By Reuters Staff
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FRANKFURT, April 23 (Reuters) - The central banks of the the euro zone, Britain, Japan and Switzerland said on Friday they would discountinue a three-month auction of U.S. dollars created at the height of a pandemic-induced market rout last year.
“In view of the sustained improvements in US dollar funding conditions and low demand.the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank, in consultation with the Federal Reserve, have jointly decided to discontinue offering US dollar liquidity at the 84-day maturity,” they said in a statement.
MUMBAI: Comments from the US Treasury Secretary Janet Yellen and the US Federal Reserve Chief Jerome Powell on cryptocurrencies in the recent past reveal a “remarkable lack of knowledge about crypto and, even worse, a lack of intellectual curiosity”, said Christopher Wood, global equity strategist at Jefferies.
Wood’s comments came after the US Federal Reserve Chief Powell recently said that cryptocurrencies are “really vehicles for speculation” at a virtual event. Even the US Treasury Secretary Janet Yellen had termed Bitcoin a “highly speculative asset” in her remarks in February.
Bitcoin and other cryptocurrencies have been the best performing asset class in 2021 so far on the back of rising adoption of the asset on Wall Street and among millennials. The interest shown in Bitcoin by some of the world’s largest asset managers and its adoption by Elon Musk’s Tesla has added to the popularity of the cryptocurrency.
Palladium soars to within sight of $3,000 in record run
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Last Updated: Apr 23, 2021, 10:09 PM IST
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Many analysts expect a further run towards $3,000 as automakers ramp up purchases of the metal, worsening a supply shortage.
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Palladium jumped more than 3% to a record high of $2,925.14 per ounce, poised for a second straight weekly gain.
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Palladium extended its blistering rally to an all-time high within striking distance of $3,000 on Friday on supply concerns and bets for improving demand, while gold pulled back on strong US economic data.
Palladium jumped more than 3% to a record high of $2,925.14 per ounce, poised for a second straight weekly gain.
Palladium gained 0.1% to $2,877.26 an ounce, having surged to an all-time high of $2,891.20 per ounce on Wednesday, boosted by supply concerns for the auto-catalyst metal.
Gold prices rose on Wednesday, hovering near a seven-week high hit earlier this week, as a soggy dollar and a retreat in U.S. Treasury yields lifted demand for the safe-haven metal. Spot gold was up 0.2% at $1,779.85 per ounce by 0205 GMT, after hitting its highest since Feb. 25 at $1,789.77 on Monday. U.S. gold futures edged 0.2% higher to $1,781.60 per ounce. The U.S. dollar had edged lower this morning, supporting prices, with gold s upward momentum from overnight continuing in Asia, OANDA senior market analyst Jeffrey Halley said. Providing that U.S. 10-year yields remain softer, gold appears to be gathering strength for a test of the 100-day moving average at $1,802 an ounce in the days ahead.