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1 03, 2024

Gold faces up against a key question towards the end of the week

By |2024-03-01T10:49:52+02:00March 1, 2024|Forex News|0 Comments


Gold is down 0.2% to $2,040 after a push earlier to $2,048 levels to start European morning trade. It coincides with a move higher in yields, with 10-year Treasury yields now up 2.8 bps to 4.28% on the day. But perhaps gold’s slight retreat is also a more technical-related one. Here is a look at the daily chart:

Gold (XAU/USD) daily chart

The precious metal is running up against key trend line resistance (white line) near $2,045. And after the strong rebound from its 100-day moving average (red line), buyers might struggle for more momentum from hereon.

That especially if the bond market continues to chop around as it has been throughout the last two weeks.

Going back to the technical picture for gold, a pattern of lower highs, lower lows is starting to form. The key question now is, are we going to see the key resistance level above hold today and reaffirm that pattern? If so, profit-taking and a technical push lower here could invite a push back towards $2,000 next for gold.



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1 03, 2024

Technical Analysis: WTI oil futures restricted in a bullish trend

By |2024-03-01T10:03:56+02:00March 1, 2024|Forex News|0 Comments


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1 03, 2024

Bitcoin Price Forecast: $70k in Focus after 51% Gains in February 

By |2024-03-01T09:16:40+02:00March 1, 2024|Forex News|0 Comments


But more importantly, when it occurs during a market uptrend, where investors are sitting on over 51% gains for the month, it signals an overwhelming conviction among existing holders that the Bitcoin price rally will continue towards the $70,000 territory in March 2024. 

Also, when valued at the current BTC price of $41,000, the coins offloaded over the past week are worth approximately $4.1 billion. If market demand remains weak, the intense sell pressure could promptly send BTC price spiraling below $40,000. 

BTC Price Forecast: Breaking $65,000 Is the Next Challenge

From an on-chain perspective, the $2,8 billion decline in BTC market supply in February, put BTC price in vantage position for a major breakout to new all-time highs above $70,000.  

However, IntoTheBlock’s In/Out of the Money Around Price data emphasizes the BTC faces significant resistance at the $65,000 area. 



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1 03, 2024

SOL Price Shoots Past $135 As Solana DeFi Ecosystem Thrives

By |2024-03-01T08:59:28+02:00March 1, 2024|Forex News|0 Comments


After a solid rally earlier this week, the broader crypto market has paused for a while, however, Solana (SOL) continues its upward momentum with 10% gains for the second consecutive day. The daily trading volume for Solana has crossed $7 billion while the Solana price is up by 30% on the weekly charts. Interestingly, market analysts are expecting a Solana price rally to $200 in this month of March.

Solana DeFi Ecosystem Sees Strong Growth

Marginfi, a leading lending protocol on the Solana blockchain, has revealed the upcoming launch of YBX, an over-collateralized stablecoin. Liquidity-collateralized tokens will support YBX, backed by prominent Solana assets including jitoSOL, mSOL, bSOL, and LST. Also, the stablecoin will debut on the mainnet in the latter half of March.

$YBX is minted against Liquidity-Staking Tokens (LSTs) on the Marginfi platform. Notably, the staking yield generated from these LSTs will be redirected to $YBX holders, thus facilitating a process where $YBX accrues value against the USD with each epoch completed by Solana.

This mechanism enables minters to optimize their borrowing strategies, providing stable exposure below borrow rates. Moreover, holders of $YBX now have access to a diversified, yielding, and decentralized alternative to traditional stablecoins like USDC or USDT on the Solana blockchain. This introduction reflects Marginfi’s commitment to fostering innovation and providing value-added solutions within the decentralized finance (DeFi) space.

Also, Marginfi’s total value locked (TVL) currently stands at an impressive $580 million, cementing its position as the third-largest TVL protocol operating on the Solana network. This announcement marks a significant development in the Solana ecosystem, offering users a new stablecoin option backed by a diverse array of assets.

SOL Price Action

Solana’s market witnessed increased activity following a period of consolidation, where it traded within a tight range of $100 to $110 for about a week. This momentum prompted a breakout above the resistance level. Despite a brief correction of 5.85%, bullish sentiment swiftly regained momentum, driving the price up by 13%. As a result, Solana entered a bullish phase, breaking through the $125 resistance level. Analysts expect the Solana price rally to continue to $200 this month.

The recent surge in Solana’s price comes amid the excitement surrounding the Dogwifhat (WIF) meme coin, a token based on the Solana network. This frenzy resulted in a 50% increase in the meme coin’s price, rising from $0.52 on February 27 to $0.79. Since its introduction on December 14, 2023, WIF has experienced a staggering surge of over 374%.





