Reppo Labs, a Crypto x AI company spun out of Protocol Labs Venture Studio in March 2024, has successfully raised $2.2 million in funding to develop critical infrastructure that enables permissionless collaboration on niche datasets between data owners/warehouses and AI developers and agents. Using Reppo as a connective tissue, AI agents can directly relay needs and negotiate data access from owners across the spectrum without intermediaries, unlocking price discovery and demand for data that would otherwise remain siloed. To facilitate this, the team is building an intent-centric Data Exchange, powered by Anoma and secured by Gateway Protocol.

Reppo’s unique approach leverages programmable IP co-ownership as the incentive mechanism to ensure fair use and compensation for data owners—who may not know the immediate value of their data—to benefit from downstream revenue generated by derived IP and its usage.

Raghav (RG) Rmadya, CEO and Founder of Reppo Labs, commented

"Anyone claiming to build a blockchain specifically for AI is most likely a scam. It's nothing more than a narrative play. Most blockchains today can already support agentic workflows and AI applications. The more likely future is that each agent or application will have its own chain. In such a world, models, agents, and applications will need permissionless ways to self-source their fuel i.e. data to grow and stay relevant. The days of spoon-feeding AI will soon be over.

Unfortunately, current data sources and pipelines are drying up. Ilya Sutskever highlighted this problem at NeurIPS last year, and the recent acquisition of Carbon by Perplexity underscores the growing demand for novel data connectors in the AI industry. Web3 has experimented with DataDAOs as a potential solution, but they are yet to prove scalable. Not all data in the world is user-owned; business-owned data is vast and often untapped. For instance, DePIN node operators generate enormous amounts of operational data that might seem mundane to some but is gold to us.

Incentives for these data owners are completely missing. When off-chain dark data becomes accessible to AI builders and agents, amazing things can happen. One example is our work incubating AI auditors for solar farms on the Glow Network. These auditors, trained entirely on off-chain data, automate and decentralize network audits that currently rely on centralized actors. The same applies to many other DePINs.

The Crypto x AI ecosystem is starved for niche and novel data—the 'good nectar.' Anyone building 'decentralized' models or agents today either relies on the same on-chain data streams, pre-cleaned and parameterized datasets, or centralized LLMs trained on a mere 0.1% of the world’s data while competing in a zero-sum game. It’s ironic, to say the least."

Brad Holden, Partner at Protocol VC, said,

"What excites us about Reppo is the team’s ability to contextualize and solve challenges they encountered during their time at Filecoin for the broader Web3 and AI ecosystem. Their focus on making off-chain data accessible to build practical AI/ML models and agents is critical for tackling bottlenecks like insurance underwriting, node auditing, and SLA management for blockchain networks, especially for DePINs that we at Protocol VC are ultra bullish on. Few teams take such a systems approach to solving wicked problems and it was a no-brainer for us to partner with Reppo. I’m ecstatic about their mission to democratize permissionless access to previously untapped data for AI developers and agents."

The $2.2 million funding included participation from Protocol Labs, CV VC, CMS Holdings, and a significant portion was raised on Echo.xyz, the first allocation being sold out in less than 10 minutes. Notable angel investors include Charles Songhurst, Lincoln from MH Ventures, Dieter Fishbein from Anoma, Thomas France (Ledger co-founder), Nicolas Pinto (Cygni Labs) and more.

Oil prices edged up on Friday, heading for a fourth consecutive week of gains, as the latest U.S. sanctions on Russian energy trade heightened expectations for oil supply disruptions.

Brent crude futures were trading up 30 cents or 0.4% higher at $81.59 per barrel by 0923 GMT, having gained 2.3% so far this week.

U.S. West Texas Intermediate crude futures were up 41 cents or 0.5% at $79.09 a barrel, having climbed 3.3% for the week.

Last Friday, the Biden administration unveiled broader sanctions targeting Russian oil producers and tankers.

"Supply concerns from U.S. sanctions on Russian oil producers and tankers, combined with expectations of a demand recovery driven by potential U.S. interest rate cuts, are bolstering the crude market," said Toshitaka Tazawa, an analyst at Fujitomi Securities.

"The anticipated increase in kerosene demand due to cold weather in the United States is another supportive factor."

