|Day's Range||1,556.60 - 1,559.80|
Paxos is enabling a new auto-transfer feature to streamline the conversion of funds between bank accounts and stablecoin deposits.
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterGhana is delaying the sale of $750 million of shares in a gold mining fund as the government reviews the rules and processes that dictate mineral royalty payments, according to people familiar with the matter.The West African nation initially prepared to hold the public offering this month, but has postponed the plan until March, said the people, who asked not to be identified because they’re not authorized to speak publicly about the matter. The fund will be structured to receive royalties and pay dividends from these inflows, prompting the government to reassess whether its systems are sufficiently robust to secure all income due, they said.Finance Minister Ken Ofori-Atta didn’t answer calls seeking comment.Ghana picked Bank of America Corp. to lead plans for the dual-listing in London and the local bourse, people familiar with the matter said in November. The proposed listing could be London’s largest mining share sale in more than two years after En+ Group raised $1.5 billion through a sale of global depository receipts in November 2017The share sale will help Africa’s biggest gold producer to raise debt-free funding to spend on economic development projects ahead of elections slated for December. AngloGold Ashanti Ltd., Newmont Corp. and Gold Fields Ltd. are among the mining companies with assets in Ghana.To contact the reporter on this story: Ekow Dontoh in Accra at email@example.comTo contact the editors responsible for this story: Andre Janse van Vuuren at firstname.lastname@example.org, Rene VollgraaffFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The US dollar has pulled back a bit during the trading session on Tuesday but found support below the 1.10 level to turn things around and show just how bullish this market truly is.
The British pound rallied a bit during the trading session on Tuesday, breaking above the top of the hammer from the Monday session. This was helped by better than anticipated employment figures.
The Australian dollar has gone back and forth during the trading session again on Tuesday, initially breaking down below the recent lows, but has turned around to show signs of life again.
In times of political and economic uncertainties, analysts recommend investing in safe-haven assets. The US dollar, Japanese yen, and gold were always considered as the main refuges.
The weather is bearish; however, oversold conditions could lead to a surprise short-covering rally. Be prepared for a possible two-sided trade.
The “sluggish” forecast from the IMF likely means that central banks will keep interest rates at or near historically low levels. Furthermore, it opens the door to more creative central bank stimulus like Quantitative Easing (QE) and fresh fiscal stimulus. This could provide support for gold throughout the year.
EUR/USD is showing strong bearish price action after breaking below the support trend lines. Price action looks ready for a decisive breakout below 1.1090.
I don’t want to sound like the boy who cried wolf, but the latest developments in the Chinese coronavirus crisis occurring in the central Chinese city of Wuhan is a building concern.
Gold markets did very little during the trading session on Monday, as the Americans were celebrating Martin Luther King Jr. Day. That being said, we are at extreme highs and it looks like we are ready to “kill time” in order to build up pressure again.
The Australian dollar initially tried to rally during the trading session on Monday but found trouble at the 200 day EMA. The market has broken down towards the 50 day EMA which of course should show support.
Natural gas slumped to a four-year low on Monday. This the lowest seasonal price on record going back to 1990 has been driven by the continued absence of cold U.S. winter weather to drive demand from utilities towards heating. The route to salvation for this very important fuel increasingly have to come from companies cutting production, either voluntary or involuntary
While I spend many hours a day scouring through Forex charts, the charts related to these two markets have caught my eye.
The direction of the February Comex gold market the rest of the session on Monday will be determined by trader reaction to the minor top at $1564.20.
The COT report covering the week to January 14 showed the hedge funds reaction to Middle East deescalation with crude oil and gold longs being cut. The imminent signing of the U.S. – China trade deal meanwhile helped drive demand for industrial metals and agriculture commodities.
GBP/USD attempted to recover higher last week but sellers stepped in after a weak UK retail sales report that encouraged rate cut speculation.