2024-02-22 13:17

Copyrighted Image by: Reuters Bakkt Holdings (BKKT) and Swan Bitcoin Partner over Bitcoin Trading Across Bakkt Holdings, Inc. (“Bakkt”) (BKKT) and Swan Bitcoin (“Swan”) today announced that the companies have enabled Bitcoin trading across 49 U.S. states together. Bakkt provides Swan with a breadth of Bitcoin services, including fiat onboarding, Bitcoin trading, and custody. “We are thrilled to be taking this exciting step forward in our partnership with Swan,” said Gavin Michael, CEO of Bakkt. “This is just the beginning of our collaboration, as we intend to explore further growth opportunities together in the future, including expansion into international markets.” Interested parties can open a Swan account here. To learn more about Bakkt and the company’s offerings, visit bakkt.com. https://www.investing.com/news/cryptocurrency-news/bakkt-holdings-and-swan-bitcoin-partner-over-bitcoin-trading-across-432SI-3311402

2024-02-22 09:10

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar retreated in early European trade Thursday, with risk sentiment boosted by Nvidia’s stellar earnings, with traders awaiting the release of key business activity surveys for clues of the health of the global economy. At 04:10 ET (09:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.4% lower to 103.472, down approaching 1% so far this week. Risk sentiment hits dollar Strong earnings from AI darling Nvidia (NASDAQ:NVDA) have boosted global confidence, resulting in a hit to the safe haven dollar to the benefit of the more cyclical currencies. The greenback has come off highs this week, but remained more than 2% higher for the year, as traders pared back aggressive bets for a slew of rate cuts by the Federal Reserve this year. The minutes of the Fed’s late-January meeting, released on Wednesday, showed that the bank was in no hurry to reduce interest rates in the near-term. Addresses from several Fed officials this week also reiterated this hawkish stance, with policymakers citing concerns over sticky inflation. Attention now turns to the release of weekly unemployment data and, more importantly, the manufacturing and services PMI data for February, for a gauge of the underlying strength of the economy. “Our game plan here sees the dollar staying bid for the next couple of weeks - we should get a strong January core PCE release on February 29th - and then turning lower in March on what should be a softer payrolls report and a softer February CPI figure,” said analysts at ING, in a note. Eurozone services PMI impress In Europe, EUR/USD rose 0.5% to 1.0869, with the euro helped by the more positive investment environment. The latest PMI data out of Europe showed that the German economy remained in a difficult place, while French numbers have started to show distinct improvement. The news was more positive for the eurozone as a whole, with the services PMI climbing to 50.0, the level that separates expansion from contraction, while the composite index rose more than forecast to 48.9. Eurozone manufacturing was still in a tricky situation though. GBP/USD traded 0.5% higher at 1.2701, with U.K. PMI data expected to show strong expansion in the country’s dominant services sector. USD/TRY rose 0.4% to 31.0335 ahead of the latest meeting of Turkey’s central bank, which is expected to result in interest rates remaining unchanged at 45%. “Looking at EM currency performance this year we note that the Turkish lira leads the pack in delivering 3% total return gains against the dollar this year,” added ING. Yen still weak after PMI data USD/JPY traded largely unchanged at 150.25, with the pair remaining above the widely-watched 150 level after weaker-than-expected PMI data weighed, as manufacturing activity shrank further in February while growth in services worsened. Still, markets remained on watch for any intervention in currency markets by the Japanese government, following some verbal warnings from ministers last week. In Asia, USD/CNY edged higher to 7.1902, slipping back towards the 7.2 level as investors remained doubtful over an economic rebound in the country. Bigger losses in the yuan were held back by signs of government intervention in currency markets this week. https://www.investing.com/news/forex-news/dollar-retreats-ahead-of-pmi-data-euro-sterling-gain-3310723