Investors are also anxiously waiting to see if more supply disruptions will emerge after Donald Trump returns to the White House next Monday.

"Mounting supply risks continue to provide broad support to oil prices," ING analysts wrote in a research note, adding that the new Trump administration is expected to take a tough stance on Iran and Venezuela, the two main suppliers of crude oil.

Expectations for better demand lent some support to the oil market. Data showed inflation easing in the United States, the world's biggest economy, bolstering hopes of interest rate cuts.

Traders are also assessing fresh data from China, the world's top oil importer. Its economy fulfilled the government's ambitions for 5% growth last year.

But China's oil refinery throughput in 2024 fell for the first time in more than two decades, except for the pandemic-hit year of 2022, government data also showed on Friday.

Weighing on oil prices were expectations of a halt in attacks by Yemen's Houthi militia on ships in the Red Sea in the wake of a Gaza ceasefire deal.

The Houthis' attacks have disrupted global shipping, forcing ships to make longer and more expensive journeys around southern Africa for more than a year.

The Israeli cabinet is set to approve a deal with militant group Hamas for a ceasefire in Gaza, Prime Minister Benjamin Netanyahu's office said on Friday.

Gold prices fell in Asian trade on Monday as traders braced for a slower pace of U.S. interest rate cuts following stronger-than-expected nonfarm payrolls data, which supported the dollar. 

Among industrial metals, copper prices took limited support from data showing China’s copper imports hit a 13-month high in December. Sentiment towards China was dimmed by anticipation of more U.S. trade tariffs against the country.

Uncertainty over the economic outlook under incoming President Donald Trump still kept some safe haven demand for gold in play, as did an extended sell-off in broader risk-driven assets, particularly stocks. This limited overall losses in the yellow metal. 

Spot gold fell 0.1% to $2,686.32 an ounce, while gold futures expiring in February steadied at $2,714.41 an ounce by 23:49 ET (04:49 GMT). 

Gold pressured by increased rate jitters; inflation data awaited 

Gold prices were pressured chiefly by the prospect of U.S. rates remaining higher for longer, as Friday’s payrolls data saw traders further scale back bets on rate cuts this year.

Focus is now on upcoming U.S. inflation data, due on Wednesday, for more cues on the Fed’s rate outlook. The central bank signaled that sticky inflation and strength in the labor market will give it more impetus to keep rates high.

Goldman Sachs analysts said in a recent note that they now expect the Fed to cut rates only twice this year, compared to prior expectations of three cuts. The central bank’s terminal rate is also expected to be higher in this easing cycle. 

Higher rates pressure metal markets by increasing the opportunity cost of investing in non-yielding assets. Among other precious metals, platinum futures fell slightly to $991.45 an ounce, while silver futures fell 0.4% to $31.205 an ounce on Monday.

Copper prices flat as markets weigh China outlook 

Benchmark copper futures on the London Metal Exchange rose 0.3% to $9,111.00 an ounce, while March copper futures rose 0.1% to $4.2960 a pound. 

The red metal was sitting on strong gains from the prior week, as soft Chinese economic data spurred increased bets that Beijing will unlock even more stimulus to shore up growth.

Trade data on Monday showed that China’s copper imports hit a 13-month high at 559,000 metric tons in December, indicating that demand remained robust in the world’s biggest copper importer.

Copper bulls are betting that Beijing will dole out even more stimulus in the coming months, especially in the face of steep import tariffs under Trump.

U.Today - Finally, XRP has breached a crucial descending trendline resistance level, suggesting that a major bullish rally may be about to begin. After weeks of consolidation within a narrowing range, traders have a clear indication that momentum may be turning upward with this breakout. The recent surge above the $2.30 mark, which saw XRP close above the trendline and important moving averages, including the 50 EMA, validates the bullish sentiment. This level now acts as a solid foundation for future development.

The next important resistance levels to keep an eye on if the bullish momentum continues are $2.50 and $2.70. With a successful push above these levels, XRP might aim for $3.00, a psychological barrier that might pique investors' interest once more. The breakout volume is noteworthy but not yet explosive, indicating that although the breakout is legitimate, more buying pressure could help the rally gain more traction.

