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18 07, 2024

$10 Billion in Real Estate and 200,000 Onchain Addresses on Propy dApp Ready for Tokenization

By |2024-07-18T17:47:12+03:00July 18, 2024|News, NFT News|0 Comments


Propy and Parcl Announce Strategic Partnership for Onchain Home Analytics and Valuation


Miami, Florida – Propy, the fastest-growing real estate tokenization platform, and Parcl, a DeFi protocol built on best-in-class real estate data, have announced today a new strategic partnership to enhance the analytics of all onchain real estate minted on PropyKeys using Parcl’s best-in-class data integrations. The partners revealed that over $10 billion worth of U.S. homes have already been minted and are prepared for tokenization in the Propy ecosystem with the total value of all properties minted on the ecosystem dApp, PropyKeys, is projected to exceed $50 billion by year-end.

Under this new partnership, Propy will leverage Parcl Labs API to enhance valuation and analytics capabilities related to Propy’s PropKey initiative. The partnership should unlock future opportunities related to Propy’s efforts to bring more real estate markets (RWA) onto the blockchain. To gain access to the API, Propy acquired and staked the $PRCL token, as Parcl Labs API access is a core utility of the Parcl Token. In just three months, Propy and PropyKeys have successfully brought 200,000 addresses on-chain, including 80,000 U.S. homes minted by their true owners, many of which are currently for sale onchain. 

“Propy’s mission has always been to elevate and secure the real estate market, and our partnership with Parcl is taking this vision to the next level,” said Natalia Karayaneva, CEO of Propy. “By leveraging Parcl’s advanced analytics and real-time housing data, we are providing unparalleled accuracy and transparency in property valuations, empowering our users with the best possible tools to navigate the on-chain real estate landscape.”

Parcl has identified a critical gap in the housing market industry: the lack of complete and real-time housing data for accurate market analysis, property valuation, and advanced analytics. In response,  Parcl has developed innovative technologies that aggregate data from over 5,000 sources, covering rental, listings and sales activity, indexed and accessible at the property level. This establishes Parcl as a reliable central repository for housing market information, moving the Parcl ecosystem towards being the real estate data layer of the world.

“We are excited about the potential to power other onchain applications by leveraging Parcl Labs data. Propy is a leader in the RWA space and continues to push the boundaries of what can be achieved by bringing physical real estate onchain. We expect the partnership to unlock more use cases for Propy and demonstrate what is possible for others looking to innovate in the real estate space,” said Parcl CEO, Trevor Bacon.

Parcl’s advancements have led to groundbreaking products, including the world’s first real-time home price index, setting the stage for the next generation of housing applications, machine learning, and analytics. By leveraging this novel price index and Parcl’s real estate data API layer, the Propy ecosystem provides users with the best tools to engage with onchain real estate, promoting more accessible and secure global real estate markets.

저작권자 © Korea IT Times 무단전재 및 재배포 금지



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18 07, 2024

Natural Gas Price Forecast – Natural Gas Continues to Look For The Floor

By |2024-07-18T17:46:28+03:00July 18, 2024|Forex News, News|0 Comments


And what that means is that during the summertime, typically it’s pretty weak, although we did recently see a spike higher due to a massive heat wave. Well, that’s come and gone. So, at this point, the next major spike will, unless there is a massive heat wave again, probably be the fall season when Americans start to heat their homes with natural gas again. Remember, this is an American contract you are trading. It’s not European.

Joe Biden signed an executive order not too awfully long ago in the last couple of years, which bans quite a bit of exporting of liquefied natural gas, not all, but quite a bit. So that’s why Europeans don’t get as much relief from the United States as you would expect. That is expected to be lifted into Donald Trump administration. And if that’s the case, it will massively change the dynamics of this market.

But as things stand right now, it is almost solely a domestic market. So, by all means, keep an eye on the US if you want to know what’s going on here. I use it as something to trade cyclically via ETF. If you don’t have the ability to trade an ETF, a very small CFD swing position is possible here, obviously to the upside, but you have to be willing to just let it go. It’s going to have to last probably a couple months to realize its full potential.

For a look at all of today’s economic events, check out our economic calendar.



