Sep 21, 2023: Oil prices fell in Asian trade on Thursday as the Federal Reserve’s warning on higher U.S. interest rates saw investors lock-in more recent profits, although expectations of tight supply still presented a positive outlook for crude. Concerns over higher rates saw West Texas Intermediate crude futures (WTI) lose the $90 per barrel level, while Brent oil futures also fell sharply from a 10-month high hit earlier this week, as markets were slapped with a bout of profit taking. This was fostered by fears of the Fed, as the central bank kept rates steady on Wednesday but warned…
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Sep 21, 2023: Most Asian currencies tumbled on Thursday, while the dollar rose to six-month highs after the Federal Reserve warned that U.S. interest rates will remain higher for longer. Markets were also largely risk-off before several more central bank rate decisions this week, most notably the Bank of Japan and the Bank of England. Fed offers hawkish pause, flags fewer rate cutsAsian currencies were nursing steep overnight losses after the Fed kept rates steady, but warned that sticky inflation could invite at least one more hike this year. The bank also said that rates will likely stay around 5.1%…
Sep 21, 2023: The price of Ethereum (ETH) has surpassed the psychological threshold of $2,000, following the implementation of the Shanghai and Capella upgrades, collectively known as Shapella. The upgrades have allowed for ETH unstaking for the first time since its introduction in December 2020, according to reports on Wednesday. In an attempt to predict future movements, some cryptocurrency traders are using BlockchainCenter’s rainbow price chart for Ethereum. The chart currently suggests that Ethereum is in the ‘Fire Sale’ phase, which ranges between $0 and $2,320, with efforts being made to break upwards into the ‘Undervalued’ zone (blue), which stands…
Sep 21, 2023: Gold prices fell on Thursday after the Federal Reserve warned that U.S. interest rates will remain higher for longer, with investors sharply lowering their price expectations for the yellow metal in the coming months. Gold futures expiring in December- the most traded contract on New York’s Comex, slid 1%, or nearly $20, to $1,948.05 an ounce, indicating that traders were pricing in much lower gold prices in the coming months, especially amid a higher rate outlook. Spot gold had a relatively subdued reaction to the Fed, falling 0.1% to $1,928.12 an ounce by 23:50 ET (03:50 GMT).…
Sep 21, 2023: European Banking Solutions (EBS) is poised to reshape high-risk industries, unleashing a wave of payment innovation. With the unveiling of Crypto IBANs and cutting-edge Point of Sale (PoS) systems, European Banking Solutions (EBS) is empowering businesses to navigate the world of cryptocurrencies, transactions, and payments with unparalleled ease and security. One of the key reasons someone might choose EBS is their unwavering commitment to transparency, ensuring that clients have a clear view of their financial transactions and accounts. Additionally, EBS offers segregated funds, instilling reliability and security in its services, and assuring clients that their assets are…
Sep 20, 2023: Wall Street’s main indexes opened higher on Wednesday as Treasury yields retreated ahead of a likely pause in the Federal Reserve’s policy tightening campaign, though concerns over rates staying higher for longer kept investor sentiment in check. The Dow Jones Industrial Average rose 57.77 points, or 0.17%, at the open to 34,575.50. The S&P 500 opened higher by 8.86 points, or 0.20%, at 4,452.81, while the Nasdaq Composite gained 32.07 points, or 0.23%, to 13,710.26 at the opening bell. Source Courtesy: Reuters/Investing.com
Sep 20, 2023: Most Asian stocks fell on Wednesday with markets remaining broadly risk-off before a closely-watched interest rate decision from the Federal Reserve later in the day, while weak economic readings from Japan also weighed. Japan’s Nikkei 225 fell 0.3% as data showed the country’s exports and imports shrank less than expected in August. But Japan’s trade deficit widened substantially more than expected, hitting a three-month low on weakness in China, which is one of the country’s biggest export destinations. Focus this week is also on a Bank of Japan meeting on Friday, amid some speculation that a pivot…
Sep 20, 2023: Cryptocurrency values have seen an upward trend this Tuesday, led by Bitcoin, the largest cryptocurrency by market capitalization. Bitcoin’s value increased by over 1% in the last 24 hours, reaching $27,100. This surge allowed BTC to surpass the challenging $26,000 mark, a threshold that has been difficult to breach over the past month due to low volatility and trading volumes. Market participants are closely watching the Federal Reserve’s interest rate decision expected on Wednesday. The outcome could significantly impact the movement of cryptocurrencies. While many anticipate borrowing costs will remain steady, the potential for a rate hike…
Sep 20, 2023: The People’s Bank of China held its benchmark loan prime rates at record lows on Wednesday, as it moved to strike a balance between supporting an economic recovery and stemming further weakness in the yuan. The PBOC kept its one-year LPR at 3.45%, while the five-year LPR, which is used to determine mortgage rates, was left unchanged at 4.20%. Both rates were at historic lows, after three cuts over the past year. Markets had broadly expected the PBOC to keep rates on hold, given that it left its medium-term lending rates unchanged last week. The LPR is…
Sep 20, 2023: Japan’s exports fell in August for a second straight month, weighed by declines in China’s demand for steel and heavy oil and stoking fears of a downturn in the face of elevated global interest rates. Ministry of Finance (MOF) data showed on Wednesday exports fell 0.8% year-on-year in August, slower than economists’ median estimates of 1.7% decline and following a 0.3% drop in Japan’s overseas shipments. It was the second straight month of annual declines. By destination, Japan’s shipments to China, its largest trading partner, fell 11% year-on-year in August, marking a third straight month of double-digit…