2024-02-22 05:27

Copyrighted Image by: Reuters. Investing.com-- Gold prices rose slightly in Asian trade on Thursday, but remained largely within a recent trading range as a slew of signals from the Federal Reserve reiterated the prospect of higher-for-longer U.S. interest rates. Bullion prices saw some relief this week as the dollar fell sharply from three-month highs. But further losses in the greenback now appeared limited, as Treasury yields remained close to recent peaks. Gold moved largely within a $2,000 to $2,050 an ounce trading range established over the past month. While further gains in the yellow metal were stymied by the prospect of higher rates, its downside was also limited by increased concerns over worsening economic conditions across the globe, especially as Japan and the UK entered a recession. Spot gold rose 0.2% to $2,029.78 an ounce, while gold futures expiring in April rose 0.3% to $2,039.55 an ounce by 00:13 ET (05:13 GMT). Fed minutes, official addresses reiterate rate outlook The minutes of the Fed’s late-January meeting, released on Wednesday, showed that the bank was in no hurry to begin cutting interest rates early. This notion was echoed by a slew of Fed officials this week, who cited concerns over sticky inflation and persistent strength in the U.S. economy. The comments saw traders largely wipe out expectations for rate cuts in March and May, while also ramping up expectations that the central bank will keep rates steady in June. The CME Fedwatch tool showed traders pricing in a 53.6% chance for a 25 basis point cut in June, and a 28.7% chance for rates to remain steady. The latter rose from a 19.7% chance seen last week. The prospect of higher-for-longer rates bodes poorly for gold, given that it increases the opportunity cost of investing in the yellow metal. Still, Goldman Sachs analysts said in a recent note that the yellow metal stands to benefit greatly from any cuts in interest rates this year. Citi analysts had also forecast the potential for gold prices to reach $3,000 an ounce by 2025. Other precious metals rose on Thursday, but were nursing steep losses from the prior session. Platinum futures rose 0.4% to $894.10 an ounce, while silver futures rose 0.6% to $23.012 an ounce. Copper prices steady as China optimism cools Among industrial metals, copper prices steadied at three-week highs as investors waited to see if the Chinese government would roll out more stimulus measures. Copper futures expiring in March hovered around $3.8792 a pound, and were trading up 1.1% this week. A slew of supportive measures from the Chinese government had boosted copper prices in recent sessions. But markets were now waiting to see whether the government will roll out more support, given that the Chinese economy was nursing three years of weak growth. https://www.investing.com/news/commodities-news/gold-prices-rangebound-as-fed-reiterates-higherforlonger-rates-3310613

2024-02-22 04:30

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies retreated on Thursday, while the dollar stemmed recent losses as a slew of signals from the Federal Reserve showed that the central bank was likely to keep interest rates high in the near-term. Weak purchasing managers index (PMI) readings from Australia and Japan also saw Asian traders favor the dollar, as business activity in both countries slowed through February. Dollar stems decline after Fed reiterates rate outlook The dollar index and dollar index futures both steadied in Asian trade after retreating sharply from three-month highs this week, although the prospect for further losses in the greenback now appeared limited. The minutes of the Fed’s late-January meeting showed that the bank was in no hurry to reduce interest rates in the near-term. Addresses from several Fed officials this week also reiterated this hawkish stance, with policymakers citing concerns over sticky inflation. The messaging saw traders steadily pricing down expectations for rate cuts in May and potentially June, which bodes poorly for Asian currencies, as the gap between risky and low-risk yields remains narrow. This notion kept most Asian currencies trending weaker on Thursday. The Chinese yuan fell 0.1%, slipping back towards the 7.2 level as investors remained doubtful over an economic rebound in the country. Bigger losses in the yuan were held back by signs of government intervention in currency markets this week. Japanese yen, Australian dollar hit by weak PMIs The Japanese yen weakened 0.1% and was back above the 150 level to the dollar, as the prospect of higher-for-longer U.S. rates pointed to a sustained gap between local and U.S. yields. Weaker-than-expected PMI data also cast a pall over the yen, as manufacturing activity shrank further in February while growth in services worsened. Still, markets remained on watch for any intervention in currency markets by the Japanese government, following some verbal warnings from ministers last week. But the yen remained pinned at three-month lows. The Australian dollar was flat as preliminary PMI data for February showed sustained weakness in business activity. But recent stronger-than-expected wage price index data, released on Wednesday, saw traders pricing in a greater chance that the Reserve Bank of Australia will keep interest rates higher for longer. Broader Asian currencies moved in a flat-to-low range. The Singapore dollar tread water, while the South Korean won rose 0.2% after the Bank of Korea left interest rates unchanged and signaled no immediate plans to begin loosening monetary policy. The Indian rupee hovered just below the 83 level to the dollar, with Indian services PMI due later in the day. https://www.investing.com/news/forex-news/asia-fx-weakens-dollar-steady-as-fed-signals-no-hurry-to-cut-rates-3310586

