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PBOC sets USD/CNY reference rate at 7.1966 vs. 7.1991 previous
The People’s Bank of China (PBOC) has set the USD/CNY reference rate at 7.1966, slightly lower than the previous 7.1991. This adjustment reflects the central bank’s ongoing efforts to manage the yuan’s value amid global economic fluctuations. By setting the reference rate marginally lower, the PBOC aims to balance export competitiveness with import costs, ensuring […]
Australian Dollar edges higher following employment data, RBA Bullock comments
The Australian dollar strengthened following the release of employment data, with October adding 15,900 jobs and the unemployment rate holding steady at 4.1%. This stability, despite falling short of job growth expectations, highlights a resilient labor market, lending support to the currency. RBA Governor Michele Bullock reinforced that current interest rates are sufficiently restrictive, signaling […]
Ripple’s XRP open interest drops over 10% after another rejection at $0.7440
Ripple’s XRP has faced a notable decline in open interest, dropping over 10% following its recent failure to surpass the $0.7440 resistance level. This decrease in open interest, which represents the total number of outstanding futures contracts, suggests a waning confidence among traders regarding XRP’s short-term prospects. The repeated inability to break through this key […]
Oil prices edge down, forecasts for higher oil output, weak demand growth weigh
Oil prices have declined slightly, influenced by forecasts of increased global production and subdued demand growth. The U.S. Energy Information Administration (EIA) has raised its projections for both U.S. and global oil output, anticipating U.S. production to average 13.23 million barrels per day (bpd) in 2024 and global production to reach 102.6 million bpd. Concurrently, […]