2024-01-04 09:19

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar retreated from the previous session’s three-week peak in early European trade Thursday as traders digested the minutes of the Federal Reserve’s December meeting ahead of weekly jobless data. At 04:20 ET (09:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower at 102.017, having hit a three-week peak of 102.73 in the previous session. Dollar slips from recent highs The minutes of the Fed's December policy meeting, released late on Wednesday, showed officials were convinced inflation was coming under control and were concerned about the risks of the central bank's "overly restrictive" monetary policy on the economy. However, they provided little clarity on the timetable for rate cuts this year. “The conditionality attached to cutting rates is hawkish in the sense that it puts pressure on markets to unwind the March easing bets, but the risks flagged to the economic outlook and discussion about exiting quantitative tightening are unequivocally dovish,” said analysts at ING, in a note. Attention will now turn to the weekly jobless claims data later Thursday, ahead of Friday’s closely watched U.S. nonfarm payrolls report, which will likely give further clarity on how much room the Fed has to lower rates. Euro edges higher after French CPI In Europe, EUR/USD traded 0.2% higher at 1.0947, after the latest French inflation figures came in slightly weaker than expected - rising 0.1% on the month in December, an annual rise of 3.7%. German regional inflation figures have also started emerging Thursday, with the eurozone-wide CPI release due on Friday. “The ability of the euro to benefit from some unwinding of rate cut bets must be weighed against evidence that the EUR/USD is primarily driven by equity/risk sentiment factors at the moment, and the short-term rate differentials remain heavily unfavourable for the euro,” ING added. GBP/USD rose 0.2% to 1.2692, with sterling not far above its recent three-week low at 1.2667. Yen retreats after weak PMI data Elsewhere, USD/JPY traded 0.3% higher to 143.74, with the yen weakening after purchasing managers index data showed that Japanese economic activity remained fragile, as the manufacturing sector remained in contraction in December. USD/CNY edged higher to 7.1517, with sentiment towards China dealt a fresh blow by Fitch downgrading the ratings of four major state-backed asset managers, and placing three of them on watch for more cuts. https://www.investing.com/news/forex-news/dollar-edges-lower-handing-back-recent-gains-ahead-of-jobless-data-3266895

2024-01-04 05:52

Copyrighted Image by: Reuters. Investing.com-- Gold prices rose slightly in Asian trade on Thursday, but hovered below key levels as the dollar rebounded on growing doubts over exactly when the Federal Reserve will begin trimming interest rates. Anticipation of key nonfarm payrolls data also kept investors largely wary of buying outside the dollar, which presented more headwinds to non-yielding assets such as gold. The yellow metal saw a strong run-up in the last few days of 2023, amid growing optimism that the Fed could begin cutting rates by as early as March 2024. But the metal was hit with some profit-taking at the beginning of the new year, while traders also somewhat trimmed expectations on early rate cuts from the central bank. Spot gold rose 0.1% to $2,043.68 an ounce, while gold futures rose 0.4% to $2,050.95 an ounce by 00:24 ET (05:24 GMT). Both instruments tumbled about 1% in the first two days of 2024. Fed minutes give little clarity on rate cut timing; Payrolls awaited Gold deepened its losses on Wednesday, while the dollar extended a rebound after the minutes of the Fed’s December meeting gave few cues on when the bank would begin trimming rates this year. While most Fed officials saw interest rates falling by as much as 75 basis points in 2024, there appeared to be little consensus over the timing of the rate cuts. The central bank acknowledged the progress it had made towards bringing down inflation with its rate hikes over the past year. But several policymakers still noted the need for tight monetary policy in the near-term, citing increased uncertainty over the U.S. economic outlook. While the U.S. economy is cooling, inflation still remains above the Fed’s 2% annual target. The labor market is also running relatively strong, with nonfarm payrolls data due this Friday expected to provide more cues on that front. The CME Fedwatch tool showed trades pricing in a 65% chance for a 25 basis point rate cut in March, down from the more than 70% chance seen at the beginning of the week. While gold did see some weakness in the beginning of 2024, it was still sitting on an over 10% gain through 2023. The yellow metal is expected to benefit from easing interest rates this year, given that high rates push up the opportunity cost of buying bullion. Copper dips on more Chinese headwinds Among industrial metals, copper prices fell further on Thursday, extending recent losses amid pressure from the dollar and renewed concerns over top importer China. Copper futures expiring in March fell 0.5% to $3.8502 a pound. The red metal was hit with a fresh wave of selling after Fitch downgraded the credit ratings of four major Chinese state-backed asset managers, citing concerns over China’s property market and inconsistent government support. The move further dented sentiment towards China, raising concerns that worsening economic conditions in the country could dent its appetite for copper. https://www.investing.com/news/commodities-news/gold-slips-below-2050-as-dollar-rebounds-amid-fed-uncertainty-3266797