2024-02-22 03:02

Copyrighted Image by: Reuters. Investing.com-- Oil prices settled higher Thursday, as U.S. crude supplies rose less than expected adding to hopes of tightening global supplies amid ongoing disruptions owing to the conflict in the Middle East. By 14:30 ET (19.30 GMT), the U.S. crude futures rose 0.9% to settle at $78.61 a barrel and the Brent contract rose 0.8 to $83.67 a barrel. U.S. inventories surprise to upside with huge build Inventories of U.S. crude increased by roughly 3.5M barrels in the week ended Feb. 16, missing estimates for build of about 3.9M barrels. That was in sharp contrast to a report a day earlier from the American Petroleum Institute showing U.S. inventories grew by 7.2 million barrels. The lower-than-expected build comes as domestic crude oil production remained at near record level of 13.3M barrel per day, while refinery utilization was unchanged 80.6% from the prior week, hovering near the lowest level in two years following weather-related disruptions. Gasoline inventories, one of the products that crude is refined into, fell by roughly 294,000 barrels against expectations of a draw of 2.1M barrels while distillate stockpiles declined by 4M barrels, compared to expectations of a draw of 1.7M barrels. Fed jitters dampen demand outlook Traders also remained on edge over sluggish demand, after the minutes of the Federal Reserve’s late-January meeting showed the central bank was in no hurry to begin cutting interest rates. A chorus of Fed officials also reiterated the bank’s stance this week, citing concerns over sticky inflation. Higher rates stymie economic activity, which in turn dents oil demand. Middle East tensions rise amid ongoing Red Sea skirmish Middle East tensions remained fraught after Houthis rebels vowed to step up their attacks on ship in the Red Sea in a show of support for the Palestinian cause amid the ongoing Gaza war. Houthi leader Abdulmalik al-Houthi said the group had introduced "submarine weapons" in their attacks on vessels, adding that the attacks are "continuing, escalating, and effective." Hopes for a ceasefire to halt the Israel-Gaza war, meanwhile, were given a boost after Hamas chief Ismail Haniyeh arrived in Cairo for talks. Israel previously rejected a Hamas' proposed ceasefire deal, with Prime Minister Benjamin Netanyah described the demands, which included calls for the withdrawal of Israeli troops from Gaza as "delusional". https://www.investing.com/news/commodities-news/oil-prices-tread-water-as-big-us-inventory-build-offsets-supply-concerns-3310558

2024-02-21 21:56

Copyrighted Image by: Reuters Investing.com -- U.S. crude stockpiles increased more than expected last week, the API reported Wednesday, marking the second-straight week of much larger builds and fueling further focus on robust domestic production. Crude Oil WTI Futures, the U.S. benchmark, traded at $78.03 a barrel following the report after settling up 1.1% at $77.91 a barrel. U.S. crude inventories rose by about 7.2 million barrels for the week ended Feb. 16, compared with a build of 8.5M barrels reported by the API for the previous week. Economists were expecting an increase of about $4.3M barrels. The API data also showed that gasoline inventories rose by about 415,000 barrels, while distillate stockpiles fell by 2.9M barrels, confounding expectations for a draw of about 2.1M barrels and 1.4M barrels, respectively. The official government inventory report due Thursday is expected to show weekly U.S. crude supplies increased by about 4.3M barrels last week. https://www.investing.com/news/commodities-news/oil-inventories-rose-by-72m-barrels-last-week-api-3310370