Generally, the euro (EUR) is considered one of the weaker currencies when the U.S. dollar (USD) is trending towards strength. However, the view of U.S. economic strength may open the door for a prolonged period of dollar-side profitability. After robust U.S. employment data in January, analysts now believe that the anticipated easing in demand might […]
Cocoa prices hit record highs, raising confectionery costs for this year
Cocoa futures extended their growth and reached record prices in New York as a deficit grips the market, and chocolate and other confectionery products could become more expensive in 2024. Since the beginning of the year, cocoa prices have soared nearly 30% in London and New York, marking a continuation of the price escalation that […]
China suffered the most significant drop in consumer prices in more than 14 years
In January, China recorded the most significant drop in consumer prices in more than 14 years, while producer prices also fell. This phenomenon underscores the ongoing deflationary risks that Asia’s largest economy is struggling with as it seeks to recover. Consumer Price Indices in decline According to data from the National Bureau of Statistics (NBS), […]
Hong Kong wants to introduce a stablecoin backed by China’s Yuan
The Hong Kong General Chamber of Commerce (HKGCC) has applied to create a stablecoin pegged to the yuan (CNY). The application, which has provoked great interest in the financial sector, is part of a set of strategies to promote the yuan’s intentions of securitization. Similarly, the application also aims to encourage the adoption of the […]
Reserve Bank of Australia keeps interest rates unchanged for the second consecutive time
The Reserve Bank of Australia (RBA) has left interest rates unchanged at 4.35%, a decision expected by the foreign exchange market. Additionally, the RBA stated that it is not ruling out the possibility of raising rates if needed despite having lowered its inflation forecasts. The bank noted that inflation fell from December to January, although […]
Daily Technical Analysis on GBP/USD: Downtrend gains strength as pound enters difficult month
The most recent behavior of the British Pound (GBP) can serve as a warning that February is generally a difficult month for the British Pound. This means that one should look for the possibility of losses on long positions this month. Last week, various economic data releases from both the UK and the US impacted […]
Bitcoin miners in the United States consume the same amount of energy as the entire population of Utah
According to an analysis conducted by the U.S. Energy Information Administration (EIA), Bitcoin miners in the country consume the same amount of energy as the entire population of the state of Utah. And that’s referring to the lowest usage. Electricity use in mining operations equates to between 0.6% to 2.3% of demand across the entire […]
Daily Technical Analysis on XAU/USD: The trend continues to be supported
Recently, currency markets have been under pressure due to a much better performance by bonds, following a report that commented that U.S. companies have created more job opportunities and exceeded economists’ expectations. While this strength is a boon for workers and keeps the risk of a recession at bay, the concern could sustain some direct […]
Daily Technical Analysis on EUR/USD: Downtrend Gains Strength
Today, the EUR/USD will be affected by the Purchasing Managers’ Index reading for the services sector for both the Eurozone and the U.S. On the other hand, the U.S. Federal Reserve (Fed) held interest rates at 5.5% after its most recent monetary policy meeting, in line with market expectations. According to the statement released by […]
The five most important events of the week
Investors this week await the release of first-quarter results from the largest companies in the U.S. market and analyze interest rate signals following robust economic data in recent days. Federal Reserve (Fed) Chairman Jerome Powell says the Fed will be cautious about possible interest rate cuts. Boeing (B.A.) has warned of a new problem with […]