2024-01-04 05:18

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies kept to a flat-to-low range on Thursday, while uncertainty over the Federal Reserve’s plans for interest rate cuts in 2024 saw the dollar rebound to a three-week high. The minutes of the Federal Reserve’s December meeting provided little clarity on the bank’s plans for rate cuts this year, which further unsettled risk appetite after a weak start to 2024 for financial markets. Asian currencies remained particularly sensitive to rate-cut anxiety, after having logged a largely dismal performance in 2023 on headwinds from higher interest rates. While regional currencies saw some relief towards the end of the year, the recovery was now on ice. The Japanese yen moved little as local markets reopened after an extended new year’s holiday. Purchasing managers index (PMI) data showed that Japanese economic activity remained fragile, as the manufacturing sector remained in contraction in December. Sentiment towards Japan was also dented by a devastating earthquake in central Japan, which killed scores of people and disrupted train lines in the region. The Australian dollar rose 0.2%, although further gains were held back by PMI data showing the country’s service sector remained in contraction in December. Chinese yuan creeps lower, Fitch downgrades national asset managers The Chinese yuan fell 0.1% on Thursday, with further losses in the currency held back by a substantially stronger-than-expected midpoint fix by the People’s Bank. Sentiment towards China was dealt a fresh blow by Fitch downgrading the ratings of four major state-backed asset managers, and placing three of them on watch for more cuts. The ratings agency cited increased headwinds for the firms from a property market slump, and also raised concerns over the government’s ability to provide financial support to the four. The four play a key role in maintaining Chinese lending stability by snapping up non-performing assets from the open market, with their downgrade potentially heralding more headwinds for the Chinese economy. A private survey showing improved growth in China’s service sector did little to shore up sentiment. The yuan was also among the worst-performing Asian currencies in 2023, as a post-COVID economic rebound fizzled out, while the PBOC cut interest rates further into record-low territory. Broader Asian currencies were flat on Thursday, after a largely underwhelming performance in 2023. The South Korean won traded sideways, while the Indian rupee remained in sight of record lows. PMI data showed India’s manufacturing sector grew less than expected in December, but still remained well within in expansion territory. Dollar rebounds to 3-week high, rate-cut uncertainty in play The dollar index and dollar index futures moved little in Asian trade on Thursday, but remained in sight of a three-week high hit in the prior session. The greenback marked a sharp recovery from five-month lows hit at the end of 2023, as markets second-guessed the timing of the Fed’s planned interest rate cuts. The minutes of the Fed’s December meeting provided little clarity on the cuts, as policymakers noted progress against inflation, but still highlighted risks to the American economy. Nonfarm payrolls data due on Friday is also expected to factor into the Fed’s outlook on rate cuts, with the CME Fedwatch tool still showing market expectations largely geared towards a 25 basis point reduction in March. High U.S. interest rates saw Asian currencies log an underwhelming performance in 2023. But this trend is likely to change as the Fed begins trimming rates in 2024. https://www.investing.com/news/forex-news/asia-fx-muted-dollar-at-3week-high-as-ratecut-uncertainty-persists-3266793

