2024-01-09 04:28

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies kept to a tight range on Tuesday, but saw some relief as the dollar was hit with profit-taking before key inflation data that is set to offer more cues on interest rate cuts this year. Regional currencies marked a weak start to the year as markets questioned the potential for early interest rate cuts by the Federal Reserve. This uncertainty was exacerbated by data showing resilience in the U.S. labor space, which gives the Fed less impetus to begin loosening policy early. While Asian currencies saw some relief this week, they were still trading largely lower for 2024, after a middling performance in 2023. Several inflation and economic readings from Asia are also on tap this week- anticipation of which kept buying into regional units limited. The Japanese yen rose 0.4% as data showed inflation in Tokyo fell closer to the Bank of Japan’s 2% annual target range in December. The BOJ has signaled that it will begin tightening its ultra-dovish policy only after the 2% target is achieved. But the yen was nursing steep losses in the first week of 2024, as investors bet that rebuilding efforts in the wake of a devastating earthquake in central Japan will delay the BOJ’s plans for a pivot. The Australian dollar rose slightly as data showed a bigger-than-expected jump in retail sales in November. The reading likely heralds some strength in a consumer price index (CPI) inflation reading for the month, which is due on Wednesday. The Chinese yuan fell 0.1%, as sentiment towards China showed little signs of improving. Inflation data due this Friday is expected to show a continued deflationary trend in the country, while trade data is likely to show sustained weakness in its export engines. The South Korean won tread water before a Bank of Korea meeting later this week, where the central bank is widely expected to keep rates steady. The Indian rupee was muted after central bank intervention helped the currency recover sharply from near record lows over the past week. Indian CPI data is also due this Friday, and is expected to show further easing in inflation. Dollar eases from 3-week high, inflation awaited for rate-cut cues The dollar index and dollar index futures steadied in Asian trade on Tuesday after falling from three-week highs in the prior session, as uncertainty over rate cuts in 2024 spurred some profit-taking. But the greenback still retained a bulk of its gains made over the past week, as investors favored the dollar before key CPI inflation data due this Thursday. The reading is expected to show a mild increase in inflation which, coupled with last week’s strong nonfarm payrolls data, casts doubts on bets that the Fed will cut rates by as soon as March 2024. Fed officials also pushed back on bets on early policy easing. Atlanta Fed President Raphael Bostic said on Monday that with inflation still above the Fed’s 2% target, his bias remained towards tighter policy in the near-term. While he still expects rates to fall eventually in 2024, he expects them to fall by a total 50 basis points- a much a smaller margin than markets are hoping for this year. Upgrade your investing with our groundbreaking, AI-powered InvestingPro+ stock picks. Use coupon INVSPRO2024 to avail a limited time discount on our Pro and Pro+ subscription plans. Click here to know more, and don't forget to use the discount code when checking out! https://www.investing.com/news/forex-news/asia-fx-muted-dollar-falls-from-3week-high-amid-ratecut-uncertainty-3269939

2024-01-09 01:40

PERTH - Panoramic Resources has halted operations at its Savannah nickel mine located in Western Australia, leading to job losses for approximately 140 workers. This decision comes as the company grapples with the sustained downturn in metal prices, which has eroded the mine's profitability. FTI Consulting (NYSE:FCN), which assumed the role of administrator for Panoramic Resources in December, managed the mine's last shipment of nickel concentrate prior to the suspension. The global nickel market is currently experiencing a surplus, largely due to increased production in Indonesia, which has further diminished the likelihood of a near-term recovery for the nickel industry. In response to these challenging market conditions, Panoramic is actively seeking solutions to preserve its financial health. With the guidance of Treadstone Resource Partners, the company is considering various strategic alternatives, including the potential sale of its assets or a recapitalization effort. These measures are aimed at navigating the current economic climate and securing a more stable future for the mining firm. https://www.investing.com/news/commodities-news/panoramic-resources-halts-operations-at-savannah-nickel-mine-amid-price-drop-93CH-3269916

