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Jun 14, 2024, 02:32 am


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Сryptocurrency exchanges / Uniswap Labs Acquires Onchain ...
Last post by Bitcoin - Jun 11, 2024, 01:29 pm
Uniswap Labs Acquires Onchain Survival Experience Crypto: The Game

Byte-sized news on the latest topics relating to crypto and technology.Uniswap Labs has announced the acquisition of Crypto: The Game (CTG), an onchain experience mimicking mainstream TV shows like Survivor with a crypto element. The experience involves the participation of several contestants in a series of challenges to gain immunity and avoid being voted out. With the acquisition, completed for an undisclosed amount, CTG’s team […]

Source: Uniswap Labs Acquires Onchain Survival Experience Crypto: The Game
Сryptocurrency exchanges / Solana Launches Mainnet Beta v...
Last post by Bitcoin - Jun 11, 2024, 01:29 pm
Solana Launches Mainnet Beta v1.18.15 Upgrade to Address Network Stability

Byte-sized news on the latest topics relating to crypto and technology.Solana has recommended validators in the network upgrade to the latest Mainnet Beta 1.18.15, which includes several fixes to address network performance and stability. The release includes a central scheduler functionality that can be turned on optionally, focused on solving performance issues identified when there is network congestion. According to Solana Beach, a validator statistics […]

Source: Solana Launches Mainnet Beta v1.18.15 Upgrade to Address Network Stability
Сryptocurrency exchanges / Abu Dhabi Regulator, ADGM, Sig...
Last post by Bitcoin - Jun 11, 2024, 01:29 pm
Abu Dhabi Regulator, ADGM, Signs Digital Assets MoU With Bermuda Monetary Authority

Byte-sized news on the latest topics relating to crypto and technology.The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) and the Bermuda Monetary Authority (BMA) have signed a digital assets Memorandum of Understanding (MOU). This MOU establishes a framework for collaboration between the two regulatory authorities to support the creation and effective supervision of digital assets entities across their jurisdictions. It […]

Source: Abu Dhabi Regulator, ADGM, Signs Digital Assets MoU With Bermuda Monetary Authority
Study: 14% of 'Early Adopter' Kiwis Own Cryptocurrency; Majority Favor It Over Real Estate

Study: 14% of 'Early Adopter' Kiwis Own Cryptocurrency; Majority Favor It Over Real EstateAt least 14% of New Zealanders surveyed said they have owned cryptocurrency or held digital assets in the past. The findings categorize New Zealanders as early adopters, indicating they were quick to recognize the potential of cryptocurrency. Survey data reveal that only 16% of respondents would invest in real estate, compared to 60% who plan […]

Source: Study: 14% of 'Early Adopter' Kiwis Own Cryptocurrency; Majority Favor It Over Real Estate
Сryptocurrency exchanges / Gold Production Struggles Desp...
Last post by Bitcoin - Jun 11, 2024, 01:29 pm
Gold Production Struggles Despite 2024 Q1 Surge

Byte-sized news on the latest topics relating to crypto and technology.The gold mining industry struggles to sustain production growth due to declining new deposits, reports the World Gold Council (WGC). Despite a 4% increase in first-quarter production in 2024, overall growth has plateaued since 2016. In 2023, mine production rose by only 0.5%, following 1.35% in 2022 and 2.7% in 2021, with a decline of […]

Source: Gold Production Struggles Despite 2024 Q1 Surge
Сryptocurrency exchanges / FTC Warns of Crypto Scams From...
Last post by Bitcoin - Jun 11, 2024, 01:29 pm
FTC Warns of Crypto Scams From Online Love Interests

FTC Warns of Crypto Scams From Online Love InterestsThe U.S. Federal Trade Commission (FTC) has issued a warning about cryptocurrency romance scammers who offer investment advice. The FTC emphasizes the risks involved and urges immediate reporting and caution to protect others. “They establish an emotional connection with you so you're more likely to believe that they're an expert in cryptocurrency investing, for example,” […]

Source: FTC Warns of Crypto Scams From Online Love Interests
Сryptocurrency exchanges / HSBC China Introduces Digital ...
Last post by Bitcoin - Jun 11, 2024, 01:29 pm
HSBC China Introduces Digital Yuan Services for Corporate Clients

Byte-sized news on the latest topics relating to crypto and technology.HSBC Bank (China) Ltd. announced on Friday the launch of digital yuan (e-CNY) services for corporate clients, becoming one of the first international banks to provide these services to both corporate and retail customers. The e-CNY, or digital yuan, is China’s central bank digital currency (CBDC) issued by the People's Bank of China (PBOC). Following […]