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1 03, 2024

Dogecoin (DOGE) Soars 39% to Erase One Zero, Path to ATH?

By |2024-03-01T08:30:42+02:00March 1, 2024|Forex News|0 Comments


Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Dogecoin (DOGE) is arguably riding the bullish wave today as all of its growth metrics are on a tear. The price of the meme coin is up by 39% to $0.1276, arguably leading the sector’s resurgence in a Bitcoin-fueled bull rally. With the current price outlook, Dogecoin has now recorded a 51% surge in the trailing seven-day period.

The ongoing rally has pushed Dogecoin to hit a major milestone for the year as the price cleared off one zero, a feat it has not recorded in more than a year. Amid the ongoing rally, the DOGE price jumped to a 52-week high of $0.1344, a level that suggests the potential to return to its previous all-time high (ATH) of $0.7376.

There are many considerations in projecting the price of Dogecoin to return to the ATH, including trading volume, whale transaction impact and general market sentiment. Per current data, Dogecoin’s trading volume has jumped by 208% to $5,755,421,085, making it the seventh most traded digital currency on the market today.

Amid the market resurgence, Dogecoin whales are on a rampage, with data from crypto analytics platform IntoTheBlock (ITB) pegging the large transaction volume at $3.44 billion, up by 71.78% in 24 hours.

Dogecoin and broader market sentiment

Despite the current uptick in DOGE price, there are no signs of the personal ecosystem fundamental driving its rally, leaving it solely at the mercy of the broader market.

Bitcoin has taken the lead thus far, with its price skyrocketing above the $63,000 threshold for the first time since it last recorded its ATH above $69,000. The massive bullish momentum in the price of BTC has triggered a corresponding run for all altcoins, setting the pace for an encompassing market rally.

Dogecoin is currently one of the biggest beneficiaries of this correlation, and how long this rally will last remains to be seen.



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1 03, 2024

USD/JPY settles back into range as it runs the other way today

By |2024-03-01T07:43:08+02:00March 1, 2024|Forex News|0 Comments


At one point yesterday, it looked like the pair was set for a technical shove to the downside. Sellers threatened a firm break below the lower limit around 149.70-80 after the US PCE price index data. The low even touched 149.20 before a strong rebound saw a recovery back towards the 150.00 level. That persisted into the daily close before the added gains today.

USD/JPY daily chart

The move lower in the Japanese yen comes after BOJ governor Ueda said that they would still have to wait on the spring wage negotiations before acting. It’s a bit of a tone down to Takata’s remarks yesterday.

As such, USD/JPY is now back up to 150.45 but remains stuck somewhat in between the range before as seen on the daily chart. The lower limit continues to rest around 149.70-80. Meanwhile, the upper limit sits closer to the 150.80 level. That remains the technical cage for the pair until we get a firm breakout.



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1 03, 2024

Emerging DeFi sensation Retik Finance (RETIK) presale sold out, raises more than $32 million

By |2024-03-01T07:28:13+02:00March 1, 2024|Forex News|0 Comments


In the fast-paced world of decentralised finance (DeFi), emerging projects often capture the imagination of investors seeking innovative opportunities. One such project that has recently made waves is Retik Finance (RETIK), a decentralised finance platform aiming to revolutionise the way individuals interact with financial services. With its recent presale culminating with a sold-out status and raising over $32 million, Retik Finance has solidified its position as an emerging DeFi sensation. Here’s a look at the success parameters of Retik Finance’s presale and the excitement surrounding the project.

Retik Finance (RETIK): An overview

Retik Finance (RETIK) is an innovative decentralised finance (DeFi) platform that aims to revolutionise traditional banking systems by offering a comprehensive suite of financial services built on blockchain technology. At its core, Retik Finance seeks to empower individuals and businesses worldwide by providing them with access to secure, transparent, and efficient financial solutions. Retik Finance stands out in the DeFi landscape due to its commitment to bridging the gap between the digital and traditional financial worlds. The platform offers a wide range of decentralised financial products and services, including but not limited to:
1. Retik wallet: The Retik wallet serves as a secure digital wallet that allows users to store, send, and receive cryptocurrencies. Built on Web 3.0 Wallet technology, the Retik Wallet provides users full control over their funds while ensuring the highest level of security.
2. DeFi debit card: The Retik Finance DeFi Debit Card enables users to seamlessly convert their cryptocurrencies into fiat currencies and spend them at millions of merchants worldwide. The card leverages decentralised funding to provide users with instant access to their digital assets.
3. Retik pay: Retik pay is a cutting-edge payment solution that facilitates fast, secure, and low-cost cross-border transactions. By leveraging blockchain technology, Retik pay eliminates the need for intermediaries, resulting in faster settlement times and lower transaction fees.
4. $RETIK token: The $RETIK token serves as the native utility token of the Retik Finance ecosystem. Holders of $RETIK tokens enjoy various benefits, including governance rights, staking rewards, and discounts on platform fees. Additionally, $RETIK tokens play a crucial role in incentivising users to participate in the Retik Finance ecosystem.

