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US PPI final demand August YoY 1.8% vs 1.6% est. Ex Food and energy 2.8% vs 2.7% est.

US PPI final demand August YoY 1.8% vs 1.6% est. Ex Food and energy 2.8% vs 2.7% est.

October 11, 2024 2:50 pm |

  • Prior month 1.7% revised to 1.9%. YoY. Core 2.4% revised to 2.6%
  • PPI MoM 0.0% for September
  • PPI ex food and energy 0.2% vs 0.2% est.
  • PPI ex food and energy and Trade YoY 3.2% vs 3.3% last month
  • PPI ex food and energy and trade MoM 0.1% vs 0.2% last month (revised from 0.3%)

The YOY data was higher than expectations despite the MoM data coming in lower or as expected.

Looking at the details from final demand services and goods:

Final Demand Services:

  • Increased 0.2% in September, following a 0.4% rise in August

  • Leading contributors:

    • Deposit services (+3.0%)

    • Machinery and vehicle wholesaling

    • Furniture retailing

    • Desktop and portable device application software publishing

  • Declines:

    • Professional and commercial equipment wholesaling (-6.3%)

    • Securities brokerage and dealing

Final Demand Goods:

  • Decreased 0.2% in September, following no change in August

  • Leading contributors to decline:

    • Gasoline (-5.6%)

    • Diesel fuel

    • Jet fuel

    • Chicken eggs

    • Home heating oil

  • Increases:

    • Processed poultry (+8.8%)

    • Electric power

    • Motor vehicles

Overall:

  • Final demand services less trade, transportation, and warehousing rose 0.1%

  • Final demand trade services rose 0.2%

  • Final demand transportation and warehousing services rose 0.3%

The number crunchers will be looking at the impact from the CPI and the PPI on the PCE data. The MoM data is good but the YoY vs estimates are higher despite the declines.

BUT:….

  • Core CPI inflation is now rising for the first time in 18 months
  • Headline PPI inflation is now rising for the first time since June
  • Last month’s PPI inflation number was revised HIGHER
  • Core PPI inflation is now up for 2 straight months

This article was written by Greg Michalowski at www.forexlive.com.

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Nigerian Court Denies Binance’s Tigran Gambaryan Bail amid Health Concerns

Nigerian Court Denies Binance’s Tigran Gambaryan Bail amid Health Concerns

October 11, 2024 2:44 pm |

A Nigerian court has denied a bail application for Tigran
Gambaryan, an executive at Binance Holdings Ltd., citing his trial on money
laundering and currency manipulation allegations.

The court ruled today (Friday) that Gambaryan’s health
condition did not justify his release. Justice Emeka Nwite of the Federal High
Court in Abuja noted that illness alone does not warrant bail unless it poses a
threat to others.

Binance Executive’s Health Concerns

Gambaryan, who is the head of financial-crime compliance at
Binance, has been in custody since February. His lawyer, Mark Mordi, argued
that Gambaryan needs medical treatment for a herniated disk that has severely
affected his mobility. Gambaryan appeared in court in a wheelchair.

“We are deeply disappointed by the court’s decision to deny Gambaryan
bail, particularly given his deteriorating health. He has been unlawfully
detained for over 220 days,” a Binance spokesperson commented.

“Gambaryan did not go to Nigeria as a decision-maker and
there is no good reason to continue to hold him. We are committed to working
with the Nigerian government to resolve issues, but Gambaryan must be allowed
to go home.”

Following the ruling, Gambaryan’s wife, Yuki Gambaryan,
expressed her disappointment, stating it was unjust for her husband to be
denied necessary medical care. The legal conflict began in February when
Nigerian authorities detained Gambaryan and a colleague during a visit to the
country. The colleague escaped detention.

Gambaryan has been held at the Kuje correctional center in
Abuja since April. In response to the situation, Binance has used social media
to call for his release. CEO Richard Teng claimed that Nigerian authorities
demanded a “secret” payment to resolve their issues. Nigerian
officials have denied these allegations, labeling them a diversion from
Binance’s activities.

Investors Allege Money Laundering

In August, Binance
and its former CEO, Changpeng Zhao, faced a class action lawsuit from three
cryptocurrency investors who allege the exchange failed to prevent money
laundering, as reported by Finance Magnates.

Filed in the US District Court for the Western District of
Washington, the lawsuit claims that stolen cryptocurrencies were deposited on
Binance to obscure their origin, violating the RICO Act. The plaintiffs assert
that Binance’s platform facilitated the laundering process, making stolen
assets untraceable.

This article was written by Tareq Sikder at www.financemagnates.com.

