Category: Currencies

Currency is a medium of exchange for goods and services. In short, it’s money, in the form of paper or coins, usually issued by a government and generally accepted at its face value as a method of payment. Currency is the primary medium of exchange in the modern world, having long ago replaced bartering as a means of trading goods and services. Currency is a generally accepted form of payment, usually issued by a government and circulated within its jurisdiction. The value of any currency fluctuates constantly in relation to other currencies. The currency exchange market exists as a means of profiting from those fluctuations. Many countries accept the U.S. dollar for payment, while others peg their currency value directly to the U.S. dollar.

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Currencies Trading Ideas & Charts

Ethereum Emerging As the Next Big Crypto

Bitcoin’s popularity seems to be going down

Bitcoin is viewed as a gold substitute, but Ethereum is viewed as a supercomputer upon which additional crypto’s can be built. Ethereum’s designers have already stated that they are working on a more energy-efficient successor to the cryptocurrency, which might be released later this year.

The more interesting fact here is that, while the number of active Ether addresses has increased, the number of active Bitcoin addresses has decreased. This indicates that Bitcoin investors are considering alternative crypto currencies as long-term investments.

Reasons for the decline in Bitcoin’s popularity

Some possible explanations include China’s restriction on Bitcoin mining and environmental concerns highlighted by a number of people, including Tesla CEO Elon Musk, who confirmed that his company will not accept Bitcoin payments until it becomes more energy efficient. Neither Musk nor Tesla, on the other hand, have sold any of their Bitcoin holdings thus far.

Crypto aficionados remain optimistic that Bitcoin will recover from its present lows, as it has in the past. The coin has been around for nearly a decade and has shown to be durable. This is the first time it has been challenged by another cryptocurrency. It will also be intriguing to watch if Ethereum can keep up the momentum it has gained in recent days.

(Source: India Today)

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Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies Trading Ideas & Charts

AUD/JPY Price Analysis: Bear Maintains Control below 83.00

For the previous two weeks, the AUD/JPY has been trading in a price band between 82.80 and 84.20 on the daily chart.

Daily candle stick chart Price action

If price falls below the intraday low of 82.69, it may try the 82.50 horizontal support level before testing the June 21 low of 82.13.

With a bearish crossover, the Moving Average Convergence Divergence (MACD) indicator is in the oversold zone. Any drop in the MACD could amplify the bearish trend.

Bears in the AUD/JPY would look to test the 81.99 level, which was reached on February 26.

Alternatively, if price reverses course, it might return to the 83.00 horizontal resistance level, then to the 83.35 high set on June 30.

A daily close above 83.35 would allow the 83.50 horizontal resistance area to open up.

(Source: FXSTREET)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies Trading Ideas & Charts

AUD/USD rises to the 0.7500 area after Federal Open Market Committee minutes

Minutes contain no noteworthy surprises.

According to the minutes, Fed officials believe the criteria of “substantial further progress” required to change monetary policy has not yet been satisfied. Several FOMC members stated that they expect the pace of asset purchases to slow down and those criteria would be met sooner than expected.

Following the minutes, the US dollar retreated across the board, wiping off the previous day’s gains. The DXY fell to the 92.50 level, turning negative. US yields are still hovering around daily lows. The 10-year note is currently trading at 1.31 percent, its lowest closing since February 18.

Short-term Outlook

With the price well below the 20-day simple moving average, the AUD/USD remains negative (SMA). The pressure will be relieved if the Aussie recovers over 0.7540, and it will rise above 0.7600/05. The 0.7560 area, where the 20 and 200-day SMAs intersect, will be a key milestone to watch.

The key support, on the other hand, is at 0.7455. A break below 0.7400 would pave the way for additional losses, with the initial target being around 0.7400.

(Source: FXSTREET)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies

When is the best time to buy Bitcoin? JPMorgan provides a metric to monitor.

How to find Bitcoin’s market cap

Divide the total Bitcoin’s market capitalisation by the total market capitalisation of all cryptocurrencies to find Bitcoin’s dominance. Bitcoin currently has a 44.7 percent market share, according to the indicator. By comparison, in April, it was about 60%.

There are two possibilities for the dominance to return to 50%: one, if Bitcoin’s price rises, increasing its market share; and two, if other coins see a large sell-off, thus pushing the cryptocurrency market cap down.

Comments on Bitcoin by Nikolaos Panigirtzoglou, JPMorgan

With a proportion of Bitcoin of 50% or more of the overall cryptocurrency market capitalisation, this is a good number. That, I believe, is another indicator to keep an eye on in order to determine whether or not the bear market is gone. Bitcoin’s low market share was a negative indicator, indicating a low level of interest in the currency. Bitcoin’s market share has climbed in over the last week, which is worth noting.

