2023-11-03 08:26

Copyrighted Image by: Reuters. The Chicago Mercantile Exchange (CME) observed considerable shifts in foreign money futures trading on Friday. The currencies involved included the British Pound, Canadian Dollar, Euro Futures, Japanese Yen, Swiss Franc, Australian Dollar, and Mexican Peso. Remarkable open interest changes were reported in the British Pound (up by 691), Canadian Dollar (up by 7,920), and Euro Futures (up by 3,069). The Japanese Yen saw high estimated sales of 207,237 while the Swiss Franc recorded lower sales of 24,091. Open interests for the Australian Dollar and Mexican Peso were noted at 193,744 and 203,594 respectively. In commodity futures, wheat for December fell by 9.75 cents at $5.5625 a bushel, while Lumber showed an increase. December corn was up by .50 cent at $4.7875 a bushel and December oats lost 14.50 cents at $3.8925 a bushel. On Thursday, amid turbulent geopolitics and weather issues in Brazil affecting export competition, corn prices on the Chicago Board of Trade declined. This was reported by Tomm Pfitzenmaier of Summit Commodity Brokerage. Despite the challenges, traders are not factoring in much risk premium due to a large corn carryout. However, the U.S gained competitiveness in grain exports due to a weaker dollar, leading to a rise in wheat and soybeans prices. The Wall Street Journal highlighted that USDA's grain export sales have fallen below expectations. Jolene Riessen from the Iowa Corn Growers Association called for an evaluation of fertilizer companies' pricing practices to alleviate rising farming costs during the 2023 Farm Bill talks. Upcoming key industry reports include the USDA's weekly grains export inspections and the CFTC's weekly Commitments of Traders Report. https://www.investing.com/news/commodities-news/foreign-money-futures-trading-sees-significant-changes-corn-prices-decline-amid-geopolitical-volatility-93CH-3220619

2023-11-03 08:13

Copyrighted Image by: Reuters. Visa (NYSE:V), in collaboration with HSBC and Hang Seng Bank, has completed the first phase of a Central Bank Digital Currency (CBDC) trial in Hong Kong. The trial, backed by Beijing’s central government, achieved “near real-time” transfers using tokenized electronic Hong Kong Dollar (e-HKD) deposits while preserving non-bank users' information privacy. The pilot functioned 24/7 and was part of Visa's "Digital Hong Kong Dollar" initiative by the Hong Kong Monetary Authority (HKMA). The test focused on the utility of tokenized deposits in interbank business-to-business payments, particularly property payments and settlements between institutions and merchants. The outcomes highlighted faster transaction speeds, superior risk management, enhanced control, and increased transparency. This initiative is globally recognized as the first to investigate the atomicity and interoperability of such transactions, leading to a paradigm shift in finance. Visa is now further investigating the use of e-HKD in tokenized asset markets, programmable real estate transactions finance, and digital cross-border payments. Despite these advancements, cybersecurity risks still pose challenges for the full launch. In related news, Hashkey plans to introduce HashKey EcoPoints (HSK) in 2024 for ecosystem users' incentives and early access to future token subscriptions. However, this is not intended for fundraising purposes. Hashkey also intends to buy back HSK tokens with profits from related services. Meanwhile, nineteen Chinese nationals received prison terms for their participation in a $308 million crypto money-laundering scheme using peer-to-peer transactions. This has led China’s Central Government to increase its crackdown on crypto activities. https://www.investing.com/news/forex-news/visas-digital-hk-dollar-test-pilot-achieves-near-realtime-transfers-93CH-3220599

2023-11-03 08:12

Copyrighted Image by: Reuters Investing.com - The U.S. dollar weakened in early European trade Friday, extending earlier losses as traders positioned for the end of the Federal Reserve’s rate-hiking cycle, although moves have been limited ahead of the release of key nonfarm payrolls data later in the session. At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 105.892, on course to drop 0.5% this week, just its third week of losses in the last 16 weeks. Dollar heading for weekly loss The dollar has lost a lot of its popularity this week after the Fed kept rates steady, and offered somewhat dovish signals on more interest rate hikes even while keeping the possibility open. This spurred increased bets that the central bank was done with its rate hikes for the year, and will begin cutting rates from mid-2024. “Despite the Fed retaining a tightening bias, it seems investors are more interested in reading and trading a Federal Reserve pause. This has seen interest rate volatility drop and triggered renewed demand for high-yielding FX through the carry trade,” said analysts at ING, in a note. Attention now turns to the release of the key nonfarm payrolls data for October due later in the day. Any signs of resilience in the labor market would give the Fed more impetus to hike interest rates, which could in turn reverse some of the dollar weakness seen this week. Analysts expect to see the U.S. economy added 180,000 jobs in October, down from September's 336,000. The unemployment rate is expected to remain the same, however, at 3.8%, while average hourly earnings are expected to have increased by 0.3% in October, following a 0.2% gain in September. Bank of England retains hawkish stance GBP/USD traded largely unchanged at 1.2202, having risen 0.4% on Thursday, and was on course for a 0.7% weekly gain. The Bank of England also held rates steady on Thursday, but the central bank stressed that it did not expect to start cutting them any time soon with inflation still more than three times higher than its medium-term 2% target. Bank of England chief economist Huw Pill is set to provide an online presentation of the central bank's new forecasts and latest policy decision later in the session. Euro offers more upside EUR/USD rose 0.1% to 1.0630, on course to record a weekly gain of 0.6%, with traders now debating how long the European Central Bank will keep interest rates high given the regional economic weakness. ECB board member Isabel Schnabel said on Thursday the "last mile" of disinflation may be the toughest, and the central bank cannot yet close the door on further rate rises. “The eurozone data has been nothing but euro-negative this week (weak growth and confidence, weaker inflation), but the calmer dollar environment warns that EUR/USD could creep higher again,” added ING. Aussie dollar in demand Elsewhere, USD/JPY fell 0.1% to 150.36, in holiday-thinned trade, while USD/CNY edged lower to 7.3152, after a private survey showed earlier Friday that Chinese service sector activity grew less than expected in October, although it did accelerate slightly from the prior month. AUD/USD rose 0.1% to 0.6439, on course for weekly gains of around 1.7%, amid increasing bets that the Reserve Bank of Australia will hike interest rates when it meets next week. https://www.investing.com/news/forex-news/dollar-set-to-post-weekly-loss-fed-rate-peak-looms-3220591