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Overview of Top Regulatory Authorities and Their Global Influence

Overview of Top Regulatory Authorities and Their Global Influence

October 11, 2024 2:30 pm |

In today’s interconnected financial world, top financial regulatory authorities like the SEC, FCA, and ESMA play crucial roles in establishing trust, ensuring compliance, and fostering innovation across global financial markets. From securities and commodities to crypto assets and online payments, regulators worldwide are shaping the landscape with distinct yet impactful policies.

In this article, we explore the most influential financial regulatory authorities, their impact on global markets, and how evolving frameworks shape industries like fintech, online trading, and cryptocurrency.

What Are the Top Global Financial Regulatory Authorities?

Financial regulation covers a broad spectrum of markets, each with its own set of rules and governing bodies. Below, we delve into some of the top regulators, their areas of influence, and the global impact of their policies.

1. U.S. Securities and Exchange Commission (SEC)

  • Area of Focus: Securities markets (stocks, bonds, derivatives)

The SEC plays a crucial role in financial markets by enforcing regulations that protect investors, ensure transparency, and maintain market integrity. Its decisions influence not only U.S. markets but also set global standards for financial regulation. Many international firms looking to raise capital in U.S. markets must comply with SEC rules, making the SEC’s influence felt worldwide.

  • Global Influence: As one of the most established regulatory bodies, the SEC often serves as a benchmark for other regulators, especially in emerging sectors like cryptocurrency. Its stance on crypto regulation is closely watched by financial authorities around the world.

2. Cyprus Securities and Exchange Commission (CySEC)

  • Area of Focus: Online trading, fintech

Moving across the Atlantic, CySEC is a pivotal regulatory body in Europe, especially for online trading and fintech. Based in Cyprus, it oversees many online brokers that operate across Europe and beyond. CySEC’s forward-thinking regulations, such as early leverage restrictions on retail traders, have influenced other regulators like the FCA, impacting the broader European trading landscape.

  • Why CySEC Matters: CySEC’s early adoption of leverage restrictions has set a trend in European online trading regulations, influencing brokers across the continent.

3. Commodity Futures Trading Commission (CFTC)

  • Area of Focus: Futures, commodities, cryptocurrency derivatives

The CFTC is essential for regulating futures and commodities, including cryptocurrency derivatives like Bitcoin futures. Its regulations help protect market participants from fraud and manipulative practices, paving the way for other regulators to establish similar rules in an increasingly digital world.

  • Why It’s Important: The CFTC’s proactive stance on crypto derivatives makes it a key player in the global cryptocurrency regulatory landscape.

4. Financial Conduct Authority (FCA)

  • Area of Focus: Financial services, fintech, consumer protection

The FCA is renowned for its proactive approach to regulating financial services and fintech. Its regulatory sandbox, where fintech companies can test new products in a controlled environment, has become a model for balancing innovation with consumer protection worldwide.

  • What Makes the FCA Unique?: The FCA’s sandbox initiative has attracted fintech firms globally, and many countries have adopted similar models to encourage innovation while maintaining regulatory oversight.

5. European Securities and Markets Authority (ESMA)

  • Area of Focus: Securities, fintech, cryptocurrency

ESMA plays a vital role in ensuring that financial markets across Europe operate smoothly and fairly. It harmonizes regulations across EU member states, covering everything from traditional securities to new-age fintech and cryptocurrency platforms. ESMA’s influence extends beyond the EU, as many non-EU countries adopt its regulations to maintain access to European markets.

  • ESMA’s Global Reach: With a strong presence in the online trading space, ESMA’s leverage limits on CFDs aim to protect retail investors, influencing regulatory practices in other regions.

Understanding the Impact of Financial Regulations on Fintech, Online Trading, and Cryptocurrency

These regulatory bodies are shaping the future of finance, but they also rely on feedback from the industries they regulate. Whether you’re a trader, fintech innovator, or business leader, understanding how these regulations affect your operations is crucial.

Share Your Thoughts: Participate in our survey – your insights can help shape future discussions around regulatory practices and their influence on global finance.

Click Here to Complete the Survey

Frequently Asked Questions (FAQ)

Q: What is the role of the SEC in financial markets?

A: The SEC enforces regulations to protect investors, ensure fair trading, and maintain market integrity. Its influence extends globally, setting standards that other financial regulatory authorities often adopt.

Q: How do regulators like the SEC and CySEC influence online trading?

A: Both regulators set rules to protect investors and ensure fair trading practices. Their decisions often set trends in online trading regulations worldwide.

Q: How does ESMA influence fintech in Europe?

