satoshi Nakamoto as a value transfer mechanism, Bitcoin has increasingly become a popular investment asset for those looking to protect their wealth from inflationary pressures. https://www.investing.com/news/cryptocurrency-news/bitcoin-hits-record-high-in-turkey-as-inflation-soars-93CH-3236255

2023-11-16 11:33

Copyrighted Image by: Reuters The recent escalation in the Israel-Gaza conflict, following the October 7 attacks by Hamas on Israeli towns, has intensified global economic concerns with potential repercussions reminiscent of the 1973 Arab oil embargo. The World Bank warns that oil prices could spike to as high as $157 per barrel if the situation deteriorates further. In contrast, financial institutions like Goldman Sachs and UBS anticipate more stability in oil prices, forecasting a range between $90 to $100 per barrel over the next year. The conflict has already left a stark mark on the local economies of Gaza and the West Bank, with the International Labour Organization (ILO) reporting significant job losses amounting to 61% or 182,000 jobs in Gaza and 24% or 208,000 jobs in the West Bank. This exacerbates the severe deprivation faced by these communities. Despite the ongoing turmoil, businesses in Sderot, Israel, are maintaining their operations. The geopolitical tensions have not only affected the Middle East but also recall the disruptions caused by the Russia-Ukraine conflict in early 2022. That earlier conflict had a profound impact on global commodity markets, particularly affecting Ukraine's wheat and corn exports due to Russian blockades of ports and causing price surges in aluminum and palladium due to Russia's pivotal role in their production. https://www.investing.com/news/commodities-news/oil-prices-could-soar-amid-israelgaza-conflict-world-bank-cautions-93CH-3236216

2023-11-16 11:10

The London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) are hinting at a potential collaboration in the wake of criticisms over the LME's handling of a market crisis. At the CRU World Copper Conference Asia, Zhang Bizhen, managing director at Minmetals Futures Co, pointed out the shortcomings in LME's risk control systems, referencing the 2022 nickel short squeeze that led to a significant trading halt and the cancellation of transactions worth billions. Zhang, who did not hold back on his critique, suggested that LME should consider adopting some of the strategies implemented by SHFE to enhance investor security. This comment comes after a tumultuous period for the LME, which faced intense scrutiny following an unprecedented surge in nickel prices in March 2022. The volatility was so extreme that it prompted the exchange to suspend trading and later annul a number of trades, a move that was controversial among market participants. In response to Zhang's comments, Robin Martin, LME’s market development head, acknowledged their relationship with SHFE as complementary. He indicated that despite past challenges, both exchanges could look forward to working together. Martin's hint at future collaborations suggests that LME is open to learning from SHFE's approach to risk management and possibly integrating some of its practices to prevent similar incidents from occurring. https://www.investing.com/news/commodities-news/lme-and-shfe-may-collaborate-following-critique-of-risk-management-93CH-3236182

2023-11-16 10:31

NEW YORK - The cryptocurrency XRP is currently experiencing a rebound, trading up 3.50% at $0.6516, following a tumultuous week that saw its value artificially inflated and then rapidly collapse due to a fraudulent report. On November 14th, XRP's price surged to $0.75 as a result of a counterfeit BlackRock (NYSE:BLK) XRP Trust report. The spike was short-lived; once the deception came to light, the digital currency's value plummeted by 20.44% within hours, settling at $0.5967. In the wake of this incident, Austin Hilton, CEO of Redhill Group, linked the sharp decline of XRP to a larger market correction on Tuesday. Hilton noted that investors were moving funds from cryptocurrencies to traditional stocks, buoyed by encouraging U.S inflation data indicating a slow down to 3.2%. This shift in capital flow comes amidst a general bearish sentiment in the crypto market, which also saw trading volumes for XRP fall by 31%. Despite these challenges, Hilton remains optimistic about XRP's prospects. He highlighted the cryptocurrency's resilience and strong fundamentals, affirming its status as a leading asset within the crypto space, just behind Bitcoin and Ethereum. His forecast for a bullish future for XRP is set against the backdrop of its current recovery, though trading volumes are still markedly lower at $1,485,292,935. https://www.investing.com/news/cryptocurrency-news/xrp-rebounds-after-artificial-spike-and-swift-decline-93CH-3236137