The Dollar posted weekly gain due from Covid 19
The Dollar posted weekly gain due from Covid 19
The dollar posted weekly gains due to fears of spreading waves from the Covid-19 pandemic. The total number of cases in Germany increased by 913 to 173,152 on Thursday and Friday. While the number of dead rose 101 to 7,824 after the country made lockdown relaxation. New cases have also been noted in various countries which loosened lockdown rules, dashing optimism about the recovery of the global economy. To get more news about WikiFX, you can visit wikifx news official website.
With the waning hopes of a global economy recovering quickly, market participants are again after safe haven assets, such as the US dollar. Safe-haven demand increased after renewed tensions between the US and China. President Trump stated that he was reluctant to dialogue with President XI Jinping and said that his party could have cut off relations with China. The pound fell 0.6% last Friday to $ 1.2155, the lowest since March 27, after European Union Brexit negotiator Michel Barnier said on Friday that the third round of talks with Britain was “disappointing”. While the euro also fell after data showing the German economy contracted 2.2% in the 1-2020 quarter. At present the German economy has entered a recession from the 2009 financial crisis.
Spot gold prices touched a 7.5-year high last Friday, while US gold futures rose to a one-month high after disappointing US data. Last Friday's data showed retail sales fell 16.4%, while industrial output fell 11.4%, marking the worst monthly performance for both data because the Covid-19 pandemic nearly paralyzed the US economy. . The price of gold has soared following the escalation of new US-China tensions. Although overshadowed by concerns about renewed tensions between the US and China, oil prices managed to strengthen last week. Sentiment that drives oil prices includes efforts to cut output by oil producing countries. Saudi Arabia said Monday it would cut more production by 1 million bpd in June. Meanwhile, although US President Donald Trump is outraged against China, this can be masked by Chinese data, which led WTI to rise to the $ 30 per barrel area. Data last Friday showed China's industrial output rose 3.9% in April, recovering after falling 1.1% in March.
Oil prices also rose after the number of rigs in the US declined, as well as EIA data that showed US oil reserves fell for the first time in 15 weeks by 745 thousand barrels. On Friday the price of WTI oil rose 6.8% to $ 29.43 a barrel, while Brent rose 4.4% to $ 32.50. During the week WTI rose 19%, while Brent rose 5%. US stock index futures gained amid mixed sentiment after the reopening of the economy around the world was offset by warnings that economic recovery will take a long time. The S&P 500 index rose 0.6%. Meanwhile, Asian stock index futures moved varied. In Asia, the Hong Kong futures index fell, but shares in Japan and Australia strengthened. Focus This Week: Powell, Bailey, Lowe & PMI Data There are three central bank officials who will deliver speeches this week, they are the chairman of the Fed, Jerome Powell, BoE Governor Andrew Bailey, and RBA Governor Phillip Lowe. Another market focus is PMI data services and manufacturing services in the UK and US. Other data that is worth looking at is the US Jobless Claims and the Philly Fed Manufacturing Index. Meanwhile, the Fed will also release its minutes.
Explain 4 main types of investment fraud!
Since WikiFX entered the Nigerian market in Feb. 2020, we have received nearly 900+ complaints against brokers from Nigerian. And these complaints are based on investors real experience. Until now, WikiFX has exposed many forex brokers including Olymptrade, Binomo trade, CRYPTO FX, UniversalFX, aliforex, speedXprofits, EONLINE, IQ option, limpidOptions, GOLDEN FX TRADE, LMFX, OCTAFX, Iron FX, OINVEST etc., among which Olymptrade, Binomo trade, IQ option, and IronFX are complained most.
The forex market in Nigeria is in chaos due to no related laws and regulatory body. This article will present the 4 types of investment fraud in details.To get more news about WikiFX, you can visit wikifx news official website.
The obvious characteristics of forex fraud:
1. Can not withdraw money due to update system of platform.
2. Need to pay COT(cost of transaction )fee before withdrawing.
3. Slippage is seriously out of the normal range.
4. Unable to log into account due to suspension.
5. A non-existent regulatory body. Or the regulatory body uses a limited companys registration number as a regulatory number. Such as “The Financial Commission”, which is an illegal regulatory body.
6.The address showed on brokers website does not match with its registered address. With unreal address and customer contact number, it has potentially high risk of running away.
To earn high profits from Binary options trading combined with bitcoin trading has become the mainstream in the forex field. From many fraud cases, it can be seen that investors still rely on “luck” rather than reliable investment skills. They never consider what the background of a broker is and where the broker come from, on the contrary, they only focus on when they can get high-return profits.
For example, you have 10 dollars BTC and is promised to get double or triple profits in a shorty period time from brokers. And even more exaggerated thing is that you invest 500 dollar, then you can get 5,000 dollars after one week. However, this is a fantasy. Generallythese high-return modelshaveviolated the principle of investment.
Britain Will Cut Tariffs After Brexit
Britain announced an important plan to cut tariffs by 30 billion pounds after Brexit, while also releasing the latest most-favored-nation rate of duty.To get more news about WikiFX, you can visit wikifx news official website.
