Asia FX firms as dollar dips with Fed, BOJ on tap
-- Most Asian currencies firmed on Monday, while the dollar retreated before a Federal Reserve meeting this week that is likely to yield more cues on the bank’s plans...
-- Most Asian currencies firmed on Monday, while the dollar retreated before a Federal Reserve meeting this week that is likely to yield more cues on the bank’s plans...
According to BlockBeats, the CME FedWatch Tool indicates a 95.9% probability that the Federal Reserve will keep interest rates unchanged in August. There is a 4.1% chance of a 25 basis point rate cut.Looking ahead to September, the probability of maintaining the current interest rate drops to 0%. The likelihood of a cumulative 25 basis point rate cut stands at 85.8%, while the chances of a cumulative 50 basis point cut are 13.8%. The probability of a cumulative 75 basis point cut is 0.4%.
-- Gold prices rose in Asian trade on Monday, recovering more ground from a rout through most of July as focus turned to an upcoming Federal Reserve meeting where the central bank is expected to provide more cues on interest rate cuts.
Welcome to the Artificial Intelligence Outlook for Forex trading. https://www.youtube.com/watch?v=eup9RE_lluk VIDEO TRANSCRIPT Okay, hello everyone, and welcome back! My name is Greg Firman, and this is the Vantage Point AI ...
According to Odaily, institutional economists suggest that during next week's meeting, most Federal Reserve officials are likely to reach a consensus on one key issue: the downside risks to the Fed's full employment mandate are roughly balanced with the upside risks to inflation. It is anticipated that officials will generally agree that a rate cut will be appropriate at some point in the near future, although there may be slight differences in opinion regarding the exact timing of such a move.
Investors still have ample opportunity to gain from Nvidia's 127% stock surge so far in 2024.
According to Cointelegraph: Elon Musk's social media platform X is under scrutiny by the Irish Data Protection Commission (DPC) following reports that a change in default settings allows user data to be fed into the training of Musk’s artificial intelligence chatbot, Grok.“The DPC has been engaging with X on this matter for several months, with our latest interaction occurring as recently as yesterday,” the DPC told TechCrunch on July 25. The Commission expressed surprise at the recent developments and is awaiting a response from X, with further engagement expected early next week.Grok and User Data ControversyGrok is an AI chatbot designed to be witty, informative, and engaging, developed by xAI, a research and development company founded by Musk. Several posts on X have warned users about the controversial setting change, which allows the platform to use posts, interactions, inputs, and results with Grok for training and fine-tuning purposes.Encrypted email service ProtonMail advised its 304,500 X followers on how to turn off the default setting: “Your data on X is used by default to train Grok. Turn it off in Settings > Privacy and safety > Data sharing and personalization > Grok,” Proton explained in a July 26 X post.Open Source Move and Legal BattlesThis controversy comes months after Musk announced that xAI would make Grok open source, amid a lawsuit against rival AI chatbot developer OpenAI. Musk's announcement received positive responses from users, with many praising the decision and calling for OpenAI to do the same.On February 29, Cointelegraph reported that Musk filed a lawsuit against OpenAI, claiming a breach of the agreement made when OpenAI was founded as a nonprofit organization. Musk argued that OpenAI’s partnership with Microsoft contradicts the founding principles of the nonprofit agreement to advance open-source artificial general intelligence (AGI) for the benefit of humanity.
According to Bloomberg, Silvergate has agreed to pay $43 million to the Federal Reserve for allegedly failing to comply with anti-money laundering (AML) regulations. The settlement was announced by the Fed on Friday. This agreement comes as part of ongoing efforts to enforce compliance with financial regulations and ensure the integrity of the financial system.
As Wall Street's confidence in a September interest rate cut from the Federal Reserve grows, Insigneo Chief Investment Officer Ahmed Riesgo believes it will come too late to offset a recession. Riesgo joins Market Domination to discuss what a recession could mean for markets and how investors should position their portfolios in preparation. "New money should not be deployed in the equity market right now, or if it is going to be deployed in the equity market, it should be deployed in highly defensive sectors like utilities (XLU), for example," Riesgo explains. He argues that utilities are a great way to not only play the defense side, but also the AI boom as demand for electricity increases. He adds, "the most attractive place to deploy money right now is in long-duration Treasuries and gold (GC=F) specifically." As the 2024 presidential race nears, Riesgo says, "prediction markets really haven't budged all that much. They're roughly still showing Trump with a 60% chance of winning the presidency and Kamala Harris sitting at around 40%. We think those odds are rational at this moment." However, he notes that there has been a difference in House races, explaining, "we think this is part of the reason why the Democrats made the move because of the down-ballot effects. I think there is going to be greater turnout and greater enthusiasm for Kamala than there was for Biden. And we think that's going to help down-ballot in the House races. So the House is, I would say, a bit of a toss-up right now, slightly favoring the Democrats." For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Melanie Riehl
The world's biggest economy's growth accelerated in the second quarter, primarily driven by solid consumer spending and higher business investment despite high interest rates.