Bitcoin prices are mostly unchanged Tuesday, extending the recent lull in price activity that has pushed a popular gauge of volatility to its lowest level in almost two years.
Investing.com – The dollar eased against its rivals Tuesday, amid a surge in sterling after the European Union and Britain agreed a draft text of a Brexit withdrawal agreement, though doubts lingered about whether the U.K. parliament would back the deal.
The price of oil, one of Canada's major exports, plunged to lows not seen since last November due to ongoing worries about weakening global demand, oversupply and declines across other asset classes, including equities. U.S. crude oil futures settled 7.1 percent lower at $55.69 a barrel. The slide in oil prices "is delivering a very, very hard blow to the Canadian dollar," said Karl Schamotta, director global markets strategy at Cambridge Global Payments.
European rivals of the U.S. dollar rebound Tuesday from their sharp selloff at the start of the week, as Brexit hopes support Britain’s pound though the infighting in London continues.
U.K. stocks struggle for gains and end the session little changed on Tuesday, trailing a stronger performance by European markets as investors grapple with a strong British pound triggered by hopes for a Brexit deal.
The Italian government failed to produce a revised deficit target requested by the European Commission, with Rome officials instead saying they would stick to a budget deficit that is 2.4% of gross domestic product and economic growth that is a 1.5% of GDP for its 2019 budget plan, according to Bloomberg News. Italy was slated to resubmit a new proposal on Tuesday with a failure to do so likely intensifying a dispute with the European Union because the original draft ran afoul of eurozone fiscal rules. Citing an official from the far-right League, Bloomberg said the Italian government will defend its proposal, which had already been rejected by eurozone officials. The 10-year Italian government bond yield was flat at 3.450%, while the 10-year German bond yield was up 2.2 basis points to 0.410%. The euro strengthened against the U.S. dollar, rising 0.4%, with the dollar changing hands at $1.1261, compared with with $1.1220 late Monday.
Investing.com - The dollar was lower on Tuesday, but still remained near a 16-month high in anticipation of Federal Reserve rate hikes.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.29% to 97.10 as of 10:54 AM ET (15:54 GMT), but remained near Monday’s high of 97.52.The greenback continued to push higher amid expectations that the Federal Reserve will raise rates in December and beyond, as the U.S. economy gains strength. ...
The British pound extended its gains on Tuesday as U.K. and European Union officials found an agreement to avoid a so-called hard border between Northern Ireland and the Republic of Ireland, according to Ireland's national radio and television broadcaster RTE. The report said negotiations regarding the border had concluded. Earlier, Bloomberg reported that a deal on the so-called backstop could be reached within the day. The border debate has long been one of the most controversial issues hamstringing the negotiations between the U.K. and the European Union. Sterling extended its rally and climbed to $1.3005 on the back of the report, versus $1.2851 late Monday in New York. The euro-sterling pair weakened 0.7% to £0.8672. The U.K.'s main stock benchmark, the FTSE 100 was flat at 7050.95 following the report, while the yield for the 10-year British government bond was up 6.9 basis points to 1.510%, according to Tradeweb data.
Bitcoin dipped 0.60% to $6,439.90 on the Bitfinex exchange as of 8:56 AM ET (13:56 GMT), while Bitcoin Cash fell 1.73% to $534.61.
The market is currently in a holding pattern because investors are waiting for news about Italy’s budget and the Brexit negotiations. If these events continue to cast a negative pall on the Euro then look for sellers to drive the EUR/USD into 1.1185.
US equities markets rebound in the early pre-market session, The European market was able to move higher in early Tuesday trading although markets were mixed.
After early session weakness drove gold prices to a one-month low at $1196.60, the market has mounted a slight turnaround, mostly due to a weakening U.S. Dollar. A recovery in the Australian and New Zealand Dollars as well in the Euro is helping to put some pressure on the dollar.
Concerns over trade tensions eased on news that China’s trade negotiator could head to Washington ahead of a meeting of the two countries leaders later this month.
The British pound strengthened against the U.S. dollar and the euro on Tuesday following a Bloomberg report saying the U.K. cabinet expected a Brexit backstop text to be completed within the day. The backstop refers politicians trying to avoid a hard border between Northern Ireland and the Republic of Ireland. The border debate has long been one of the most controversial issues hamstringing the negotiations between the U.K. and the European Union. Should a text on the backstop be completed today, cabinet would approve it Wednesday or Thursday this week, according to the report. Sterling rallied sharply to $1.2973, versus $1.2851 late Monday in New York, while the euro-sterling pair weakened 0.5% to £0.8685.
The euro zone's top three investment banks are facing an 11 billion euro (9.57 billion pounds) question from their supervisor. A decade after the start of the financial crisis, supervisors are still trying to make the banking sector more robust and avoid a repeat of the meltdown that started on trading floors and brought low the whole euro zone economy. ECB Vice President Luis De Guindos said after results of the Europe-wide stress test were published on Nov. 2 that the job was not done.
A subdued USD demand prompts some profit-taking after the recent upsurge.
Investing.com - Gold prices fell below the $1,200 psychological support on Tuesday, dropping to a one-month low as dollar strength continued to put downward pressure on the precious metal.
The rundown: Bitcoin and all major currencies were down in the morning; The Jakarta Futures Exchange will build an Indonesian regulated blockchain exchange; Digital marketing technology firm Scoota selects blockchain partner Ternio to facilitate transparency within its programmatic ad campaigns; KPMG LLP partners with Blockchain in Transport Alliance to help develop blockchain standards for the […] The post Bitcoin News Crypto Currency Daily Roundup November 13 appeared first on Market Exclusive.
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Investing.com - The dollar was trading near the highest levels of the year on Tuesday, amid expectations for higher U.S. interest rates, while the pound rebounded from one-and-a-half week lows despite ongoing Brexit uncertainty.
With Italy frequently dominating the headlines in the recent weeks, it’s a good idea to take a macro look at the Eurozone: its origins, some aspects of its structure, and what dangers it might face in the near future.
EURUSD broke the horizontal support on the 1.13 and went lower. From the technical point of view, the main trigger here is the breakout of the lower line of the flag pattern (green). Currently, the price is bouncing from the long-term neckline of the giant H&S formation. That can be a good occasion for a bullish correction, which can test the 1.13 as a fresh resistance.
Despite the long-term pressure from the divergence between the monetary policies of the hawkish U.S. Federal Reserve and the dovish Reserve Banks of Australia and New Zealand, it looks as if the positive trade news about the U.S. and China is likely to drive the price action on Tuesday.