ChainCatcher News, U.S. Republican presidential candidate Trump announced victory in the 2024 presidential election. According to 4E monitoring, U.S. stock index futures continue to rise, with gains approaching 2%.As of the time of publication, the S&P 500 index and Nasdaq 100 index futures rose by 1.86% and 1.7%, respectively, while Dow futures soared by 875 points, up 2.05%. The Russell 2000 index futures even surged over 4.78%.In addition, the benchmark yield on U.S. Treasuries has risen to 4.41% for the 10-year Treasury note. The U.S. dollar index, which measures the dollar's performance against six major trade-weighted currencies, skyrocketed by 1.53%, reaching as high as 105.19, a four-month high.

ChainCatcher News, U.S. Treasury Secretary Yellen stated that the dollar is and will continue to be crucial for the United States as the world's primary reserve currency. The dollar's status is indeed based on our strong macroeconomic performance, low inflation, robust institutions, strong capital markets, the rule of law, and very deep and liquid capital markets. No other currency can truly compare to the dollar. Confidence in the dollar's status will ensure that we continue on a sound fiscal path, which indeed requires reducing the deficit in the coming years and maintaining the real net interest cost of debt close to historical levels and below 2%, which is very important.

ChainCatcher news reports that, according to institutional analysis, the number of initial jobless claims in the United States last week was 230,000, slightly higher than expected, while the previous figure was 228,000. However, at these levels, the data still supports the view that the U.S. labor market remains in good health. Meanwhile, the U.S. PPI for August was in line with expectations, with an annual rate of 1.7% and a core PPI annual rate of 2.4%. The monthly PPI data was indeed slightly higher than expected, but the data for July was revised down. Overall, there isn't much new information at the moment, so it hasn't really impacted the USD/JPY. (Jin Ten)

ChainCatcher message, Societe Generale stated in a report that the upcoming U.S. economic data may confirm that the labor market is steadily cooling down, providing support for the Federal Reserve to cut interest rates and for the dollar to weaken. "If the trend is a gradual easing of the labor market, it will point towards rate cuts, but not at the pace currently expected," said a foreign exchange strategist at Societe Generale. They noted that this could inject some volatility into the forex market; however, the bank still advises selling the dollar on any rebound unless the labor market completely stops easing. (Jin Ten)

ChainCatcher news, David Meier, an economist at Baosheng Group, stated in a report that if expectations for a significant interest rate cut in the U.S. weaken, the dollar may rebound, but the increase will be limited.He said: "We do not believe the dollar will return to the highs of late 2022, as overvaluation and declining interest rates pose significant resistance to its movement." It is expected that currencies such as the pound, Australian dollar, and New Zealand dollar may continue to strengthen against the U.S. dollar, as the pace of rate cuts in these countries may not be as fast as in the U.S. He noted that especially for the pound and New Zealand dollar, their central banks' rates may be higher than those in the U.S. by the end of the year. (Jin Shi)

ChainCatcher news, according to the official announcement, to provide more trading options for Binance futures and enhance user trading experience, Binance will launch the ZETA 1-50x USDT perpetual contract on February 2, 2024, at 16:30 (UTC+8).

ChainCatcher news, Coinbase announced that to increase the development and use of USDC internationally, users will be exempt from fees when trading USDC with non-U.S. dollar fiat currencies.Coinbase stated that the adoption of USDC is more conservative outside the United States. Currently, USDC purchased with U.S. dollars is three times more than that purchased with non-U.S. dollar currencies. Part of the reason is that, outside the United States, users often incur fees when converting their local currency into USDC. (Source link)