Nickel climbs amid expectations of Indonesian export restrictions
Nickel prices rose on Wednesday even as the dollar rebounded against most major rivals, after Donald Trump won his second US presidential term.
Nickel, used in steel and EV batteries, could receive support from expectations that Indonesia will impose restrictions on its exports.
Recent media reports showed that Indonesia will impose a wide swathe of limits and export bans on 12 mineral resources, including cobalt, copper, and silicone, and 12 non-mineral commodities.
The export restrictions on nickel in particular would have the biggest impact on the minerals market.
Otherwise, the dollar index rose 1.6% as of 17:12 GMT to 105.06, with a session-high at 105.4, and a low at 103.7.
Donald Trump became the 47th president of America after beating Kamala Harris in a stunning landslide.
Not only has Trump won the presidential election, his Republican party now controls both chambers of Congress.
Dollar’s gains came despite expectations the Federal Reserve will cut interest rates by 0.25% tomorrow to 4.75%.
On trading, nickel spot prices rose 1% as of 17:25 GMT to $16.12 thousand a ton.
Bitcoin hits record highs after Trump's stunning win
Bitcoin rose on Wednesday on track for the second straight profit, hitting record highs above $75,000 as the world’s top cryptocurrency rushes higher following Donald Trump’s US presidential win.
Trump won 277 votes of the electoral college, thus becoming the 47th president of the United States, with the Republican party controlling both chambers of Congress.
Otherwise, the Federal Reserve will start its two-day policy meeting today, expected to cut interest rates by 25 basis points.
Prices
Bitcoin rose 8.65% today at Bitstamp to $75,397, a record high, with a session-low at $69,284.
On Tuesday, bitcoin rose 2.3%, the first profit in seven days away from two-week lows at $66,798.
Crypto Market Value
The market value of cryptocurrencies rose by $190 billion today to a total of $2.590 trillion, the highest since June as both ethereum and bitcoin rallied.
Donald Trump Is The New President
Fox news and several other outlets already called the US presidential election for Trump after gaining 277 votes of the electoral college, with his opponent only having 224 votes.
It’s a stunning landslide that wasn’t expected, with the Republicans controlling both chambers of Congress.
Trump and Crypto
Trump has expressed strong support for cryptocurrencies throughout his campaign, and called for the US to become the crypto capital of the world.
He warned that China might surpass the US in developing blockchain and crypto technology, asserting that the US can not allow Beijing to dominate in this field.
He said that if cryptocurrencies will decide the future, he wants them mined and made in the US.
He pledged to form a crypto consultancy council once he’s voted in the White House, which would formulate new regulations that would govern the field in a more transparent and logical way.
Trump doesn’t view bitcoin as a threat to the dollar, and warned that the real danger to the dollar and the US financial future comes from Washington DC, and not cryptocurrencies.
US يollar hits four-month high.. Trump is the 47th US president
The US dollar rallied on Wednesday to a four-month high against a basket of major rivals, after Donald Trump won the US presidential election.
Trump won 277 votes of the electoral college, thus becoming the 47th president of the United States, with the Republican party controlling both chambers of Congress.
Otherwise, the Federal Reserve will start its two-day policy meeting today, expected to cut interest rates by 25 basis points.
The Index
The dollar index rose 1.8% to 105.31, the highest since July 4, with a session-low at 103.45.
The index lost 0.4% on Monday as Kamala Harris’ chances of winning the presidency rose transiently following some polls.
Donald Trump the New President
Fox news and several other outlets already called the US presidential election for Trump after gaining 277 votes of the electoral college, with his opponent only having 224 votes.
It’s a stunning landslide that wasn’t expected, with the Republicans controlling both chambers of Congress.
The Fed
Later today, the Federal Reserve will commence its periodic policy meeting, with the decision expected tomorrow, likely an interest rate cut.
US Rates
The odds of a 0.25% Federal Reserve interest rate cut tomorrow stand at 98%.
The odds of a similar cut in December stood at 70%.
Gold skids to three-week trough after Trump won US presidency
Gold prices skidded in European trade on Wednesday to three-week lows, about to give up $2700 as the dollar and US treasury yields surged following Donald Trump’s winning bid for the US presidency.
Otherwise, the Federal Reserve will start its two-day policy meeting today, expected to cut interest rates by 25 basis points.
Prices
Gold prices fell over 1.5% to $2701 an ounce, the lowest since October 18, with a session-high at $2749.
On Tuesday, gold prices rose 0.3%, with the gains limited as traders shunned positions before the elections.
The Dollar
The US dollar rallied 1.8% on Wednesday to a four-month high at 105.31 against a basket of major rivals.
US Yields
US 10-year treasury yields rallied 4.6% to 4-⅕ month high at 4.469%, pressuring non-yielding assets.
Donald Trump the New US President
Fox news and several other outlets already called the US presidential election for Trump after gaining 277 votes of the electoral college, with his opponent only having 224 votes.
It’s a stunning landslide that wasn’t expected, with the Republicans controlling both chambers of Congress.
The Fed
Later today, the Federal Reserve will commence its periodic policy meeting, with the decision expected tomorrow, likely an interest rate cut.
US Rates
The odds of a 0.25% Federal Reserve interest rate cut tomorrow stand at 98% according to the Fedwatch tool.
The odds of a similar cut in December stood at 70%.
SPDR
Gold holdings at the SPDR Gold Trust fell 1.72 tons yesterday to a total of 886.91 tons, the lowest since October 16.