With an RSI of 59 right now, there is still opportunity for more upside before the market becomes overbought. If XRP is unable to maintain its position above $2.30, it may retest the descending trendline, which is currently serving as support at about $2.20. But if this level is broken, the bullish scenario may be invalidated and the price may move toward the $2.00 level, which is in line with the 100 EMA. All things considered, XRP's breakout paves the way for a possible bullish rally with $3.00 serving as the crucial long-term target.

To verify the strength of this breakout, traders should keep a careful eye on volume and support levels. With the technical structure suggesting expansion, XRP might be preparing for its next significant move.

Shiba Inu heading forward

A head-and-shoulders pattern, a bearish structure that frequently portends a possible downward movement, is beginning to form on Shiba Inu. The asset is currently struggling close to important support levels, so traders and investors need to pay close attention to this pattern.

Right now, SHIB's price is trading close to $0.0000200, just above the 200 EMA. By serving as a strong support area, this level has stopped a more severe sell-off. But the neckline of the pattern, which is at about $0.0000215, is still crucial. In line with previous demand zones, a confirmed breakdown below this level might lead to a strong move toward the next important support at $0.0000180.

Immediate resistance on the upside is the $0.0000225 level. If this level is broken, the bearish pattern may be deemed invalid, allowing SHIB to retest $0.0000250. It would take significant buying pressure to break through this resistance level, which is in line with the 50 EMA.

Volume analysis shows that there isn't much bullish momentum, which makes the current pattern even more alarming. The RSI is also close to 45, indicating neutral conditions with potential for declines if sellers take control.

SHIB's next move will be largely determined by the price action around the neckline and 200 EMA, even though the head-and-shoulders pattern is not yet fully confirmed. Because a break in either direction could result in significant price movement, traders should keep a careful eye on these levels. For the time being, it is advised to exercise caution and to manage risk around these crucial levels.

ChainGPT (CGPT), a pioneer in blockchain AI solutions is delighted to be listed on Binance, the world’s leading cryptocurrency exchange.

The inclusion of ChainGPT (CGPT) on Binance represents an important development for both the project and the exchange's users. ChainGPT focuses on utilizing AI to address challenges in the blockchain space, aligning with Binance’s commitment to supporting innovative technologies.

This listing increases the global visibility of ChainGPT and improves the accessibility and tradability of CGPT tokens for Binance’s extensive user base. Additionally, it contributes to ChainGPT’s efforts to expand its ecosystem and provide AI-driven tools and solutions for developers and businesses.

Commenting on this, Ilan Rakhmanov, Founder of ChainGPT and CEO of ChainGPT Software (ETR:SOWGn) said, “We are thrilled to be listed on Binance. This listing highlights the growing importance of artificial intelligence in blockchain technology. As the demand for smarter, more efficient blockchain tools rises, projects like ours are poised to lead the way. The Binance listing is a validation of ChainGPT’s potential to drive meaningful innovation in the space.”

Details of the Listing:

• Trading Pairs: CGPT/USDC, CGPT/USDT
• Deposit Availability: Deposits for ChainGPT (CGPT) are now open, allowing users to prepare for trading.
• Withdrawal Opening: Withdrawals will be available starting January 11, 2024, at 13:00 (UTC).
• Listing Fee: Binance has waived the listing fee for this token.

Along with ChainGPT, AIXBT by Virtuals (AIXBT), and Cookie DAO (COOKIE) will also be listed on Binance. For further details, users can visit Binance's official announcements page.

About ChainGPT

Incepted in 2023, ChainGPT is a leading provider of AI-powered tools for the blockchain and Web3 industries. It emerged as a project to bridge the gap between blockchain technology and AI, creating innovative solutions for the Web3 ecosystem. Leveraging advanced AI techniques, ChainGPT enhances blockchain functionality with its tools and applications, including SDKs and APIs for automated smart contract generation, a Web3 AI chatbot, an NFT generator, and an IDO launchpad. With established partnerships and collaborations with industry leaders such as Google (NASDAQ:GOOGL), Nvidia (NASDAQ:NVDA), and BNB Chain, ChainGPT continues to pioneer efficient and user-friendly AI solutions in the blockchain space.

As a relatively young but rapidly growing project, ChainGPT's mission is to revolutionize the intersection of blockchain and AI, with a vision to unlock the potential of autonomous AI agents in Web3.