Source: HSBC China Introduces Digital Yuan Services for Corporate Clients
Сryptocurrency exchanges / South Korean Regulator Exclude...
Last post by Bitcoin - Jun 11, 2024, 01:29 pm
South Korean Regulator Excludes Certain NFTs From Crypto Regulations

South Korean Regulator Excludes Certain NFTs From Crypto RegulationsSouth Korea’s top financial regulator has issued guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets. This distinction aims to minimize the risk of widespread user harm. The guidelines will be part of the Virtual Asset User Protection Act, effective July 19, 2024. FSC Issues New NFT Classification Guidelines On Monday, South Korea’s top […]

Source: South Korean Regulator Excludes Certain NFTs From Crypto Regulations
Forex / Greenback Remains Firm, Still ...
Last post by PocketOption - Jun 11, 2024, 01:29 pm
Greenback Remains Firm, Still Driest Towel on the Rack

Overview:  The US dollar is firm against all
the G10 currencies, except for sterling, which is straddling unchanged levels
after labor market report that showed an uptick earnings remain elevated, and
the unemployment rate ticked up to a new high since September 2021. The dollar
reached a new six-day high against the Japanese yen near JPY157.40. The Chinese
yuan (onshore) fell to new lows since last November as the mainland markets
re-opened from the holiday-long weekend. Most emerging market currencies are
lower, including the Mexican peso, which has become unhinged amid heightened
political uncertainty. The peso staged a bit of a recovery in late North
American dealings but came under pressure again as president-elect Sheinbaum
encouraged the discussion of judicial reform.

European bonds, especially
French bonds, remain under pressure following the EU Parliament election and
the snap French election at the end of the month. German debt is still seen as
a safe haven, while French, Italian, Spanish, and Portuguese 10-year yields are
at new six-month highs. Ahead of the US sales of $39 bln 10-year notes today,
the 10-year yield is off about three basis points to 4.43%. Yesterday's
three-year note tailed, extending the streak of weak direct bidder
participation. Equities are under pressure today. South Korea and India are
exceptions in Asia Pacific where Australia's 1.3% drop led the move lower. Europe's
Stoxx 600 is off for the third consecutive session, the longest losing streak
in a month. US index futures are also softer. Gold is consolidating in a narrow
range (~$2298-$2213). July WTI is little changed after rallying almost 3%
yesterday, its biggest rally of the year amid concern that supply/demand
considerations are more favorable ahead of the IEA report tomorrow.

Asia Pacific

Without new high-frequency
data, the market had little distraction for tomorrow's FOMC meeting and
Friday's BOJ meeting.
reports CPI and PPI tomorrow and disinflation/deflationary forces are expected
to ease slightly. Beijing could report May lending figures are any day now, and
the risk is on the upside on the back of seasonal factors and accelerated
fiscal support. However, through April, aggregate lending aggregate lending has
been last than in the first four months of 2023 (~CNY10.2 trillion this year
vs.~CNY11.3 trillion). Meanwhile, there is much talk about China shifting
exports to the Global South, and this does seem to be picked up in the data. Last
week's export figures showed a 2.4% decline of shipments to the US, a 5%
decline to the EU, and an 8.3% decline to Japan. Exports to Brazil were up 25%
year-over-year, and shipment to ASEAN were up 4.1%. As one would expect,
though, the surge of Chinese exports is causing some consternation outside of
the US and Europe. Brazil recently announced a quota and tariff system on
Chinese steel. Even more recently, Türkiye slapped a 40% tariff on Chinese-made
vehicles starting in July. India has also levied tariffs on Chinese steel and
aluminum. After a new European Commission is in place later this month, it is
expected to announce tariffs on Chinese vehicles, and they might be retroactive.
That said, Germany is a reluctant party, and it is not clear the how the
drubbing the Scholz SPD did in the European Parliament elections (slipping to
third place behind the CDU/CSU and the AfD) will impact it stance, if at all.
Separately, there is a push in the US Congress to convince the Biden
administration to include China's CATL and Gotion on the sanction list.