Comments on Crypto Markets by Avinash Shekhar, Co-CEO, ZebPay

Despite the latest price drop, crypto markets have seen tremendous gains over the prior 6-9 months. However, the market is still trading considerably above 2017’s all-time high pricing. This is a good indication that the market is still optimistic. We anticipate future enhancements to various blockchain networks and believe that this space will gain greater fundamental strength, resulting in long-term development.

Source:- Economic times

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies

The Australian dollar may suffer as a result of the RBA’s actions.

Analysts believe the RBA will not prolong its yield curve objective than April 2024, but the next phase of its quantitative easing programme is less definite. The third phase of QE may comprise $5 billion weekly bond purchases with an adjustable lever associated, allowing the RBA to reduce in reaction to economic developments without producing too much uncertainty, according to ANZ strategists and others.

In the lacking of a significant taper announcement, Commonwealth Bank predicts the dollar’s ongoing decline will continue. The Australian dollar has been under pressure in over the last week as a rebounding greenback has risen on expectations that the Federal Reserve will raise interest rates twice by 2023.

Despite commodities prices being higher and Australia earning its 41st consecutive trade surplus in May, and continuing on track to extend that streak in June, the fallout was enough to drive Australia’s dollar lower.

Expert’s predication on Australian dollar

Many experts predicted the Australian dollar would break beyond US80 in the following months due to these factors, but other reasons have already come into play, causing analysts to revise their expectations. This scenario, combined with Westpac’s projection that the RBA will raise interest rates in early 2023, prompted the bank to lower its Australian dollar end-of-year estimate from US82 to US80.

ANZ FX strategist John Bromhead Comments

Given that the resolution on the yield target is set for April 2024, we believe the devil will be in the details of the QE programme. We don’t believe there will be a reduction in volume, but the real test will be how transparent they are with the evaluation process and how frequently they conduct it.

Source:- afr

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies Trading Ideas & Charts

Despite India’s lowest coronavirus mortality since April, the rupee bears recover 75.50

Even as the death toll in India declines, market mood dwindles amid covid troubles

The official covid data for India, obtained from the Health Ministry early Monday, indicated a 39,796 daily increase in coronavirus infections, bringing the total to 30.59 million. The bulletin also cites 723 covid-related deaths the day before, the lowest number since April 2008, bringing the overall number of fatalities to 402,278.

Statements from Barclays and Nomura predicting an increase in the current budget deficit could also be fuelling the quotation (CAD). According to Nomura, the CAD will grow from 0.9 percent of GDP in FY 2021 to 1.5 percent of GDP in FY 2022. Barclays is aiming for a 1.1 percent CAD figure, which appears to be a tad bullish on Indian economics.

USD/INR pair has reversed Friday’s decline from late-April highs.

Despite Friday’s mixed US jobs figures, a negative attitude and uncertainty over the Fed’s next moves keep the US dollar bought versus key currencies. However, S&P 500 futures are down 0.15 percent, while markets in Asia-Pacific are down somewhat as of press time.

Moving on, a prolonged holidays in the United States and a light schedule elsewhere may hold the USD/INR near the mid-72.00s. Any unexpected benefits from India, on the other hand, should not be overlooked.

Despite the fact that the mid-April lows test USD/INR bulls near 74.50-55, also short-term sellers are less inclined to take risks entry until the price stays above the 10-DMA level of 74.32. Overall, the USD/INR is forming a bullish rounding bottom chart pattern on the daily chart, implying additional upward towards the yearly top near 75.65.

Source: https://www.fxstreet.com/

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies Trading Ideas & Charts

5 Cryptos Outperformed Bitcoin in FY21, delivering more than 2500%

Euro currency money banknotes background. Payment and cash concept. Announced cancellation of five hundred euro banknotes. Top view.

While Bitcoin returned a remarkable 300 percent to its investors last year, it pales in comparison to the returns from the following cryptocurrencies.

Theta (CRYPTO: THETA)

Theta token is the first cryptocurrency on the list to outperform Bitcoin in terms of returns. This is a ‘governance’ token, which means that its holders have a say in the project’s development. Theta’s creators want to shake up the traditional content delivery techniques.

As advisors, the initiative has Steve Chen, co-founder of Youtube, and Justin Kan, co-founder of Twitch. During the financial year, Theta grew by 2745 percent, confirming its position as the 20th largest cryptocurrency by market capitalization, at $8.17 billion. At the moment, the token is worth $8.16.

Solana (CRYPTO: SOL)

This concept was first envisioned in 2017 and was launched earlier this year by The Solana Foundation, a Geneva-based company. Solana’s proof-of-history consensus is a crucial and appealing feature, as it allows for better protocol scalability.

