Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Dollar climbs ahead of inflation data; cryptos crumble

2022 11 10T012629Z 1 LYNXMPEIA901H RTROPTP 4 GLOBAL FOREX - Global Banking | Finance

By Rae Wee

SINGAPORE (Reuters) – The dollar inched higher ahead of U.S. inflation data due later on Thursday, while cryptocurrencies remained under pressure after crypto exchange Binance scrapped plans to rescue its ailing rival FTX.

The greenback surged on Wednesday against its peers but later pared some of those gains, with investors also digesting the U.S. midterm election results.

The dollar index, which tracks the currency against major peers, was last up 0.11% to 110.48.

All eyes were on U.S. inflation figures due later on Thursday, which could have a big impact on the scale of the U.S. Federal Reserve’s future interest rate hikes. Economists polled by Reuters expect the headline consumer price index to show an 8% year-on-year rise in October, down from 8.2% in September.

“I think the biggest risk going into today’s U.S. CPI release is for the markets to be over-reading it. There is potential for a softer print, no doubt, but the Fed has already communicated a downshift in its rate hike trajectory without exiting its hawkish bent,” said Charu Chanana, market strategist at Saxo Markets.

The euro slipped below parity and last stood 0.18% lower at $0.9992. Sterling gained 0.32% to $1.1396, making a partial recovery from a 1.6% slide in the previous session.

The dollar has lost some steam over the past few weeks on hopes that the Fed could begin making smaller interest rate hikes from as soon as December.

The Japanese yen edged higher to 146.22 per dollar on Thursday. It hit a roughly two-week high of 145.18 in the previous session before ceding its gains.

A crisis in the crypto world also hurt risk sentiment and supported the dollar, analysts said.

The Binance exchange on Wednesday abandoned a bailout deal of its rival FTX, leaving FTX Chief Executive Officer Sam Bankman-Fried scrambling to explore all options for his firm.

Just a day earlier, Binance had signed a nonbinding agreement to buy FTX’s non-U.S. unit to help cover a “liquidity crunch”.

“I do think there’s been a bit of contagion from what’s been going on in crypto … It does seem to be having something of an unsettling effect,” said Ray Attrill, head of FX strategy at National Australia Bank.

FTX’s native token, FTT, was last 123% higher for the day at $3.394, though its month-to-date loss remained more than 85%.

Bitcoin rose 5% to $16,690, after plunging below $16,000 for the first time since late 2020 in the previous session. It has tumbled more than 60% this year.

The latest results from Tuesday’s U.S. midterm elections showed Republicans were edging closer to securing a majority in the U.S. House of Representatives. Yet control of the Senate hung in the balance after Democrats performed better than expected.

Elsewhere, the Aussie dollar edged 0.26% lower to $0.6414 while the kiwi was down 0.23% at $0.587. Both had fallen more than 1% in Wednesday trading.

(Reporting by Rae Wee; Editing by Simon Cameron-Moore and Mark Heinrich)


Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post