2023-11-08 08:03

Copyrighted Image by: Reuters Investing.com - The U.S. dollar edged higher in early European trade Wednesday, picking up ahead of a key speech from Fed Chair Jerome Powell later in the session. At 03:20 ET (07:20 GMT), the US Dollar Index, which tracks the greenback against a basket of six other currencies, climbed 0.2% to 105.587, rebounding from the near two-month low of 104.84 seen earlier in the week. Dollar climbs ahead of Powell speech The dollar index is currently on course for a weekly gain, reversing last week’s hefty decline, after a slew of Federal Reserve speakers left the door open to further rate hikes to combat inflation. The greenback had seen its steepest weekly decline since mid-July last week after the Federal Reserve offered up dovish signals on the likelihood for more interest rate hikes this year, followed by the release of a weak monthly jobs report. Traders are now looking to a speech from Fed chief Jerome Powell later in the session for guidance on the central bank's future policy path. “The tightening of financial conditions in mid-October prompted remarks such as the 'term premium is doing the tightening',” said analysts at ING, in a note. “Now that these financial conditions have fully reversed that October spike, the Fed will presumably want to re-emphasise the risk of further rate hikes.” Euro slips ahead of retail sales EUR/USD fell 0.2% to 1.0677, ahead of the release of the eurozone retail sales data for September, which is expected to show an annual drop of 3.1%, as consumers continue to struggle. Data on Tuesday showed German industrial production fell more than expected in September, further illustrating the darkening growth outlook in the eurozone. However, the International Monetary Fund said earlier Wednesday that the ECB should hold its key deposit rate close to its record high 4% level through all of next year to extinguish price pressures. “The euro story looks weak and EUR/USD will only rally if the U.S. story is weak enough to trigger some clear bullish flattening of the US yield curve. That scenario looks premature,” ING added. GBP/USD dropped 0.2% to 1.2275, retreating further from the seven-week high of 1.2428 seen at the start of the week. Sterling has been weighed by comments from Bank of England Chief Economist Huw Pill, who stated that expectations for rate cuts from next summer looked reasonable. Aussie dollar rebounds slightly AUD/USD rose 0.1% to 0.6443, with the Aussie dollar making a slight comeback after having dropped 0.8% in the previous session, its largest daily decline in about a month, after the Reserve Bank of Australia watered down its tightening bias to make it more conditional on incoming data. USD/JPY rose 0.2% to 150.69, remaining well above the key 150 level as traders warily awaited potential intervention by the Japanese government to boost the yen. USD/CNY traded largely flat at 7.2790, with traders awaiting the release of the latest Chinese inflation data, due on Thursday. https://www.investing.com/news/forex-news/dollar-in-demand-ahead-of-eagerly-awaited-powell-speech-3226143

2023-11-08 07:55

Copyrighted Image by: Reuters The Nigerian naira experienced a significant depreciation against the US dollar in the forex markets and the parallel market on Tuesday. According to data from FMDQ Securities Exchange, the naira fell from its previous day rate of 780.09 to an end-of-day rate of 809.2 per USD. The parallel market rates fluctuated between N1,030 and N1,100 per USD, with Binance P2P trading it at N1,020 per USD. On the same day, the naira also fell by 7.53 percent in the investors and exporters (I&E) window to close at N869.91. The dollar's highest and lowest intra-day rates were N1,100 and N700 respectively. This depreciation happened despite earlier signs of the naira's recovery and coincided with a surge in demand for dollars. The naira's decline was even steeper in the parallel market, where rates surged from N1,025 to N1,120 per dollar as verified by Bureau De Change (BDC) operators. Despite these developments, Tope Fasua, Economic Adviser to President Tinubu, expressed confidence in the central bank's policies and President Tinubu's administration during a book launch event in Abuja. He issued a speculation warning and forecasted a surprise appreciation of the Naira to approximately 600 Naira per USD in the near future. https://www.investing.com/news/forex-news/nigerian-naira-weakens-against-dollar-despite-speculation-of-recovery-93CH-3226127

2023-11-08 06:54

Solidus Labs has announced a strategic partnership with Amber Group to integrate its HALO platform into Amber's digital wealth management system. The collaboration aims to bolster risk monitoring, regulatory compliance, and prevent market abuse. The HALO platform uses machine learning models to monitor over 1 trillion daily events across more than 150 markets, safeguarding over 25 million entities. It offers real-time response capabilities to suspicious trading activity, a significant step in enhancing market integrity. The partnership comes amidst the growth of Hong Kong's digital asset market and the introduction of new virtual asset licensing guidelines by the Securities and Futures Commission (SFC). Asaf Meir, Solidus Labs' Founder and CEO, expressed his support for Amber's vision of providing advanced liquidity solutions and trading infrastructure. Solidus Labs recently hosted its DACOM Summit in Hong Kong, where discussions centered on the SFC's virtual asset licensing guidelines and market integrity challenges in the DeFi sector. The summit also promoted the industry-wide effort towards fairer crypto markets facilitated by initiatives like the Crypto Market Integrity Coalition. Amber Group, a provider of crypto-native liquidity solutions and digital wealth management services, places a significant emphasis on security and compliance. Lin Ma, Amber's Chief Legal Officer, reiterated this commitment during the announcement of the partnership. Notably, both companies have strong backing from leading investors. Amber Group is supported by Fenbushi Capital US, Sequoia, Paradigm, Tiger Global, Dragonfly, Pantera, Coinbase (NASDAQ:COIN) Ventures, and Blockchain.com. Meanwhile, Solidus Labs is recognized for its commitment to ensuring market integrity as the founder of the Crypto Market Integrity Coalition. https://www.investing.com/news/cryptocurrency-news/solidus-labs-and-amber-group-unite-to-enhance-digital-wealth-management-security-93CH-3226078