The British Global Tariff that will replace EUs common external tariffs from January 1st, 2021 centers around the following points:
1.The new British tariff ensures that from January, 2021, 60% of foreign trade will enter the country on WTO terms or through existing preferential access.
2.Britain will promote sustainable economy by cutting tariffs on over 100 different products to support renewable energy, energy efficiency, carbon capture and storage and circular economy. Import tariffs on agricultural produce such as beef and mutton and most of ceramic products will remain unchanged, and a 10% tariff will be applied to automotive.
3.The new tariff plan will be set in pounds and is less complicated than the EU tariffs
Winning $410 million Mega Millions ticket sold in Glendale
Check your Mega Millions ticket because somebody here in Arizona just won Tuesday’s $410 million jackpot. It’s a first for Arizona. The jackpot can be paid out as an an annuity with 30 annual payments or is worth $319.9 million if collected in a lump-sum, officials said. The final jackpot amount was slightly higher than the estimated value, officials said.
The Arizona Lottery says the Circle K at 67th Avenue and Beardsley Road in Glendale sold the ticket. Get more news about 彩票包网开版,you can vist loto98.com
The winning numbers are 1, 5, 9, 10, and 23, plus the gold Mega Ball 22. If those are the numbers you have, the Arizona Lottery suggests signing the back of ticket immediately.Last August, Arizona joined a growing number of states allowing people who win lottery jackpots of $100,000 to remain anonymous forever. The law specifies that winners of Arizona Lottery prizes of $100,000 or more automatically remain anonymous for 90 days but the winners can choose to remain anonymous permanently.
“Every single person that has won that sort of money has opted for that,” Arizona Lottery spokesman John Gilleland said.The Mega Millions jackpot has been rolling since Feb. 11, growing to become the largest prize in a year.
According to the Mega Millions website, 13 tickets matched all five white balls. Nine of those tickets were sold in Florida, Maryland, Michigan, Minnesota, Pennsylvania, and Washington. They’re worth $1 million each. The other four tickets matched the five white balls and the Megaplier. Those tickets are worth $2 million and were sold in Mississippi, New York, and South Carolina. This is the first big Mega Millions prize for the Mississippi Lottery. Founded in August 2018, it’s the newest lottery in the country.
The third prize in the Mega Millions game is $10,000. According to the Mega Millions website, 74 tickets matched four white balls and the Mega Ball. Thirteen of them had the Megaplier option, which doubled the prize to $20,000.
Winning $410M Mega Millions Ticket Sold In Phoenix Suburb
A sole winning ticket for Tuesday’s $410 million Mega Millions drawing was sold at a convenience store in a Phoenix suburb, lottery officials said Wednesday.Get more news about 彩票包网,you can vist loto98.com
The winning ticket was purchased at a Circle K in the city of Glendale, Arizona Lottery spokesman John Gilleland said Wednesday.
The jackpot can be paid out as an an annuity with 30 annual payments or is worth $316.8 million if collected in a lump-sum, Gilleland said.
The winning numbers were 1, 5, 9, 10 and 23, with Mega Ball 22.
Under a 2019 Arizona law, the winner can remain anonymous forever, Gilleland said.
“We may never be able to release the identity,” he said.
The law specifies that winners of Arizona Lottery prizes of $100,000 or more automatically remain anonymous for 90 days but the winners can choose to remain anonymous permanently. The option for permanent anonymity was adopted last year.
“Every single person that has won that sort of money has opted for that,” Gilleland said.
As of Tuesday afternoon, the prize was unclaimed. The ticket was sold at Fast Lane Shell, 1999 E. Ajo Way, near South Kino Parkway, according to Arizona State Lottery officials.
The ticket matched four out of the five numbers and the Powerball number. "This ticket's cash prize would have been $50,000, but since the ticket also had Power Play, the total cash prize tripled to $150,000," officials said.
The winning numbers were 16, 32, 35, 36, 46 and Powerball number 3. The Power Play number was 3. The holder of a Powerball ticket worth more than $136 million has contacted the West Virginia lottery.
But lottery assistant director Randy Burnside says the winner wants to remain anonymous.The ticket that was sold at a convenience store in Hinton was the only winning ticket in the country to match all six numbers drawn June 3.
The Pandemic Could Cost Buffett US$46.5 Billion of Losses
According to documents released by the US Securities and Exchange Commission (SEC), Buffett ‘s Berkshire Hathaway sold Bank of New York Mellon’s share worth of more than US$30 million on Tuesday and Wednesday. Before the US stock market slump in early March, Buffett increased his holding of the Bank's shares by US$359 million.
In view of BNY Mellon's stock price trend, Buffett had sold the shares at a loss. As Berkshire Hathaway's 11th largest stock holding, BNY Mellon's stock fell 25.7% during the year, rendering Buffett more than US$1 billion of loss so far.To get more news about WikiFX, you can visit wikifx news official website.