2023-11-03 07:56

Sam Bankman-Fried, the cryptocurrency prodigy known from Michael Lewis's "Going Infinite," was found guilty on seven counts of fraud and conspiracy in a federal trial on Friday. The trial concluded a saga that has been closely watched by the financial community, with the prosecution successfully portraying Bankman-Fried as a deceptive and self-contradicting individual capable of criminal acts. Bankman-Fried's defense team attempted to depict him as an innovative genius whose innocent errors resulted in billions of dollars in losses. They stressed his upbringing in a family that emphasized efficiency, which manifested itself in his workaholic lifestyle and frequent meeting cancellations based on cost-benefit calculations. Despite these arguments, the jury seemed to be alienated by Bankman-Fried's testimony. His dismissal of emotionally-driven perspectives and disdain for works of art, literature, religion, and even heated food were viewed unfavorably. This indifference towards cultural norms and values further contributed to the perception of Bankman-Fried as disconnected from societal norms. The conviction marks a significant development in the ongoing scrutiny of the cryptocurrency industry. It is yet to be seen what impact this verdict will have on the broader crypto market and on other high-profile individuals within the industry. https://www.investing.com/news/cryptocurrency-news/crypto-prodigy-sam-bankmanfried-convicted-of-fraud-charges-93CH-3220570

2023-11-03 07:53

Copyrighted Image by: Reuters. Bitcoin mining stocks, including Marathon Digital (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), and CleanSpark (NASDAQ:CLSK), enjoyed a surge of 10%-12% on Friday, as Bitcoin traded near its 17-month peak. This positive trend coincided with the Dow Jones Industrial Average, S&P 500, and Nasdaq observing an uptrend, driven by the Federal Reserve's decision to keep rates unchanged for the second consecutive month and Chairman Jerome Powell’s dovish remarks. Crypto stocks such as Coinbase (NASDAQ:COIN) also registered gains, rising by 8.7%. However, these gains moderated post-market close due to lower Q3 trading volumes. Despite this, Coinbase exceeded revenue and earnings expectations. Cube Analytics recommended crypto traders to focus on bitcoin mining stocks for alpha generation in the next bull market. Simultaneously, Capriole Investments urged for caution against over-exuberance in the bitcoin derivatives market. Bitcoin remained steady around $35,000, below its May 2022 peak. Ether [ETH], on the other hand, fell by nearly 2% in the past 24 hours. The broader crypto market dipped by 1.3%, according to the CoinDesk Market Index. QCP Capital predicted that barring a major catalyst, Bitcoin would stabilize around the current level with $32,000 serving as a price floor. They also noted the possible impact of SEC Chair Gary Gensler's decisions on Bitcoin price and the potential approval of a bitcoin-settled exchange-traded fund by the SEC. In contrast to Bitcoin and Ether, Cardano's token [ADA] and Decentraland's [MANA] advanced nearly 6%, while Chainlink [LINK], Aptos's token [APT], and Lido's governance token [LDO] fell between 5% and 7%. Solana [SOL] saw a dip following a significant rally. Analysts suggest Bitcoin could reach $150,000 and quality mining stocks offer good exposure. Galaxy predicted that Bitcoin Spot ETFs could see substantial inflows in H1 2023, providing another potential boost to the cryptocurrency market. https://www.investing.com/news/cryptocurrency-news/bitcoin-mining-stocks-rally-as-cryptocurrency-hits-17month-high-93CH-3220566

2023-11-03 07:07

Crypto investors are maintaining their optimism despite the turbulence experienced in November, with Bitcoin's price fluctuations affecting altcoins like LUNA and CEEK Coin. LUNA Coin has seen its gains erased due to this volatility, testing the $0.437 level on three separate occasions. This pattern has raised concerns about the coin's long-term viability if it continues to be detached from short-term speculative movements. The decrease in trading volumes could force exchanges to make critical decisions about LUNA. The support provided by the bull season has cleared bankrupt tokens by 2024, marking a shift away from the volume-driven motivations that characterize bear markets and regulations. If LUNA's price falls below $0.437, it could potentially drop further towards $0.387 after hitting intermediate levels of $0.412 and $0.405. This scenario suggests new all-time low levels for the coin. Meanwhile, CEEK Coin has returned to its parallel channel on the daily chart, maintaining a $0.044 support line. However, it hasn't been able to consistently cross the $0.05 middle area since October 27th despite closing within the channel. This inability to cross has led to significant losses for investors. Crypto investors' hope is being tested as they navigate Bitcoin's price fluctuations and their impact on altcoins like LUNA and CEEK Coin. Despite these challenges, many remain optimistic about future prospects in the crypto market. https://www.investing.com/news/cryptocurrency-news/bitcoin-volatility-impacts-luna-and-ceek-coin-investors-remain-hopeful-93CH-3220535