A: ESMA harmonizes regulations across EU member states, helping fintech companies navigate compliance requirements while fostering innovation through initiatives like regulatory sandboxes.

Q: What’s the role of regulators in cryptocurrency?

A: Regulators like the CFTC and Monetary Authority of Singapore (MAS) have taken the lead in setting rules for digital currencies, focusing on preventing fraud, ensuring proper Anti-Money Laundering (AML) measures, and protecting investors from high-risk products.

This article was written by Finance Magnates Staff at www.financemagnates.com.

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AUD/CHF Price Forecast 8th October 2024

AUD/CHF Price Forecast 8th October 2024

October 11, 2024 2:26 pm |

Strategy: 3/12 Tunnel The 3/12 Tunnel is a trend-following strategy. This straightforward approach utilizes 3 moving averages has undergone extensive backtesting by our team, demonstrating a winning ratio between 70% and 80%. Recommended Timeframe This strategy is adaptable to various timeframes, including H1, H4, and Daily. Although it can be applied to timeframes lower than […]

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Gold Retreats as Hopes for Big Fed Cut Fade. Forecast as of 08.10.2024

Gold Retreats as Hopes for Big Fed Cut Fade. Forecast as of 08.10.2024

October 11, 2024 2:16 pm |

The availability of inexpensive liquidity from the Fed and other central banks has influenced the perception of gold as an investment vehicle. Previously, gold was purchased as a means of diversifying investment portfolios. The recent rally in the XAUUSD is attracting new investors. Let’s discuss this topic and develop a trading plan. Highlights and key points The increase in geopolitical risks put pressure on gold. The precious metal grew due to hopes for the Fed’s aggressive move. The return of a strong US dollar will hit XAUUSD. Gold falling below $2,625 per ounce will increase the risks of a pullback…. Read full author’s opinion and review in blog of #LiteFinance

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XAU/USD: Elliott wave analysis and forecast for 11.10.24 – 18.10.24

XAU/USD: Elliott wave analysis and forecast for 11.10.24 – 18.10.24

October 11, 2024 2:16 pm |

Highlights and key points Main scenario: consider long positions from corrections above the level of 2468.30 with a target of 2800.00 – 3000.00. A buy signal: if the price holds above 2468.30. Stop Loss: below 2450.00, Take Profit: 2800.00 – 3000.00. Alternative scenario: breakout and consolidation below the level of 2468.30 will allow the pair to continue declining to the levels of 2356.76 – 2270.74. A sell signal: once the level of 2468.30 is broken to the downside. Stop Loss: above 2485.00, Take Profit: 2356.76 – 2270.74. Main scenario Consider long positions from a correction above the level of 2468.30… Read full author’s opinion and review in blog of #LiteFinance

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EUR/USD: Elliott wave analysis and forecast for 11.10.24 – 18.10.24

EUR/USD: Elliott wave analysis and forecast for 11.10.24 – 18.10.24

October 11, 2024 2:11 pm |

Highlights and key points Main scenario: once the correction ends, consider long positions above the level of 1.0773 with a target of 1.1400 – 1.1600. A buy signal: if the price holds above 1.0773. Stop Loss: below 1.0700, Take Profit: 1.1400 – 1.1600. Alternative scenario: breakout and consolidation below the level of 1.0773 will allow the pair to continue declining to the levels of 1.0594 – 1.0440. A sell signal: once the level of 1.0773 is broken to the downside. Stop Loss: above 1.0850, Take Profit: 1.0594 – 1.0440. Main scenario Consider long positions above the level of 1.0773 with… Read full author’s opinion and review in blog of #LiteFinance

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Canada September employment change +46.7K vs +27.0K expected

Canada September employment change +46.7K vs +27.0K expected

October 11, 2024 2:03 pm |

  • Prior month +22.1K
  • Unemployment rate 6.5% vs 6.7% expected
  • Prior month employment rate 6.6%
  • Full-time employment +112.0K vs -43.6K prior (largest since May 2022)
  • Part-time employment -65.3K vs +65.7K prior
  • Participation rate 64.9% vs 65.1% prior
  • Average hourly wages y/y 4.5% vs 4.9% last month
  • Private sector employment +61K
  • Public sector employment -24K

Ahead of the data, the market was pricing in 53% chance that the Bank of Canada will cut rates by 50 bps on October 23. That has risen considerably this week and helped to fuel a big rally in USD/CAD.

Immediately after the data, USD/CAD has fallen 45 pips and the market is re-thinking the BOC decision. The softer participation rate does take some of the shine off the drop in unemployment. The employment-to-population rate fell 0.1 percentage points to 60.7%.

