2023-11-16 05:31

Copyrighted Image by: Reuters. Investing.com-- Gold prices steadied on Thursday, but paused a recent recovery rally after stronger-than-expected U.S. retail sales data brewed some uncertainty over the path of U.S. monetary policy. The yellow metal fell slightly on Wednesday after two straight days of strong gains, as the dollar recovered from a 2-½ month low and Treasury yields stemmed recent declines. Safe haven demand for gold was slightly aided by high-level U.S.-China talks, as Presidents Xi Jinping and Joe Biden met in San Francisco. The meeting appeared to have prompted some improvement in Sino-U.S. relations, with both parties agreeing to reopen military channels. But a comment by Biden after the meeting- where he called Xi a “dictator,” threatened to potentially irk Beijing. Spot gold rose 0.2% to $1,963.26 an ounce, while gold futures expiring in December rose 0.1% to $1,965.85 an ounce by 00:16 ET (05:16 GMT). Both instruments had recovered sharply from a three-week low earlier this week. Strong U.S. retail sales push up Fed uncertainty Data released overnight showed that U.S. retail spending continued to remain resilient through October. The reading somewhat offset optimism over a recent decline in U.S. inflation, given that it could still herald sticky price pressures in the coming months. Inflation still remained well above the Fed's 2% annual target. The retail sales data spurred a rebound in the dollar and Treasury yields, which pressured gold and stalled a two-day rally in the yellow metal. Softer-than-expected inflation readings for October, released earlier this week, had ramped up bets that the Federal Reserve was done raising interest rates. While these bets still persisted, Wednesday’s retail sales data spurred doubts over just how long U.S. rates will remain high. The Fed signaled a data-driven approach to future rate hikes. But Fed officials also recently reiterated that rates will remain higher for longer. Such a scenario bodes poorly for gold, given that higher rates push up the opportunity cost of investing in bullion. This trend has limited any major gains in gold this year, keeping prices well below the coveted $2,000 an ounce level. Copper dips on Chinese property market woes Among industrial metals, copper prices fell on Thursday, tracking data that presented more weakness in China’s property market. Copper futures expiring in December fell 0.3% to $3.7012 a pound. Data showed that Chinese house prices continued to decline in October, presenting little relief for the property sector, which makes up nearly a quarter of China’s economy. The sector is also a key driver of copper demand. Still, copper prices retained most of their gains this week, as other indicators- particularly industrial production- showed some resilience in the world's largest copper importer. https://www.investing.com/news/commodities-news/gold-holds-recent-gains-as-fed-uncertainty-persists-3235867

2023-11-16 05:18

Copyrighted Image by: Reuters Dogecoin (DOGE) is exhibiting signs of a potential uptrend as it attempts to break through the resistance level of $0.0786 with aspirations to reach a target of $0.0850. The popular meme cryptocurrency experienced a notable recovery after hitting a support level at $0.0722 between November 12 and November 14, following a three-day decline. Technical indicators such as an upward-facing Relative Strength Index and a positive Awesome Oscillator have hinted at this rebound. For DOGE to establish a confirmed uptrend, it needs to secure a close above the $0.0786 resistance mark. Achieving this would transform the supply zone ranging from $0.0767 to $0.0803 into a bullish breaker above $0.0815, setting the stage for the coin to meet its $0.0850 target and possibly further gains. Supporting the optimistic view are on-chain metrics provided by Santiment, a behavior analytics platform, which show an increase in whale transactions, a rise in daily active addresses, and inflows of Tether (USDT) stablecoin. These indicators suggest heightened crowd interaction and an influx of new capital into Dogecoin. However, there remains a risk of another rejection at the $0.0786 level. Should this occur, DOGE might retreat below the support of $0.0722 and challenge the 25- and 50-day Exponential Moving Averages at $0.0716 and $0.0685, respectively. Under this bearish scenario, it could test further support at $0.0675 or even dip to the 100-day EMA at $0.0673, translating to a potential 12% decrease from current levels. https://www.investing.com/news/cryptocurrency-news/dogecoin-aims-for-00850-amid-bullish-signals-and-whale-activity-93CH-3235861

