2023-11-01 07:26
Copyrighted Image by: Reuters. Asian currencies experienced a pullback on Wednesday, while the US dollar strengthened following a robust overnight rally and in anticipation of the Federal Reserve meeting outcome. The US dollar's position was further solidified by weak Purchasing Managers' Index (PMI) data from China, indicating continued economic frailty through October. This development negatively affected the sentiment towards regional markets. Despite the People's Bank of China setting a stronger midpoint, the Chinese yuan remained stagnant due to pessimism triggered by a private PMI survey. The survey underscored a contraction in China's manufacturing sector in October, contributing to the yuan's flat performance. Other currencies linked to China's economy, such as the Australian dollar and South Korean won, experienced minor declines. The South Korean won was particularly affected by disappointing export and import data for October. In contrast, the Indian rupee saw a slight uptick, buoyed by falling oil prices. Meanwhile, the Japanese yen recovered modestly from a one-year low after Japan's leading financial officials issued warnings against speculation following minimal policy changes by the Bank of Japan. Speculation around potential government intervention was fueled by the yen nearing a threshold that previously resulted in a $60 billion government action. Uncertainty surrounding the Federal Reserve meeting and an expanding gap between U.S. and Japanese yields added pressure on the yen. Simultaneously, both the dollar index and dollar index futures saw modest growth in Asian trade. https://www.investing.com/news/forex-news/asian-currencies-retreat-amid-strong-us-dollar-and-weak-chinese-pmi-data-93CH-3216329
2023-11-01 06:54
Thailand's second-largest lender by assets, Kasikornbank (KBank), has made a significant entry into the cryptocurrency market with the acquisition of a 97% stake in local crypto exchange Satang. The deal, conducted through KBank's digital asset investment subsidiary, Unita Capital, was valued at 3.7 billion Thai baht ($103 million). Following this acquisition, Satang will undergo a rebranding and will now be known as Orbix Trade Company Limited. The company will be split into three divisions: Orbix Custodian, a secure custody platform; Orbix Invest, a venture arm; and Orbix Technology for blockchain development. The founder of Satang and creator of Firo, a privacy-focused cryptocurrency, Poramin Insom confirmed the acquisition. In addition to its core crypto exchange services, Satang runs businesses such as Satang Technology which provides blockchain services and Satang Space, which is involved in space-related enterprise. This acquisition comes on the heels of KBank's recent launch of a $100 million fund aimed at investments in Web3, fintech, and AI sectors. Thai NVDR Company Limited holds the majority stake in KBank, with the Stock Exchange of Thailand owning most NVDR shares. https://www.investing.com/news/cryptocurrency-news/kasikornbank-makes-major-move-into-crypto-with-103-million-acquisition-93CH-3216308
2023-11-01 06:15
SushiSwap (SUSHI) has experienced a nearly 20% price increase, which led to the liquidation of approximately $465,760 in short positions, three times the number of long positions liquidated. The cryptocurrency is currently trading at $0.75, despite facing resistance at $0.80. Indicators such as the Relative Strength Index (RSI) and Awesome Oscillator (AO) suggest a potential for continued upward momentum that could surpass the $0.80 mark and possibly even reach a high of $0.90. Blockchain analytics firm Lookonchain has raised suspicions of price manipulation linked to a new wallet's activity. The wallet in question purchased over 900,000 SUSHI tokens using 640,000 USDC on decentralized exchanges and subsequently deposited the USDC into the dYdX platform via multiple addresses. This behavior suggests an intent to profit from a long SUSHI position. Given these suspicions and deposits into dYdX, investors are encouraged to approach with caution when considering SushiSwap. The recent price surge and potential for further growth should be weighed against the possibility of market manipulation influencing these trends. https://www.investing.com/news/cryptocurrency-news/sushiswap-sees-20-price-surge-amid-suspicions-of-price-manipulation-93CH-3216258
