Author: FX
On March 10, Blockchain payment tech company and (USDC) issuers Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Bank (SVB). Concerns have been growing over USDC late this week due to Circle disclosing in its latest audit that as of Jan. 31, $8.6 billion, or roughly 20% of its reserves, was held up in several financial institutions, including the recently bankrupted Silvergate, and shuttered SVB. 24-hour USDC price chart: CoinGeckoCoinbase (NASDAQ:) and Binance pause USDC conversions Continue Reading on Coin Telegraph…
alengo President Biden and European Commission Ursula von der Leyen said Friday the two sides will open negotiations on the use of critical minerals used to produce batteries for electric vehicles. The two leaders met at the White House amid growing European complaints that clean energy subsidies in the U.S. Inflation Reduction Act will divert investment away from Europe and hurt their economies. In a joint statement after their meeting, Biden and von der Leye said they would “immediately begin negotiations on a targeted critical minerals agreement” to ensure that minerals extracted or processed in the European Union would count…
The point of hiking interest rates is to inflict economic pain. In a perfect world, it would be spread evenly and fairly, the economy would slow just enough to bring inflation back into balance.But interest rates are a famously blunt tool.As it stands, the burden falls highest on people in precarious positions: those who borrowed too much and can’t make the payments. We collectively accept that families will suffer to bring inflation under control.What if, instead, that burden fell on banks and venture capital?Would that be a good thing? Sure. Those are supposed to be the risk takers in an…
Share: USD/CHF extended its drop past the 20/50-day EMAs after facing resistance at the 200-day EMA. USD/CHF Price Forecast: Shifted bearish, though needs to crack 0.9130s to test YTD lows. USD/CHF falls below the confluence of the 20 and 50-day Exponential Moving Averages (EMAs), extending its daily losses to more than 1% Friday. A mixed US jobs report weighed on the US Dollar (USD). Sentiment deteriorates on a US bank collapse, which could have spillover in the country. At the time of writing, the USD/CHF is trading at 0.9216. USD/CHF Price Action After dropping below the intersection of…
Share: EUR/USD reached a two-week high at 1.0700 and finished the week with minimal gains. Sentiment shifted sour on a default by the Silicon Valley Bank in the US, at the risk of spillover in the sector. US jobs data was mixed but flashed signs of cooling down. Germany’s inflation was unchanged and warranted further tightening by the ECB. The EUR/USD rose 0.45% late in the New York session in a volatile trading day, with Wall Street set to register substantial losses blamed on a US bank collapse. That overshadowed an awaited US jobs report, scrutinized by investors…
Risk-off behavior dominated the financial markets most of the week as traders juggled between a hawkish interest rate outlook against negative headlines from the U.S. banking sector. Benefiting from both broad risk aversion conditions and Swiss economic updates showing strong labor and inflation conditions continue, it was no surprise that the Swiss franc easily took the top spot among the FX majors at the Friday close. Notable News & Economic Updates: Chinese government sets modest growth target of “around 5%” for 2023 during annual National Party Congress versus analysts’ expectations of at least 5.5% economic expansion China’s trade surplus beat…
GBP/USD recovers some ground getting ready to finish the week with minimal gains after bouncing off YTD lows at 1.1802, with buyers reclaiming 1.2000 Source link
drserg/iStock Editorial via Getty Images Oracle (NYSE:ORCL) fell more than 3% in mid-day trading on Friday after the IT giant reported fiscal third-quarter sales and an outlook that investment firm Societe General said were “less dynamic” than they had been previously. Analyst Richard Nguyen lowered the firm’s rating on Oracle (ORCL) to hold from buy, noting that while the company’s fundamentals strong, its valuation has made the stock less attractive. “While Oracle continues to scale up its cloud business, its top-line growth momentum may start to slow, in our view,” Nguyen wrote in an investor note. Looking ahead, Oracle (ORCL)…
© Reuters. FILE PHOTO: A help wanted sign at a store along Queen Street West in Toronto Ontario, Canada June 10, 2022. REUTERS/Carlos Osorio By Ismail Shakil and Steve Scherer OTTAWA (Reuters) -The Canadian economy beat expectations by adding 21,800 jobs in February, putting pressure on the central bank to consider another rate hike after saying it wanted end its year-long tightening campaign, data showed on Friday. Analysts surveyed by Reuters had forecast a net gain of 10,000 jobs after January’s whopping 150,000 increase. The jobless rate held steady at 5.0% in February, while economists had forecast it would edge…
The US jobs report was slightly weaker than expected on net, mostly via big downward private payroll revisions that were offset by a stronger government jobs trajectory, and a weak hours-worked path thanks to a big downward January revision. Payrolls rose by a sturdy 311k in February after -34k in revisions, but private payrolls rose by just 265k after -94k in revisions. Click here to access our Economic Calendar Andria Pichidi Market Analyst Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research.…