USD Coin (USDC), the world’s second-largest stablecoin, may simply have been in the wrong place at the wrong time. The place was Silicon Valley Bank (SVB), a commercial bank with $209 billion in assets, where USDC issuer Circle had deposited $3.3 billion of its cash reserves for safekeeping. The time was the present: one of
Financial markets in today’s Asian session exhibit a risk-averse sentiment, despite attempts on the weekend to stabilize the situation from the recent banking crisis. While UBS’s acquisition of Credit Suisse may have provided slight support to Euro and Swiss Franc, stocks are trading in red, and commodity currencies are weaker. Yen, on the other hand,
Share: Ever since the SVB and Credit Suisse banking woes have rippled through global markets interest rate expectations have rapidly changed. However, one potential upside from these shocks is that interest rate expectations are now sharply lower for the Fed. So, if the Fed signals a pause or a pivot on Wednesday will that surprise
On the daily chart below, we can see that the broken trendline is acting as a strong support for the buyers, but the sellers keep leaning on the red long period moving average targeting a breakout. The market is getting nervous amid the stress in the banking sector and emergency actions taken by the central
Goldman Sachs has cut its forecast on Brent crude oil futures from $100 per bbl amid a sharp fall in crude oil prices on banking and recession worries. The global investment bank now expects crude to average at $94 per bbl in the next 12 months and $97 per bbl in the second half of
Last week the CPI data in the U.S. came in above expectations with headline inflation rising 0.4% and core CPI by 0.5%. The ECB hiked its interest rates by 50bps stressing that inflation is projected to remain too high and refrained from signalling any future policy changes. They also noted the high levels of uncertainty
Share: AUD/USD cheers risk-on mood, cautiously optimistic comments from RBA’s Kent. RBA’s Kent conveys soundness of Aussie banks, defends rate hike moves. Hopes that UBS buyout of Credit Suisse could tame bond market rout favor the sentiment. RBA Meeting Minutes, preliminary PMIs for March and FOMC Meeting are the week’s key events to watch for
First things first, what’s the deal with the rate hike? Well, investors are split on whether the Fed will implement a quarter-point hike or hit pause. The bond market gives a 65% probability to a quarter-point boost that will raise the Fed’s policy rate to 4.75%-5%. Traders have slashed the odds of a hike, but
Gold closed the week with a humongous gain of nearly 7% at $1989.34 as, globally, investors become increasingly concerned about the stability of the financial system due to the shaky and fragile looking banking sector. With the closures of three US banks, and Credit Suisse on the verge of shutting down, the global banking industry
At least four global banks have put restrictions on new dealings with Credit Suisse group AG At least two banks are taking measures that involve cutting unsecured exposure to Credit Suisse in new dealings Deutsche Bank/value it assigns to Credit Suisse securities as collateral on loans to wealth management clients Societe Generale has not changed
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Bitcoin (BTC) approached a key weekly close on March 19 with traders concerned about a retest of lower levels. Bitcoin bulls must “step in” to protect $26,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $27,000 on Bitstamp. After briefly tapping $28,000 into the weekend, a slow comedown through out-of-hours trading denied bulls
Share: Next Thursday, the Bank of England (BoE) will announce its decision on monetary policy. A 25 basis point rate hike to 4.25% is expected. Analysts at Rabobank also see a quarter-point rate increase and warn that such scenario is not fully priced in the interest market, “which indicate that the chance of a hold
The price of WTI crude futures reached a new week low of $65.38. That took out the low from earlier this week at $65.65. Looking at the weekly chart, the price also move below its 200 week moving average at $66.14. However the price has rebounded and currently trades at $66.62. So for the third
Natural gas prices have dropped more than 75% in the last six-month period. Moderate after-winter demand and concerns about industrial consumption because of the US Federal Reserve’s aggressive rate hikes adversely hit the demand outlook. The year 2022 was the most volatile period ever for gas prices. Global supply chain uncertainties due to the Russia-Ukraine
Sources indicate that UBS is close to finalizing a deal to acquire Credit Suisse, as Swiss and global authorities work to mitigate banking sector contagion and restore confidence in the financial system. The agreement could be reached as early as Sunday. The Swiss National Bank (SNB) provided a $50 billion lifeline earlier this week, although