ECB is cautious

As expected, the European Central Bank left interest rates unchanged today, but decided to announce future restrictions on the emergency asset purchase program

Comments are closed.

More market movers from category

Use of euro is increasing

A new study from ECB showed that euro has not suffered from all the events of the past years. On the contrary, in 2021 the use of euro in international bond issuance rose by 3% to 24.6% and the share of global foreign exchange reserve rose by half a percent to 20.6%. Euro has thus improved its position as the second most used currency after dollar.

Canadian dollar strengthening

Shaun Osborne, Chief currency strategist at Scotiabank, believes that people need to look at CAD in the medium term since this currency can show strength. This is due to the proactive approach that the central bank in the country is taking. Some even believe that Bank of Canada will outpace Fed in hiking the interest rates.

Rouble waiting for the rate decision

Russian rouble has seen a bit of a weakening in pairs with euro (-2%) and dollar (-1.7%) in the past few hours. This is likely due to an off-schedule central bank policy meeting that should take place today, which can likely see the interest rates being lowered.

Dollar going for 20-year high

Today marks the start of extremely important week mostly due to the announcements of the Fed. The FX world is preparing for this event by dollar rising to 20-year high in pair with euro, while the EU currency is weakening due to stagnation of macroeconomic output growth.

Ruble hits 2-year high vs euro

The fact that Russian ruble has recovered fairly quickly at the most fronts is at least a bit surprising. However, now the ruble is creating new highs with some trading pairs. The ruble has reached a price of 76.9 versus euro, which is the strongest mark since March 2020.

BOJ extra dovish?

And one more news concerned with BOJ. This central bank seems to be making headlines left and right due to its very dovish approach to current monetary policies. The bank is planning unscheduled bond purchases this week, which is surprising especially since yen has been weakening for almost two weeks straight.

More market movers

Duke Energy exploring Bitcoin mining

Duke Energy, the second largest power company in the United States, is reportedly studying Bitcoin mining. The results of this research should help the company with onboarding of the miners on the grid. Before that, the company is going to test its findings on micro-grid with different energy sources.

Almost 60 000 Teslas with a glitch?

According to Germany's road traffic agency, almost 60 000 Teslas model Y and 3 may have a glitch. The software flaw can cause a breakdown of the eCall, which are designed to contact emergency responders in the event of a serious accident. KBA, the German watchdog that specified found this glitch, stated that 59 129 vehicles can have this problem.

Credit card interest rates on a rise

Matt Schulz, chief credit analyst for LendingTree, has recently stated that the average annual percentage rates (APR) for new credit cards reached record levels. The borrowing rate rose to 20 % as of June, more than 6% increase from the pre-pandemic levels. Schulz also stated that he believes that this is nowhere near the top.

3AC filing for bankruptcy in the US

Three Arrows Capital, one of the biggest crypto hedge funds, has been in rather unpleasant conditions for few weeks now. The situation forced 3AC to file for bankruptcy in the United States. The step should protect the company from losing assets to liquidators as it protects US assets. The future of the company remains uncertain.

S&P 500 with a horrific result

Bitcoin is not the only asset that is having bad time now. The same applies for one of the biggest US indices, S&P 500, which has just ended the first half of the year down 20.6 %. This is the worst start to a year since 1962.

Copper sinks below 8 000 dollars

Copper has just sunk below 8 000 dollars a ton, the lowest price in more than 18 months. It is likely that Copper, just like other industrial metals will fall in the price in the coming days and weeks mostly due to the fears of the incoming global financial recession.


Crypto news summary: Facebook, MicroStrategy and Opensea

In the last week, Facebook announced the testing of NFTs on profiles, Opensea got hacked, Microstrategy bought more Bitcoin, and much more.

Weekly macro report – Bonds reached some gains

In our latest macro report, we remain positively aimed at bonds with long-term maturities, while giving updates in the US and EA policies.

India imposes windfall tax on oil firms

India has imposed a windfall tax on the country's oil producers and refiners who are exporting more due to high international prices.

EU approves regulatory measures to tame the crypto industry

After years of debating, European Union broke down rules and regulations on the crypto industry, including anti money laundering rules.