Day: September 24, 2020

AUD/USD bulls stepping in on the US dollar’s stalling, prospects are technically bullish
Forex

AUD/USD bulls stepping in on the US dollar’s stalling, prospects are technically bullish

AUD/USD bears bailing out as price consolidates the down move. US dollar giving back some ground, could give rise to healthy upside correction in AUD crosses. AUD/USD is currently trading at 0.7044 between a narrow start of the day range in Asia of 0.7042 and 0.7048 following an overnight session of corrective behaviour from a low of 0.7015 to 0.772 the high. August's combination of rising equity prices and a sliding US dollar has been reversed in no uncertain terms, sending the AUD/USD back to late July levels. However, despite the market chatter about Reserve Bank of Australia cuts next month, AUD/USD is performing the bid in improved risk appetite. US stocks finished in the green on Thursday and the greenback is starting to find sellers across the board acco...
New Loom Network CEO clarifies concerning information published by former employee
Crypto News

New Loom Network CEO clarifies concerning information published by former employee

One of Loom Network's former employees recently leaked information about the company's Kickstarter-funded game, Relentless (also called Zombie Battleground). The leak alleged that the project, and potentially the entire Loom Network, were no longer actively being developed. The former employee, who has not worked for the company in over a year, claimed that the issues largely stemmed from Loom's former CEO, Matthew Campbell. Campbell left Loom in Feb. 2020, and was replaced by a new CEO. "Dilanka accessed our Kickstarter account without authorization and sent out that rambling update," Vadim Macagon, the current CEO of Loom Network, told Cointelegraph on Sept. 24. "He was let go almost a year ago because he started behaving erratically, and was quite open to some of his team a...
Amazon announces new Fire TV devices and a brand new home screen
Business news

Amazon announces new Fire TV devices and a brand new home screen

Amazon Fire TV Stick Lite Amazon Amazon announced two new Fire TV products during its big online hardware event on Thursday. Amazon's Fire TV gadgets compete directly with Roku and Apple TV, offering people access to popular apps like Disney+, Netflix, Hulu and more.  Amazon says people are spending more time in front of TVs than ever before due to the spread of coronavirus. It sees the TV as a the center of the household and wants to get even more features in front of users to keep them coming back. The new features may help it compete more aggressively against Roku, which still has a 50% market share of global connected TV streaming hours with strong growth opportunities, according to an analyst note from Deutsche Bank in August. The new Fire TV Stick and Fire TV Stick...
Turkey: CBRT cannot do it all to stabilise the lira
Forex

Turkey: CBRT cannot do it all to stabilise the lira

On Thursday, the Central Bank of the Republic of Turkey (CBRT) rose its key rate by 200bps to curb lira’s weakness.  According to analysts from Rabobank, the efforts from the central bank to stabilise the currency via higher interest rates should be accompanied by the Erdogan administration accelerating the pace of structural reforms. Key Quotes:  “The question is whether the 200bps hike will prove sufficient to stabilise the lira? While today’s move is a very important step in the right direction, as it reduces risk of inflation and financial stability, the CBRT will have to do more to restore shattered confidence in the lira not only amongst foreign investors, but also amongst domestic households and corporates.” “Today’s decision provides the severely battered lira w...
Equity investors should brace for more pain: D-Street veterans
Stock News

Equity investors should brace for more pain: D-Street veterans

Mumbai: Indian stock market saw an erosion of Rs 11 lakh crore of investor wealth over six sessions with benchmark equity indices tumbling to mid-July levels, and it looks like the bears are not done as yet. Analysts believe there is more pain in the offing, and investors should not expect any respite just as yet. The global markets are facing the heat amid renewed concerns about further delay in economic recovery, as the world continues to grapple with the relentlessly spreading Covid-19 pandemic. The resurgence in new infections in Europe has led to concerns over the probability of fresh lockdowns in certain geographies. Stock market investors lost Rs 3.91 lakh crore in Thursday’s rout as the marketcap of BSE-listed firms slid to Rs 148.79 lakh crore, and Sensex shed more than 1,000 p...
Checklist: Top Leading, Lagging & Coincident Economic Indicators
Strategy, Technical Analysis