Solana can process 50,000 transactions per second, according to the project’s website. During FY21, the Solana token soared 3,706 percent to $47.32 per SOL. Over the same time span, this is more than ten times the return on Bitcoin.

Theta Fuel (CRYPTO: TFUEL)

The second native token associated with the Theta video streaming project is Theta Fuel. There are 5.23 million TFUEL tokens in circulation right now. As more TFUEL is generated as ‘staking rewards,’ this amount rises.

During FY21, the value of Theta Fuel increased by 4,510 percent. An tremendous increase that far outweighs Bitcoin’s. This cryptocurrency has a market capitalization of $2.54 billion.

Dogecoin (CRYPTO: DOGE)

During the previous financial year, Dogecoin most certainly exceeded all of its investors’ expectations. Elon Musk, the CEO of Tesla Inc, boosted the dog meme-inspired cryptocurrency with a series of tweets.

The possibility of it being adopted by the electric vehicle industry spread like wildfire. Despite the fact that the frenzy has subsided, dogecoin continues to produce incredible gains. Dogecoin increased by 5,095 percent in the previous fiscal year, nearly 52 times. The cryptocurrency is now the sixth most valuable in the world.

Polygon (CRYPTO: MATIC)

Polygon (formerly known as MATIC) is an Indian blockchain scalability platform called ‘the Ethereum’s Internet of Blockchains’. Polygon states it can offer up to 65,000 transactions per second with confirmation times of less than 2 seconds.

More than 350 decentralised applications have been built on Polygon thanks to a mix of extremely low fees and additional features. In FY21, the Polygon price soared 6,760 percent due to increased use of the network and its token. That result puts Bitcoin’s 300 percent performance to disgrace.

(Source: The Motley Fool)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies Trading Ideas & Charts

In May, India Inc’s foreign borrowings fell by 51% to USD 738 million.

In May, no borrower used rupee-denominated bonds to raise cash from international markets, as in the previous month.

Among the largest borrowers were BW Global United LPG India Pvt Ltd (USD 198.41 million for capital goods imports), Renew Sun Waves (USD 140 million for new projects), and Indian Oil Corporation NSE 0.32 percent (USD 100 million for working capital requirements). According to the data, Tata SIA Airlines Ltd raised USD 110.40 million for the import of capital goods.

Source:Economic times

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies

Bitcoin is almost in the same position as it was a week ago

According to CoinGecko, it has been flat for the past seven days and down roughly 0.5 percent in the last 24 hours.

Bitcoin did briefly soar above $39,000 the previous Sunday, thanks to a tweet from Tesla CEO Elon Musk (TSLA) – Get Report. It also topped 40,000 last week, but the value for the month has been rather consistent, as it was about $34,473 on May 23. This is good news for a coin that was worth less than $10,000 a year ago and more over $64,000 in April.

In terms of other cryptocurrencies, Ethereum’s ETH has dipped somewhat in the same time frame, hovering around $2,259.81 on Sunday. That’s a 5% drop in a week and a 2.6 percent increase in the last 24 hours.

Dogecoin saw the greatest drop this week, falling nearly 10% to 28 cents. This represents a 2.7 percent decrease in the last 24 hours.

However, bitcoin’s present value demonstrates the currency’s inability to move dramatically up or down in recent weeks. It had dropped precipitously in the months since hitting a high of over $64,000 in mid-April.

Source: thestreet.com

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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Currencies

Cryptocurrency prices on June 17: Bitcoin, Uniswap, and Tether are all down.

The sell-off in major cryptos has hurt other peers’ feelings. According to a poll done by the Bank for International Settlements, central bank digital currencies would complement rather than compete with cryptocurrencies, despite the fact that they are essentially similar to fiat currencies.

“BTC’s upbeat attitude isn’t always in tune with most altcoins on a larger, more general scale. This has been a very typical occurrence, and a pattern is emerging. Altcoins will tend to pull back during a BTC rally, and once BTC has stabilised, an altcoin uptrend will commence, gradually increasing speed “According to ZebPay Trade Desk.

According to opinion poll, more than nine out of ten independent financial advisers in the UK would never advise their clients to invest in cryptocurrencies or “meme stocks.” Meme stocks and digital coins have grown in popularity as a result of the epidemic, which has driven a surge in non-professional stock investment.

BTC’s price surged from $38,200 in early trading hours on Thursday to a high of $39,500 by midday before plunging to a low of $37,365 as bears grabbed control of the market, according to data from Cointelegraph Markets Pro and TradingView.

Increased inflows to spot exchanges were one indicator offered before of Bitcoin’s price crash on June 17, prompting some analysts to speculate that traders who failed to cash out around the high are now locking in wins at lower highs.

Source:-

Crypto News and Economic India

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.