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U.S. Securities Exchange Commission found violations in the activities of the Binance crypto exchange - 6.6.2023

U.S. Securities Exchange Commission found violations in the activities of the Binance crypto exchange
Mary Wild
Mary Wild
Senior Analyst
Articles:249

Todays’ Market Summary

    Top daily news

    On Monday, economic data in the United States came in weak. The US dollar index remained largely unchanged, while stock indices experienced a slight decrease. Oil prices have been declining as investors doubt whether OPEC+ will actually reduce production. On the other hand, natural gas is attempting to increase in value.

    Forex news

    On Monday, the US dollar index remained largely unchanged. Economic data was weak, with the United States ISM Non-Manufacturing PMI for May hitting its lowest level since December 2022, coming in at 50.3 points. Factory orders in April grew less than expected. This morning, the Reserve Bank of Australia unexpectedly raised its interest rate to a 12-year high of 4.1% from 3.85%. This contributed to a notable strengthening of the Australian dollar. Germany Factory Orders for April (-9.9% YoY) were also released this morning. They turned out significantly worse than forecasts and limited the euro's growth. It is worth noting that industrial orders in Germany have been declining since March 2022. Later today, European Union Retail Sales will be published, which could also impact the dynamics of the euro.

    Bitcoin prices dipped slightly below the usual trading range, reaching $25,700. The United States Securities Exchange Commission (SEC) found several violations in the operations of the cryptocurrency exchange Binance. It is likely that there will be lengthy legal proceedings regarding this matter. While this disappointed some players, a significant cryptocurrency crash has not occurred yet, as it is believed that the overall cryptocurrency market will not be affected.

    Stock Market news

    Yesterday, US stock indices experienced a slight decrease amid weak economic data. Investment bank Morgan Stanley does not rule out a 16% year-on-year reduction in aggregate earnings for companies in the S&P 500 list this year. The top performer in terms of growth yesterday was the S&P 500 Telecom Services sector index (+0.6%), while the S&P 500 Industrials sector index saw a decline of 0.7%. Today in the US is not expected to publish significant economic data. 

    Commodity Market news

    Today, oil prices are declining. The positive news about Saudi Arabia's plan to cut production by 1 million bpd ended yesterday since the reduction will start in July and not immediately. Some investors are even skeptical about the actual implementation of the OPEC+ production cuts and believe that it might be limited to mere statements.

    In Europe, natural gas prices on the ICE Dutch TTF have risen to $300 per 1,000 cubic meters. Meanwhile, American gas prices at Henry Hub have slightly increased to $2.26 per mmBtu.

    Gold Market News

    On Monday, gold prices increased. The psychological support level of $1940-1930 per ounce has been maintained so far. The yield on the U.S. 10-year Treasury note decreased to 3.67% annually.

    Crypto

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