Investing.com-- Bitcoin extended declines on Friday amid soft year-end trading volumes, while investors stayed cautious about the prospect of cryptocurrencies after the Federal Reserve turned hawkish last week.

Bitcoin fell 2.1% to $96,403.7 by 01:30 ET (06:30 GMT). 

Bitcoin pulled back on Thursday as markets seemingly responded to inaccurate chart data from TradingView.

The cryptocurrency dipped toward $95,000 after social media users flagged an anomaly on TradingView’s Bitcoin dominance chart, which incorrectly showed Bitcoin’s share of the total crypto market cap dropping to 0%.

Although the error was later corrected, it reportedly triggered sudden trading reactions that pushed the prices lower.

According to CoinGlass data, roughly $33 million in Bitcoin long positions were liquidated within four hours.

Bitcoin on track for second consecutive weekly fall

Bitcoin was set to fall for the second consecutive week as a rally induced by Donald Trump’s presidential election victory lost steam after the Fed meeting hindered.

The rally had pushed prices to an all-time high of $108,244.9 last week, after which prices fell due to profit-taking amid macroeconomic pressures induced by the Fed rate outlook.

The central bank lowered rates by 25 basis points but indicated only two rate cuts for the upcoming year, compared with previous expectations for four cuts.

This shift led investors to reassess their positions in speculative assets like Bitcoin, contributing to its price decline.

Crypto price today: most altcoins lower amid liquidity concerns

Other cryptocurrencies also fell tracing Bitcoin prices, and were set for weekly losses. Demand for speculative assets was still subdued after the hawkish Fed spurred liquidity concerns.

World no.2 crypto Ether was 1.5% lower at $3,3379.39, after falling nearly 5% in the previous day.

World no.3 crypto XRP fell 2.8% to $2.2187 and was set to fall nearly 4% the week.

Solana fell 1.7% and Polygon lost 1%, while Cardano fell more than 8% to $0.8965. Among meme tokens, Dogecoin fell 2.6%.

Oil prices rose slightly on Friday and were on track for a weekly rise, spurred by expectations economic stimulus efforts will prompt a recovery in China, while a stronger dollar capped gains.

Brent crude futures rose 14 cents to $73.40 a barrel by 0750 GMT. U.S. West Texas Intermediate crude was at $69.79, up 17 cents, from Thursday's close. On a weekly basis, Brent was up 0.6% and WTI rose 0.5%.

The World Bank on Thursday raised its forecast for China's economic growth in 2024 and 2025, but said subdued household and business confidence, along with headwinds in the property sector, would continue to weigh next year.

China, the world's biggest oil importer, revised upwards its 2023 gross domestic product estimate by 2.7%, but also said the change would have little impact on growth this year.

Chinese authorities have agreed to issue special treasury bonds worth 3 trillion yuan ($411 billion) next year, Reuters reported this week citing sources, as Beijing acts to revive a faltering economy.

However, a stronger U.S. dollar weighed on oil prices and capped gains. The currency has risen about 7% this quarter and remained pinned at a near two-year peak against major peers after the Federal Reserve signalled slower rate cuts in 2025.

A stronger dollar makes oil more expensive for holders of other currencies.

The latest weekly report on U.S. inventories from the American Petroleum Institute industry group showed crude stocks fell last week by 3.2 million barrels, market sources said on Tuesday.

Traders will be waiting to see if the official inventory report from the U.S. Energy Information Administration confirms the decline. The EIA data is due at 1 p.m. EST (1800 GMT) on Friday, later than normal because of the Christmas holiday.

Analysts in a Reuters poll expect crude inventories fell by about 1.9 million barrels in the week to Dec. 20, while gasoline and distillate inventories are seen falling by 1.1 million barrels and 0.3 million barrels respectively.

Investing.com– Gold prices were largely unchanged in Asian trade on Friday amid thin year-end trading, although they were set to edge higher this week amid a cautious outlook following the U.S. Federal Reserve’s hawkish tilt.

Spot Gold was largely unchanged at $2,633.40 per ounce, while Gold Futures expiring in February edged 0.2% lower to $2,649.91 an ounce by 00:20 ET (05:20 GMT).