2023-11-16 05:02

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies weakened on Thursday, tracking a recovery in the dollar as stronger-than-expected U.S. retail sales data brewed some uncertainty over the path of interest rates. Mixed signals from high-level U.S.-China talks also dented sentiment. While Presidents Xi Jinping and Joe Biden flagged more communication between the two countries after a meeting on Wednesday, a comment from Biden- that Xi is a “dictator,” seemed likely to have irked Chinese authorities. The Chinese yuan fell 0.2% to 7.2601 against the dollar, also coming under pressure from data showing a sustained decline in Chinese house prices. The Japanese yen weakened past the 151 level again following overnight strength in the dollar, which put traders on watch for any currency market intervention by the government. Japanese exports grew more than expected in October, data showed, while imports plummeted past expectations. The South Korean won rose 0.2% after steep overnight losses, while the Malaysian ringgit led losses across Southeast Asia with a 0.8% slide. The Indian rupee fell slightly after disappointing trade data on Wednesday, which showed more widening in India’s massive trade deficit. The Australian dollar was among the worst performers for the day, losing 0.5% on a mixed labor market reading. While overall employment rose more than expected in October, the unemployment rate increased and growth in hours worked fell. Any cooling in the jobs market gives the Reserve Bank of Australia less impetus to hike interest rates, which is negative for the Aussie. Dollar recovers from 2-½ mth low on strong retail sales data The dollar rebounded from an over two-month low hit earlier this week, with overnight gains in the greenback extending into Asian trade. The dollar index and dollar index futures rose 0.1% on Thursday after adding 0.4% in the prior session. Signs of resilience in U.S. retail spending saw traders second-guessing expectations when the Federal Reserve will begin cutting interest rates in 2024. While data released earlier this week showed that U.S. inflation was easing, strength in consumer spending heralded sticky inflation in the coming months. But the greenback was still nursing steep losses for the week, as the softer inflation readings saw traders pricing in no more rate hikes by the Fed. The central bank had flagged a largely data-driven approach to future hikes, and said it will keep rates higher for longer. Higher rates bode poorly for risk-driven Asian currencies, as the gap between risky and low-risk yields narrows. https://www.investing.com/news/forex-news/asia-fx-dips-dollar-recovers-as-strong-data-fuels-fed-uncertainty-3235844

2023-11-16 02:19

NEW YORK - Troubled crypto lender Celsius has transferred approximately $10 million worth of Ethereum to digital asset platform FalconX, as part of its ongoing restructuring efforts. This move comes after the company's transition into a creditor-owned entity focused on crypto mining and staking, with a judge-approved bankruptcy plan in place. The transfer of 5,160 ETH, valued at $10.49 million, was reported by Etherscan on Wednesday, November 15, 2023. The transaction is believed to be an asset sale motivated by the recent surge in Ethereum's price, which has seen an almost 80% increase year-to-date, reaching $2,033. Earlier this year, Celsius had moved 428,000 STETH, valued at $780 million at the time, from Lido Finance to FalconX. In the days leading up to today's transaction, Celsius had been actively liquidating various assets including stablecoins, SPELL tokens from Abracadabra DeFi, and BAT (LON:BATS) tokens from the Brave browser. These were moved to exchanges such as Binance and OKX. The strategic liquidation is part of Celsius's efforts to navigate its bankruptcy proceedings and restructure its operations. The new direction for the company involves transforming into NewCo, a crypto mining and staking firm. Under creditor ownership, NewCo is projected to have a balance sheet estimated at $1.25 billion. This includes a significant portion in liquid cryptocurrencies that could potentially be staked on Ethereum. Celsius's shift in strategy follows a tumultuous period that began in June 2022 when market instability led the company to freeze withdrawals and file for bankruptcy shortly thereafter. At that time, Celsius disclosed nearly $5 billion in creditor debt. The recent court-approved plan promises creditors potential returns through staking yields and marks a significant step in the company's attempt to recover and provide value to its stakeholders. https://www.investing.com/news/cryptocurrency-news/celsius-transfers-10-million-in-ethereum-amid-restructuring-93CH-3235799

