Day: July 27, 2020

Exchange Activity Explodes Following Bitcoin’s $10K Breakout
Crypto News

Exchange Activity Explodes Following Bitcoin’s $10K Breakout

Bitcoin’s (BTC) recent breakout was accompanied by a massive spike in on-chain exchange volume activity, according to data from Glassnode. On-Chain exchange activity. Source: Glassnode. Unlike regular trading volume that is often artificially inflated by the exchanges, on-chain activity may be more indicative of the true patterns. Interestingly, the only metric that experienced a downward trend is the number of exchange deposits. This may be a bullish sign in its own right. Weekly percentage change in volume. Source: Kaiko. 700% growth in DAI/USDT The data for the previous week indicates a major spike in off-chain trading volume as well. For instance, the BTC/USD pair saw a 70% increase in its biggest bounce since April; DAI/USDT spiked by over 700% in the same time period. Bloom...
Starbucks to Report Q3 Earnings: ETFs in Focus
ETFs

Starbucks to Report Q3 Earnings: ETFs in Focus

Starbucks Corporation SBUX will report third-quarter fiscal 2020 results on Jul 28, after the closing bell. Let’s take a look at this coffee giant’s fundamentals ahead of its earnings release. Starbucks delivered an earnings surprise of 3.2% in the last reported quarter and has outperformed the consensus mark by 3.9%, on average, in the trailing four quarters. The Zacks Consensus Estimate for third-quarter earnings has been revised downward over the past 30 days to a loss of 60 cents. The company had reported earnings of 78 cents in the prior-year quarter. The consensus mark for revenues stands at $4.13 billion, indicating a decline of 39.5% from the year-ago period’s figure. The stock has a VGM Score of D and belongs to a top-ranked Zacks industry (top 32%). Coronavirus Impact to Show...
Dollar move signals new era of weakness for currency, as gold gains – CNBC
Currencies

Dollar move signals new era of weakness for currency, as gold gains – CNBC

The dollar has become the world's punching bag and it's likely to stay that way for awhile.  The world's reserve currency benefited in a big way from a flight-to-safety, which drove it to a three-and-a-half year high in March as the coronavirus pandemic spread to the U.S. Now, as the world's focus has shifted back to fundamentals, the dollar has rapidly slumped to a two-year low. Strategists say the dollar's slide comes as the U.S. lags most of the world in halting the spread of the coronavirus, and some expect the U.S. economic recovery to lag others, including Europe. The dollar is also reacting to the prospect of mounting U.S. deficits and ultra-low U.S. interest rates well into the future.  "The move against the dollar is now broadening, not only more countries, like eme...
IndusInd Bank likely to raise $400-500 million
Stock News

IndusInd Bank likely to raise $400-500 million

MUMBAI: Private lender IndusInd Bank is likely to announce a fund raise of nearly $400-500 million post its board meeting on Tuesday, two people aware with the development said. US-based hedge fund Route One Investment Company (ROIC) could be the anchor investor, chipping in nearly half of the total fund raise.ROIC has recently got the approval of the Reserve Bank of India to double its stake in IndusInd Bank to 10%. The bank’s board of directors in a July 5 meeting had granted approval to the proposed acquisition by Route One. IndusInd promoters, the Hinduja brothers, are also likely to convert their warrants into shares once the fund raising exercise is complete. Recently, they had purchased at least 19 lakh shares from the open market. The stock has lost nearly 60% of its value in th...
Cuba’s Currencies: CUP and CUC vs. USD
Currencies

Cuba’s Currencies: CUP and CUC vs. USD

By Safie M. Gonzalez The new well stocked US Dollar stores. HAVANA TIMES – If there was something people couldn’t talk about when I was a little girl, it was the dollar. Only foreigners could buy things in this currency. If anyone was caught with green bills in their pocket, they would be sent to jail. Soon after, in 1993, the dollar was decriminalized, and finally, Cubans with family members living abroad could receive financial aid. Then, the CUC (Convertible Cuban Peso) came along, which is nothing but another official currency in our country. That was when the three currencies – CUP, CUC and USD – began to circulate. The State opened new stores, where you could only purchase items in CUC and USD. Soon after, the CUC gradually began to replace the US dollar, and the latter finall...
Virus vaccine put to final test in thousands of volunteers – SF Gate
Stock News