Employment rose among youth aged 15 to 24 (+33,000; +1.2%) and core-aged women (25 to 54 years old) (+21,000; +0.3%). The largest segment rise was in culture and recreation industry, which rose by 22,000 jobs matching the rise in wholesale and retail trade.

This article was written by Adam Button at www.forexlive.com.

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Canadian dollar tries to avoid an eight-day losing streak after stronger jobs data

Canadian dollar tries to avoid an eight-day losing streak after stronger jobs data

October 11, 2024 2:00 pm |

USD/CAD fell after a strong jobs report but remains a dozen pips higher on the day in what could be the eighth straight day of gains.

The pair was trading at a session high of 1.3780 just before the data then fell as low as 1.3726 afterwards but has since rebounded to 1.3754. The market is struggling to gauge whether the Bank of Canada will cut by 25 or 50 basis points on October 23. Before the data, the probabilities were slightly tilted to 50 bps but those odds are now down to 36%.

Even with that, USD/CAD has been on a rough streak. That’s in large part to broader US dollar demand but there is also some element of trepidation about the strength of Chinese stimulus. That was also reflected in Shanghai shares today, which fell 2.55% ahead of a weekend briefing that may reveal more fiscal stimulus.

Even if the pair rises again today, it wouldn’t match the nine-day rally in July as economic worries mounted.

This article was written by Adam Button at www.forexlive.com.

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GBPUSD Technical Analysis – The bearish momentum run out of steam

GBPUSD Technical Analysis – The bearish momentum run out of steam

October 11, 2024 1:34 pm |

Fundamental
Overview

Yesterday, the USD got a
boost from a higher than expected US CPI report but gave back the gains pretty quickly.
There are two reasons for such a reaction.

The first is that at the
same time of the US CPI release we got the US Jobless Claims figures which
jumped to the top of their yearly ranges. The culprit was attributed mainly to
Hurricane Helene and the strikes.

The second reason is that
the market was already positioned for a higher than expected reading as we’ve
been seeing consistent upside in Treasury yields and the US Dollar in the days
leading up to the release. Therefore, we got kind of a “sell the fact” reaction.

On net, it was a slightly
hawkish report but it looks like the market needs some more reasons to keep
bidding the US Dollar now that the market’s pricing is back in line with the
Fed’s projections.

On the GBP side, the market
continues to expect the BoE to deliver at least one more rate cut by year-end
with a 25 bps cut in November priced at 80% probability. Next week, we will get
key data from the UK with the release of the labour market and CPI report.

GBPUSD
Technical Analysis – Daily Timeframe

On the daily chart, we can
see that GBPUSD bounced near the 1.30 handle following the US CPI release. That’s
where the buyers stepped in with a defined risk below the level to position for
a rally back into the 1.3250 level. The sellers will want to see the price
breaking below the 1.30 handle to increase the bearish bets into the major trendline
next.

GBPUSD Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can
see that the bearish momentum waned as the price approached the 1.30 handle
with the lower lows getting shallower. We have now a key level at 1.3093 as it’s
the high set following the US CPI release.

The buyers will want to see
the price breaking above it to increase the bullish bets into the 1.3175 level
next. The sellers, on the other hand, will likely pile in around these levels
with a defined risk above the 1.3093 level to position for a drop into new
lows.

GBPUSD Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can
see more clearly the recent price action. There’s not much else to add here as
the buyers will want to see the price breaking above the 1.3093 level, while
the sellers will look for a break below the 1.30 handle to extend the drop into
the major trendline. The red lines define the average daily range for today.

Upcoming
Catalysts

Today we conclude the week with the US PPI and the University of Michigan
Consumer Sentiment survey.

This article was written by Giuseppe Dellamotta at www.forexlive.com.

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Fed’s Goolsbee: Inflation has cooled, labour market remains strong

Fed’s Goolsbee: Inflation has cooled, labour market remains strong

October 11, 2024 1:32 pm |

  • Doesn’t see convincing evidence that the economy is overheating
  • Let’s not overreact to “one number”
  • Dot plots indicate that policymakers are of the view that inflation will move towards target
  • The big picture is that inflation is “way down”, unemployment is at a level we are happy with
  • The difference between now and the 70s is that inflation expectations never went up this time
  • The market trusted the Fed’s credibility in promising that inflation will return to 2% target

The early headlines are not showing anything substantial but Goolsbee will be speaking again later in the day. So, watch out for that. As for this one, you can check out the full podcast on Spotify here.

This article was written by Justin Low at www.forexlive.com.

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