2024-01-09 01:24

Copyrighted Image by: Reuters. Investing.com -- Oil prices climbed strongly Tuesday, rebounding after sliding during the previous session as traders digested continued supply disruptions through the Red Sea. By 08:45 ET (13.45 GMT), the U.S. crude futures traded 2.7% higher at $72.67 a barrel and the Brent contract climbed 2.4% to $77.98 a barrel. Shippers continue to avoid Red Sea region The conflict between Israel and Hamas looks set to continue for some time, and this remains a support to prices amid fears it will grow into a regional crisis that could disrupt supplies from this oil-rich region. A number of major shipping firms are still avoiding the Red Sea, adding a premium to the cost of exporting crude. Hapag-Lloyd will continue to divert vessels around the Cape of Good Hope in the wake of maritime attacks by Yemeni Houthi militants, it said on Tuesday. Maersk, the world's second-largest shipper, said on Friday that it would divert its vessels away from the Red Sea region for the "foreseeable future." OPEC+ now in a difficult position The crude market had slumped around 3% on Monday following sharp cuts by top exporter Saudi Arabia to its official selling prices, raising demand concerns, especially from the crucial Asian market. The cuts to Saudi OSPs come about a month after new output reductions from the Organization of Petroleum Exporting Countries and allies for 2024 largely underwhelmed markets. “If weakness persists, it is difficult to see how OPEC+ would be able to make more meaningful output reductions, given the scale of their cuts already,” said analysts at ING, in a note. “What we are more likely to see is a rollover of current voluntary cuts into 2Q24 to erode the surplus expected next quarter.” Markets await more inflation, U.S. production cues Oil markets were also on edge before key economic readings due this week. U.S. inflation data is due on Thursday and is widely expected to factor into the path of interest rates, while Chinese inflation and trade data due Friday is expected to offer more cues on the world’s largest oil importer. Ahead of this comes the latest reading of U.S. crude inventories from industry body American Petroleum Institute later in the session, with the official data from the Energy Information Administration on Wednesday. The EIA will also release its Short-Term Energy Outlook later Tuesday, which will include its latest U.S. oil production forecasts for 2024 and its first forecast for 2025. Last month, the EIA expected U.S. crude oil output to grow by 190,000 barrels a day in 2024 to a record 13.11 million barrels a day. https://www.investing.com/news/commodities-news/oil-prices-steady-after-wiping-out-new-year-gains-on-saudi-price-cuts-3269914

2024-01-08 22:58

Copyrighted Image by: Reuters. By Ketki Saxena Investing.com – The Canadian Dollar started the day on the back foot against its US counterpart, as crude prices weighed on the commodity linked loonie. In a day of up and down trading, the loonie faced pressure against most major currencies, but managed to more or less hold its against the US through the end of the trading day. Investing Pro Subscribers are the first to receive breaking news, analyst upgrades, and best buy ProPick recommendations. For an extra 10% discount, use Coupon: Canada2024. Don’t miss the New Year’s sale, for up to 60% off. The US dollar remained soft across the board as US Treasury yields declined and, ahead of key CPI data, as investors adjusted expectations for interest rate cuts from the US Federal Reserve. Markets are now pricing in five Fed rate cuts in 2024, with a hold expected in January but cuts anticipated in March and May. Looking ahead for the USDCAD pair, analysts at Scotiabank (TSX:BNS) note, “The weekly chart shows a bullish ‘hammer’ candle developed through the turn of the year." “A high close for the USD last week – despite the hefty intraday swings in the USD Friday – adds emphasis to the bullish pattern of trade and supports the outlook for some additional, corrective gains in the USD in the next few weeks towards 1.34/1.35.: “Gains through high/low resistance at 1.3390/1.3400 will add to near-term bullish momentum.” https://www.investing.com/news/forex-news/canadian-dollar-comes-under-pressure-from-falling-crude-prices-3269876

2024-01-08 20:49

UNITED STATES - CleanSpark (NASDAQ:CLSK) Inc., a prominent player in the bitcoin mining industry, has announced a significant expansion of its mining capabilities with the acquisition of up to 160,000 Bitmain S21 miners. This strategic move is set to quintuple the company's current hashrate from 10 EH/s to over 50 EH/s by year-end. The company has committed an initial $193.2 million for the first batch of 60,000 units, with deliveries expected to commence between April and June 2024. Zachary Bradford, CEO of CleanSpark, emphasized the acquisition as a key step in maintaining operational efficiency and staying ahead of anticipated price hikes tied to market trends, including the forthcoming Bitcoin halving event. Bradford also noted that the choice of Bitmain S21 miners is in line with CleanSpark's dedication to energy-efficient mining practices. The company continues to align its operations with the broader industry trend towards environmentally responsible mining. https://www.investing.com/news/cryptocurrency-news/cleanspark-to-boost-hashrate-fivefold-with-bitmain-miner-deal-93CH-3269786

2024-01-08 18:41

NEW YORK - In a move aimed at bolstering market integrity, cryptocurrency exchange Bitstamp has entered into a Surveillance Sharing Agreement (SSA) with the Cboe, a major player in the financial exchange sector. This partnership, announced today, represents a significant step in collaborative efforts to prevent manipulation and improve oversight within the cryptocurrency market. The discussion about the potential impact of a Spot Exchange-Traded Fund (ETF) approval on Bitcoin's market has been a topic of interest in the crypto community. The partnership between Bitstamp and Cboe through the SSA is particularly timely, given the ongoing conversations around market structure and the need for enhanced regulatory measures. This agreement underscores the proactive steps being taken by industry stakeholders to address concerns about market fairness and to build trust among investors. The collaboration between a cryptocurrency exchange and a traditional financial exchange may set a precedent for future initiatives aimed at ensuring a secure and transparent trading environment. https://www.investing.com/news/cryptocurrency-news/bitstamp-and-cboe-partner-to-enhance-cryptocurrency-market-integrity-93CH-3269741