2023-11-08 06:32

Copyrighted Image by: Reuters In the face of a broader cryptocurrency market rally, Binance Coin (BNB) has experienced a comparatively modest 20% increase over the past three weeks. At the time of writing, BNB is priced at $246, marking one of the lower performances within the sector. The Relative Strength Index (RSI) for BNB is nearing an overbought status, indicated by a value close to 70.0. This, coupled with a lack of bullish sentiment towards BNB, suggests a potential correction looming on the horizon. Analysts predict that this correction could push BNB down to $231 before possibly rebounding or falling further to $219, which is near its new year-to-date lows. Despite this bearish scenario, there is potential for BNB to rise should the broader bullish market trend persist. If this occurs, BNB could gradually climb towards its next significant resistance level in the Fair Value Gap (FVG) between $264 and $272. Overcoming this barrier would contradict the bearish outlook. Should this level become a support, BNB could then target the second FVG between $286 and $302. However, these predictions are contingent on the broader market trends and investor sentiment, which can be unpredictable in the volatile cryptocurrency sector. https://www.investing.com/news/cryptocurrency-news/binance-coins-modest-rally-amid-wider-market-surge-93CH-3226064

2023-11-08 06:30

Copyrighted Image by: Reuters. The US dollar has shown signs of stabilization following hawkish sentiments from Federal Reserve officials, including Jerome Powell, who suggested potential future rate hikes. This follows a period of decline triggered by steady policy rates and a cooling US labor market. On Tuesday, November 7, the dollar index rose by +0.33%, influenced by Federal Reserve officials Kashkari, Goolsbee, and Bowman hinting at continued monetary policy tightening. The dollar's strength led to a -0.21% fall in the EUR/USD and a +0.23% rise in the USD/JPY. Futures data from the CME FedWatch tool indicates a 15% chance of another rate hike by January 2024 and a 22% possibility of cuts by March 2024. Meanwhile, other currencies have exhibited volatility against the dollar. The British pound, Japanese yen, and New Zealand dollar have seen fluctuations this week, while the euro suffers from a poor growth outlook in the eurozone and falling German industrial production. Meanwhile, the Australian dollar is grappling with challenges after the Reserve Bank of Australia's (RBA) rate hike to a 12-year high, marking its largest daily decline in about a month. Despite the rate hike bringing the OCR to 4.35%, concerns about Australia’s slowing economy and rising inflation risks have led the RBA to adopt a dovish stance, creating uncertainty about future rate hikes. The AUD/USD pair experienced a bearish trend down to 0.63 before finding support and rebounding, hitting resistance at the 100 SMA prior to the RBA meeting. However, this upward trend stalled at the 100 SMA. The AUD/USD continues to trade lower near 0.6420, despite the rate hike. The IMF's revised GDP growth forecasts for China for 2023 and 2024 could provide support to the Australian Dollar due to Australia's strong trade relationship with China. https://www.investing.com/news/forex-news/dollar-stabilizes-amid-hawkish-fed-comments-australian-dollar-struggles-post-rate-hike-93CH-3226065

2023-11-08 06:26

Cardano ($ADA) continues to be the frontrunner in cryptocurrency development activity, outpacing other major cryptocurrencies such as Polkadot ($DOT), Kusama ($KSM), Hedera ($HBAR), Aptos ($APT), Status ($SNT), Chainlink ($LINK), Cosmos ($ATOM), and Ethereum ($ETH). This information is based on Santiment's event-based metrics, which evaluate activities on GitHub repositories over the past month. The firm's approach includes monitoring forking actions and pushing commits, while avoiding duplication of commits to ensure accuracy. The increase in Cardano's development activity has been accompanied by a robust market performance. In the past two weeks, Cardano's price has soared 36.5%, ADA address activity has risen 23%, and whale transactions have grown by 32%. This overall surge in on-chain activity indicates a heightened interest and engagement with the Cardano network. Despite a potential median monthly return decline of 2.5%, historical data suggests a positive outlook for ADA's price in November. The data indicates a potential 43.5% increase for ADA's price this month, which would signify a significant return for investors and further establish Cardano's position in the market. https://www.investing.com/news/cryptocurrency-news/cardano-leads-in-cryptocurrency-development-price-surge-follows-93CH-3226059