Crypto exchange giant Binance has confirmed it has no plans to “auto-convert” Tether (USDT) to Binance USD (BUSD) at the moment, though noted that this “may change.” On Sept. 6, the crypto exchange surprised the market with the announcement it will cease trading support for U.S. dollar-pegged stablecoin USD Coin (USDC) on its platform, along
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My colleague Greg Michalowski has the day off for the US Labor Day holiday today but he produced a great video outlining the technical levels in play this week. I expect markets to quiet from here with OPEC and the UK PM selection wrapped up so it’s a good time to have a look at
The European Commission’s energy agency recommends an “emergency wholesale price cap” on natural gas supplies. The two options they cited are: A cap on prices for gas from Russia A system that would differ from country to country The discussion document is partly irrelevant now with Russia closing Nord Stream 1 but gas still flows
FRANKFURT, Germany – OPEC and allied oil-producing countries, including Russia, cut their supplies to the global economy by 100,000 barrels per day cut for the first time in more than a year, underlining their unhappiness with crude prices that have sagged because of recession fears. The decision Monday by energy ministers means the cut for
Euro remains the worst performer for the day so far, as weighed down by the news that Russia’s state-controlled Gazprom would stop gas delivery via the Nord Stream 1 due to a fault. Yet, the common currency is not giving up yet, as losses are relatively limited. Dollar is the strongest one, followed by Swiss
What you need to take care of on Tuesday, September 6: The greenback started the week advancing against most major rivals, although a Federal holiday in the US maintained volumes at their lows and major pairs within limited intraday ranges. The EUR/USD pair fell to 0.9877, a fresh 22-year low, as the energy crisis steepens.
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The United States is moving toward higher interest rates at a greater level and speed than the lower Japanese interest rates, which is making dollar-denominated assets more appealing for investors. As a result, the Japanese yen has been falling in comparison to the United States dollar. But a pure technical analysis should not care. A
Composite PMI 48.9 vs 49.2 prelim The headline reading is a 17-month low while the composite reading is a 18-month low as the euro area economy moves further into contraction territory in August. Falling demand was the main cause again with the only positive being that inflation pressures have softened but remain stubbornly elevated. S&P
NEW DELHI: Gold prices advanced in Monday’s trade but the gains were limited, as US jobs data showing unemployment rising in August raised hopes that the Fed might go slow on the quantum of rate hikes, hurting the yellow metal’s safe-haven appeal. Gold futures for October delivery were trading Rs 90 or 0.18 per cent
The downside breakout in EUR/USD is finally here as markets focus turns to meetings of RBA, BoC and ECB. Dollar is rising broadly, and risk-off sentiment takes Yen and Swiss Franc higher too. Euro is starting to reverse some of last week’s gain while Sterling is staying weak. Commodity currencies are currently mixed for now.
Is the U.S. economy showing no signs of a recession or hurtling inescapably towards one? Is it in fact already in one? More than a month after the country recorded two successive quarters of economic contraction, it still depends who you ask. Steve Hanke, professor of applied economics at Johns Hopkins University, believes the U.S.
FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang noted USD/CNH could see its upside momentum alleviated on a breach of the 6.8700 level. Key Quotes 24-hour view: “We expected USD to ‘trade sideways between 6.8900 and 6.9250’ last Friday. Our view was not wrong even though USD traded within a narrower
The Nigerian government has held a preliminary meeting with crypto exchange Binance to potentially establish a special economic zone aimed at supporting crypto and blockchain-related businesses. According to a Sept. 2 post from the Nigeria Export Processing Zones Authority (NEPZA), the authority has held preliminary talks with Binance and technology infrastructure company Talent City to
USDCHF double top The USDCHF is on a 5 day up streak, started last Friday. Today, the verdict is still out. The pair closed at 0.98147. The current price is below that at 0.9812 currently. The streak higher is in jeopardy. The move to the downside was started with the high stalling near the high
Germany’s coalition parties agreed to a €65 billion package to shied consumers and businesses from energy price hikes on Sunday. The package will be paid for via an energy windfall tax and bringing forward a planned 15% global minimum corporate tax. Energy prices are likely to spike further on Monday after Gazprom announced that Nord
Gold edged up on Friday but was headed for a third straight weekly drop, as data pointing at a resilient U.S. economy bolstered the likelihood of Federal Reserve keeping interest rates higher for longer and pinned the dollar near recent peaks. FUNDAMENTALS Spot gold XAU= inched up 0.1% to $1,697.80 per ounce, as of 0055