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18 07, 2024

GBP/USD Outlook: Pound Slips Below 1.30 Amid Poor Jobs Report

By |2024-07-18T17:45:07+03:00July 18, 2024|Forex News, News|0 Comments

  • Data showed a higher-than-expected number of unemployment claims in the UK.
  • Average UK weekly earnings minus bonuses grew by 5.7%.
  • The pound has gained about 2.1% in 2024 against the dollar.

The GBP/USD outlook is slightly bearish as the pound retreats from recent highs after downbeat employment figures. However, the bullish trend might continue since the dollar is weak amid an increase in Fed rate cut expectations. 

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Data on Thursday showed a higher-than-expected number of unemployment claims in the UK in the previous month. The claimant count was 32,300, compared to estimates of 23,400. Still, this was a decline from the last reading of 51,900. If unemployment is higher than estimated, the economy performs poorer than expected. This could pressure the Bank of England to start lowering borrowing costs.

However, separate employment figures revealed that average weekly earnings minus bonuses grew by 5.7%, meeting forecasts. Furthermore, data from the previous session showed that service inflation remained high at 5.7%. Therefore, market participants have lowered the chances that the BoE will cut rates in August from 50% to 40%. 

Notably, unlike other major currencies, the pound has remained resilient against the dollar this year. So far, it has gained about 2.1% in 2024 against the dollar. The recent rally came due to increased expectations for a Fed rate cut. Inflation in the US has maintained its downtrend, giving policymakers more confidence it will reach the target. As a result, investors are placing a 100% likelihood of a rate cut in September. This has pressured the dollar, allowing the pound to rally. Retail sales data tomorrow could shed more light on the UK economy.

GBP/USD key events today

GBP/USD technical outlook: Price retreats to 30-SMA after bearish RSI divergence

GBP/USD Outlook: Pound Slips Below 1.30 Amid Poor Jobs Report
GBP/USD 4-hour chart

On the technical side, the GBP/USD price is in a bullish trend that recently made a new high. However, the price is currently pulling back and is nearing the 30-SMA support. Bulls made a solid attempt to push the price above the 1.3002 key level. 

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However, as the price made a higher high, the RSI made a lower one, indicating weakness. Consequently, the price fell back below the key level. If bears are stronger, they might take over with a break below the 30-SMA. However, if the SMA holds firm, bulls might retest the 1.3002 level and break above to make a higher high.

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18 07, 2024

GHOST® Takes Workouts to New Heights With a Bigger & Better Version of GHOST Legend®

By |2024-07-18T17:41:00+03:00July 18, 2024|Dietary Supplements News, News|0 Comments


The New Pre-Workout Formula Means More Pumps, More Energy, More Focus*, More Grams per Serving

CHICAGO, July 18, 2024 /PRNewswire/ — Once a Legend, Always a Legend. GHOST®, a lifestyle brand of sports nutrition products, energy drinks, dietary supplements, and apparel, has revamped its fan-favorite pre-workout, GHOST LEGEND®. The updated formula now offers gym enthusiasts even more of what they need at a price that won’t break the bank.

GHOST LEGEND® V4 is an absolute powerhouse, offering more pumps, more energy, more focus*, and more grams per serving than previous LEGEND formulas. With the same number of servings in each tub, the brand decreased the price while delivering even more of the epic ingredients workout enthusiasts know and love. The old V3 tub even fits inside a tub of GHOST LEGEND® V4! From sour to sweet, there is a flavor for every preference, including authentic flavor collabs like SOUR PATCH KIDS® “REDBERRY®,” WARHEADS® “SOUR WATERMELON,” SONIC® “CHERRY LIMEADE,” WELCH’S® “GRAPE” and GHOST® owned flavors like “BLUE RASPBERRY” and “ORANGE CREAM.”

“Since inception, we’ve loved the process of using feedback, new ingredient information, and availability to continually update and upgrade our products,” said Dan Lourenco, Co-Founder and CEO of GHOST®. “This newest version of GHOST LEGEND® is our most complete pre-workout ever; bigger doses, bigger tub but amazingly a lower price. GHOST LEGEND® V4 is the best LEGEND we’ve ever put out, and it costs less than our day one 2016 edition. Considering inflation I don’t think that’s ever been done.”