Trading in gold typically sees thin volumes and subdued prices toward the year-end as many institutional traders and market participants close their books ahead of the holiday season.

Additionally, at year-end, economic data releases and major policy decisions are typically fewer, reducing catalysts for significant price volatility.

The yellow metal was set to edge up 0.3% for the week after losing more than 1% in the previous one. A strong dollar after the Fed’s hawkish shift last week has continued to put downward pressure on bullion.

Gold under pressure from strong Dollar

The US Dollar Index was slightly higher in Asian trade on Friday and hovered near a two-year high it touched last week.

A stronger dollar often weighs on gold prices as it makes the yellow metal more expensive for buyers using other currencies.

Gold prices had fallen sharply after the Fed policy meeting indicated only two more rate cuts in 2025, against previous expectations of four.

Higher interest rates put downward pressure on gold making it more attractive compared to interest-bearing assets like bonds

Other precious metals were also muted on Friday. Platinum Futures were unchanged at $954.50 an ounce, while Silver Futures were steady at $30.380 an ounce.

Copper gains on concentrate shortage news, strong dollar caps gains

Among industrial metals, copper prices were higher after a Reuters report showed China's leading copper smelters have set lower processing charge guidance for the first quarter of 2025 compared to this quarter, reflecting an ongoing shortage of copper concentrates.

At a meeting in Shanghai, representatives from the China Smelters Purchase Team agreed on new rates for copper concentrate treatment and refining charges, setting them at $25 per metric ton and 2.5 cents per pound, down 28.6% from the fourth-quarter guidance of $35 per ton and 3.5 cents per pound.

The red metal failed to fully capitalize on this news, as a strong dollar weighed.

Benchmark Copper Futures on the London Metal Exchange rose 0.5% to $9,008.50 a ton, while February Copper Futures edged down 0.1% to $4.1360 a pound.

(Reuters) -Bitcoin broke above $100,000 for the first time on Thursday as the election of Republican Donald Trump as president fuelled bets that his administration will create a friendly regulatory environment for cryptocurrencies.    

The world's biggest and best-known cryptocurrency has more than doubled from this year's low of $38,505 and is up over 50% since Trump's sweeping election win in early November. 

Here are key events in bitcoin's journey towards $100,000 and beyond: 

2008: Satoshi Nakamoto, the pseudonym used by the cryptocurrency's presumed developer, introduces the concept of bitcoin

2010: The first retail transaction takes place when a user pays 10,000 bitcoin for two Papa John's (NASDAQ:PZZA) pizzas

2013: As bitcoin's popularity grows, Cameron and Tyler Winklevoss, co-founders of crypto exchange Gemini, file their first application with the U.S. Securities and Exchange Commission to create a spot bitcoin ETF. 

Grayscale Investments launches the Bitcoin Investment Trust, an open-ended private bitcoin trust. 

2016: The Winklevoss brothers adjust their application numerous times, such as the exchange on which the product would be traded. They also file amendments naming State Street (NYSE:STT) as administrator. Grayscale files with the SEC to convert its bitcoin trust into a spot bitcoin ETF.

2017: The SEC rejects the Winklevoss application on the grounds bitcoin markets were not mature enough. Grayscale withdraws its first attempt to convert its trust into an ETF, saying the regulatory environment was not developed enough. 

2018: The SEC rejects the Winklevoss twins' second application to launch a spot bitcoin ETF, saying cryptocurrency exchanges do not have the necessary controls to prevent manipulation.

2020: Grayscale transforms its trust into an SEC-reporting entity, and its shares begin trading on the pink sheets, for stocks that trade over the counter. Although not an ETF, it is the first publicly traded bitcoin fund in the U.S.

2021: The first spot bitcoin ETF launches in Canada. Gary Gensler replaces Jay Clayton as SEC chair in April. 

In October, the SEC approves the ProShares Bitcoin Trust listed on the Chicago Mercantile Exchange, noting the CME has a satisfactory mechanism for surveilling abuse in the futures market. It is the first U.S.-listed futures-based bitcoin ETF, accumulating $1 billion in assets within its first days of trading - faster than any other ETF.

Also in October, Grayscale again submits an application to the SEC to convert its trust into a spot bitcoin ETF. 