2024-01-04 01:24

Copyrighted Image by: Reuters. Investing.com -- Oil prices rose Thursday, adding to the previous session’s gains on increased concerns over the potential for supply disruptions from the crucial Middle East region. By 09:25 ET (14.25 GMT), the U.S. crude futures traded 0.8% higher at $73.25 a barrel and the Brent contract climbed 0.5% to $78.66 a barrel. Risk of supply disruptions rises Both contracts surged around 3% on Wednesday after protests over high fuel prices caused Libya’s El Sahara oil field to halt production, with the field producing about 300,000 barrels per day. This added to ongoing concerns over Yemen's Iran-backed Houthis targeting shipping in the Red Sea, as well as explosions at the memorial for Qassem Soleimani, a senior Iranian general who was killed in a U.S. airstrike in Iraq in 2020. Tensions are growing in the Middle East, and although supply from this crucial region has yet to be seriously impacted traders are beginning to add a premium given the growing possibility that this occurs. U.S. crude inventories fall sharply - API The market was also supported by data from the American Petroleum Institute, showing U.S. crude stocks fell by a bigger-than-expected 7.4 million barrels last week. Official data from the Energy Information Administration is due later Thursday, delayed by a day due to Monday’s New Year's holiday. The API data also showed an outsized build in gasoline and distillate stocks, which could suggest that a mix of high interest rates and cooling economic activity may also be weighing on fuel demand. That said, U.S. private employers added far more roles than expected in December, with data from payrolls processor ADP indicating that private payrolls came in at 164,000 last month, rising from a downwardly revised mark of 101,000 in November. The official December U.S. jobs report is released on Friday, and could set the tone for immediate risk appetite. OPEC+ output could fall in January The Organization of Petroleum Exporting Countries and allies, a group known as OPEC+, is set to meet early next month, according to Bloomberg, with the members keen to discuss the state of the oil market. A survey by the news agency points to the group’s output falling by a marginal 40,000 barrels a day in December month-on-month. “Given that some OPEC+ members agreed on additional voluntary cuts of almost 900,000 bbls/d for 1Q24, OPEC output will edge lower this month,” analysts at ING said, in a note. https://www.investing.com/news/commodities-news/oil-prices-extend-gains-amid-libya-disruptions-mixed-us-inventory-data-3266762

2024-01-03 14:04

Copyrighted Image by: Reuters. CleanSpark (CLSK) Issues December 2023 Bitcoin Mining Update CleanSpark (NASDAQ:CLSK) Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, today released its unaudited Bitcoin (or "BTC") mining and operations update for the month ending December 31, 2023. "This was a transformative year for CleanSpark," said Zach Bradford, CEO. "We set new records in bitcoin mining, surpassing all our previous achievements with over 7,300 bitcoins mined this year, a 60% increase over 2022. This remarkable feat was coupled with our highest daily production rates ever. What's more, our bitcoin treasury has also seen remarkable growth, expanding from 228 bitcoins at the end of last year to over 3,000 bitcoins today. "I am also immensely proud to share that all the building structures for our Sandersville expansion are now complete, paving the way for energizing the facility next month. My heartfelt thanks go to our teams, the trades, and the community for their dedication to meeting timelines and fulfilling our promises to shareholders. The new year offers tremendous potential, and we are enthusiastic about the opportunities that await us." December Bitcoin Mining Update (unaudited) The Company sold 293 BTC in December 2023 at an average of approximately $42,700 per BTC. Sales of BTC equated to proceeds of approximately $12.5 million. December daily BTC mined averaged 23.2 and reached a high of 29.8. Operational update Sandersville. Construction has been completed on all ten building structures for the 150MW expansion. All Antminer XPs have been received and are in the Company's custody in Georgia. In anticipation of the expansion, the company has also begun testing firmware upgrades on the newest Antminer S21s. All machines necessary for the 150MW expansion have been delivered and are expected to be installed over the coming weeks as the Company prepares for energization in February. For updates on our progress in Sandersville, check out the Company's official YouTube account here. https://www.investing.com/news/cryptocurrency-news/cleanspark-issues-december-2023-bitcoin-mining-update-432SI-3266484

2024-01-03 12:39

Copyrighted Image by: Reuters. Bitcoin Plunges to Low, Down 8.7% at $41,300 (Updated - January 3, 2024 7:27 AM EST) Bitcoin Plunges to Low, Down 8.7% at $41,300 Update: https://www.investing.com/news/cryptocurrency-news/bitcoin-plunges-to-low-down-87-at-41300-432SI-3266282