On June 10, many were surprised by the news that TBD, a subsidiary of Block, Twitter’s co-founder Jack Dorsey, announced the launch of the Web5 platform. Web 1, 2, 3 and now Web 5? But where is Web 4? Those who don’t care about number sequences can just downloaded Web 7. But first, so that
Month: July 2022
Supply crunch and strong demand are keeping global oil prices well above the psychological level of $100 a barrel for the last seven weeks. The global crude oil market has been tightened by short supply due to restrictions on Russian oil and little spare capacity among other big oil producers. Russia plays an outsized role
We started the week at +0.2% in the Atlanta Fed’s GDP tracker. After a series of economic data point disappointments, it’s now at -2.1%. That’s down from yesterday’s reading of -1.0% and comes after today’s data on manufacturing and construction spending. The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the
The USD/CAD ended the week almost flat amidst a volatile’s Friday session. Canada’s May GDP contracted by 0.2%, on its preliminary reading, a headwind for the CAD. US manufacturing data showed signs of slowing down; will the Fed slow its tightening pace? The USD/CAD pares some of Thursday’s losses after reaching a weekly high of
This week has brought an end to the first half of 2022, and it has been a volatile one for gold as well as commodities at large. We are facing uncertain times ahead as market players try to assess the implication of higher interest rates on economic growth while the Russia-Ukraine fighting continues to intensify.
The market is navigating different outcomes and in the simplest terms, here’s how it shapes up. 1) High inflation with ongoing growth and Fed hikes above 4% This is the scenario the market grappled with for most of the year and the results speak for themselves. It was the worst H1 for the S&P 500
Extending fall in commodity prices and recession fears were the main theme in the markets last week. Australian Dollar ended as the worst performer, followed by New Zealand Dollar, and then Sterling. However, Canadian Dollar was surprisingly the strongest one, partly helped by resilient oil prices. Meanwhile, extended pull back in US and European benchmark
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Analysts at MUFG Bank, point out that the South Korean won will likely remain affected by the ongoing concerns on global economic growth and the tightening from the Federal Reserve. They forecast USD/KRW at 1250.00 by the end of the second quarter, and at 1230.00 by the fourth quarter. Key Quotes: “KRW depreciated this June
A new financial system; a more democratized, even more inclusive, financial sector; the future of the internet — the crypto ecosystem has been described as all of these things. However, as is evidenced by digital assets’ inherent correlation with the Nasdaq 100, most people fail to conceptualize blockchain as anything other than an extension of
Shares of tumbled nearly 9 per cent in morning trade on Friday after the government imposed an export tax on petrol, diesel and jet fuel (ATF). The government on Friday slapped an export tax on petrol, diesel and jet fuel shipped overseas by firms like , and imposed a windfall tax on crude oil produced
Markets: Gold flat at $1806 US 10-year yields down 8.5 bps to 2.89% WTI crude oil up $2.51 to $108.29 S&P 500 up 1.1% JPY leads, AUD lags This was a holiday-thinned trade with Canada out and many US traders heading out early for the long weekend but it was also the start of a
Markets start the first day of the second half dumping risk assets, from stocks to oil to gold and copper. Safe haven flow into treasury has indeed started overnight, pushing US 10-year yield back below 3% handle. In the currency markets, Yen rides on the negative sentiment and rises broadly. Aussie leads other commodity currencies
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The USD/CHF to finish the week with decent gains of 0.39%. Risk-aversion dominates Friday’s session, as throughout the whole week. The USD/CHF double top in the daily chart is still in play, but failure at 0.9544, paves the way for further gains as buyers eye 0.9700. In the near term, the major is upward biased,
New Delhi: Gold in the national capital on Friday rose by Rs 1,088 to Rs 51,458 per 10 grams, according to securities. In the previous trade, the precious metal finished at Rs 50,370 per 10 grams. Silver, however, fell by Rs 411 to Rs 58,159 per kg from Rs 58,570 per kg in the previous
Prelim 52.4 Prior 57.0 First drop in new orders in over two years Inflation pressures remained historically elevated, but increases in input costs and output charges eased to three-month lows Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said: “The PMI survey has fallen in June to a level indicative of the manufacturing