The dollar's range against
the yen was set before the North American session yesterday, roughly
high in North America was recorded near JPY157.10 after the US Treasury's $56
bln sale of three-year notes tailed. It edged up to about JPY157.40 today.
Resistance is seen in the JPY157.50-70 area, which may hold ahead of tomorrow's
key US events. The Australian dollar recovered from one-month lows in the
Asia Pacific (~$0.6575) to session highs in North America yesterday ($0.6610),
leaving a bullish hammer candlestick.
 There has been no follow-through
buying today and the Aussie remains in a narrow range of about $0.6590-$0.6610.
Look for the consolidative tone to continue in North America. After tomorrow's
US CPI and FOMC meeting, Australia reports market-sensitive jobs data on
Thursday. The dollar rose to its highest level against the yuan since
last November today, near CNY7.2545 as markets reopened from yesterday's
 The PBOC set the dollar's reference rate at CNY7.1135
(CNY7.1106 Friday) and the average in Bloomberg's survey was CNY7.2621
(CNY7.2425 Friday). The yuan, though seems to be more a function of
the dollar's movement, especially against the yen, for which the offshore yuan
shares the common characteristic of being an attractive funding currency. The
greenback held below CNH7.2725, against the offshore yuan. The high from late
May is slightly higher (~CNH7.2760) and the high for the year, set in mid-April
was about CNH7.2830. 


The post-mortem of the
European Parliament election continues but the UK is center stage today and
tomorrow for high-frequency economic data.
 The UK reported the latest jobs data today and
tomorrow is April GDP (and details). Unemployment was ticked up to a new high
for the year of 4.4% in the three months through April. The number of employees
on payrolls fell for the fourth consecutive month in April, but the 3k decline
was less than a tenth of the average in first quarter. The claimant count edged
up. Given the BOE's reaction function and comments by some MPC officials, the
earnings component may be the most important. Including bonuses, average weekly
earnings (three-months, year-over-year) were unchanged but only because the
March figure was revised up to 5.9% from 5.7%. Excluding bonus payments,
average weekly earnings unchanged at 6.0%. It is the fifth month in a 6.0%-6.2%
range. There is still practically no chance of a change in rates next week. It
is not simply due to the July 4 election. The swaps market is sees almost a 45%
chance of a cut in August, which is little changed from late May. The market's
confidence of a September cut has increased to about 70% from 56% a couple of
weeks ago. Tomorrow, April's GDP may have stagnated after 0.4% growth in March.
Industrial production/manufacturing, services, and trade appear to have
deteriorated sequentially, with construction, perhaps the only sector not to
have contracted. The UK economy grew by 0.6% in Q1 24 after shrinking in the
last two quarters of 2023. However, that likely overstated the growth, and 0.2%
quarterly expansion seems more probable here in the second quarter.

Euro selling dried up
slightly below $1.0735 yesterday and it recovered to almost the middle day's
range in the North American afternoon.
Still, it finished below what had been support in the $1.0785
area, and the 200-day moving average (~$1.0790) and could not get back above
$1.0775 today. Also, the five-day moving average slipped through the 20-day
moving average for the first time since May 2. The euro's 1.65-cent decline in
the past two sessions is among the largest two-declines this year. Sellers in
the European morning have taken it back to $1.0740. Below yesterday's low,
support is seen int eh $1.0700-25 area. Sterling recovered from a dip
below $1.2690 to a little above $1.2735, leaving a bullish hammer candlestick
in its wake.
Follow through buying has been minimal (1/100 of a cent,
according to Bloomberg). and has not risen above $1.2740. The next initial
hurdle is in the $1.2750-60 area, after it stalled last week around $1.2800-15.
A large sterling option (~GBP1.6 bln) expires tomorrow at $1.2795. According to
Bloomberg's data, the euro gapped lower against sterling yesterday and fell to
its lowest level since August 2022 near GBP0.8440. It settled slightly below
its lower Bollinger Band (~GBP0.8460). It is probing yesterday's lows where
options for 600 mln euros expire at the end of the week. Below there, initial
potential may extend toward GBP0.8400. 


Today is another quiet day
in terms of the US economic calendar.
Tomorrow features two of the three events that the markets are
particular sensitive to:  jobs, CPI, and Federal Reserve. The employment
report is behind us, and despite the mixed details (e.g., household and
establishment survey, full-time/part-time), the takeaway is that economy
appears to have done better in May than April. We expect this to be borne out
next week with gains in retail sales and industrial output after a flat April. It
is a light week for Canadian economic data. The Bank of Canada seemed more
dovish than the ECB but the swap market's nearly 60% probability of a second
rate cut next month seems a bit high. Mexico's May CPI, reported at the end of
last week, slightly softer than expected. Today's it reports April industrial
production figures (median forecast in Bloomberg's survey is for a 0.2%
increase after 0.6% in March). It averaged of 0.15% in the previous three
months, the highest since last August. Still, the reverberations from the
election results, and fear that constitutional changes that weaken the guardrails (e.g.,
independent Supreme Court) that checked the popular and populist government
keep volatility elevated. Lastly, Brazil reports the IPCA CPI today, and the
year-over-year rate is expected to rise for the first time in eight months. Brazil's
central bank was among the first to cut rates, beginning last August. Through
last month, it took the Selic rate down 325 bp to 10.50%. The swaps market has
the next move being a hike by the end of the year.

