GBP rises to 2-week high

On Monday, the British pound rose to $1.17, the highest level in two weeks. Following the passing of Queen Elizabeth, the Bank of England decided to postpone this week’s interest rate decision to September 22. According to the most recent figures, the UK’s GDP increased by 0.2%, somewhat less than the 0.4% predicted.

More market movers from category

NZD weakens on all fronts

The New Zealand dollar (NZD) fell on all fronts on Friday. NZD/USD is down 1.4% and NZD/JPY dropped 1.2%, while GBP/NZD is up 1.3%.

USD/MXN falls to 6-year low 📉

USD/MXN dropped to $17.5, the lowest in six years, because of the divergence between the USA’s and Mexico’s monetary policies. The Fed may stop the tightening cycle with the main rate remaining at 4.25% while Banxico raised rates to 11.25%.

CAD gains momentum

A surprising surge in WTI crude helped the Canadian dollar jump despite a downtrend. CAD/CHF is up 1.5%, CAD/JPY jumped 1.05%, and USD/CAD fell 0.7%.

AUD shows strength on all fronts

The Australian dollar strengthened after the Reserve Bank of Australia unexpectedly lifted the interest rate by 25 bps from 3.6% to 3.85%. The central bank went against market estimates of a pause, citing inflation as still too high. AUD/JPY is up 1.3% and AUD/USD rose 1.17%, while EUR/AUD is down 0.9%.

JPY declines on BoJ and inflation result

The Japanese yen declined on all fronts as Tokyo core inflation jumped from 3.2% to 3.5% and the BoJ left interest rates unchanged at -0.1%. USD/JPY jumped 1.3%, and NZD/JPY, GBP/JPY, along with EUR/JPY are up 1%.

AUD falls with inflation result

The Australian annual inflation rate fell from 7.8% to 7% in Q1 2023. Despite good news, the Australian dollar declined on all fronts. EUR/AUD jumped 1.1%, AUD/JPY fell 0.6% and AUD/USD is down 0.36%.

More market movers

NZD weakens on all fronts

The New Zealand dollar (NZD) fell on all fronts on Friday. NZD/USD is down 1.4% and NZD/JPY dropped 1.2%, while GBP/NZD is up 1.3%.

Inflation levels update

The annual inflation rate in India dropped from 5.6% in March to 4.7% in April. Brazil’s inflation fell from 4.6% to 4.1%. However, inflation in Spain accelerated from 3.3% to 4.1%, and France’s inflation jumped from 5.7% to 5.9%.

Mark Cuban praises AI

The potential of AI, according to Mark Cuban, is “beyond anything I’ve ever seen,” and he compared ChatGPT to the early days of the internet. Cuban has a straightforward piece of advice for businesses: join the AI race or perish. Cuban stated, “There are two types of companies in the world: those who are great at AI and everyone else.”

BoE lifts interest rates to 4.5%

The Bank of England followed market forecasts and increased the interest rates by 25 bps from 4.25% to 4.5%. This pushed borrowing costs to new heights not seen since 2008, as inflation still sits at double digits.

China is close to deflation

While the rest of the world still experiences relatively high inflation, China is close to deflation. China’s annual inflation rate dropped from 0.7% in March to 0.1% in April. The Netherlands’ inflation accelerated from 4.4% to 5.2%. Inflation in the Czech Republic fell from 15% to 12.7%. Inflation in Australia jumped from 4.6% in April to 5% in May. 

IRS sues FTX for $44 billion

The US Department of the Treasury and the IRS have filed 45 claims against the defunct crypto exchange FTX and its affiliates, totaling $44 billion. Alameda Research LLC was hit with a $20.4 billion tax bill from the IRS for payroll and partnership taxes. They also sued Alameda Research Holdings for over $17 billion.

News

Saylor to speak at Europe’s largest Bitcoin conference BTC Prague

The biggest Bitcoin conference in Europe is right around the corner. Why should all European Bitcoiners come to BTC Prague?

Five best crypto tax software tools available on the market

Looking for the best crypto tax software to simplify your tax filing? This article will help you find the best tools for that process.

Are we in a recession? The answer may surprise you

People may panic when the times are bad, but things like a long-term strategy and cash on hand can prevent people from behaving irrationally.

What is deflation?

In this article, we look at deflation, how it begins, and what are the ways to end it.