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Federal Reserve Governor Stephen Miran spoke about stablecoins and monetary policy at the Blockchain & Venture Capital Summit in New York on Friday. He said that a lot of stablecoin usage would likely lower the neutral rate, and that Widespread stablecoin usage could push up the dollar’s value.Key TakeawaysWidespread stablecoin usage could increase risk of hitting zero lower bound. Lots of stablecoin usage would likely lower the neutral rate. I am encouraged by stablecoin integration into the financial system.Wide stablecoin usage could push up the dollar’s value.The rise of stablecoins could drive even wider use of the dollar.Widespread use of…

Silver (XAG/USD) trades little changed on Friday, hovering near $48.30 at the time of writing after easing from intraday highs, as the market remains directionless heading into the weekend. The metal has struggled to find fresh catalysts this week, consolidating within a narrow band despite lingering uncertainty in global markets.XAG/USD Daily ChartThe metal has been consolidating within a well-defined horizontal range between $46.00 and $49.50 for nearly two weeks, reflecting an accumulation phase following its sharp retreat from the record high of $54.86 reached on October 16.The 21-day Simple Moving Average (SMA) near $49.46, and the 50-day SMA around $46.32…

AUD/USD trades sideways on Friday, around 0.6480 at the time of writing, following the release of a key indicator that showed a significant deterioration in US consumer confidence. The University of Michigan’s Consumer Sentiment Index dropped to 50.3 in November from 53.6 in October, missing expectations of 53.2, reflecting growing concerns about inflation and the broader economic outlook.Breaking down the data, the Current Conditions Index fell to 52.3 from 58.6, while the Expectations Index declined to 49. Inflation expectations were mixed, with the 1-year outlook edging up to 4.7%, while the 5-year measure eased to 3.6%. This combination of persistent…

The Euro (EUR) extends its rebound against the US Dollar (USD) on Friday, building on renewed weakness in the Greenback. At the time of writing, EUR/USD is trading near 1.1575, its highest level since October 30.The pair is showing strong upside momentum after briefly sliding to a three-month low on Wednesday and is on track to post a weekly gain following two consecutive weeks of declines.On the daily chart, the pair remains confined within a descending parallel channel that has guided price action since September 17, when EUR/USD peaked at 1.1918, its highest level since June 2021. The latest rebound…

GBP/USD clings to minimal gains on Friday amid the lack of economic data releases in the UK, as markets digest scarce economic data amid the ongoing US government shutdown. The pair trades at 1.3148, up 0.10% after hitting a daily low of 1.3095.Sterling edges higher as Dollar steadies; weak US sentiment data and Fed comments cap market optimismThe Greenback has recovered some ground during the week, yet it remains poised to end with losses of 0.27%, according to the US Dollar Index (DXY), which measures the buck’s value against a basket of six currencies. The DXY is at 99.45 after…

The Canadian Dollar (CAD) strengthens against the US Dollar (USD) on Friday, snapping a six-day losing streak after stronger-than-expected labor market data signaled resilience in Canada’s economy. At the time of writing, USD/CAD is trading around 1.4064, down nearly 0.35% on the day.According to Statistics Canada, the economy added 66.6K jobs in October, sharply beating expectations for a 2.5K decline and following a 60.4K gain in September. The Unemployment Rate fell to 6.9% from 7.1%, while the Participation Rate edged higher to 65.3% from 65.2%.Average hourly wages rose 4.0% YoY, up from 3.6% in September, signaling still-firm wage growth even…

Consumer confidence in the United States (US) continued to deteriorate in November, with the University of Michigan’s Consumer Sentiment Index falling to 50.3 from 53.6 in October. This print came in worse than the market expectation of 53.2.Other details of the publication showed that the Current Conditions Index dropped to 52.3 from 58.6, while the Expectations Index retreated to 49.0 from 50.3.Finally, the 1-year Consumer Inflation Expectation edged higher to 4.7% from 4.6% in October, and the 5-year Consumer Inflation Expectation fell to 3.6% from 3.9%.Market reactionThe US Dollar came under renewed selling pressure with the immediate reaction to the…

 The US Dollar has lost some momentum on Friday’s European trading session, and the USD/CAD pulled back to the 1.1410 area from session highs at 1.4125. The pair’s rally from last week’s low below 1.3900 was capped at 1.4140 earlier in the week, and is looking for direction ahead of Canada’s employment data.The Greenback drew support on Thursday from the risk-averse sentiment as the main Wall Street indices tanked, with tech stocks leading losses, amid revived fears of an AI bubble. The negative market sentiment has extended into Asia and Europe, although market volatility remains muted so far.US employment data…

The rupee slipped 2 paise to 88.65 (provisional) against the US dollar on Friday amid a strong American currency against major crosses overseas and rising crude oil prices.A weak trend in domestic equity markets also weighed on the domestic currency, forex traders said.At the interbank foreign exchange, the rupee opened at 88.61 and tumbled to the intraday low of 88.72 against the greenback. The unit ended the session at 88.65 (provisional), registering a loss of 2 paise from its previous closing level.The domestic unit had appreciated 7 paise to close at 88.63 against the dollar on Thursday.The rupee weakened on…

Dow Jones futures advance 0.20% to trade above 47,100 during European hours ahead of the opening of the United States (US) regular session on Friday. Moreover, the S&P 500 futures and Nasdaq 100 gained by 0.25% and 0.33%, with trading around 6,760 and 25,300, respectively. Traders would likely observe the preliminary Michigan Consumer Sentiment Index data on Friday, while the US government shutdown is restricting official data releases like Nonfarm Payrolls (NFP) and Unemployment Rate.US index futures gain ground as market sentiment improves amid easing trade tensions between the world’s two largest economies United States (US) and China. Washington moves…