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Market News 【TOP1 Evening】Bitcoin surges to $50,000! Dollar in doldrums as recovery optimism thrives

【TOP1 Evening】Bitcoin surges to $50,000! Dollar in doldrums as recovery optimism thrives

Bitcoin scales fresh peak, knocks on the door of $50,000! U.S. oil prices climb on Texas cold snap, Brent stable; Gold, silver funds see biggest weekly outflows in three months; Asian Markets in positive territory.

TOPONE Markets Analyst
2021-02-16
543

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Gold 


Gold and silver mutual funds and ETFs witnessed the biggest outflows in three months in the week ended Feb. 10 as investors put their money into soaring equities and high-yielding bond markets.


Spot gold rose 0.14% to $1820.57 per ounce; spot silver rose 0.11% to $27.616 per ounce by18:00 (GMT+8).


Market participants now await minutes of the Federal Reserve's end-January monetary policy meeting on Wednesday.


The eurozone is likely to decide between March and May when and how governments would start tapering support to their economies as vaccinations allow the lifting of pandemic lockdowns and economic activity picks up, officials said on Monday.       


Bitcoin reached another record, coming ever closer to $50,000, as the world's largest cryptocurrency extends its breathtaking rally.


Bitcoin rose 1.56% to $4,8936 by19:00 (GMT+8).


"Bitcoin volatility is likely to continue rising in the near term and remain elevated until it settles in around its next plateau," said Mike McGlone, a commodity strategist at Bloomberg Intelligence, who added that $100,000 may be a longer term target.


A flurry of recent announcements indicates that Bitcoin is winning more mainstream attention, after Tesla's purchase catapulted cryptocurrencies onto the agenda of corporate treasurers worldwide.


For instance, an investment unit of Morgan Stanley is considering whether to bet on Bitcoin, according to people with knowledge of the matter. In Canada, officials approved the first North American Bitcoin exchange-traded fund.


Digital tokens had already caught the attention of hedge fund moguls including Alan Howard and Paul Tudor Jones. On one disputed narrative, Bitcoin is a kind of digital bullion that provides a store of value as well as a hedge for risks such as faster inflation. That's in part because it's designed to have a fixed supply of 21 million coins.


Amid the hype, there continue to be warnings that cryptocurrencies are prone to wild price swings, deployed for illicit transactions and exposed to tightening regulations -- storing up a lot of risk.


"It's important to remember that Bitcoin never moves up in a straight line," said Antoni Trenchev, managing partner and co-founder of Nexo in London, one of the biggest crypto lenders. "Short-term volatility is very much a feature of this bull market and investors should prepare accordingly."


Forex


The U.S. dollar was pinned down on Tuesday, as vaccine optimism boosted the British pound to an almost three-year high, while rising oil prices and buoyant expectations for global recovery supported commodity and trade-exposed currencies.


The U.S. dollar index fell 0.21 to 90.12 by 19:00(GMT+8).


In trade thinned by Lunar New Year holidays in China and Monday's U.S. holiday, the positive mood also weighed on the safe-haven yen which made a one-week low on the dollar overnight and fell to more than two-year lows on the euro and the Aussie.


The risk-sensitive Australian dollar held near Monday's one-month high at $0.7785.


"The dollar tends to underperform when you see this broad positive sentiment in markets," said Rodrigo Catril, senior currency strategist at National Australia Bank in Sydney.


"There are also inflationary pressures particularly coming from energy prices," he said, which is pushing up nominal yields - adding another weight on the yen as that can attract flows from Japan - but keeping real returns on Treasuries steady.


Sterling has gained as much as 2.5% on the dollar in less than two weeks as the aggressive rollout of Britain's COVID-19 vaccination programme has raised expectations its economy will be able to recover more swiftly than European peers'.


The euro was steady at $1.2132 on Tuesday while the yen, which has dropped 2% so far this year, nursed losses at 105.36 per dollar. 


"The yen has been the worst-performing currency of 2021, with its negative correlation to U.S. Treasury yields proving to be the biggest dampening factor," said Francesco Pesole, currency strategist at Dutch bank ING in a note to clients.


"When adding weak safe-haven demand as the global recovery gathers pace, some additional trimming of yen net long positions may be on the cards."


Crude Oil


Oil prices hovered near 13-month highs on Tuesday on the back of a cold snap shutting wells in Texas, the the biggest crude producing state in the United States, while a wage deal in Norway averted outages in Europe, capping gains.


Prices also gained after Yemen's Iran-aligned Houthi group said it had launched attacks on Saudi Arabia, raising supply concerns in the world's biggest oil exporter, while vaccine-driven optimism over a global economic recovery from the COVID-19 pandemic also supported.


U.S. West Texas Intermediate (WTI) crude was at $62.766 barrel, fell 0.09%, Brent was down to $62.746 a barrel, fell 0.13% by 18:00(GMT+8).


The cold weather in the United States halted Texas oil wells and refineries on Monday and forced restrictions on natural gas and crude pipeline operators, leaving about 4 million homes and businesses without power.


Texas produces roughly 4.6 million barrels of oil per day and is home to 31 refineries, the most of any U.S. state, according to Energy Information Administration data, including some of the country's largest.


In the Middle East, the Saudi-led coalition fighting the Houthis in Yemen said on Monday that it had intercepted and destroyed an explosive-laden drone fired by the Houthis toward the kingdom.


Capping prices gains, Norway's oil industry employers struck a wage bargain with the Safe labour union on Tuesday, preventing a strike at the Mongstad crude terminal and shutdowns of major offshore oil and gas fields.


Stocks


Asian stock markets are in positive territory on Tuesday, extending gains from the previous session despite the absence of fresh cues from Wall Street, which was closed overnight for a holiday. Expectations for more fiscal stimulus and optimism about swifter economic recovery following a drop in new coronavirus cases and the faster rollout of COVID-19 vaccines across the world lifted the markets.


Nikkei 225 rose 383.60 points or 1.28%, close at 30,467.75.

S&P/ASX 200 rose 48.40 points or 0.70% to close at 6,917.30.

Hang Seng Index rose 573.09 or 1.90% to 30,746.66.

South Korea's Kospi rose 16.25 points or 0.52% to 3,163.25.


Upbeat corporate news and minutes from the Reserve Bank of Australia's Feb. 2 monetary policy meeting that showed Australia's economy is recovering from the Covid-19 pandemic at a faster than expected pace generated positive sentiment.


The major miners advanced, buoyed by strong copper prices. Rio Tinto is adding more than 3 percent and Fortescue Metals is advancing almost 2 percent.


BHP Group reported a 20 percent fall in net profit for the first half due to an impairment charge on its NSW thermal coal assets, but underlying profit rose 16 percent and the company declared a higher interim dividend. The mining giant's shares are rising more than 2 percent.

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