2023-11-01 06:14
Copyrighted Image by: Reuters. Brent oil futures and West Texas Intermediate (WTI) experienced a surge today, climbing to $85.19 and $81.08 respectively. The rise is attributed to the US Federal Reserve's decision to maintain high interest rates, a move which could potentially slow down US economic growth and subsequently decrease crude oil demand. On the Multi Commodity Exchange (MCX), crude oil futures for November and December traded at ₹6,767 and ₹6,752 respectively. In contrast, natural gas futures took a downward turn, falling to ₹299.70. The American Petroleum Institute (API) reported a less-than-forecasted increase in US crude oil inventories, with an additional 1.34 million barrels noted this week. This smaller increase could indicate a tightening supply-demand balance in the market. Meanwhile, China's Manufacturing Purchasing Managers Index (PMI) fell to 49.5 today, suggesting a potential decline in China's crude oil consumption due to weaker manufacturing activity. The PMI is an indicator of economic health for manufacturing and service sectors; a reading below 50 signals contraction. In other commodities news on the National Commodities and Derivatives Exchange (NCDEX), November contracts for jeera fell to ₹43,300 while December futures for turmeric rose to ₹13,526. These shifts demonstrate the diverse impacts of global economic conditions on commodity prices. https://www.investing.com/news/commodities-news/brent-and-wti-oil-futures-rise-as-us-federal-reserve-maintains-high-interest-rates-93CH-3216257
2023-11-01 06:07
Copyrighted Image by: Reuters. Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC) since 2021, is speculated by experts to be accumulating Bitcoin Exchange-Traded Fund (ETF) applications with a potential intent of collective rejection. This move could lead to widespread lawsuits and significantly impact the cryptocurrency sector. Gensler's controversial stance on Bitcoin ETFs has been a critique of the SEC's inconsistent approach towards these financial instruments. Under Gensler's leadership, the SEC has consistently prioritized investor safety, rejecting multiple Bitcoin ETF applications. Despite a legal victory for Grayscale in June 2022, where the court ruled in their favor against the SEC following their refusal to convert its Bitcoin trust into an ETF, the regulatory body has only approved futures ETFs for Bitcoin and Ether. The SEC maintains that these offer more robust protection against potential market misconduct. Entities like Valkyrie Bitcoin Funds, a specialized alternative asset management firm, have amended their prospectus for Spot Bitcoin ETFs, joining industry leaders like BlackRock (NYSE:BLK), Ark Invest, WisdomTree, Fidelity, VanEck, and Bitwise. The SEC is yet to make the final decision on these Spot BTC ETF applications. Vanguard has chosen not to participate in this trend due to its focus on "asset classes with intrinsic values," reflecting Vanguard Founder's stance on ETFs as stated by Vanguard CEO Tim Buckley in a CNBC interview. Meanwhile, Bitcoin's price has recovered above $35,500 today. https://www.investing.com/news/cryptocurrency-news/secs-gensler-speculated-to-amass-bitcoin-etf-applications-for-potential-rejection-93CH-3216254
2023-11-01 05:37
In the latest development in the currency market, the USD/JPY experienced a dip from 151.70 to under 151.20 following hinted intervention by Japanese officials. Officials Kanda, Suzuki, and Matsuno expressed their concern against "one-sided," "speculative," and "disorderly" movements, which led to this shift. Following this, the AUD and NZD rebounded after initial depreciation against the USD. Particularly, the NZD/USD pair was influenced by the Q3 employment report which detailed below-median wage gains and a higher unemployment rate. Interestingly, these trends remained unaffected by the Reserve Bank of New Zealand's Financial Stability Report. Meanwhile, October's S&P Global manufacturing Purchasing Managers' Index (PMI) reports indicated continued contraction in Australia and Japan. In a notable turn of events, China also transitioned from expansion to contraction, as reflected in its PMI data. The PMI is a key indicator of economic health, reflecting private sector company performance. https://www.investing.com/news/forex-news/currency-market-shifts-as-japanese-officials-hint-at-intervention-93CH-3216240
