2023-11-15 05:43

Copyrighted Image by: Reuters. Investing.com-- Gold prices rose on Wednesday as softer-than-expected inflation data fueled bets that the Federal Reserve was done hiking interest rates, while copper prices rose on optimism over some economic resilience in China. The yellow metal extended gains after marking its best intraday rise in over three weeks on Tuesday, as the dollar and Treasury yields fell sharply on the prospect of no more interest rate hikes by the Fed. But bigger gains in gold were still held back by investors pivoting chiefly into risk-heavy assets, with stock and commodity logging stellar gains on Wednesday. Gold prices were also nursing steep losses over the past week, as safe haven demand receded amid easing fears of the Israel-Hamas war. Spot gold rose 0.2% to $1,966.32 an ounce, while gold futures expiring in December rose 0.2% to $1,970.00 an ounce by 00:31 ET (05:31 GMT). US CPI misses expectations, Fed pause bets rise The dollar languished at over two-month lows after data released overnight showed that U.S. consumer price index inflation grew less than expected in October. While the reading was still above the Fed’s 2% annual target, it marked some easing in inflation after stronger-than-expected prints for August and September. The reading sparked renewed bets that the Fed was done raising interest rates for the year, and will likely begin trimming rates by mid-2024. Such a scenario bodes well for gold, given that higher rates push up the opportunity cost of holding bullion. But given that U.S. rates are set to remain higher for longer, any near-term gains in gold are likely to be limited. Copper rises on China liquidity bump, positive data Among industrial metals, copper prices advanced on Wednesday following a string of positive signals from major importer China, which pushed up expectations of steady copper demand in the country. Copper futures expiring in December rose 0.3% to $3.6878 a pound. While softness in the dollar aided copper prices, their chief source of support was improving sentiment towards China, after the People’s Bank injected about 600 billion yuan ($82.7 billion) of liquidity into the economy. The injection was directed largely towards the banking system, and was intended to shore up lending conditions. Chinese industrial production and retail sales data also beat expectations for October, highlighting some resilience in the economy. https://www.investing.com/news/commodities-news/gold-prices-rise-as-fed-fears-ease-copper-buoyed-by-china-optimism-3234506

2023-11-15 05:02

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies rose on Wednesday, while the dollar languished at over two-month lows after weaker-than-expected U.S. inflation data spurred bets that the Federal Reserve was done raising interest rates. Some positive economic data, coupled with a massive, 600 billion yuan ($83 billion) liquidity injection by the People’s Bank of China also improved sentiment, amid signs of resilience in Asia’s biggest economy. The Chinese yuan rose 0.2% to 7.2389 against the dollar, also benefiting from a substantially stronger-than-expected daily midpoint fix by the PBOC. The central bank kept its medium-term lending rates on hold on Tuesday. Government data showed that Chinese industrial production and retail sales grew more than expected in October, indicating that recent stimulus measures from Beijing were bolstering some facets of the economy. Other Asian currencies also advanced. South Korea’s won rose 0.4%, while the Taiwan dollar and Singapore dollar rose 0.3% and 0.1%, respectively. The Australian dollar fell 0.1%. Japanese yen muted as weak GDP posits dovish BOJ The Japanese yen marked a strong recovery from a one-year low in overnight trade. But further gains in the currency were held back by weaker-than-expected gross domestic product (GDP) data. Data on Wednesday showed that Japan’s GDP shrank much more than expected in the third quarter, as sticky inflation and a weak yen dented private spending. The reading ramped up hopes that the Bank of Japan (BOJ) will remain ultra-dovish to support the economy for longer. While the move bodes well for the Japanese economy, it points to more pressure on the yen, which was battered by a growing rift between local and U.S. interest rates over the past year. Traders were also watching for any currency market intervention by Japanese authorities, given that the yen was close to the threshold that had prompted heavy intervention last year. Dollar at over 2-mth low as weak CPI fuels Fed pause bets The dollar index and dollar index futures both steadied in Asian trade on Wednesday after logging steep overnight losses. Data showed that U.S. consumer price index (CPI) inflation grew less than expected in October, pushing up bets that the Fed will have little impetus to hike interest rates further. Sticky inflation has been a key point of contention for the Fed in maintaining its hawkish stance, especially after inflation rose more than expected in August and September. It still remained above the Fed’s 2% annual target in October. But given that the Fed signaled that future rate raises will be largely contingent on the path of inflation, October’s reading dampened expectations for a hike. Still, U.S. rates are likely to remain higher for longer, limiting any major gains in Asian markets. https://www.investing.com/news/forex-news/asia-fx-rises-dollar-at-over-2mth-low-on-renewed-fed-pause-bets-3234484

2023-11-15 02:24

Copyrighted Image by: Ink Drop Bitcoin is hovering perilously close to a significant support level of $35,500 following a market correction triggered by the latest U.S. inflation figures. Despite the Consumer Price Index (CPI) data from the Bureau of Labor Statistics (BLS) for October surpassing expectations and sparking a rally, the leading cryptocurrency has struggled to maintain its upward momentum. The positive inflation news had a markedly different impact on U.S. stock markets, which saw an infusion of over $700 billion in value. Tech giants like Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) were among the major stocks that benefited from the growth, highlighting a divergence in market dynamics. Bitcoin's challenges in staging a recovery are seen by some investors as an indication of a potential shift in trend. This comes even as Bitcoin shows moderate correlations with major indices, recording correlations of 0.25 and 0.33 with the S&P 500 and Nasdaq 100 respectively. However, most of the market inflows have been concentrated outside the cryptocurrency sector. Adding to concerns for Bitcoin investors is the Moving Average Convergence Divergence (MACD), which is signaling a bearish crossover. This technical indicator is often used to gauge market momentum and potential reversals in asset prices, suggesting that Bitcoin could be facing further downward pressure. As traditional markets respond positively to the latest economic data, the cryptocurrency market appears to be charting its own course. Investors will be closely monitoring whether Bitcoin can hold the $35,500 level or if it will succumb to bearish trends amidst broader market gains. https://www.investing.com/news/cryptocurrency-news/bitcoin-nears-critical-35500-support-level-as-stocks-gain-on-inflation-data-93CH-3234461

