Coinbase launched Base, its new blockchain, in late July, and it has already become a major player among Ethereum-based layer-2 chains. On Sept. 21, for instance, the chain notched some 677,000 transactions, with 870,163 “new addresses seen,” according to Etherscan. By comparison, Arbitrum, a prominent layer 2 that launched in June 2021, had 925,000 transactions and
Month: September 2023
Share: Oil (WTI) slides lower and starts flirting with first important support near $88. The US Dollar value keeps increasing as markets price in a possible persistent rate differential between USD and other currencies. Higher Oil prices have negative implications even for Oil producers. Oil prices drop for a second day in a row, with US
Last week, the Fed kept interest rates unchanged as expected but revised the Dot Plot on the more hawkish side with one more rate hike still expected by the end of the year and much less rate cuts projected for 2024. Fed Chair Powell has also admitted that the soft-landing scenario is not his base
Gold prices were down on Tuesday in the morning trade amid continued strength in the dollar index (DXY) which shot up above the 106 mark against six major currencies. The MCX October gold futures were trading down by Rs 26 or 0.04% from the Monday’s closing price at Rs 58,675 per 10 gram on the
The pair is down 0.5% today as a more dour risk mood is weighing on commodity currencies while also helping to lift the dollar. The latter is also benefiting from higher Treasury yields, stemming from last week’s breakout move. That is pushing AUD/USD back under 0.6400 again after several failed attempts to hold a push
Dollar is being the standout performer this week, bolstered significantly by surging US treasury yields. Dollar index, which gauges the greenback against a basket of six major currencies, reached a high not seen since the previous November, breaking 106 mark. Contributing to the bullish momentum, EUR/USD has plunged through a pivotal support level at 1.06,
It is a make-or-break moment for China’s relationship with the European Union, as the bloc’s trade chief asks for more openness and fairness from Beijing. “We stand at a crossroads. We can choose a path towards mutually beneficial relations. One which is based on open, fair trade and investment, and working hand in hand on
The creditors involved in the Celsius bankruptcy case have voted in favor of a plan that will see funds returned to them as well as distributing equity through a new company. According to a Sept. 25 filing from bankruptcy firm Stretto, most of the classes voted in favor of the plan by more than 98%.
Share: A major credit agency, Moody’s said on Monday that the US government shutdown would harm the country’s credit. A severe warning comes only one month after Fitch downgraded the United States by one notch due to a debt ceiling crisis, per Reuters. Key quotes “A shutdown would be credit negative for the US sovereign,”
Both the US 10 and 30-year yields are stretching to new highs. The 10-year yield has just reached 4.535%. The low for the day was 4.45%. The new high represents the highest level since October 2007. The 30 year yield just reached 4.653%, which is the highest level since January 2011 As the market transitions
NEW YORK – Oil prices were nearly flat in choppy trade on Monday as Russia relaxed its fuel ban, after earlier gains on a tighter supply outlook, while investors eyed elevated interest rates that could curb demand. Brent crude futures were flat at $93.27 a barrel by 1:04 p.m. EDT (1704 GMT). U.S. West Texas
Crude oil prices remained settled at $89.68 today. That was down $-0.35 or -0.39%. The high today reached $90.83. THe low was at $89.03. Russia lifted some export bans, but restrictions on gasoline and high-quality diesel persist. Chevron plans to increase its oil output in Venezuela to 200k BPD by early 2024. Technically, looking at
Swiss Franc weakens broadly today, influenced predominantly by rally in benchmark European yields. Specifically, Germany 10-year yield breached 2.8% mark, reaching an 11-year peak. Euro managed to bounce back against the Australian and New Zealand dollars, which were burdened by concerns surrounding China’s property sector. However, Euro’s ability to gain against other currencies seems limited
A farmer cutting a cocoa pod to collect the beans inside on a farm in Azaguie, Ivory Coast, on Friday, Nov. 18, 2022. Bloomberg | Bloomberg | Getty Images Surging prices for soft commodities, from orange juice to live cattle, are complicating the inflation picture. A host of agricultural commodities have climbed in recent months,
Share: Pound Sterling remains delicate on stubborn inflation and weak demand outlook The Pound Sterling (GBP) faces selling pressure as investors start worrying about the United Kingdom’s weak economic outlook and upside risks to inflation on Albion’s shores. The GBP/USD pair came under severe pressure after an unexpected pause in the policy-tightening spell by the
Last week, Gold was about to break above the 1934 resistance but got smacked back down following the more hawkish than expected FOMC Dot Plot. There’s still lots of uncertainty in the market around interest rates as the Fed is aiming for the soft-landing scenario going cautious on the tightening front, but the resilient economy
Gold prices were down on Monday in the morning trade amid continued strength in the dollar index (DXY) which was up 0.12% at 105.49 against six major currencies. The MCX October gold futures were trading down by Rs 61 or 0.10% from the Friday closing price at Rs 58,885 per 10 gram on the MCX
Some very bad news out of China over the weekend. Local authorities in Guizhou province say that a coal mine fire killed 16 people on Sunday. blaze broke out at the Shanjiaoshu coal mine in Panguan, a town in Guizhou province initial investigation suggests that the people who died were trapped after a conveyor belt
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