2022: The SEC rejects several applications from would-be spot bitcoin ETF issuers, including SkyBridge, Fidelity and Bitwise. The SEC also rejects Grayscale's application, prompting the company to sue the agency. 

Amid crashing crypto prices, multiple crypto companies file for bankruptcy, including Three Arrows Capital, Celsius Network and FTX, whose founder Sam Bankman-Fried is also charged with fraud.

2023: 

May: Cathie Woods' ARK Investments and CBOE Global Markets file for a spot bitcoin ETF, giving the SEC a maximum of 240 days to approve or reject the application.

June: BlackRock (NYSE:BLK) files a spot bitcoin ETF application with the SEC, raising industry hopes the agency may approve the product and sending the price of bitcoin to a one-year high. A flurry of other issuers and exchanges, including Fidelity and Invesco, file bitcoin ETF applications in the subsequent weeks and months. 

August: A federal appeals court in Washington D.C. rules in favour of Grayscale, saying the SEC did not justify why it had rejected its proposal. Europe's first spot bitcoin ETF begins trading on the Euronext (EPA:ENX) Amsterdam stock exchange. 

October: The SEC opts not to appeal the court's ruling in the Grayscale case and is required to reexamine the application. 

2024: 

Jan. 10: The SEC approves 11 proposals from issuers including BlackRock, Fidelity and VanEck, among others, to launch spot bitcoin ETFs.

February: Net inflows into the 10 largest ETFs hit $4 billion in the first month, according to LSEG data.    

March: Bitcoin tops $70,000 for the first time to hit a record high, having doubled in value in the five months.    

June: Trump pitches himself as a champion for cryptocurrency and slammed Democrats' attempts to regulate the sector during a San Francisco fundraiser.    

July: Trump tells a bitcoin conference that, if elected, he will create a strategic national bitcoin stockpile and will ensure the United States is the "crypto capital of the planet."     

October: The SEC grants "accelerated approval" to U.S. exchanges to list and trade options tied to 11 spot bitcoin ETFs.

Nov 6: Trump is declared winner of the presidential election, sparking a huge rally in a range of assets, with bitcoin being the standout gainer.

Nov 12: Total (EPA:TTEF) crypto market cap tops $3 trillion. Year-to-date ETF net inflows hit $25.8 billion, according to LSEG data.

Nov 21: Bitcoin nears $100,000 for the first time in history, driven by a swell of buying from investors in anticipation of Trump dismantling a lot of the regulation around crypto investment. 

Investing.com-- Gold prices moved little in Asian trade on Thursday, seeing little safe haven demand despite political turmoil in France and South Korea, as risk appetite improved and the dollar remained strong.

A rally on Wall Street- to record highs- largely undermined haven demand for gold, as did comments from Federal Reserve Chair Jerome Powell flagging a more cautious approach to future interest rate cuts. 

Spot gold fell slightly to $2,649.09 an ounce, while gold futures expiring in February fell 0.1% to $2,672.99 an ounce by 23:14 ET (04:14 GMT). 

Gold sees limited safe haven demand as risk assets surge 

The yellow metal saw limited safe haven demand this week even as France’s government collapsed, while calls for the impeachment of South Korean President Yoon Suk-Yeol grew after he unsuccessfully attempted to impose martial law in the country. 

Risk-driven assets largely brushed off the political turmoil. While local markets in France and South Korea did weaken, broader markets largely advanced this week, with Wall Street indexes hitting a record high overnight on strength in technology shares. 

Other precious metals were also muted on Thursday. Platinum futures rose 0.1% to $949.60 an ounce, while silver futures fell 0.5% to $31.767 an ounce. 

Among industrial metals, benchmark copper futures on the London Metal Exchange fell 0.2% to $9,086.50 a ton, while February copper futures fell 0.1% to $4.1943 a pound. 

Dollar steady after Powell comments, payrolls awaited 

Resilience in the dollar also pressured metal markets. The greenback rose sharply earlier this week after U.S. President-elect Donald Trump threatened to impose tariffs on several countries. 

The greenback mostly retained these gains after the Fed’s Powell lauded recent strength in the U.S. economy.

Speaking at a New York Times (NYSE:NYT) event, Powell said strength in the economy allows the Fed to adopt a more cautious approach to future easing.