On Thursday, July 18, in honor of Sour Candy Day, GHOST® is offering a BOGO 50% off deal on SOUR PATCH KIDS® SKUs in the U.S., while international shoppers can redeem the same BOGO 50% deal on WARHEADS® SKUs. GHOST LEGEND® V4 will be available exclusively in-store at both GNC and The Vitamin Shoppe as well as online at ghostlifestyle.com for $39.99. To learn more about GHOST®, visit www.ghostlifestyle.com.

About GHOST®
GHOST® is a lifestyle brand of sports nutrition products, energy drinks, dietary supplements, and apparel. GHOST® is disrupting the sports nutrition industry by creating a lifestyle movement that includes transparent innovative products, global distribution, immersive content, key influencer partnerships, and authentic collaborations with many of the world’s leading flavor brands, including OREO®, Chips Ahoy!®, Sour Patch Kids®, Sonic® Drive-In, Warheads®, Swedish Fish® and Welch’s®. GHOST® also entered the food space in 2024 with its launch of high-protein cereals. GHOST® products can be found at GNC, ghostlifestyle.com, and select global retailers in over 40 countries. For more information, visit ghostlifestyle.com or connect with the brand on InstagramXTikTok, or Twitch.

MEDIA CONTACTS
Alessandra Luckey / Carissa Bass
818-478-0530
[email protected]
www.startrco.com

SOURCE GHOST





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18 07, 2024

Will Dogecoin Ever Reach $1?

By |2024-07-18T15:59:09+03:00July 18, 2024|Crypto News, News|0 Comments

Dogecoin reached an all-time high of $0.73 in May 2021 and rapidly decreased in price never returning to its previous glory. DOGE has added an extra zero since then falling below the $0.09 mark. The leading meme currency has managed to save face and is now trading around the $0.12 mark on Thursday. The million-dollar question now on everyone’s mind is whether Dogecoin will ever reach the $1 mark.

Also Read: Shiba Inu: Highest Price SHIB Will Trade in 2024

Looking at how Dogecoin is performing lately, investors are losing hope into believing that the $1 price target is a myth. So will the meme currency never hit $1 in our lifetime? In this article, we will highlight when Dogecoin could breach the $1 milestone and make everyone’s dream come true.

Dogecoin: Will DOGE Reach $1?

Will Dogecoin Ever Reach ?
Source: Watcher Guru

A majority of price prediction firms have forecasted that Dogecoin might never reach the $1 mark before this decade. However, only one leading price forecasting firm has predicted that DOGE could hit $1 by the end of the decade. Investor blog Gov Capital has provided a tentative timeline on when DOGE might breach the $1 milestone.

Also Read: When Will Dogecoin Reach $10? Here’s A Proposed Timeline

According to the price prediction by Gov Capital, Dogecoin could climb above $1 in 2029. That’s another five years from today and is considered a long-term holding. The price prediction estimates that DOGE’s price will briefly touch $1 in August 2029.

dogecoin $1 2029 price predictiondogecoin $1 2029 price prediction
Source: Gov Capital

From September 2029 onwards, its maximum trading price could be well above the $1 mark and $1.06 to $1.12. That’s a return on investment (ROI) and an uptick of approximately 800% from its current price of $0.12.

Also Read: Cardano: When Will ADA Reach $10? Timeline Revealed

Therefore, an investment of $1,000 could turn into $9,000 if the price prediction turns out to be accurate. Also, there is no guarantee that Dogecoin will reach $1 in 2029. It is advised to do thorough research before taking an entry position into DOGE as the cryptocurrency market is volatile.

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18 07, 2024

XAU/USD keeps sight on $2,500 amid trade woes, Fed rate-cut bets

By |2024-07-18T15:45:47+03:00July 18, 2024|Forex News, News|0 Comments


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  • Gold price bounces back toward all-time highs of $2,484 early Thursday.
  • The US Dollar finds some solace from risk-aversion, US Treasury bond yields uptick.   
  • Gold price cheers potential US-China trade risks and increased Fed easing bets.
  • The daily RSI is back below 70 while firm above 50, suggesting the upside is intact for Gold price.

Gold price has found fresh demand above $2,450 in early trading on Thursday, looking to regain upside momentum, following a brief correction from a new record high of $2,484 set on Wednesday.

Gold price remains poised to claim $2,500

Wednesday’s Gold price retracement could be attributed to profit-taking after the bright metal touched its highest level on record. In the early part of the day, Gold price rallied hard, courtesy of the recent dovish comments from US Federal Reserve (Fed) policymakers and mixed US Retail Sales, which cemented an interest-rate cut in September.

