CNY gains strength πŸ’ͺ

USD/CNY dropped by 2.5% and is closing in on a price of 7. A few weeks ago, the currency pair failed to rise above resistance from early 2020, and it is now accelerating downward. The move is being led by a weak dollar and China’s softened stance toward COVID.

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DXY jumps above 103

After almost falling to 100, the dollar index (DXY) surged above 103. This is for the first time since early January on rising hopes that the Fed will continue to hike interest rates. It was affected by the better-than-expected US jobs report.

EUR/USD reaches 1.1000

EUR/USD jumped more than 1% after the Fed increased interest rates by 25 bps. The currency pair hit 1.1000 for the first time since April 2022, up 2.7% so far in 2023.

GBP/USD falls from its peak πŸ“‰

After hitting a high of 1.245, GBP/USD dropped below 1.23 as weaker-than-expected data increased the likelihood of a UK recession. Business activity in the UK fell at its slowest rate in two years, according to the latest PMI survey. That was caused by higher interest rates and sluggish consumer demand due to the rising cost of living.

EUR/USD reaches 1.09

EUR/USD extended gains close to 1.09 in January, a fresh nine-month high. EUR/USD benefited from a weaker dollar as investors assessed the monetary policy outlook and incoming rate hikes by the ECB.

NZD/JPY on a roller coaster ride

NZD/JPY jumped almost 3% after the meeting of the Bank of Japan yesterday. All gains have been erased, and NZD/JPY is down 1.5% today.

Brazilian real drops 1% πŸ“‰

On Monday, the Brazilian real dropped by over 1% against the dollar, dropping to $5.3. This occurred after Bolsonaro supporters stormed government buildings, including the Congress, the Supreme Court, and the Presidential Palace.

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Binance donates $5 million to Turkey

Binance pledged to donate $100 in BNB tokens to every user affected by the 7.8 magnitude earthquake that happened in Turkey. This would be roughly $5 million in total, according to CZ, the CEO of Binance.

Adani’s stock up after massive turmoil

After falling approximately 75% in just a few weeks, Adani Group’s stock surged 15.28% on Tuesday. The positivity around the company was influenced by the founders prepaying nearly $1.1 billion in loans.

RBA lifts interest rates by 25 bps

The Reserve Bank of Australia increased interest rates by 25 bps from 3.1% to 3.35%. The interest rates were raised for the ninth time in a row, bringing borrowing costs to a level not seen more than a decade.

Genesis reaches a bankruptcy deal

Genesis Global Capital (GGC), Digital Currency Group, Gemini, and other creditors have come to a bankruptcy agreement to recover assets. There are over $2 billion in claims against GGC.

Janet Yellen doesn’t see a recession

“I envision a scenario in which inflation is dropping significantly and the economy is continuing to be strong,” Treasury Secretary Janet Yellen has remarked. “Having the lowest unemployment rate in more than 50 years and creating 500,000 new jobs doesn’t seem like a recession to me,” she added.

DXY jumps above 103

After almost falling to 100, the dollar index (DXY) surged above 103. This is for the first time since early January on rising hopes that the Fed will continue to hike interest rates. It was affected by the better-than-expected US jobs report.

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Stablecoins are being adopted on a global scale

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GBP/USD falls below psychological 1.20 amid USD strength
GBPUSD
-0.25%

GBP/USD falls below psychological 1.20 amid USD strength

Traders bought the USD broadly today, sending the GBP/USD pair lower.

Norwegian Cruise: Stock dilution possible due to ruined balance sheet

Norwegian Cruise Line Holdings (NCLH) was a great company until COVID-19 changed the business model dramatically. Now it poses a threat to investors.
EUR/USD touches 2-week lows ahead of Powell’s speech
EURUSD
-0.62%

EUR/USD touches 2-week lows ahead of Powell’s speech

Volatility could be highly elevated today as investors will react to Jay Powell's speech.