2023-11-16 02:13

Copyrighted Image by: Reuters. Investing.com -- Oil prices settled lower Thursday, to remain on course for a fourth-straight weekly slump as rising U.S. crude stockpiles and signs of easing China demand weighed on sentiment. By 14:30 ET (19.30 GMT), the U.S. crude futures settled 4.9% lower at $72.90 a barrel, while the Brent contract dropped 4.6% to $77.42 a barrel. Signs of easing China demand, global growth jitters weigh Chinese refiners processed lower amounts of oil in October than the prior month, adding to concerns about the demand outlook for the world's largest oil importer at a time when slowing global growth is expected to weigh on demand. Despite the demand concerns, however, "supply growth is still limited, which we believe will support prices by year- end 2024," Wells Fargo said in a Wednesday note. Economic data, meanwhile, pointed to weakness in Europe also weighed on the demand outlook. The European Commission on Wednesday cut its growth forecast for the eurozone in 2023 to 0.6% from the 0.8% expected in September, citing high inflation, rising interest rates and weak external demand. Additionally, both industrial and manufacturing production slumped in the U.S. in October, while weekly jobless claims rose more than expected. Surging U.S. weekly crude inventories continue to pressure oil prices Data from the U.S. Energy Information Administration, released on Wednesday, showed that U.S. crude stocks rose by far more than expectations. U.S. crude production also held steady at a record 13.2 million barrels per day, suggesting the world’s top producer may be near peak output. “The EIA’s weekly inventory report made a comeback yesterday after its absence last week due to a planned system upgrade,” said analysts at ING, in a note. “The release showed that US crude oil inventories increased by 3.59MMbbls over the last week to a little over 439MMbbls - the highest since August.” “While this still leaves stocks below the 5-year average, they are trending back towards more typical levels for this time of year.” U.S. to enforce Iranian sanctions In the Middle East, with the Israel-Hamas conflict appearing to be escalating in Gaza, the U.S. administration has vowed to enforce oil sanctions against Iran, the country which has long supported Hamas. “While U.S. sanctions have remained in place, the U.S. has not enforced them strongly, which has allowed Iranian oil exports to grow this year,” said ING. “If we see stricter enforcement of these sanctions, we could possibly see anywhere between 500Mbbls/d-1MMbbls/d of supply lost, which would be enough to tighten up the global oil balance significantly through 2024.” https://www.investing.com/news/commodities-news/oil-prices-slide-further-on-us-inventory-build-china-demand-woes-3235796

2023-11-16 01:41

ABU DHABI - Phoenix Group PLC, a trailblazer in the Middle Eastern crypto economy, has unveiled its plans to list on the Abu Dhabi Securities Exchange, a move that represents a significant milestone for privately owned blockchain conglomerates in the region. Co-founders Bijan Alizadehfard and Munaf Ali have expressed their commitment to innovation as they initiate the share offer period today, presenting an extensive number of shares at a competitive price to both retail and professional investors. The company is opening up a 17.64% stake of its share capital for public investment from today until Friday. This equates to 907,323,529 shares priced at AED 1.50 each, from a pre-offering total of 5,141,500,000 shares. The offering process is overseen by First Abu Dhabi Bank PJSC and International Securities LLC, ensuring a transparent transaction for potential stakeholders. Phoenix Group's strategic decision to list on the Abu Dhabi Securities Exchange not only emphasizes its role in the burgeoning crypto market but also signals its potential for expansive growth beyond the Middle Eastern markets. Investors interested in participating in Phoenix Group's growth journey can find the prospectus on the company's website and may reach out to the Lead Receiving Bank for further details regarding the share offering. https://www.investing.com/news/cryptocurrency-news/phoenix-group-announces-share-offer-on-abu-dhabi-exchange-93CH-3235790