Markets are fully pricing in the September Fed rate cut while odds of another cut in December stand at above 60%, according to the CME Group’s FedWAtch Tool.

Additionally, robust physical Gold demand from India and the weekend’s assassination attempt on former US President Donald Trump also played a part in lifting the sentiment around Gold price.

However, the renewed strength in Gold price early Thursday is seen on the back of simmering tensions surrounding US-China trade, which could escalate on a likely Trump presidency. Following the Trump attack, markets are speculating Donald Trump will win the US Presidential election race.

A report that the US was considering tighter curbs on exports of advanced semiconductor technology to China sent chip stocks and the Nasdaq tumbling overnight, led by AI pioneer Nvidia and Apple, per Reuters.  

The upside attempts in Gold price, however, could be capped if the US Dollar stages a decisive comeback on risk aversion. The modest rebound in the US Treasury bond yields could also act as a headwind to the Gold price advance.

On the other side, should the USD/JPY resume its downslide amid suspected Japanese forex market intervention, the US Dollar will likely follow suit, providing extra legs to the Gold price upswing.

Markets will also pay close attention to the mid-tier US Jobless Claims data and speeches from a few Fed policymakers for a fresh trading impetus in Gold price. These speeches will dictate the market expectations on the Fed interest rate outlook before the Fed’s ‘blackout period’ kicks in on Saturday.

The European Central Bank’s (ECB) policy announcements and President Christine Lagarde’s press conference will be scrutinized for the timings and scope of additional rate cuts, which could have some impact on the non-interest-bearing Gold price.

Gold price technical analysis: Daily chart

  

As noted before, the path of least resistance for Gold price remains to the upside, as the 14-day Relative Strength Index (RSI) has eased after prodding the overbought territory. The RSI indicator stays well above the 50 level, pointing to more upside in the offing.   

The previous week’s 21-day  and 50-day Simple Moving Averages (SMA) Bull Cross also continues to favor Gold buyers.

Gold price remains poised to capture the $2,500 level if the record high at $2,484 is taken out convincingly. The next resistance level is seen at the $2,550 psychological mark.  

On the flip side, if Gold price resumes correction, the previous lifetime high at $2,450 will be put to the test again, below which the $2,400 figure will come into play.  

The next relevant support levels are seen at the July 11 low of $2,371 and the $2,350 psychological levels.

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

 

  • Gold price bounces back toward all-time highs of $2,484 early Thursday.
  • The US Dollar finds some solace from risk-aversion, US Treasury bond yields uptick.   
  • Gold price cheers potential US-China trade risks and increased Fed easing bets.
  • The daily RSI is back below 70 while firm above 50, suggesting the upside is intact for Gold price.

Gold price has found fresh demand above $2,450 in early trading on Thursday, looking to regain upside momentum, following a brief correction from a new record high of $2,484 set on Wednesday.

Gold price remains poised to claim $2,500

Wednesday’s Gold price retracement could be attributed to profit-taking after the bright metal touched its highest level on record. In the early part of the day, Gold price rallied hard, courtesy of the recent dovish comments from US Federal Reserve (Fed) policymakers and mixed US Retail Sales, which cemented an interest-rate cut in September.

Markets are fully pricing in the September Fed rate cut while odds of another cut in December stand at above 60%, according to the CME Group’s FedWAtch Tool.

Additionally, robust physical Gold demand from India and the weekend’s assassination attempt on former US President Donald Trump also played a part in lifting the sentiment around Gold price.

However, the renewed strength in Gold price early Thursday is seen on the back of simmering tensions surrounding US-China trade, which could escalate on a likely Trump presidency. Following the Trump attack, markets are speculating Donald Trump will win the US Presidential election race.

A report that the US was considering tighter curbs on exports of advanced semiconductor technology to China sent chip stocks and the Nasdaq tumbling overnight, led by AI pioneer Nvidia and Apple, per Reuters.  

The upside attempts in Gold price, however, could be capped if the US Dollar stages a decisive comeback on risk aversion. The modest rebound in the US Treasury bond yields could also act as a headwind to the Gold price advance.

On the other side, should the USD/JPY resume its downslide amid suspected Japanese forex market intervention, the US Dollar will likely follow suit, providing extra legs to the Gold price upswing.

