Sep 26, 2023: Crypto market analyst at Bloomberg Intelligence, Jamie Coutts, reported on Tuesday that Bitcoin is demonstrating historic strength in two key metrics, despite its relatively low prices. Coutts noted that the number of “HODLers” – Bitcoin holders who rarely sell – and transactions on the Bitcoin blockchain have both reached all-time highs. However, Coutts also pointed out that the median value of each transaction has decreased by 98.4% over the last three years, marking its lowest point since 2013. Despite this decline in transaction value, Coutts believes that overall blockchain activity is increasing, although Bitcoin’s economic value is…
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Sep 26, 2023: U.S. Treasury yields hit a peak not seen since the early tremors of the 2007-2008 global financial crisis on Tuesday, as fears of interest rates staying high for longer roiled risk assets globally and drove the dollar to a 10-month high. Asian and European stock benchmarks sagged, with U.S. equities set to follow suit, and crude oil prices dipped on recent remarks from Federal Reserve officials that drove a bearish steepening of the U.S. yield curve. The benchmark STOXX index of 600 European shares slid 0.5%, in line with an earlier fall in MSCI’s broadest index of…
Sep 26, 2023: U.S. stock futures traded lower Tuesday, with the Federal Reserve’s indications of a tighter than expected monetary policy next year hitting sentiment. By 06:35 ET (10:35 GMT), the Dow Futures contract was down 125 points, or 0.4%, S&P 500 Futures traded 20 points, or 0.4%, lower and Nasdaq 100 Futures dropped 70 points, or 0,5%. Indices set for losing month on hawkish FedThe main indices on Wall Street are still feeling the impact from last week’s surprisingly hawkish Federal Reserve meeting, with the policymakers signaling another rate increase this year and just two rate cuts next year,…
Sep 26, 2023: The dollar rose to a new 10-month peak on Tuesday as U.S. bond yields hit their highest level since October 2007, while the Japanese yen recovered from an early dip, with traders on alert for signs of government intervention. Federal Reserve policymaker Neel Kashkari said on Monday that, given the strength of the U.S economy, interest rates should probably rise again and be held “higher for longer” until inflation falls back down to 2%. His comments helped push up the yield on the 10-year U.S. Treasury – the benchmark U.S. yield that sets the tone for borrowing…
Sep 26, 2023: According to Citigroup (NYSE:C) strategists, there has been a notable shift in sentiment in August and September, transitioning from peak bullish stock positioning to increasingly net short futures positioning. This shift is indicative of a growing bearish sentiment on a global scale. Citi analysts point out that positioning in the Nasdaq market has now become one-sided and net short. However, despite the extended selloff, the net positioning across all markets is not considered excessively extended. Additionally, profits and losses related to this shift in positioning have not been very significant. “This leaves positioning relatively light and generally…
Sep 25, 2023: The U.S. dollar edged higher, just below the recent six-month high, making a steady start to the new week as traders digested last week’s series of central bank interest rate decisions. At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded largely unchanged at 105.262, having hit a six-month high on Friday. Dollar retains strength after hawkish Fed meetingThe dollar received a boost last week after the U.S. Federal Reserve indicated that rates would be higher for longer, surprising the market with the hawkish nature of its…
Sep 25, 2023: Most Asian stocks retreated on Monday as markets digested the outlook for higher interest rates in developed markets, while Chinese shares led losses amid persistent concerns over a property market crisis. Most regional stocks were nursing steep losses from the prior week after the Federal Reserve warned U.S. could rise further, and are likely to remain higher for longer. The outlook dented most risk-driven assets, and is set to dampen regional markets in the coming months. Sentiment was also on edge before a string of key regional economic readings this week. Real estate concerns hit Chinese sharesRenewed…
Sep 25, 2023: Economic strategists anticipate a potential resurgence of Thailand’s national currency, the baht, driven by recent growth initiatives announced by Prime Minister Srettha Thavisin. According to predictions by Ebury and Societe Generale (OTC:SCGLY) SA on Monday, the baht is expected to strengthen by over 5% and reach 34 per dollar by the end of 2023. A stronger baht is predicted to have a positive impact on Thailand’s economy. Krungsri Securities Co. suggested on Monday that a stable baht would bolster sovereign debt and alleviate strain on domestic stocks. The measures introduced by the newly appointed Prime Minister are…
Sep 25, 2023: Oil prices rose in Asian trade on Monday, rising after their first negative week in four as the prospect of tighter supplies largely offset concerns over a potential slowdown in demand. Crude prices had ended last week about 0.8% lower, coming chiefly under pressure from hawkish messaging from the Federal Reserve, as the central bank projected higher for longer interest rates. Strength in the dollar also weighed, as the greenback hit six-month peaks. But losses were still limited by the prospect of tighter supplies, especially after Russia suspended most fuel exports, in a bid to address rising…
Sep 25, 2023: Gold prices fell slightly on Monday, seeing continued weakness after the Federal Reserve warned that interest rates will remain higher for longer, with strength in the dollar and yields also applying pressure. The yellow metal traded largely rangebound in recent weeks as the prospect of higher U.S. interest rates dented its appeal. The Fed had last week warned that rates could still rise further this year, and will fall by a smaller-than-expected margin in 2023, likely remaining above 5%. The prospect of higher interest rates bodes poorly for gold, given that it pushes up the opportunity cost…
