Mar 14 2024 In London, the dollar made slight gains on Thursday as investors anticipated key U.S. economic data, while bitcoin surged to a new all-time high above $73,800. The dollar index, measuring the currency against six major counterparts, increased by 0.1% to 102.83. Despite Tuesday’s release of higher-than-expected U.S. consumer inflation figures, the dollar has remained relatively steady, reflecting a roughly unchanged stance since the data. Year-to-date, the index has risen by approximately 1.5% on the back of resilient U.S. economic indicators, prompting investors to temper expectations for swift and significant interest rate cuts. Scheduled for release at 1230…
Author: editor2
Mar 14 2024 In European trading on Thursday, the U.S. dollar saw a slight uptick, maintaining its recent robustness as investors awaited further indications on U.S. interest rates through the upcoming producer inflation and retail sales data releases. At 06:00 ET (10:00 GMT), the Dollar Index, which gauges the dollar against a basket of six other currencies, edged 0.1% higher to 102.490. The dollar gained momentum earlier in the week following the release of a stronger-than-anticipated U.S. consumer price index report, bolstering expectations that the Federal Reserve would proceed cautiously in adjusting interest rates. Although the U.S. currency has faced…
Mar 14 2024 Oil prices witnessed further gains on Thursday as investors absorbed the International Energy Agency’s (IEA) latest oil market report, which revised upward its demand growth forecasts and lowered projections for non-OPEC supply in 2024. Brent crude futures for May climbed by 72 cents, or 0.86%, reaching $84.75 a barrel by 1021 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude for April surged by 83 cents, or 1.04%, reaching $80.55. The IEA raised its first-quarter global demand growth forecast by 1.7 million barrels per day (bpd), driven by an improved U.S. outlook and increased bunkering demand due to…
Mar 14 2024 JMP Securities analysts have revised their price target for Coinbase (NASDAQ: COIN) upwards, from $200 to $300, citing anticipated strong inflows into spot Bitcoin exchange-traded funds (ETFs). In a note, analysts stated, “We estimate $220 billion of flows into spot Bitcoin ETFs over the next three years, multiples of what has already been experienced; Coinbase remains well positioned if we are correct.” The analysts maintained a Market Outperform rating on the stock. This optimistic outlook was initially expressed by JMP analysts in December 2023 regarding the potential impact of a spot-Bitcoin ETF on the crypto market and…
Mar 14 2024 Singapore Airlines (SIA) is in the process of readying a $500 million 10-year dollar bond, as disclosed by a term sheet obtained by Reuters on Thursday. The bond is structured at a rate of U.S Treasuries plus 110 basis points, with an initial price guidance of the 10-year U.S. Treasury rate plus 150 basis points, as indicated in an earlier term sheet also obtained by Reuters on the same day. A Thursday report by Cyrus Ng, a research analyst at Bondsupermart, suggested that the new bond appears reasonably priced in comparison to existing U.S. dollar bonds from…
Mar 13 2024:European shares surged to fresh record highs on Wednesday, driven by gains in retail and utility stocks following positive corporate updates, while investors awaited industrial production data from the region. The pan-European STOXX 600 rose by 0.1% as of 9:13 GMT, following a record-high close on Tuesday. The retail (SXRP) index led the sectoral performance, surging by 2.5%, propelled by a 13.6% increase in Zalando shares. The online fashion retailer reported better-than-expected fourth-quarter profits and announced a share buy-back program, anticipating a return to growth and improved profitability in 2024. Shares of Zara-owner Inditex (BME:ITX) also soared by…
Mar 13 2024: On Wednesday, the U.S. dollar maintained its position, retaining a significant portion of its gains from the previous day after robust consumer inflation data reinforced expectations of prolonged higher interest rates. Meanwhile, the British pound stayed relatively stable as investors awaited key GDP data. The dollar’s strength led to subdued trading in most other G7 currencies, with minimal movement seen in the euro, Australian dollar, and Canadian dollar. However, the Japanese yen exhibited some resilience amid ongoing speculation about a potential policy shift by the Bank of Japan. GBP Stagnant Ahead of Data ReleasesThe British pound remained…
Mar 13 2024: On Wednesday, oil prices surged, driven by indications of robust global demand, particularly from the United States, while optimism surrounding potential rate cuts by the Federal Reserve further bolstered sentiment, despite persistent concerns about U.S. inflation. According to market sources citing American Petroleum Institute data ahead of Wednesday’s official U.S. inventory report, both U.S. crude oil and fuel inventories experienced declines last week, signaling healthy demand. Brent futures for May climbed by 83 cents, or 1%, reaching $82.75 a barrel by 0922 GMT. Similarly, U.S. West Texas Intermediate crude for April saw an increase of 59 cents,…
Mar 13 2024: On Tuesday, Litecoin saw a significant drop, trading at $93.815 by 13:21 (17:21 GMT) , marking a 10.54% decrease for the day. This represents the largest one-day percentage loss since January 3. This downward movement pushed Litecoin’s market capitalization down to $7.020 billion, accounting for 0.27% of the total cryptocurrency market cap. At its peak, Litecoin’s market cap reached $25.609 billion. Over the previous twenty-four hours, Litecoin fluctuated between $93.815 and $104.245. In the past week, Litecoin showed an increase in value, gaining 10.63%. The trading volume of Litecoin in the twenty-four hours leading up to the…
Mar 13 2024: In early New York trading on Wednesday, Tesla (NASDAQ:TSLA) witnessed a 1.5% drop following Wells Fargo’s decision to downgrade its rating from Equal Weight to Underweight, akin to a sell recommendation. Analysts characterized Tesla as “a growth company with no growth.” The analysts also revised the price target downwards by up to $75 to $125 per share, signaling a potential downside risk of nearly 30% based on Tesla’s closing price of $177.54 on Tuesday. Wells Fargo remarked that Tesla is currently not exhibiting its previously perceived “Magnificent” status, given its shares have declined by as much as…
