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05:42
Preview: U.S. February unemployment rate and non-farm payroll data to be released tonight
BlockBeats News, March 6, the U.S. February unemployment rate and non-farm payroll data will be released tonight at 21:30 (UTC+8). The U.S. February unemployment rate is expected to be 4.3%, and the seasonally adjusted non-farm payrolls for February are expected to be 59,000.
05:41
Traders say Turkey used $12 billion in foreign reserves to maintain lira stability
Golden Ten Data, March 6 – According to informed traders, due to global market volatility triggered by the Iran war, Turkey has used approximately $12 billion in foreign exchange reserves to maintain the stability of the lira, which is about 15% of its foreign exchange reserves. Before the market opened on Monday, the Central Bank of Turkey tightened liquidity conditions, and after the opening, banks intervened by selling US dollars to curb volatility. They stated that the scale of dollar sales gradually declined this week, and no such transactions were observed on Thursday. The intervention made the Turkish lira one of the best-performing emerging market currencies this week, falling only 0.1% against the US dollar. As of last Friday, the Central Bank of Turkey's net foreign exchange reserves (excluding swap lines with banks) stood at $78.4 billion, and with the central bank's gold holdings included, the total reserves were about $200 billion.
05:35
Emerging market stocks and currencies suffer biggest weekly drop since 2020 due to oil price shock
Golden Ten Data, March 6 – Emerging market stocks and currencies are facing their largest weekly decline since the peak of the pandemic in 2020. The MSCI Emerging Markets Currency Index has fallen by about 1.4% this week, while the Emerging Markets Stock Index has dropped by more than 6%. Both are on track to record their worst weekly performance since March 2020. The surge in oil prices continues to put pressure on the outlook for emerging market currencies. Citi analysts, including Luis Costa, wrote: "We have significantly reduced risk in recent days, but still hope to rebuild long positions in emerging markets when signs of stabilization appear." He pointed out that although there are "preliminary signs of oil price stabilization," it is still too early to assume that oil prices will move as they did after the Russia-Ukraine conflict in 2022. Safe-haven demand has pushed up the US dollar, and all emerging market currencies have depreciated against the dollar this week.
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