Markets will also pay close attention to the mid-tier US Jobless Claims data and speeches from a few Fed policymakers for a fresh trading impetus in Gold price. These speeches will dictate the market expectations on the Fed interest rate outlook before the Fed’s ‘blackout period’ kicks in on Saturday.

The European Central Bank’s (ECB) policy announcements and President Christine Lagarde’s press conference will be scrutinized for the timings and scope of additional rate cuts, which could have some impact on the non-interest-bearing Gold price.

Gold price technical analysis: Daily chart

  

As noted before, the path of least resistance for Gold price remains to the upside, as the 14-day Relative Strength Index (RSI) has eased after prodding the overbought territory. The RSI indicator stays well above the 50 level, pointing to more upside in the offing.   

The previous week’s 21-day  and 50-day Simple Moving Averages (SMA) Bull Cross also continues to favor Gold buyers.

Gold price remains poised to capture the $2,500 level if the record high at $2,484 is taken out convincingly. The next resistance level is seen at the $2,550 psychological mark.  

On the flip side, if Gold price resumes correction, the previous lifetime high at $2,450 will be put to the test again, below which the $2,400 figure will come into play.  

The next relevant support levels are seen at the July 11 low of $2,371 and the $2,350 psychological levels.

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

 



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18 07, 2024

Euro stabilizes above 1.0900 as focus shifts to ECB

By |2024-07-18T15:44:18+03:00July 18, 2024|Forex News, News|0 Comments

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  • EUR/USD moves sideways above 1.0900 following Wednesday’s upsurge.
  • ECB is widely expected to leave policy settings unchanged.
  • ECB President Lagarde’s comments on rate outlook could influence the Euro’s valuation.

EUR/USD extended its weekly rally and touched its highest level since mid-March near 1.0950 on Wednesday. The pair stays in a consolidation phase below this level as investors wait for the European Central Bank (ECB) to announce monetary policy decisions.

Euro PRICE This week

The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the strongest against the New Zealand Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.24% -0.01% -1.06% 0.22% 0.69% 0.57% -1.17%
EUR 0.24%   0.26% -0.63% 0.65% 0.96% 1.01% -0.73%
GBP 0.00% -0.26%   -0.79% 0.39% 0.70% 0.70% -1.00%
JPY 1.06% 0.63% 0.79%   1.29% 1.55% 1.61% -0.30%
CAD -0.22% -0.65% -0.39% -1.29%   0.40% 0.35% -1.40%
AUD -0.69% -0.96% -0.70% -1.55% -0.40%   0.03% -1.69%
NZD -0.57% -1.01% -0.70% -1.61% -0.35% -0.03%   -1.74%
CHF 1.17% 0.73% 1.00% 0.30% 1.40% 1.69% 1.74%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

The persistent selling pressure surrounding the US Dollar (USD) fuelled another leg higher in EUR/USD midweek. In the absence of high-tier data releases, dovish comments from Federal Reserve (Fed) officials didn’t allow the USD to stage a rebound.

The ECB is widely expected to leave monetary policy settings unchanged after having lowered key rates by 25 basis points in June.

Investors will scrutinize the statement language and comments from ECB President Christine Lagarde in the post-meeting press conference to figure out whether the ECB will lower key rates again in September.

In case Lagarde adopts an optimistic tone regarding the inflation outlook, the Euro could come under selling pressure even if she refrains from confirming a rate cut in September. On the other hand, the Euro could stay resilient against its rivals if Lagarde reiterates the data-dependent approach and voices concerns over upside risks to inflation.

The US economic docket will feature weekly Initial Jobless Claims data, which is forecast to come in at 230,000 following the 222,000 reported in the previous week. A reading above the market expectation could make it difficult for the USD to find demand, while a print below 220,000 could have the opposite impact on the USD valuation.

EUR/USD Technical Analysis

EUR/USD stays within the ascending regression channel coming from late June and the Relative Strength Index (RSI) indicator on the 4-hour chart holds above 60, suggesting that the pair remains technically bullish.

EUR/USD could face first resistance at 1.0950 (static level, mid-point of the ascending channel) before 1.0980 (upper limit of the ascending channel), 1.1000 (psychological level, static level) and 1.1030 (static level). On the downside, the lower limit of the ascending channel forms key support at 1.0900 ahead of 1.0870 (50-period Simple Moving Average) and 1.0840 (static level).