Mission and vision
Retik Finance’s mission is to democratise access to financial services by providing users with decentralised, transparent, and user-friendly solutions that empower them to take control of their finances. By leveraging blockchain technology and decentralised finance principles, Retik Finance aims to address the limitations of traditional banking systems, including high fees, slow transaction times, and lack of transparency. Retik Finance seeks to create a more inclusive, transparent, and efficient financial ecosystem for all through its innovative products and services where individuals and businesses worldwide can access financial services without relying on traditional banking institutions.Retik Finance’s presale success
Retik Finance’s presale, which recently concluded, has exceeded all expectations by selling out and raising an impressive sum of over $32 million. This remarkable achievement is a testament to the growing interest and confidence in the project among investors within the cryptocurrency community. The presale’s success can be attributed to several factors, including Retik Finance’s innovative vision, robust technological infrastructure, and strategic marketing efforts. Additionally, the project’s team of experienced developers and industry experts has instilled confidence in investors, further fueling demand for RETIK tokens. Furthermore, Retik Finance’s presale success highlights the increasing popularity of decentralised finance platforms as investors seek alternative investment opportunities outside of traditional financial markets. As the DeFi ecosystem continues to expand, projects like Retik Finance are poised to play a pivotal role in shaping the future of finance.Celebrating success with Retik Finance
To commemorate the success of Retik Finance’s presale, the project is hosting an exciting giveaway event, offering participants the chance to win a share of $5000. This giveaway serves as a token of appreciation for the community’s support and enthusiasm throughout the presale process. To participate in the giveaway, community members are invited to showcase their creativity by creating a photo, video, or meme celebrating Retik Finance’s presale success uniquely and imaginatively. Participants are encouraged to upload their creations to Twitter, tag @retikfinance, and include the hashtag #RETIK in their tweets. Additionally, participants must tag three friends and send the tweet link to giveaway@retik.com to be eligible for the prize. The giveaway presents an opportunity for community members to engage with the project and share in the excitement surrounding Retik Finance’s achievements. With 25 lucky winners set to receive $200 each, the giveaway promises to add an extra layer of celebration to Retik Finance’s presale success.

Looking ahead
As Retik Finance (RETIK) celebrates the success of its presale and looks towards the future, the project remains focused on delivering its vision of decentralised finance to a global audience.

Retik Finance’s presale success and the accompanying $5000 giveaway event serve as a testament to the project’s emergence as a leading player in the DeFi space. With strong community support, innovative solutions, and a commitment to transparency and decentralisation, Retik Finance is poised for further growth and success in the months and years to come. As the project continues to evolve and expand its offerings, investors and enthusiasts alike can look forward to an exciting journey ahead with Retik Finance. Click here to take part in the Retik Finance Presale.

Visit the links below for more information about Retik Finance (RETIK):
Website:
https://retik.com
Whitepaper: https://retik.com/retik-whitepaper.pdf
Linktree: https://linktr.ee/retikfinance

Disclaimer: The above content is non-editorial, and TIL (Times Internet Limited) hereby disclaims any and all warranties, express or implied, relating to the same. TIL does not provide investment advisory services in any manner and the publication of this content does not mean TIL’s or Economic Times endorsement. TIL strongly recommends the users to take all steps necessary to ascertain that any information and content provided is correct, updated and verified and/or speak with a qualified investment professional before making any investment decisions.

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1 03, 2024

Asia FX weakens, dollar strong as mixed China PMI offsets rate cheer By Investing.com

By |2024-03-01T06:56:48+02:00March 1, 2024|Forex News|0 Comments


© Reuters.

Investing.com– Most Asian currencies weakened on Friday, while the dollar retained overnight gains as signs of continued economic weakness in China largely offset optimism over easing U.S. inflation and interest rates.

Purchasing managers index (PMI) data from China showed little improvement in business activity through February, indicating that a recovery in Asia’s largest economy remained sluggish.

This notion kept sentiment towards regional currency markets on edge, even as traders began pricing in a slightly higher chance of U.S. rate cuts after overnight inflation data.

