EUR/USD and GBP/USD are experiencing declines as the US dollar strengthens, while EUR/GBP is recovering from a multi-year low. EUR/USD is on track for its sixth consecutive day of losses, approaching early December lows, while GBP/USD faces pressure after being rejected by a resistance line.
Asia begins the final trading week of 2024 with a focus on the monthly 'China data dump' and central bank decisions, including a likely rate cut from the Federal Reserve. Investors remain optimistic amid easing monetary policies, while the Bank of Japan may consider a rate hike following positive business surveys. Key Chinese economic indicators, including industrial production and retail sales, are set to be released, alongside concerns over the South Korean won following President Yoon Suk Yeol's impeachment.
The Trump family's cryptocurrency venture, World Liberty Financial, has sparked controversy following a $30 million investment from the Tron platform, linked to funding groups like Hamas and Hezbollah. Eric Trump lauded the UAE's blockchain leadership at the Bitcoin MENA conference, while concerns arise over potential conflicts of interest involving key figures like Steve Witkoff, recently appointed as special envoy to the Middle East. The situation poses a significant test for the Trump administration's commitment to responsible crypto regulation amid growing US-UAE partnerships in fintech.
Japanese lawmaker Satoshi Hamada has urged the government to consider integrating Bitcoin into its foreign exchange reserves, highlighting its potential as a strategic asset amid rising global interest in cryptocurrencies. His proposal comes as Bitcoin surpasses $100,000, reflecting its growing acceptance and value, and aligns with similar discussions in the US and Brazil regarding the use of Bitcoin as a hedge against economic risks. Advocates believe that adopting a Bitcoin reserve could enhance Japan's financial flexibility and assert its leadership in the digital asset space.
Ethereum's price is currently around $3,900, facing a critical resistance near the $4,000 mark amid significant inflows into Ethereum ETFs, which recorded $273.7 million in net inflows recently. With a change in SEC leadership, expectations rise for potential staking within these ETFs, which could further boost ETH's value. A sustained move above the upper boundary of a symmetry triangle pattern is essential for ETH to break through the $4,000 barrier and aim for its all-time high of $4,868.
Stabull Finance has launched a decentralized platform on Ethereum and Polygon, offering an alternative to traditional FX and commodity swaps. After six months of beta testing, it now supports tokenized gold and eleven fiat-backed stablecoins, aiming to enhance on-chain trading efficiency and liquidity for non-USD currencies. The platform addresses challenges faced by existing automated market makers, promising improved capital efficiency and price discovery for liquidity providers and traders.
Ethereum founder Vitalik Buterin has praised the Argentine peso's stability, noting its exchange rate against the U.S. dollar remains unchanged from a year ago. He commended President Milei for reversing the currency's trajectory from hyperinflation and highlighted the recent decrease in inflation rates. Additionally, Milei has announced plans for a currency competition scheme allowing the use of bitcoin for transactions.
UBS reports a decrease in the risk premium for European gas, with TTF futures dropping below €45/MWh due to stable Russian supply. European gas storage levels are at 81%, with projections indicating a winter end in the low-40% range, while demand rose 3% year-over-year in November, driven by colder weather. Piped gas imports remained stable, despite a slight decline in Russian imports amid a contractual dispute.
The EUR/USD exchange rate has dipped to the bottom of its two-year range around $1.05, with expectations of a 25 basis point rate cut by the Fed. While a hawkish tone from Jerome Powell could strengthen the dollar, bearish sentiment on the euro suggests limited downside risk. Technical analysis indicates a favorable buying opportunity below $1.05, with targets set at $1.08 and a stop at $1.03.
World shares showed mixed performance as they followed a decline on Wall Street, influenced by disappointing price data. Currency traders remained vigilant in the foreign exchange markets, particularly at KEB Hana Bank in Seoul, South Korea.
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