Dollar steadies after payrolls-linked fall; yen falls again
- The U.S. dollar edged higher in early European trade Tuesday, attempting a comeback after the sharp losses at the end of last week, while the Japanese yen retreated...
- The U.S. dollar edged higher in early European trade Tuesday, attempting a comeback after the sharp losses at the end of last week, while the Japanese yen retreated...
According to Odaily, Nick Timiraos, a spokesperson for the Federal Reserve, has expressed that due to rising inflation, officials lack sufficient confidence in cutting interest rates. During a meeting last month, some decision-makers called for close attention to signs that the employment market's fatigue might be faster than expected. The minutes from the Federal Reserve's June meeting revealed that several participants stated that monetary policy should be ready to respond to unexpected economic weakness at any time.Officials also listed several economic developments, including slowing wage growth, declining corporate pricing power, and increased consumer sensitivity to price increases, to support their expectations that inflation will continue to decrease over the next year. The minutes showed that officials were generally satisfied with their wait-and-see stance on interest rate changes and highlighted a range of views that could prompt the Federal Reserve to raise or lower interest rates. Coupled with recent public statements by Federal Reserve officials, the minutes suggest that they are unlikely to cut interest rates at a meeting later this month.
According to BlockBeats, the minutes from a recent Federal Reserve meeting held on July 4th reveal that a significant majority believe that the growth of the U.S. economy is gradually slowing down. This perspective is shared by a large number of participants in the meeting, indicating a shift in economic expectations. The minutes do not provide specific details about the reasons behind this belief, but it is clear that the majority of the meeting participants are of the opinion that the U.S. economy is not growing at the same pace as it was previously. This could potentially have significant implications for future economic policies and decisions. It is important to note that these are the views of the participants in the Federal Reserve meeting and may not necessarily reflect the overall state of the U.S. economy. Further analysis and data will be needed to confirm this trend. However, the fact that such a perspective is being shared at a Federal Reserve meeting is noteworthy and could potentially indicate a shift in economic sentiment.
According to U.Today, attorney Fred Rispoli, well-known among XRP enthusiasts, has predicted two potential dates for the resolution of the SEC's case against Ripple. This case has had a significant impact on the popular cryptocurrency. Rispoli anticipates the verdict to be delivered on the last day of July, after more than three years of legal proceedings. However, he also suggested that a more symbolic date for the verdict could be July 13.This date holds significance as it marks the anniversary of last year's ruling when Judge Torres recognized XRP as a non-security. This decision led to a 100% surge in the cryptocurrency's price within a few hours. Currently, the parties involved in the case are disputing the amount of damages. Ripple suffered a blow when sales to XRP institutions were deemed as unregistered sales of securities, and the company is now required to pay remedies.The size of the disgorgement is a major point of contention in the lawsuit. The SEC is demanding billions of dollars, while Ripple is willing to settle for no more than $10 million. Despite the ongoing legal battle, Ripple maintains a strong defense, arguing that the SEC's demands are disproportionate and lack merit.
SMH, IGM, SPYG, IWY and IGPT are part of the Zacks top Analyst blog.
According to Odaily, the number of initial unemployment claims in the United States for the week ending June 29 was 238,000, slightly above the expected 235,000 and the previous value of 233,000. The four-week average for initial unemployment claims up to June 29 was 238,500, up from the previous value of 236,000. Furthermore, the number of continued unemployment claims for the week ending June 22 was 1,858,000, exceeding the expected 1,840,000 and the previous value of 1,839,000. These figures indicate a slight increase in unemployment claims, both initial and continued, compared to expectations and previous values.
According to BlockBeats, a US Federal Judge has approved the court review schedule for the lawsuit filed by Consensys against the US Securities and Exchange Commission (SEC) and its members. The documents submitted to the US District Court for the Northern District of Texas on July 1 reveal that Judge Reed O'Connor has set deadlines for the SEC and Consensys lawyers to submit their opening and opposing arguments in September and November respectively. The judge also approved a 28-day extension for the SEC to respond to the lawsuit.According to the schedule, all five SEC members and the regulatory body must submit their responses by July 29, with the deadline for the response brief set for November 26. Bill Hughes, Senior Legal Advisor and Global Director of Regulatory Affairs at Consensys, anticipates a verdict on the case around December.Previously reported by BlockBeats, Consensys sued the SEC in April, asserting that MetaMask's services are not illegal.
-- China’s trade surplus grew more than expected in the first two months of 2024, boosted in part by some resilience in export demand, while imports were also buoyed...
-- Australia’s trade balance grew slightly less than expected in January, as growth in the country’s exports cooled amid slowing demand for its biggest commodity...
Year-to-date inflows topped $406 billion, double last year's total. June flows dip from May's $87.4 billion.