Checklist: Top Leading, Lagging & Coincident Economic Indicators

Traders should be constantly looking for signs of whether and how current economic conditions change. Those signs are usually provided by economic indicators which are regularly reported and closely followed by traders and investors around the world. Metaphorically, depending on whether economic reports look at the economy through the windshield of a car, the side window, or the rear view mirror, they can be grouped into leading, coincident, and lagging indicators. I’ve provided a list of the top 19 economic indicators below. Let’s go through them… Leading Indicators: Looking Through the Windshield Leading indicators are a group of economic indicators that are considered to lead overall economic activity, and can therefore be used to anticipate how future market conditions will look...
Bitcoin adoption heats up as climate change wreaks havoc worldwide
Crypto News

Bitcoin adoption heats up as climate change wreaks havoc worldwide

In October 2018, the journal Nature Climate Change made headlines both within the crypto world and beyond after it published a study claiming that within three decades, the carbon emissions of the Bitcoin network alone could push the planet past 2 degrees Celsius of warming — the threshold established by the international Paris Agreement.  While additional research has been released since, showing that much of the Bitcoin network actually relies on renewable energy sources, the initial reporting has been influential in shaping the way in which people understand the role of cryptocurrency within the context of the global climate crisis: The planet is warming, and cryptocurrency is, at least in part, to blame. However, the truth is that the relationship between crypto and climate is...
GBP/JPY Price Analysis: Recovers further from multi-month lows, climbs to mid-134.00s
Forex

GBP/JPY Price Analysis: Recovers further from multi-month lows, climbs to mid-134.00s

GBP/JPY gained traction for the second consecutive session on Thursday. Move beyond 100-hour SMA supports prospects for further intraday gains. Mixed technical indicators still warrant some caution for aggressive bulls. The GBP/JPY cross built on this week's modest rebound from the 133.00 mark, or near three-month lows and edged higher for the second consecutive session on Thursday. The cross has now moved back above 100-hour SMA, with bulls now looking to build on the momentum beyond the overnight swing high. Given that the cross had shown some resilience below the 50% Fibonacci level of the 124.07-142.72 move up, a subsequent move beyond the 134.50-60 region might prompt some short-covering move. The cross might then accelerate the momentum towards reclaiming the key 135....
U.S. stock futures see volatile moves following sell-off on Wall Street
Business news

U.S. stock futures see volatile moves following sell-off on Wall Street

Stock futures were flat early Thursday after a volatile overnight session with wild swings in and out of negative territory. The pause came in the wake of Wednesday's heavy losses that saw the S&P 500 tumble more than 2%. Futures contracts tied to the Dow Jones Industrial Average suggested a nearly flat open. S&P 500 futures and Nasdaq 100 futures were also little changed. The moves came in an uneven session. Earlier, futures opened Wednesday evening in the green, but comments from President Donald Trump that he would not commit to a peaceful transfer of power should he lose the election appeared to hit sentiment. Stocks continued their September swoon during regular trading hours on Wednesday, with all of the major averages registering steep losses. The Dow Jones Industrial A...
Federal Reserve Bank reveals details of digital dollar research
Crypto News

Federal Reserve Bank reveals details of digital dollar research

The President and CEO of the Federal Reserve Bank of Cleveland has revealed details of the Fed’s ongoing research into a potential digital dollar.  Speaking in a keynote address on September 23, Loretta Mester emphasized that the Federal Reserve has been exploring central bank digital currencies (CBDC) since before the pandemic, noting that its Board of Governors has been “building and testing a range of distributed ledger platforms to understand their potential benefits and tradeoffs.” She also noted initiatives from regional Federal Reserve branches, including a multi-year partnership between the Massachusetts Institute of Technology (MIT) and the Boston Fed, in addition to collaboration between the Fed’s New York Branch and the Bank for International Settlements.  Despite...