Russia lowering interest rates
As expected, the Central Bank of Russia lowered its interest rates by 50bps to 7.5% during its September 2022 meeting. It was the sixth consecutive rate cut as current consumer price growth rates remain low. USD/RUB is up by 1.34% for the day.
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The euro strengthened against all fiat currencies, supporting the ongoing trends. EUR/AUD jumped 1.5%, while EUR/JPY and EUR/GBP are up 1.2%.
The Japanese yen continues to appreciate against all currency pairs. NZD/JPY is down 1.33%, and CAD/JPY along with USD/JPY fell 1%.
JPY appreciates against all currencies
The Japanese yen drastically strengthened after the members of the Bank of Japan signaled the need to keep an ultra-easy policy. EUR/JPY is down 3%, and other currency pairs like AUD/JPY, NZDJPY, GBP/JPY along with CAD/JPY are 1.8% lower.
US dollar declines after US data
The US data released on Friday caused a selloff in the US dollar (USD) against all fiat currencies. USD/CHF fell 1.4%, USD/JPY dropped 1.35%, and GBP/USD is up 1.5%.
JPY declines after BoJ meeting
The Bank of Japan held interest rates steady at -0.1% at its meeting. JPY immediately weakened against all fiat currencies, with GBP/JPY rising 0.6% and NZD/JPY jumping 0.5%.
The Bank of Canada (BoC) left interest rates unchanged at 4.5%. The Canadian dollar (CAD) immediately weakened against all the other fiat currencies.
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The euro strengthened against all fiat currencies, supporting the ongoing trends. EUR/AUD jumped 1.5%, while EUR/JPY and EUR/GBP are up 1.2%.
Texas introduces a Bitcoin bill
Texas introduced a bill that should protect Bitcoin miners, holders, and developers. The bill explains how Bitcoin made several technological breakthroughs, including blockchain and distributed ledger.
FRC gains 30% amid banking mayhem
After a banking bloodbath for the past few weeks, First Republic Bank (FRC) gained 30%. The stock jumped from $12 to $16, but is still down from $120 three weeks ago.
Canada’s annual inflation rate dropped to 5.2% from the previous month’s 5.9%. This is the lowest reading since January 2022 and falls short of the market’s projection of 5.4%. Core inflation decreased as well, from 5% to 4.7%.
After Balaji made a bet that Bitcoin would hit $1 million, Strike CEO, Jack Mallers, joined him. This is due to fears of hyperinflation in the US. In the meantime, the fear and greed index reached 16-month highs, bringing euphoria to the crypto market.
Florida Governor wants to ban CBDCs
Florida Governor Ron DeSantis called for a ban on central bank digital currencies (CBDCs). He pointed out some negative effects, including higher surveillance over citizens or a cap on CBDC holdings.