Virus vaccine put to final test in thousands of volunteers – SF Gate

The world’s biggest COVID-19 vaccine study got underway Monday with the first of 30,000 planned volunteers helping to test shots created by the U.S. government -- one of several candidates in the final stretch of the global vaccine race. There’s still no guarantee that the experimental vaccine, developed by the National Institutes of Health and Moderna Inc., will really protect. The needed proof: Volunteers won’t know if they’re getting the real shot or a dummy version. After two doses, scientists will closely track which group experiences more infections as they go about their daily routines, especially in areas where the virus still is spreading unchecked.“Unfortunately for the United States of America, we have plenty of infections right now” to get that answer, NIH’s Dr. Anthony Fau...
Next Avenue: Are you facing early retirement? Here’s how to prepare
Stock News

Next Avenue: Are you facing early retirement? Here’s how to prepare

This article is reprinted by permission from NextAvenue.org. The coronavirus pandemic is causing many older workers who’ve lost jobs or been offered early retirement severance packages to decide to pack it in. But taking early retirement can throw a monkey wrench into your future financial security. That’s why it’s vital to be cautious before doing it. I’ve talked to several sharp financial advisers for their tips on how best to prepare to retire earlier than you planned; you’ll see their suggestions below. 80% of older Americans can't afford to retire - COVID-19 isn't helping “The numbers suggest that while many older workers displaced by COVID-19 job loss are still seeking work, a large number have dropped out of the labor market entirely,” Jennifer Schramm, a senior str...
Dollar, Gold Implications for Commodities – DTN The Progressive Farmer
Commodities

Dollar, Gold Implications for Commodities – DTN The Progressive Farmer

Bloomberg Commodity Index: Aside from the U.S. Dollar Index, the Bloomberg Commodity Index (BCI) is another important basket we follow to help gauge the overall strength or weakness of the commodity sector. It would stand to reason that as the dollar has gotten weaker, the value of commodities would get stronger. That has been true in this case with the BCI trading at the highest level since March. The strength in the BCI has been much less than the weakness in the dollar, however, with the BCI having recovered roughly 38.2% of the entire December-March sell-off. Propelling much of the strength inside the BCI has been the rally to multi-year highs in precious metals and the recovery in energy markets as crude oil climbed back over $40 per barrel (bbl). The tail does not wag the dog in t...
US Durable Goods Shine – USD Wallows at Lows
Forex News

US Durable Goods Shine – USD Wallows at Lows

EURUSD, H1 US Durable Goods Orders rose 7.3% in June after a 15.1% (was 15.7%) bounce in May (second highest on record) following the -18.3% April plunge. Transportation orders remained supportive, climbing 20.0% after the 78.9% (was 82.0%) surge in May, correcting from the -48.9% April drop. Excluding transportation, orders were up 3.3% from 3.6% (was 3.7%), but missed expectations at 3.5%. Nondefense capital goods orders excluding aircraft increased 3.3% from the 1.6% May gain. Shipments jumped 14.9% from the prior 4.2% (was 4.4%) rise. Nondefense capital goods shipments excluding aircraft climbed 3.4% from 1.6% (was 1.5%) previously. Inventories edged up 0.1% from unchanged (was 0.1%). The inventory-shipment ratio dropped to 1.87 from 2.15. Overall a pretty solid report. The Dollar ...
Fed meeting expected to leave US bond-stock relationship out of whack
Stock News

Fed meeting expected to leave US bond-stock relationship out of whack

NEW YORK: The Federal Reserve's whatever-it-takes approach to stave off economic calamity has kept interest rates near zero and helped drive US stocks back to pre-pandemic record levels, while weakening the usual dynamic between safe-haven US Treasuries and riskier equities.Stocks and bonds' moving in parallel is one of the distortions Fed policy makers may ponder when they meet next week, although they are expected to let the emergency measures already implemented in the wake of the coronavirus outbreak work through the financial system. The recent rise in Treasury prices, which typically climb when investors seek safe harbors during uncertain times, appears at odds with the exuberance seen on Wall Street, where the S&P 500 last week came within 3.5% of its February all-time high, ...