While he did not downplay expectations for a December rate cut, Powell’s comments did spur some caution over a slower pace of rate cuts in 2025. Expectations of inflationary policies under Trump also spurred uncertainty over potentially high rates in the long term. 

Higher for longer rates herald more pressure on non-yielding assets such as metals. 

Focus this week is on key nonfarm payrolls data, due on Friday. The reading is likely to factor into expectations for future rate cuts.

The Japanese yen hit its strongest level against the dollar in just over a month on Friday as higher-than-expected inflation data from Tokyo reinforced expectations for a December rate hike by the Bank of Japan.

The yen’s USD/JPY pair- which gauges the amount of yen needed to buy one dollar- sank around 1% to as low as 150.01 yen- its lowest level since late-October. 

The drop in the pair came as consumer price index data from Tokyo read stronger than expected for November.

The reading acts as a bellwether for nationwide inflation, and factored into expectations that steady inflation will keep the BOJ hawkish in the coming months. 

A recent Reuters poll showed traders are positioning for a 25 basis point rate hike by the BOJ in December. BOJ Governor Kazuo Ueda had also recently reiterated the central bank’s plans to hike interest rates further, citing a “virtuous cycle” of higher wages and steady inflation.

“The acceleration in inflation, combined with the solid recovery in monthly activity, increases the odds of another BoJ rate hike in December,” ING analysts wrote in a note. 

A December hike will be the BOJ’s third hike in 2024, as the central bank ended nearly a decade of negative rates and began tightening policy. The bank’s moves were driven largely by a sharp pick-up in wages this year, which underpinned private spending and inflation.

UBS analysts said in a recent note that they expect Japanese wages to rise further in 2025, potentially heralding more rate hikes from the BOJ. The central bank is also expected to act in supporting the yen, which was battered by a substantially stronger dollar through November. 

(Reuters) -The euro dipped against the dollar on Thursday as traders reined in bets of more interest rate cuts by the European Central Bank, while broader currency moves were muted in U.S. holiday-thinned trading.

The Japanese yen slipped to 151.58 per dollar but with its 2.1% gain this week the currency has recovered losses suffered since the U.S. election and was heading for its best weekly showing in three months. Markets see about a 53% chance the Bank of Japan will raise rates next month.

Broad trade was light as U.S. stock and bonds markets were shut for the Thanksgiving holiday.

The dollar index ticked up to 106.21 after dropping to as low as 105.85 in the prior session, a two-week trough.

"It's likely to be a subdued couple of days to wrap up the week but I expect the dollar should rebound as December gets underway," said Michael Brown, senior research strategist at Pepperstone, adding that Wednesday's move that put the dollar back under 106 seemed a bit "detached from fundamentals."

"We're still talking about U.S. exceptionalism, an incredibly long laundry list of issues in the euro zone and now we've got French budget worries this morning."

The euro slipped 0.2% to $1.054625 after its sharp rise on Wednesday following hawkish remarks from European Central Bank board member Isabel Schnabel

The comments prompted investors to pull back on more aggressive rate cut expectations and buy the common currency which is on track for its worst month in two-and-a-half years.

German annual inflation was flat in November despite expectations of a second consecutive increase. It comes ahead of euro zone inflation data on Friday which could offer hints on the ECB's next steps.

Money markets now see only a 13% chance of a larger 50 basis points rate cut by the ECB, whereas last Friday it was a toss up. A 25 bps move is fully priced in.

"Today’s macro data releases in the euro zone should encourage the ECB hawks to object to a 50bp rate cut in December," said Carsten Brzeski, global head of macro at ING.

Eyes are also on France's fragile coalition government, which is struggling to pass a budget.

HOLIDAY LULL

Sterling was little changed at $1.2666 versus the greenback, while the Swedish crown firmed against the dollar and euro as data showed sentiment among businesses and consumers in Sweden picked up in November.

The Australian dollar recovered from early weakness and gain slightly to $0.6501. Reserve Bank of Australia governor Michele Bullock said that core inflation was too high to allow for rate cuts in the near term.

While the currency majors were in a bit of a lull, there was some action in emerging markets.

Russia's rouble strengthened to just over 110 per dollar after shedding nearly a third of its value since August as the Russian central bank said it would stop forex purchases until the end of the year to support the currency.