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Aurelia Butler
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Marketmind: Central bank bonanza, yen intervention watch
(Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.It’s all about global interest rates for Asia on Thursday.Three monetary policy decisions in Asia and a finely balanced call from the Bank of England will give Asian markets their steer, as investors digest the Federal Reserve’s policy decision, revised forecasts and guidance on Wednesday.The central banks of Indonesia, the Philippines and Taiwan are all widely expected to keep key lending rates on hold at 5.75%, 6.25% and 1.88%, respectively, so investors will be looking to policy statements for clues on future moves.The surprise fall in UK inflation last month puts the BoE decision on a knife edge – Goldman Sachs, Deutsche and Nomura all changed their BoE calls – and the pullback in rate hike expectations contributed to the fall in global bond yields earlier on Wednesday.But that was before the Fed.Punchy upward revisions to U.S. policymakers’ median rate forecasts for the next couple of years tipped markets the other way – the dollar rebounded sharply, U.S. Treasury yields spiked to new multi-year highs, the yield curve flattened and stocks collapsed.U.S. crude oil fell 1%, its biggest fall in a month – some relief for investors, who will also note that this was the first time in a month oil has fallen two days in a row.For Asian markets, one of the most significant consequences of the Fed’s revisions is the dollar’s rise, most notably against the yen. The dollar hit an 11-month high above 148 yen, which Japanese policymakers will be paying close attention to.The Bank of Japan meets on Friday, and a growing number of analysts were already expecting a signal that ultra-loose policy would soon end. A renewed slide in the exchange rate could raise those expectations even further.What’s more, the yen sliding deeper into territory that prompted record yen-buying intervention from Japanese authorities late last year is bound to intensify speculation that a repeat is on the cards.In that light, it is worth noting that Japan’s intervention on Sept. 22 last year was a day after the FOMC decision and revised forecasts. Will lightning strike twice?The Asia and Pacific regional economic calendar on Thursday also includes second quarter GDP data from New Zealand – seen rebounding to +0.5% on a quarter-on-quarter basis and almost halving to 1.2% on an annual basis, according to a Reuters poll – and Hong Kong inflation for August.Here are key developments that could provide more direction to markets on Thursday:- Indonesia central bank meeting- Philippines central bank meeting- Bank of England policy decision (By Jamie McGeever; Editing by Josie Kao) More
US Democrats speak up for CBDC global leadership, Republicans fear ‘dark side’
Beneath the rhetoric, the value of research, U.S. citizens’ privacy and the role of government in everyday life were discussed as they relate to a U.S. central bank digital currency (CBDC). Continue Reading on Coin Telegraph More
Renewable energy milestone opens door for Tesla to resume crypto payments
This suggests that Tesla (NASDAQ:TSLA) could resume accepting Bitcoin as payment, as cited in a 2021 tweet.Elon Musk, a known supporter of cryptocurrencies including Bitcoin, has been viewed by many as being responsible for some of the cryptocurrency’s wild price swings, including its peak back in 2021.Despite ongoing support, it was in June 2021 that Musk halted Tesla’s Bitcoin payments until clean energy usage by miners was around 50%.Since then, Bloomberg Intelligence’s Coutts noted that clean energy usage is now greater than 50%, adding the combination of falling emissions and a rising hash rate means “Bitcoin mining is consuming more sustainable energy in its mix.”Although Musk has remained quiet on X (formerly Twitter) on this topic, the timing of this announcement was highlighted in a recent Forbes report as being particularly interesting since it occurred at the same times a U.S. Securities and Exchange Commission insider warned crypto buyers of Binance, and a leak also suggested the Tesla CEO was thinking of turning X into a new version of PayPal that could incorporate cryptocurrency payments.Given Elon Musk’s massive sway in the crypto community, especially as evidenced in his addition of the Dogecoin symbol to his X profile, a spike, even temporary in the market may bring in some good news for the market. This article was originally published on Crypto.news More
Evmos, Swing, Tashi, Wormhole team up to solve Cosmos liquidity problems
According to statements from two of the teams involved, Wormhole will register five new bridged tokens for use on Evmos: Tether (USDT), USD Coin (USDC), wrapped Ether (wETH), wrapped Bitcoin (wBTC) and Solana (SOL). A Wormhole governance vote on this part of the proposal began on September 19 and currently has near unanimous support.Continue Reading on Coin Telegraph More
Meta launches metaverse game, Bitcoin Ordinals creator proposes numbering change: Nifty Newsletter
Meta has announced it has started rolling out Horizon Worlds on mobile devices and web browsers. The launch to mobile and web includes a free-for-all shooter game called Super Rumble, where two to six players can play together in fast-paced shooting matches. Continue Reading on Coin Telegraph More
PayPal rolls out PYUSD stablecoin to Venmo users
In a Sept. 20 blog post, the payments firm said PayPal USD (PYUSD) — the company’s stablecoin pegged to the U.S. dollar — is already available to Venmo users and will be “rolling out fully in the coming weeks”. The news came roughly six weeks after PayPal announced the launch of the stablecoin, saying at the time it would be issued by Paxos Trust and fully backed by U.S. dollar deposits, short-term Treasuries and similar cash equivalents.Continue Reading on Coin Telegraph More
Binance CEO denies receiving $250m loan, amidst regulatory challenges and trading volume dip
The Decrypt report was subsequently updated to reflect Zhao’s assertion. Despite this correction, Zhao maintained that the report contained substantial inaccuracies, though he did not provide specific details regarding these inaccuracies.This development follows closely behind another contentious issue involving Binance.US and the U.S. Securities and Exchange Commission (SEC). The SEC has leveled accusations against Binance.US, operated by BAM, regarding the management and safeguarding of customer assets. A pivotal court hearing is set for October 12.The SEC’s dispute with Binance.US centers around an entity referred to as “Ceffu,” which the SEC alleges is a newly rebranded Binance entity involved in customer asset custody. Zhao has vehemently denied these allegations, labeling them as baseless.Amidst these controversies, Binance has also seen a significant drop in its Bitcoin trading volume. Reports indicate a 57% decrease in the platform’s 7-day average spot trading volume for Bitcoin since the start of September. This decline coincides with intensifying regulatory scrutiny on Binance across multiple jurisdictions.In addition to US-based concerns, French authorities conducted an investigation into Binance’s office in France last month over allegations of illegal provision of digital-asset services and aggravated money laundering. The exchange has also been ordered to cease operations in Nigeria by the country’s SEC and faces regulatory challenges in several European countries such as Belgium and Austria.Despite these challenges, Binance continues to operate while addressing regulatory concerns and correcting public misinformation.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