2023-11-15 01:53

Copyrighted Image by: Reuters. Investing.com -- Oil prices settled lower Wednesday, weighed down by a stronger dollar and a larger-than-expected increase in weekly U.S. crude inventories that renewed concerns about the demand outlook. By 14:30 ET (19:30 GMT), U.S. crude futures settled $1.60, or 2% lower at $76.66 a barrel, while the Brent contract dropped 1.5% to $80.89 a barrel. U.S. weekly crude stockpiles increase by more than expected The U.S. Energy Information Administration reported that inventories of U.S. crude rose by about 3.6m barrels in the week ended Nov. 10, well above expectations of a build of about only 1.8m barrels. . The larger than expected increase soured eased from of the recent optimism about the demand outlook for crude following positive outlooks on demand from both the Organization of Petroleum Exporting Countries and the International Energy Agency. Both agencies estimates that U.S. and Chinese oil demand will remain strong in the coming year. “The IEA revised up its 2023 oil demand growth forecast by around 100Mbbls/d to 2.4MMbbls/d,” said analysts at ING, in a note. “This increase was a result of Chinese demand hitting record levels, while US demand has also been stronger than the agency was expecting.” The arise in dollar also added pressure on oil prices as the greenback rebounded from a slide a day earlier despite data on Wednesday showing U.S. producer prices slowed more than expected in October, adding to optimism inflation will continue to slow. Crude is denominated in dollars, and thus a rise in the value of the greenback makes the commodity expensive for foreign buyers. Global growth worries remain China's economic activity perked up in October as industrial output increased at a faster pace and retail sales growth beat expectations, an encouraging sign for the world's second-largest economy. However, there remain concerns over sluggish global demand, particularly in Europe. Data released Wednesday showed that eurozone industrial production fell by 1.1% month-on-month in September for a 6.9% year-on-year decline, the steepest drop since June 2020, at the height of the COVID-19 pandemic. 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. https://www.investing.com/news/commodities-news/oil-prices-flat-as-weak-economic-readings-offset-us-inflation-relief-3234450

2023-11-14 20:09

Investing.com - XRP was trading at $0.62437 by 15:07 (20:07 GMT) on the Investing.com Index on Tuesday, down 12.34% on the day. It was the largest one-day percentage loss since August 17. The move downwards pushed XRP's market cap down to $33.37650B, or 2.47% of the total cryptocurrency market cap. At its highest, XRP's market cap was $83.44071B. XRP had traded in a range of $0.59744 to $0.67119 in the previous twenty-four hours. Over the past seven days, XRP has seen a drop in value, as it lost 9.61%. The volume of XRP traded in the twenty-four hours to time of writing was $4.03309B or 5.86% of the total volume of all cryptocurrencies. It has traded in a range of $0.5974 to $0.7478 in the past 7 days. At its current price, XRP is still down 81.02% from its all-time high of $3.29 set on January 4, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $35,408.1 on the Investing.com Index, down 3.91% on the day. Ethereum was trading at $1,987.09 on the Investing.com Index, a loss of 5.38%. Bitcoin's market cap was last at $689.82567B or 50.95% of the total cryptocurrency market cap, while Ethereum's market cap totaled $237.77922B or 17.56% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/xrp-falls-12-in-rout-3234205

2023-11-14 20:01

Copyrighted Image by: Reuters. Bitcoin, the leading cryptocurrency, has experienced a notable pullback from its peak last week, when it approached $38,000, a level not seen since the bear market of May 2022. In the past day, Bitcoin's value dipped under $36,550, marking a slight decrease of 1%. This follows a month-long rally that saw Bitcoin's price jump by over 30%, igniting discussions around the potential onset of a new bull market. Despite the recent decline to $35,100 today, the crypto market has largely managed to hold onto its gains from the rally. The technical landscape suggests that there could be more room for growth and an end to the period of low volatility and trading volumes that had characterized the market. Last week, on Thursday, Bitcoin hit a 1.5-year high at $37,800 amid growing anticipation for a U.S. spot Bitcoin ETF approval. However, JP Morgan analysts expressed caution, suggesting that the impact of an ETF on Bitcoin's valuation might be overestimated. Today's downturn has resulted in significant liquidations across the cryptocurrency market. In just one day, over $367 million were wiped out from the market, including a staggering $200 million within a single hour. More than 103,000 traders were caught in these liquidations, with the largest reported loss being a $9.45 million BTC-USDT swap on the OKX exchange. The initial surge in Bitcoin's value earlier in the day was linked to positive U.S. CPI data which saw it start trading around $36,700. Nevertheless, it has since retreated to trade near $35,400. In related news impacting the crypto space, BlackRock (NYSE:BLK)'s recent Ethereum ETF filing contributed to Ether crossing the $2,000 threshold. However, Ether has also seen a pullback and is currently trading at $1,974 after falling by 6%. The fluctuations in cryptocurrency values are indicative of the volatile nature of digital assets and highlight the impact of macroeconomic factors and market sentiment on their prices. As investors navigate this dynamic landscape, all eyes remain on potential regulatory developments and their subsequent influence on cryptocurrency valuations. https://www.investing.com/news/cryptocurrency-news/bitcoin-retreats-from-recent-highs-as-market-faces-liquidations-93CH-3234208