After the pre-weekend US
dollar surge of a big figure against the Canadian dollar, the greenback was in
a narrow range yesterday.
spent most of the session in less than a 30-tick range above CAD1.3750. Recall
that last Friday, after the employment data, the US dollar settled above
CAD1.3750 for the first time since the end of April. It is holding above it so
far today too, though it has held (barely) below yesterday's high. A US dollar
high does not seem in place. The Mexican peso's slide extended yesterday,
and the greenback reached nearly MXN18.66 yesterday in early North American
As the US dollar stalled more broadly, it pulled back toward
MXN18.2150 in late dealings. However, the peso reversed its recovery amid in
Asia Pacific trading today amid news reports that president-election Sheinbaum
wanted judicial reform to be discussed before the new Congress sits. The dollar
reached about MXN18.58. Volatility is still too high and the political outlook
too uncertain to see new longs, while the carry makes its expensive to short
the peso without strong downside momentum. The Bolsa rose by a little more than
0.25% yesterday after falling 2.75% before the weekend. 



Source: Greenback Remains Firm, Still Driest Towel on the Rack
Forex / Euro Sold After EU Parliament ...
Last post by PocketOption - Jun 11, 2024, 01:29 pm
Euro Sold After EU Parliament Elections and Macron's Gambit

Overview:  With mixed elements, the market took the
US jobs data as relatively strong and took the dollar and US rates higher. The
EU Parliament election has shaken up European politics, with the Belgium
government collapsing and French President Macron calling a snap legislative
election for the end of the month. Holidays in China, Hong Kong, Taiwan, and
Australia made for thinner Asia Pacific trading, but the euro was sold and has reached to
one-month lows slightly below $1.0740 in the European morning. The dollar is mostly firmer today
against the G10 currencies and emerging market currencies. Ahead of Wednesday's
US CPI and FOMC meeting, the greenback is likely to remain firm. 

Japanese stocks moved higher, but
that is the notable exception. Most other markets in the region fell, and
Europe's Stoxx 600 is off around 0.8%. US index futures are trading heavily. They
lost ground after the US jobs report after the S&P 500 and NASDAQ set
record highs the previous day. Bond markets are under more pressure. The
10-year JGB yield jumped seven basis points to 1.03%. European benchmark
10-year yields are mostly 4-9 bp higher, with the French bond yields rising
most, and Italy not far behind. Near 3.19% and 4.04%, respectively, both are
near six-month highs. The 10-year US Treasury yield rose nearly 15 bp after the
employment report, is up another couple of basis points today to 4.45%. The
stronger dollar and higher rates at the end of last week, sent gold sharply
lower and it has not recovered today. It settled below $2300 for the first time
in a month and has been unable to re-establish a foothold above it today. July
WTI is trading quietly inside the pre-weekend range between about $75.25 and

Asia Pacific

This week begins off in some sense
reacting to last Friday's US jobs report and the EU Parliament elections. 
China, Hong Kong, Taiwan, and Australian
markets were closed today for national holidays. There are three
highlights this week in the region:  Australia's May employment report
tomorrow, and the BOJ meeting conclusion and China's CPI on Friday. Australia's
disappointing Q1 GDP reported last week has boosted the market's perception of
a rate cut this year, but a firm employment report, with a possible tick lower
in the unemployment rate, given the high inflation may keep the central bank on
the sidelines. The BOJ is unlikely to do anything but may hint at the next step
in the normalization process, slow bond purchases from the current roughly JPY6
trillion (~$38.5 bln) a month. It owns almost JPY600 trillion of JGBs, more
than half of the outstanding marketable debt, which is also roughly the size of
Japan's GDP. The BOJ's balance sheet has other assets, including equities and
is closer to 125% of GDP. In China, CPI is expected to have edged up and the
PPI may show slightly less deflationary pressures. Despite the speculation that
the PBOC will ease monetary policy as early as this month or next, the swaps
market sees this as a low probability event. The PBOC set the one-year
Medium-Term Lending Rate next Monday. It has been at 2.50% since last August.
Rather than cut the rate, we expect the PBOC to boost the lending through the

