2023-11-13 14:27

Copyrighted Image by: Reuters. Investing.com - OPEC has acted as OPEC in blaming everything but itself for the market crash in oil, and issuing higher forecast numbers to reinforce its bet that oil demand is well and fine. In its latest monthly report on oil supply-demand, OPEC nudged up its forecast for world oil demand growth in 2023 to 2.46 million barrels per day, or bpd — up 20,000 from the previous forecast. In 2024, OPEC sees demand rising by 2.25 million bpd, unchanged from last month. This is the last report before OPEC and its allies, known as OPEC+, meets on Nov. 26 to set policy. The group has been cutting production since late 2022 to support the market and its latest agreement calls for output curbs throughout 2024. A lifting of pandemic lockdowns in China has helped oil demand rise in 2023. OPEC has consistently forecast stronger demand growth for next year than other forecasters such as the International Energy Agency. “The OPEC monthly oil market report appeared to push back against demand concerns, referencing overblown negative sentiment around Chinese demand while raising demand growth forecasts for this year and leaving them unchanged for next,” observed Craig Erlam, analyst at online trading platform OANDA. “The question now is whether OPEC+ members Russia and Saudi Arabia will push back with cuts beyond December.” But some say OPEC has only itself to blame for the near 15% slump in crude prices since end-September that has driven the market to July lows. The group’s overzealousness in cutting production to create an artificially-tight supply picture for oil that would lead to $100 per barrel pricing has not impressed shorts , who have been selling the market down the past three weeks in a row. “The bears have called OPEC’s bluff,” said John Kilduff, founding partner at energy hedge fund Again Capital. “The jury is still out on whether OPEC’s latest bluff on demand, that’s in this monthly report, will last beyond November 26.” Investor concerns over oil demand has also grown since the Energy Information Administration, or EIA, said last week that US crude production this year will rise by slightly less than previously expected and that demand will fall. New York-traded West Texas Intermediate, or WTI, crude for December delivery, settled at $78.26 per barrel, up $1.09, or 1.4% on the day, adding to the 2.4% rise over two previous sessions. For last week though, WTI ended down 4.1%, after prior back-to-back weekly losses 6% and 3%. The US crude benchmark also tumbled 11% for October. As WTI settled, UK-origin Brent crude’s most-active January contract was at $82.54, up $1.11, or 1.4% after the near 2.5% gain over the past two sessions. Still, Brent finished last week down 3.8%, after prior weekly losses of 6% and 2%. The global crude benchmark also lost 11% in October. U.S. CPI in focus ]Additionally, U.S. consumer prices for October on Tuesday, for an update on the Fed’s progress in its battle to keep lowering inflation from last year’s multi-decade highs. Hawkish signals from Federal Reserve officials have boosted the dollar of late, weighing on the crude market as a stronger U.S. currency makes the commodity more expensive for foreign buyers. https://www.investing.com/news/commodities-news/crude-oil-edges-higher-opec-lifts-demand-growth-forecast-3232535

2023-11-13 13:57

NEW YORK - The cryptocurrency market is buzzing with anticipation as Google (NASDAQ:GOOGL) Bard's latest forecast projects significant growth for popular digital currencies Dogecoin (DOGE) and Ethereum (ETH), as well as the emerging platform Meme Moguls (MGLS). Dogecoin, the meme-inspired cryptocurrency, has seen a remarkable 24.7% price increase over the past month. In just the last week, Dogecoin's value climbed from $0.067197 to $0.077401, bolstering its market capitalization to an impressive $10.39 billion. Google Bard's algorithms have further projected that Dogecoin could reach a price point of $0.098 by the end of 2023. Ethereum, a leading blockchain platform known for its smart contract functionality, has witnessed a substantial 162% surge in trading volume recently. This influx of trading activity has driven Ethereum's price up from $1,786.18 to $2,128.61 within a week, pushing its market cap to over $252 billion. According to Google Bard's forecast, Ethereum's price is expected to continue its upward trajectory, potentially reaching $2,335.71 by the close of 2023. Adding to the excitement is the beta presale of Meme Moguls, an innovative platform that integrates a meme-backed stock market and exchange with various gameplay elements in its ecosystem. Currently trading at $0.0019 during its beta presale stage, MGLS token has caught the attention of investors with Google Bard predicting a staggering 1,000% price increase by the end of the presale period. Crypto whales and investors are closely monitoring these developments as Google Bard's predictions have historically influenced market sentiments and investment strategies within the dynamic world of cryptocurrencies. https://www.investing.com/news/cryptocurrency-news/google-bard-predicts-growth-for-dogecoin-ethereum-and-meme-moguls-93CH-3232483

2023-11-13 13:56

Goldman Sachs has projected a 21% increase in commodity returns over the coming year, driven by a combination of higher spot prices, easing monetary policies, and an improving economic landscape. The forecast comes amid a backdrop of recession concerns and significant structural tailwinds that could offer substantial carry returns. The investment bank's outlook suggests that commodities could benefit from their hedging value against geopolitical supply risks, especially in energy and industrial metals. Despite a slight decline in the S&P GSCI Commodity Index this year, energy and industrial metals are expected to see returns of approximately 31% and 17.8%, respectively. Goldman Sachs analysts pointed to core disinflation as a sign that interest rate hikes by the U.S. Federal Reserve and the European Central Bank may be nearing an end. This shift is anticipated to ease GDP growth pressure and boost demand for commodities. Additionally, decreases in oil inventories driven by OPEC and a growing demand for green metals from China are expected to further strengthen commodity markets. In scenarios where growth is lower than expected, energy and gold are seen as offering hedging value against negative supply shocks that could affect other asset classes. While Goldman Sachs foresees a recovery in oil prices due to ongoing demand resilience, it has revised its 2024 average Brent price forecast down to $92 a barrel from $98. This revision accounts for the potential impact of a warmer fourth quarter and increasing oil supply. Looking ahead, Goldman Sachs anticipates a sharp tightening in copper and aluminum stocks around the middle of the decade, which is likely to drive up prices starting from the second half of 2024. The firm's analysis indicates that these commodities will play a crucial role in the years to come as demand patterns shift and supply dynamics evolve. https://www.investing.com/news/commodities-news/goldman-sachs-sees-21-rise-in-commodity-returns-over-next-year-93CH-3232482

