No interest rate hikes, doubled tapering

We have just witnessed one of the most important meetings of Federal Reserve (FOMC meeting), in last few years. During this meeting, FED has stated that it is expecting to hike interest rates in the next year three times, as well as speed up the tapering process from 15 to 30 billion dollars a month starting from January.

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India starts the test of digital rupee

The Reserve Bank of India will start testing its central bank digital currency (CBDC) on December 1st. The testing will run in Mumbai, New Delhi, Bengaluru and Bhubaneswar. Some of the major banks, such as the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, will participate.

EU economic sentiment jumps

After going down for eight months, the EU economic sentiment indicator went up by one point in November 2022 to reach 93.7. The result slightly exceeded forecasts of 93.5, but it remained close to its lowest level in two years. Rising interest rates, high inflation, and a worsening energy crisis during the winter all put a damper on sentiment.

BoJ will test digital yen in 2023 ๐Ÿ’ก

The Bank of Japan (BoJ) is collaborating with three unnamed major banks to try out digital yen in 2023. They will focus on any problems that could arise during deposits and withdrawals. The experiment will also test if the CBDC can operate during natural disasters and in areas without internet access.

US initial jobless claims rise

The number of Americans submitting new unemployment compensation claims increased by 17,000 to 240,000 in November. This is significantly more than the predicted 225,000, and the highest in 3 months as the labor market is stressed by the current economic situation.

Donald Trump back on Twitter

Elon Musk ran a poll on whether Donald Trump’s Twitter account should be reinstated. After the poll showed yes, Donald Trump is back on the platform. Moreover, countless others whose accounts were suspended before Musk’s takeover are back.

Home sales slide since February

Existing house sales in the US fell 5.9% to 4.43 million in October. Except for a small decline at the start of the pandemic, this is the lowest number in 11 years, falling below market expectations of 4.38 million. Due to rising mortgage rates, this is the ninth consecutive month that sales have decreased.

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Phantom expands its reach

One of the largest Solana-based wallets Phantom is expanding to other blockchains. The wallet will expand to Polygon and Ethereum, threatning the market leader Metamask. Phantom reportedly now has more than 3 million users.

India starts the test of digital rupee

The Reserve Bank of India will start testing its central bank digital currency (CBDC) on December 1st. The testing will run in Mumbai, New Delhi, Bengaluru and Bhubaneswar. Some of the major banks, such as the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank, will participate.

CAD weakens after GDP results

The Canadian dollar weakened aboveย $1.35โ€”a level not seen since early November after the GDP results. The Canadian economy increased by 2.9% annually in Q3ย of 2022, beating expectations for a modest 1.5% growth.

Spain’s inflation slides lower ๐Ÿ“‰

Spain’s annual inflation fell to 6.8% in November 2022, moving further away from July’s 38-year high of 10.8%. Inflation remained below market expectations at 7.4%. The slowdown in the inflation rate was mainly led by declines in the cost of fuel and electricity.

EU economic sentiment jumps

After going down for eight months, the EU economic sentiment indicator went up by one point in November 2022 to reach 93.7. The result slightly exceeded forecasts of 93.5, but it remained close to its lowest level in two years. Rising interest rates, high inflation, and a worsening energy crisis during the winter all put a damper on sentiment.

BlockFi files for bankruptcy ๐Ÿ’ฅ

BlockFi officially filed for bankruptcy on Monday. It has become the latest crypto company crippled by the collapse of FTX. It was functioning since 2017 with more than 450,000 clients.

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EUR/USD trades choppy, lacks direction
EURUSD
-0.53%

EUR/USD trades choppy, lacks direction

Volatility remains elevated, however, the direction of the euro seems unclear so far.
Silver is another victim of protests in China
XAG
-1.62%

Silver is another victim of protests in China

The start of the new week was not the best for precious metals. Silver's volatility is above 3,5%. Covid protests in China bring uncertainty into markets.
A dramatic Cyber Monday for US markets
EURUSD
-0.53%

A dramatic Cyber Monday for US markets

Cyber Monday trading was full of rebounds and reversals as protests in China boil. Dollar turned around to show it is still considered a safe heaven.

Italy plans 50% windfall tax for energy firms

Italy plans to impose a one-off windfall tax of 50% on the extraordinary income of its energy companies in 2023.