ECB FAQs

The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy for the region. The ECB primary mandate is to maintain price stability, which means keeping inflation at around 2%. Its primary tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will usually result in a stronger Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.

In extreme situations, the European Central Bank can enact a policy tool called Quantitative Easing. QE is the process by which the ECB prints Euros and uses them to buy assets – usually government or corporate bonds – from banks and other financial institutions. QE usually results in a weaker Euro. QE is a last resort when simply lowering interest rates is unlikely to achieve the objective of price stability. The ECB used it during the Great Financial Crisis in 2009-11, in 2015 when inflation remained stubbornly low, as well as during the covid pandemic.

Quantitative tightening (QT) is the reverse of QE. It is undertaken after QE when an economic recovery is underway and inflation starts rising. Whilst in QE the European Central Bank (ECB) purchases government and corporate bonds from financial institutions to provide them with liquidity, in QT the ECB stops buying more bonds, and stops reinvesting the principal maturing on the bonds it already holds. It is usually positive (or bullish) for the Euro.

 

  • EUR/USD moves sideways above 1.0900 following Wednesday’s upsurge.
  • ECB is widely expected to leave policy settings unchanged.
  • ECB President Lagarde’s comments on rate outlook could influence the Euro’s valuation.

EUR/USD extended its weekly rally and touched its highest level since mid-March near 1.0950 on Wednesday. The pair stays in a consolidation phase below this level as investors wait for the European Central Bank (ECB) to announce monetary policy decisions.

Euro PRICE This week

The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the strongest against the New Zealand Dollar.

  USD EUR GBP JPY CAD AUD NZD CHF
USD   -0.24% -0.01% -1.06% 0.22% 0.69% 0.57% -1.17%
EUR 0.24%   0.26% -0.63% 0.65% 0.96% 1.01% -0.73%
GBP 0.00% -0.26%   -0.79% 0.39% 0.70% 0.70% -1.00%
JPY 1.06% 0.63% 0.79%   1.29% 1.55% 1.61% -0.30%
CAD -0.22% -0.65% -0.39% -1.29%   0.40% 0.35% -1.40%
AUD -0.69% -0.96% -0.70% -1.55% -0.40%   0.03% -1.69%
NZD -0.57% -1.01% -0.70% -1.61% -0.35% -0.03%   -1.74%
CHF 1.17% 0.73% 1.00% 0.30% 1.40% 1.69% 1.74%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).

The persistent selling pressure surrounding the US Dollar (USD) fuelled another leg higher in EUR/USD midweek. In the absence of high-tier data releases, dovish comments from Federal Reserve (Fed) officials didn’t allow the USD to stage a rebound.

The ECB is widely expected to leave monetary policy settings unchanged after having lowered key rates by 25 basis points in June.

Investors will scrutinize the statement language and comments from ECB President Christine Lagarde in the post-meeting press conference to figure out whether the ECB will lower key rates again in September.

In case Lagarde adopts an optimistic tone regarding the inflation outlook, the Euro could come under selling pressure even if she refrains from confirming a rate cut in September. On the other hand, the Euro could stay resilient against its rivals if Lagarde reiterates the data-dependent approach and voices concerns over upside risks to inflation.

The US economic docket will feature weekly Initial Jobless Claims data, which is forecast to come in at 230,000 following the 222,000 reported in the previous week. A reading above the market expectation could make it difficult for the USD to find demand, while a print below 220,000 could have the opposite impact on the USD valuation.

EUR/USD Technical Analysis

EUR/USD stays within the ascending regression channel coming from late June and the Relative Strength Index (RSI) indicator on the 4-hour chart holds above 60, suggesting that the pair remains technically bullish.

EUR/USD could face first resistance at 1.0950 (static level, mid-point of the ascending channel) before 1.0980 (upper limit of the ascending channel), 1.1000 (psychological level, static level) and 1.1030 (static level). On the downside, the lower limit of the ascending channel forms key support at 1.0900 ahead of 1.0870 (50-period Simple Moving Average) and 1.0840 (static level).

ECB FAQs

The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy for the region. The ECB primary mandate is to maintain price stability, which means keeping inflation at around 2%. Its primary tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will usually result in a stronger Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde.