Chinese yuan dips on mixed PMIs 

The fell 0.1% on Friday and remained in sight of recent three-month lows.

Official PMI data showed China’s shrank for a fifth straight month in February. The weak reading largely offset data showing some improvement in activity, although this increase was largely due to higher consumer spending during the Lunar New Year holiday- a trend which may peter out in the coming months.

A separate, private survey showed China’s expanded in February. But the official reading indicated that China’s biggest manufacturing firms remained under pressure from weak local and overseas demand. 

Dollar strong as PCE data spurs little rate cut positioning

The and both fell slightly in Asian trade on Friday, but retained a bulk of their overnight gains after data showed inflation eased as expected in January.

The – the Federal Reserve’s preferred inflation gauge- cooled in January, but remained well above the central bank’s annual inflation target. 

“Owing to the rapid fall in PCE measured inflation in Q4 last year, there is some scope for temporary slippage in the data and the Fed can still be on track to cut rates this summer. However, if the data stay strong through March, the Fed may have to revisit for how long rates will need to stay high,” analysts at ANZ wrote in a note. 

The showed traders were still pricing in an over 30% chance for a hold in June, along with a 56% chance the Fed will cut rates by 25 basis points.

Most other Asian currencies were muted on Friday. The relinquished all of its gains on Thursday, trading back above the 150 level as the prospect of higher for longer U.S. rates largely overshadowed any early rate hikes by the Bank of Japan.

The rose 0.3% after clocking two days of losses, as investors bet that the Reserve Bank will not raise interest rates any further. 

Focus was also on key due next week.

The was flat, while the extended mild gains from Thursday after data showed grew much more than expected in the December quarter, underscoring India’s position as the fastest growing major economy. 



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1 03, 2024

Bitcoin (BTC) News Today: ETF Momentum Falters Amidst GBTC Outflows

By |2024-03-01T06:10:37+02:00March 1, 2024|Forex News|0 Comments


Farside 290224 BTC-Spot ETF Market Flows

Banks Enter the Bitcoin-Spot ETF Market Fray

On Thursday, news hit the wires of two US banks offering BTC-spot ETFs to wealth management clients.

Bloomberg reported Bank of America’s (BAC) Merrill Lynch and Wells Fargo (WFC) started offering BTC-spot ETFs to their clients. However, Vanguard remains on the sidelines. In January, Vanguard published a Q&A, saying crypto is more of a speculation than an investment.

Technical Analysis

Bitcoin Analysis

BTC remained well above the 50-day and 200-day EMAs, sending bullish price signals.

A BTC return to $62,000 would give the bulls a run at the Wednesday high of $64,008. A break above the Wednesday high of $64,008 would bring the all-time high of $69,276 into play.

BTC-spot ETF market flow data needs consideration.

However, a fall through the $59,176 support level would give the bears a run at the $57,000 support level.

The 14-Daily RSI reading, 79.42, shows BTC in overbought territory. Selling pressure may intensify at the Wednesday high of $64,008.



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1 03, 2024

Asia Market News: Private Sector PMIs from China Deliver AUD/USD and ASX 200 Gains

By |2024-03-01T05:24:30+02:00March 1, 2024|Forex News|0 Comments


However, the Caixin Manufacturing PMI had more weightage. In February, the Caixin Manufacturing PMI rose from 50.8 to 50.9. Economists forecast a fall to 50.6.

According to the February Survey,

  • Manufacturing production rose at the most marked pace since May 2023.
  • New export orders increased for the second month, with manufacturers reporting improved demand conditions.
  • Firms expanded purchasing activity in response to an improving demand environment.
  • Unfinished business declined in February despite manufacturers reducing headcounts.
  • The rate of cost inflation slowed further, with input prices rising at the least marked pace in seven months.
  • Firms reduced selling prices for the second month to win new business.

The pickup in new overseas orders could ease deflationary pressures. However, the focus will shift to Beijing. Lawmakers will meet next week to discuss economic forecasts and policy. Following a series of monetary policy moves, the markets remain hopeful of a fiscal stimulus package to bolster the Chinese economy.

Aussie Dollar Reaction to the China Private Sector PMIs

The AUD/USD reacted to the NBS PMI numbers, initially dropping to a low of $0.64982 before climbing to a post-stat high of $0.65059.

However, in response to the Caixin Manufacturing PMI, the Aussie dollar dipped to a low of $0.65023 before rising to a post-stat high of $0.65076.

On Friday, the Aussie dollar was up 0.13% to $0.65060.



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