Asian currencies, including the South Korean won and the Taiwan dollar, have weakened against the US dollar in the morning session due to risk-off sentiment prompted by losses in regional equity markets. Traders are unwinding some of their short USD positions ahead of key US labor market data, including non-farm payrolls and the unemployment rate, which will be released later this week. The South Korean won has edged 0.1% higher to 1,312.12 against the USD, while the Taiwan dollar has inched 0.1% higher to 1.3275 against the USD. Other Asian currencies, such as the Singapore dollar and the Australian dollar, have also seen slight declines against the USD. The weakening of Asian currencies reflects cautious investor sentiment and the anticipation of upcoming economic data releases.
These developments reflect the ongoing optimism of investors in the Asian markets, as they anticipate the end of the US rate-hiking cycle and the potential agreement between Israel, the United States, and Hamas to free hostages in Gaza. The upcoming U.S.-China summit and data releases in the U.S., Japan, and China are also being closely monitored. Additionally, investors are awaiting U.S. retail earnings and keeping an eye on the downgrade in the U.S. credit outlook, which may impact the stock market.
The rise of Asian markets and the weakening of the U.S. dollar continue to shape the current financial landscape, with significant implications for various sectors and economies around the world.
Asian currencies are consolidating against the USD in the morning session, but they may weaken due to risk-off sentiment caused by losses on Wall Street and regional equity markets. Michael Wan, senior currency analyst at MUFG Bank, highlights that risks related to the Middle East conflict and global supply chain disruptions in the Red Sea should be monitored. The USD/KRW exchange rate is steady at 1,310.52, USD/SGD is little changed at 1.3287, and AUD/USD is flat at 0.6731.
China's Commerce Ministry has accused the US of making 'false accusations' in a report on China's compliance with the World Trade Organization (WTO). The Ministry stated that the US falsely claims that China has created 'overcapacity' and ignores China's achievements in fulfilling its WTO commitments [fd4c5cac]. In addition, China's authorities announced that the Fujian Coast Guard is increasing patrols near Taiwan's Kinmen islands to maintain order and safeguard fishermen's lives and property [fd4c5cac]. The Australian Dollar is losing ground, trading near 0.6550, down 0.08% on the day. The heat map shows that the Australian Dollar is weakest against the Japanese Yen. The US Dollar is gaining strength in Asian trading, weighing on risk sentiment and the higher-yielding Aussie. Gold is stabilizing above $2,020 after falling below this level during European trading hours. The benchmark 10-year US Treasury bond yield is down nearly 1% on the day. The final week of February will see a pick-up in data, particularly out of the US, making it a busy week for the markets.
Bitget, the world’s leading and Web3 company, has expanded its partnership with Ethena Labs to introduce synthetic USDe into services such as Bitget Savings and Coin-Margined (Coin-M) Contracts. USDe, created by Ethena Labs, is a synthetic dollar that has seen its supply reach over 3.5 billion with more than 215,000 users [9d8a260d]. Bitget users can now use USDe as collateral to trade coin-margined perpetual futures or as a savings product, offering a 15% APR. The partnership also broadens the range of trading strategies available to Bitget users. Gracy Chen, CEO of Bitget, states that the collaboration aligns with their mission to provide reliable financial solutions. Guy Young, CEO and Founder of Ethena Labs, emphasizes the value of using USDe for various functions and aims to expand access to the asset through partnerships with major exchanges.
Origin Dollar (OUSD) and Ethena USDe (USDe) are currently considered low-risk investments in the crypto market. The proprietary risk gauge score for OUSD is low, indicating a lower risk for portfolio managers. The price of OUSD has decreased by 0.13% over the last 24 hours, with volume below average and a decrease in market capitalization. The current market capitalization of OUSD is $12,004,319.44, with $437,029.11 worth of the currency traded in the past 24 hours. The price movement of OUSD relative to trading volume suggests low risk [49f812b3]. Similarly, Ethena USDe achieves a low risk analysis score based on proprietary research. The risk gauge score for USDe is low, indicating it is a low-risk investment at the moment. The price of USDe has decreased by 0.03% in the last 24 hours, with volume below average and a decrease in market capitalization. The current price of USDe is $1.00, with a market capitalization of $860,102,410.10. $47,358,497.32 worth of USDe has been exchanged in the past 24 hours. The recent price movement and volume changes give USDe a low risk assessment [90a9f6bd].
The article also mentions other stocks and cryptocurrencies, such as PearDAO (PEX), UFO Gaming (UFO), Green Ben (EBEN), Kwikswap Protocol (KWIK), Starknet (STRK), and Arbitrum (ARB), providing brief information about each. The rise of low-risk investments like OUSD and USDe in the crypto market presents opportunities for traders and investors to diversify their portfolios and potentially mitigate risk. It is important for market participants to stay informed about the latest developments and risk assessments in the cryptocurrency market.