In extreme situations, the European Central Bank can enact a policy tool called Quantitative Easing. QE is the process by which the ECB prints Euros and uses them to buy assets – usually government or corporate bonds – from banks and other financial institutions. QE usually results in a weaker Euro. QE is a last resort when simply lowering interest rates is unlikely to achieve the objective of price stability. The ECB used it during the Great Financial Crisis in 2009-11, in 2015 when inflation remained stubbornly low, as well as during the covid pandemic.

Quantitative tightening (QT) is the reverse of QE. It is undertaken after QE when an economic recovery is underway and inflation starts rising. Whilst in QE the European Central Bank (ECB) purchases government and corporate bonds from financial institutions to provide them with liquidity, in QT the ECB stops buying more bonds, and stops reinvesting the principal maturing on the bonds it already holds. It is usually positive (or bullish) for the Euro.

 

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18 07, 2024

Birchall introduces Green Tea & Mint to its portfolio

By |2024-07-18T15:40:26+03:00July 18, 2024|Dietary Supplements News, News|0 Comments


Birchall Green Tea & Mint. Image: Birchall Tea


British tea brand, Birchall Tea, has announced its new flavour: Green Tea & Mint, combining the qualities of premium green tea leaves with natural mint.

Green Tea & Mint has been crafted using hand picked green tea leaves and each leaf is processed to preserve its natural antioxidants and flavour with the addition of real peppermint leaves providing a refreshing cooling sensation.

It is ideal for health-conscious consumers, as green tea is renowned for its numerous health benefits, including improved metabolism, enhanced focus, and overall well-being.

“We are excited to introduce Green Tea & Mint to our loyal customers and tea enthusiasts everywhere,” said Daniel Graham, MD, Birchall Tea. “This new blend embodies our commitment to quality and innovation, offering a unique taste experience that marries the best of traditional green tea with the fresh, invigorating taste of mint.”

Available to buy from birchalltea.co.uk or from Ocado from GBP £4.25

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18 07, 2024

XRP Price Takes U-Turn: What’s Next?

By |2024-07-18T13:58:22+03:00July 18, 2024|Crypto News, News|0 Comments


XRP’s rally was looking unstoppable, but things are getting worse

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XRP was hit with the first wave of substantial selling pressure since the beginning of market growth. The asset has lost around 5% of its value, and without immediate support beneath the price, things may turn ugly.

At about $0.55, XRP finds its first significant level of support. As a psychological barrier for traders, this level, symbolized by the 50-day moving average, is important. If XRP is able to maintain its position above this barrier, it may stabilize and even rise once more. But this support might not hold if the selling pressure keeps up. 

XRP/USDT Chart by TradingView

The approximate $0.50 support level is the next one. A reliable level of support during downtrends at this price point is indicated by the 100-day moving average. In the event that XRP drops below $0.55, this level may act as a safety net to stop further losses. Traders frequently search for buying opportunities at these levels in hopes of bringing the price back. 

The 200-day moving average shows that a more crucial support level is at $0.45. This level is frequently regarded as a long-term trend indicator. Recovering from a decline below this level might indicate a longer-term bearish trend for XRP.

A consolidation phase may ensue if XRP maintains its hold above the $0.55 support level, after which a possible rally toward the $0.65 resistance level could occur. Testing higher levels around $0.70 may be possible if this resistance is broken. However, we may witness additional declines toward $0.45 or even lower if XRP is unable to hold onto the support at $0.55 and $0.50. The attitude of the market will be very important in figuring out the direction of XRP’s price.

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18 07, 2024

BMI Reveals Latest Brent Oil Price Forecasts

By |2024-07-18T13:44:23+03:00July 18, 2024|Forex News, News|0 Comments


In a report sent to Rigzone by Fitch Group recently, analysts at BMI, a unit of Fitch Solutions, revealed their latest Brent oil price forecasts.

According to the report, the BMI analysts now expect the Brent price to average $85 per barrel in 2024, $82 per barrel in 2025, and $81 per barrel across 2026, 2027, and 2028.

A Bloomberg Consensus included in the report projected that the Brent price will average $84 per barrel this year, $80 per barrel next year, $79 per barrel in 2026, $73 per barrel in 2027, and $72 per barrel in 2028. BMI is a contributor to the Bloomberg Consensus, the report highlighted.