The dollar posted a bullish outside up day
against the Japanese yen on Friday by trading on both sides of Thursday's range
and closing above it high. 
Rising US rates again facilitated the dollar's recovery. The
greenback reached almost JPY157.10 ahead of the weekend before settling near
JPY156.75. It edged up to JPY157.20 in the holiday-thinned Asia Pacific
sessions. It has not been above JPY157.70 since the BOJ's intervention on May 1
(shortly after the FOMC meeting). Support is seen in the JPY156.50-70
area. The Australian dollar was pushed out of its $0.6600-$6700 range
ahead of the weekend. 
Support at $0.6680 held, but the close below
$0.6690 was the lowest settlement since May 8. A marginal news low near $0.6675
was recorded today. The next technical target is near $0.6540. The jump
in US yields and dollar rally, especially against the yen, warned that the yuan
would be under pressure today.
Although the mainland market was closed
today, the offshore yuan was weaker. The dollar looks poised to approached
CNH7.2725 area against the offshore yuan. It is approaching the year's high,
set near CNH7.2825 in mid-April. 


Given the ECB's rate cut last week and the
market sensitivity to the US CPI and FOMC meetings, the eurozone economic
considerations are out of focus this week. 
It is about politics and the post-mortem
of the European Parliament elections. Macron, in what seems to be a bold
and desperate move, called for snap legislative elections for June 30 (second
round July 7). Le Pen garnered more than twice the votes of Macron's party. Macron's
term as president has three more years, but poor showing will leave him
mortally wounded politically. The seven-party governing coalition in Belgium
has collapsed and new elections will be called. In Germany, the Afd received
more votes the Social Democrats. EC President von der Leyen looks likely to
secure a second term. The UK reports employment data tomorrow, and, given the
market's understanding of the BOE's reaction function, the average weekly
earnings often are more of the focus that the job growth or claimant count. On
Wednesday, the UK reports April GDP with the details. That said, the data is
unlikely to persuade the market that the BOE will cut rates next week.
Moreover, the market has had less than a 50% chance of an August cut since May
22 when the higher-than-expected April CPI was reported. 

The euro was flirting with the upper end
of its recent range around $1.09 before the US jobs data sent it to the lower
end of the range near $1.08. 
Several technical considerations converge around $1.0785. New of
Macron's gambit pushed the euro through it in early Asia Pacific activity today. It has fallen further in Europe, slightly below $1.0740.  The next area of support is seen around
$1.0700-20. Sterling shed a cent after the US jobs data. It
frayed the 20-day moving average (slightly below $1.2720 before the weekend)
and $1.2690 today in Europe turnover.  A
break of the $1.2675 area would confirm a top is being formed. It would target
next the $1.2630-40 area.


The US labor market has many dimensions
and Fed Chair Powell has noted this. 
There is no single number that does for the labor market
what the PCE deflator does for inflation. There are often contradictory mixed
signals. The establishment survey showed a stronger than expected increase of
jobs while the household survey, which is the source of the tick up in the
unemployment showed a large decline. The key takeaway is that the data is
consistent with a gradual slowing of the labor market but is unlikely to move
the needle for Fed officials. The US labor market remains sufficiently resilient
that the Fed can take more time to ensure inflation is indeed on its way to the

Canada's labor market is
slowing more than in the US and this reinforced the sense that the Bank of
Canada could deliver another rate cut before the Federal Reserve moves. 
The US two-year premium over Canada rose
20 bp last week and near 90 bp it is the highest since 2005. With last week's
close above CAD1.3750, for the first time since the end of April, there is
little technically that stands in the way of CAD1.3785-CAD1.3800 initially, and
then the year's high from mid-April near CAD1.3850. The broad dollar movement
(think Dollar Index), the general risk sentiment (think S&P 500) and rates
(policy divergence, two-year rate differentials) may be the main drivers. News
that the Trudeau government will call for a vote on its plan, still not
finalized, to increase the inclusion rate for capital gains tax is doing the
Canadian dollar no favors. Capital struck Mexico after voters gave the
Morena party and its allies sufficient representation to change the
The peso itself was crushed, dropping by about 7.5% last
week. The Bolsa lost almost 4%. Mexico's 10-year dollar bond yield rose 10 bp
last week compared to the four-basis point increase in the US Treasury yield.
The unwinding of the overweight position among asset managers will take some
time. In the week covering the first two sessions after the election,
speculators (non-commercials) in the futures market added about
3.7k contracts to the net long peso position. Many late longs likely bailed but
the point is the position adjustment is likely not over. At the end of last
week, the dollar approached the highs from Q4 23, a little below MXN18.50. News
that the Morena party did not capture a 2/3 majority in the Senate, offered the
peso initial support, but it is close enough that finding a few allies seems
possible. The dollar briefly traded below MXN18.2250 but rebound to approach
MXN18.47. Above MXN18.50, the next important chart area is not until


Source: Euro Sold After EU Parliament Elections and Macron's Gambit
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