Author: FX

Comments from Vice Chair of the National Development and Reform Commission of the People’s Republic of China (NDRC) after the country’s growth target was set at around 5% over the weekend.This was seen as a little disappointing. Analyst consensus was a touch higher around 5.5%. The more modest target reduces the need for economic stimulus at the margin. China’s mainland stock markets are down a little on the session. The move will not extend into a rout while the National Congress is underway.Remarks via Reuters headlines: China’s economy steadily improvingWill further release potential for consumptionWill prudently tackle risks related to…

Fresnillo the world’s largest producer of silver from ore and the second-largest gold miner in Mexico, is scheduled to report its Q4 2022 earnings result on 7th March (Tuesday), before the market open in London.  Following recent stronger-than-expected US economic data and fears over a rebound in inflation which could lead to further monetary tightening by the Fed, both gold and silver pared some of the gains seen in the fourth quarter last year. Last week, gold rebounded from its weakest levels in two months, whereas silver is seen traded higher away from its near-three-month low, as market participants continue to…

The Japanese Yen could be in for a bumpy ride this week with Fed Chair Powell set to testify and a Bank of Japan meeting amongst other data could be pivotal for USD/JPY direction.Japanese Yen, USD/JPY, US Dollar, BoJ, Powell, Fed, Treasury Yields – Talking PointsThe Japanese Yen grabbed some ground on Friday and is steady to start the weekThe BoJ looks likely to be on hold at their monetary policy meeting this FridayPowell’s commentary could shift Treasury yields. Will that tilt USD/JPY as well? Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary…

Share: USD/CAD prints the first daily gain in four, mildly bid of late. Bullish candlestick formation, upbeat MACD signals keep buyers hopeful. Sustained break of four-month-old previous resistance line strengthens the bullish bias. USD/CAD prints mild gains around 1.3600 as bears take a breather after a three-day losing streak during early Monday morning in Asia. In doing so, the Loonie pair justifies the previous day’s bullish Doji candlestick, as well as upbeat MACD signals, to back the pair’s rebound from the 10-DMA support. The Loonie pair’s further recovery, however, needs validation from the previous monthly high surrounding 1.3665 to…

KanawatTH Banks around the world have reduced their cryptocurrency assets under custody to EUR 1.0B (US$1.06B) in 2022 from EUR 3.0B in 2021, according to a recent study by the Bank for International Settlements. The roughly 66% drop in banks’ crypto custody over the past year coincided with a market crash stemming from a slew of high-profile failures, ranging from the collapse of the Terra blockchain (LUNC-USD) (UST-USD) in May to crypto exchange FTX’s (FTT-USD) implosion in November. Bitcoin (BTC-USD), the largest token by market cap, sank about 65% during the year, marking the worst Y/Y slump since plunging ~75%…

2/2 © Reuters. German Chancellor Olaf Scholz and European Commission President Ursula von der Leyen walk following a closed German cabinet meeting at the government’s guest house in Schloss Meseberg, near Gransee, Germany, March 5, 2023. REUTERS/Fabrizio Bensch 2/2 FRANKFURT, Germany (Reuters) – EU Commission President Ursula von der Leyen said on Sunday she is determined to counter challenges from U.S. subsidies for green technologies and to speed a currently blocked law on phasing out combustion engines from 2035. Visiting Chancellor Olaf Scholz and the German cabinet at the start of a two-day meeting near Berlin, von der Leyen said…

Recommended by Daniel Dubrovsky Get Your Free Equities Forecast Global risk appetite improved this past week. On Wall Street, the Dow Jones and S&P 500 rallied 1.79% and 1.86%, respectively. Meanwhile, Across the Atlantic Ocean, the DAX 40 and FTSE 100 rallied 2.59% and 0.46%, respectively. This is as Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index gained 1.73% and 2.79%, respectively. The rosy mood meant a disappointing week for the anti-risk US Dollar as gold prices aimed higher. Will this momentum keep up?Notable event risk for financial markets includes a few central bank rate decisions. These are the…

MON: Swiss CPI (Feb), EZ Sentix Index (Mar), EZ Retail Sales (Jan), South Korean GDP Revised (Q4).TUE: RBA Policy Announcement, EIA STEO, Australian Trade Balance (Jan), Chinese Trade Balance (Feb).WED: BoC Policy Announcement, NBP Policy Announcement, German Retail Sales (Jan), EZ GDP Revised (Q4), US ADP National Employment (Feb), Japan GDP Revised (Q4).THU: Chinese Inflation (Feb).FRI: BoJ Policy Announcement, German Final CPI (Feb), Norwegian CPI (Feb), US Jobs Report (Feb), Canadian Jobs Reports (Feb).NOTE: Previews are listed in day-orderChina Two Sessions (Sat): The first session of the week-long 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) will…

Crypto exchange Binance has been accused of “blatantly” copying the winner of the BNB Chain hackathon after launching Bicasso — an AI-based nonfungible token (NFT) creation tool. Binance allegedly ripped off a tool created by Chatcasso just two months after awarding them first prize in a BNB Chain hackathon held in Seoul from Dec. 17–19, 2022. On March 1, Binance CEO Changpeng “CZ” Zhao announced the launch of Bicasso, an artificial intelligence (AI) product that can be used to “turn your creative visions into NFTs with AI.” However, community member “ggoma” believes Binance copied and promoted the Chatcasso project as…

Warning: NRDBY is at high risk of cutting its dividend Source link