“This month we have held to our current forecast for Brent crude to average $85 per barrel this year and $82 per barrel the next,” the analysts said in the report.

“To meet our forecast for 2024, crude oil prices will have to average around $86 per barrel for the rest of the year, up from $83.5 per barrel in the year to date,” they added.

“In light of this, the balance of risk to our forecast lies firmly to the downside. However, we have opted not to revise our outlook at this point, but rather wait and see how price action plays out over the coming peak demand season in the northern hemisphere,” they continued.

Macro Outlook

In the report, the analysts said they find it difficult to make a straightforwardly bullish case for Brent off the back of the global macroeconomic outlook.

“Economic growth has shown greater than expected resilience in H1, but sticky inflation, delayed interest rate cuts, increased tariffs on China, and political risks associated with the U.S. presidential elections all paint a murkier picture for the second half of the year,” they said.

The analysts added, however, that there are bright spots too.

“Firstly, our economists are holding to their view that the U.S. Federal Reserve will cut its benchmark funds rate from 5.50 percent currently to 4.75 percent by year-end,” they said in the report.

“Secondly, despite the various risks the global economy faces, our economists believe that growth will remain relatively well-supported over the coming quarters,” they added.

“Thirdly, geopolitical risks remain elevated. The level of the risk premia currently being priced into Brent is extremely questionable,” they continued.

“Fourthly, the U.S. dollar could provide support to Brent,” the analysts went on to state, noting that “this is the shakiest of the arguments in our bullish case”.

Demand

The BMI analysts stated in the report that, as with the global macros, there is no clear-cut bullish case to be made for demand.

“However, there is ample data to defend our current price view,” they said.

“The strongest argument lies in our above-consensus forecasts for demand … the average growth forecast across the EIA, IEA, and OPEC sits at 1.4 million barrels per day for 2024, whereas we put growth for the year at 1.9 million barrels per day,” they added.

The analysts noted in the report that demand growth is highly concentrated, “with Mainland China and India accounting for over 40 percent of the net global increase in fuels consumption we forecast this year”.

“Chinese crude oil imports are highly volatile and import growth decelerated sharply year on year in the backend of 2023,” they said.

“However, growth has been recovering in 2024 and we expect further gains going forward, due to rising demand in the domestic transport and petrochemicals sectors, expanded oil refining capacity, and increased import quotas for private refiners this year,” they added.

OPEC+

The supply side has been generally supportive of prices and should remain so over the second half of 2024, the BMI analysts stated in the report.

“OPEC+ is maintaining its close management of the market, as evidenced in its recent decision to rollover its voluntary production curbs in their current form to the end of Q3, to extend the production cut deal until the end of 2025, and to only gradually return cut barrels to the market over the course of the next 18 months should conditions be supportive of increased supply,” they said.

The analysts added, however, that oil prices have not responded well to the news.

“OPEC+ action should physically tighten the market over the coming months, as demand rises strongly in the Middle East and GCC members are forced to meaningful curb their exports,” they analysts said in the report.

“Furthermore, the group has reaffirmed its commitment to adjust its production in response to changing market conditions and (implicitly) in support of prices,” they added.

Other Price Projections

In a research note sent to Rigzone by the J.P. Morgan Commodities Research team last Thursday, analysts at J.P. Morgan said, “summer inventory draws should be enough to get Brent back into the high $80s-$90 range by September”.

“Our price outlook calls for Brent to average $75 in 2025, sharply down from $83 in 2024, with prices exiting the year at $64,” they added in the note.

In a report sent to Rigzone last Tuesday by Standard Chartered Bank Commodities Research Head Paul Horsnell, the company projected that the nearby future ICE Brent price will average $98 per barrel in the third quarter of 2024 and $106 per barrel in the fourth quarter.

The company expects the commodity to average $109 per barrel in 2025, $128 per barrel in 2026, and $115 per barrel in 2027, according to the report.

In its latest short term energy outlook (STEO), which was released last month, the U.S. Energy Information Administration (EIA) projected that the Brent spot price will average $87.79 per barrel in 2024 and $85.38 per barrel in 2025.

The EIA’s previous April STEO forecast that the Brent spot price would average $88.55 per barrel this year and $86.98 per barrel next year.

To contact the author, email andreas.exarheas@rigzone.com

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