2023-11-13 12:15

Copyrighted Image by: Reuters. The US dollar held its ground today, as investors digested Federal Reserve Chair Jerome Powell's recent comments on the ongoing rate hikes and their impact on the economy. This stability comes against the backdrop of Moody's (NYSE:MCO) decision to downgrade the US sovereign credit rating, citing political and governance concerns. The market is closely watching this week's economic indicators, with Tuesday's Consumer Price Index (CPI) and retail sales figures taking center stage. Analysts are projecting a flat month-over-month headline CPI, which could see the year-over-year rate decrease to 3.3%. The core CPI, which excludes volatile food and energy prices, is expected to remain steady at 0.3% month-over-month or 4.1% year-over-year. Soft retail sales data might hint at tighter credit conditions impacting US consumers. Later in the week, all eyes will be on San Francisco, where President Joe Biden is set to meet with Chinese President Xi Jinping during the Asia-Pacific Economic Cooperation (APEC) conference. The encounter comes amidst heightened geopolitical tensions, with many hoping for a dialogue that could ease relations between the two economic powerhouses. As the week progresses, concerns about a potential US government shutdown loom, which could lead the dollar to revisit recent lows around 105.35/40. Investors remain cautious as these developments could significantly influence market sentiment and currency valuations in the coming days. https://www.investing.com/news/forex-news/us-dollar-steady-as-moodys-downgrades-us-rating-cpi-data-and-bidenxi-meeting-in-focus-93CH-3232280

2023-11-13 11:56

Copyrighted Image by: Reuters The euro is making strides towards the 1.0700 mark against a slightly weaker US dollar today, maintaining its momentum despite no significant shifts in market news or sentiment. The currency's resilience comes as markets maintain a neutral risk sentiment, carrying over from last week's risk-on movement. Investors and traders are gearing up for a week filled with critical economic data that is likely to influence market dynamics. Key releases on the economic docket this week include inflation figures from both the Euro Area and the United States, growth data for the Euro Area, and German sentiment indicators. These reports are especially significant in light of Federal Reserve Chair Jerome Powell's recent comments highlighting concerns about inflation. Additionally, the market is bracing for a barrage of insights from the Federal Reserve, with 18 speeches scheduled throughout the week. Such a concentrated series of communications from Fed officials could provide further clues about the central bank's policy trajectory and its implications for the currency markets. In contrast to the euro's modest gains, gold prices are trending lower, as indicated by the EUR/USD Daily Price Chart. IG Retail trader data reveals that traders are predominantly long on gold (XAU/USD), suggesting a bearish outlook for the commodity. In the bond market, the UST 30-year bond sale showed lackluster performance, while technical analysis shows that EUR/USD is finding support at both the 20-day and 5-day simple moving averages (SMAs). The pair faces resistance at the 200-day SMA. Currently, EUR/USD is navigating through a technical zone bounded by 1.0610, which represents the 38.2% Fibonacci retracement level, and 1.0635. Resistance levels are observed between recent highs of 1.0750 and 1.0768, with a notable barrier at the 200-day SMA near 1.0801. As market participants digest incoming economic data and monitor Federal Reserve communications, currency movements this week may reflect broader sentiment regarding global economic health and monetary policy expectations. https://www.investing.com/news/forex-news/euro-edges-higher-against-us-dollar-amid-steady-market-sentiment-93CH-3232198

2023-11-13 11:32

Copyrighted Image by: Reuters. Arthur Hayes, the former CEO of BitMEX, has publicly endorsed Bitcoin and other cryptocurrencies as central banks around the world begin to inject liquidity into their economies. This pivot in global monetary policy, he argues, is likely to result in bullish market returns that could benefit digital currencies. Hayes, who led BitMEX since its inception in 2014 until a lawsuit in the United States curtailed its growth, remains an influential voice in the cryptocurrency space. He has recently highlighted the actions of central banks such as the People's Bank of China (PBoC), the European Central Bank (ECB), and the Bank of Japan (BoJ) which are expected to follow similar monetary easing measures without negatively impacting their respective currencies. This is primarily because the U.S. Treasury Secretary Janet Yellen's leadership, has adopted a more relaxed policy stance. The former executive's comments come at a time when global credit markets and central bank balance sheets are anticipated to expand significantly. Historically, these factors have played a role in influencing cryptocurrency valuations. Drawing on this correlation, Hayes advocates for long positions in Bitcoin (BTC), Ethereum (ETH), and the emergent Solana (SOL) network, which he has recently taken an interest in. Moreover, Hayes foresees a potential surge in decentralized applications (dApps) and their associated tokens. He suggests that some of these assets could experience exponential growth, with potential returns up to 10,000 times their current value. However, he cautions investors to exercise due diligence and remain vigilant amidst this optimistic outlook. Bitcoin itself has demonstrated remarkable growth, surging 250% since March 2020. This performance is indicative of the growing interest and confidence in cryptocurrencies as both a hedge against traditional financial systems and a speculative investment opportunity. https://www.investing.com/news/cryptocurrency-news/arthur-hayes-endorses-bitcoin-as-central-banks-boost-liquidity-93CH-3232102