Data shows that year to date, Buffett ‘s Berkshire Hathaway has lost US$46.5 billion(equivalence of ¥325.5 billion), or 19% of the company's total stock positions. Among Berkshire Hathaway's stock holdings, Bank of America, Wells Fargo Bank, Apple, American Express, United Bank of America, Delta Air Lines, Coca-Cola, JPMorgan Chase, United Airlines, Kraft Heinz and BNY Mellon all saw losses of over US$ 1 billion, with over US$ 6 billion of loss in the company’s no.1 holding Apple. Only less than 10 companies' shares, including Moody s, Amazon, Costco, Biogene, and Teva Pharmaceuticals, had been profitable.
Stock market crashes since 1870 show 2020 bear rally is doomed
A Societe Generale study of bear markets since 1870 showed that the current bear-market rally is a departure from history. Andrew Lapthorne, the firm's head of quant strategy, concluded that investors are taking an early victory lap for the economy even after accounting for trillions in stimulus spending. He expects the stock market to end the year roughly 7% lower than current levels. Click here for more BI Prime stories.To get more news about WikiFX, you can visit wikifx news official website.
April was the best month for stocks since 1987. But this stand-out performance is not being universally cheered on Wall Street. The S&P 500's 13% ascent last month can be traced back to its bottom on March 23 — the same day the Federal Reserve essentially pledged to do whatever it takes to support the economy during the coronavirus pandemic. Even with this stimulus in action, investors declared an early victory for an economy that must still crawl out of its worst contraction in many decades, according to Andrew Lapthorne, the head of quantitative strategy at Societe Generale. He drew this conclusion by studying a 150-year history of bear markets, defined as a 20% decline from recent highs. “Beware of the oddity in this bear rally,” Lapthorne said in a recent note to clients.
He added: “With the fallout from the complete shutdown of economic life in terms of disruptions in supply chains and collapse of aggregate demand, as well as the uncertainty on the post-lockdown path to recovery, new market bottoms are possible, although the unprecedented massive policy response could provide the backstop to a worsening case of deflationary spiral.”His study of bear markets since 1870 led him to conclude that the S&P 500 would finish the year at about 2,715, representing a 7% decline from its April close.Both the crash and recovery are abnormalLapthorne's analysis started by including episodes since 1870 when the S&P 500's decline could ostensibly have been rounded up to 20%. One recent example was the late-2018 sell-off that winded up as a 19.6% decline.But because the 2020 drop has been a different beast in terms of its speed, comparing it to every bear market was not empirically ideal.
And so he filtered for severe bear markets, defined as drawdowns of at least 30%, to make them comparable to this one. The roster of 15 meltdowns includes infamous sell-offs like the crash of 1929, Black Monday, and the dotcom bust. He found that on average, the S&P 500 recovered by 4% within a month, 13% within three months, and 27% within a year. The typical trajectory of recoveries is similar even when the Great Depression, often likened to the coronavirus crisis, is included.By comparison, stocks have leapt more than 30% from their bottom in March.
USD Net Shorts Rose to the Highest in Past 2 Years
According to Reuters' calculations and the latest data released by the United States Commodity Futures Trading Commission (CFTC), speculative dollar net short positions have increased to the highest level in the past two years in last week; as of the week ending April 21st, USD net short positions totaled US$11.51 billion. Net short positions of the previous week reached US$ 11.39 billion. Reuters calculation of total USD net position in the Chicago International Monetary Market is based on the net positions of six major currencies: Japanese Yen, Euro, British Pound, Swiss Franc, Canadian Dollar, and Australian Dollar.To get more news about WikiFX, you can visit wikifx news official website.
Under the impact of the epidemic, the Fed has continuously launched several rounds of quantitative easing that exceeded market expectations, almost exhausting all conventional and unconventional policy ammunition available. As of now, the Fed has reduced interest rates to zero to inject liquidity into various markets. Investors will still pay close attention to the Fed s outlook on the current economy and whether it will give hints on the introduction of negative interest rates in the future.
The brisk rally of 2020 cannot be divorced from the record amount of government stimulus that flowed into the economy. On this account, Lapthorne said the market's roaring comeback is reasonable.He inserted one more caveat into his analysis: 150 years is perhaps too long a timeframe for analyzing the recent bear market. The forces that drive stocks and the economy have evolved over the last century and a half, and so it's possible to slide into the error of comparing apples with oranges.
For this reason, Lapthorne averaged the three most recent severe crashes — in 1987, 2000, and 2008 — and then compared them to the rest of his timeframe. He still found that the post-crisis recoveries were similar to the preceding episodes, leaving 2020 as the odd one out.Lapthorne's grand conclusion is that history is rife with many examples of bear rallies that give way to even deeper losses. He left clients with three recommendations: stay hedged with defensive assets, beware of momentum stocks that are sensitive to broader market moves, and be well-positioned for a rally in undervalued stocks.
Soaring HKD Hit Strong-side Convertibility Undertaking
Recently, the Hong Kong dollar's strong momentum has drawn special attention from the market. The USD/HKD has hit the strong-side convertibility undertaking of 7.75 several times and hovers around this level, which led to the Hong Kong Monetary Authority's intervention on several occasions.To get more news about WikiFX, you can visit wikifx news official website.
Views attributed this to the fact that mainland China and Hong Kong, being the first to effectively contain the virus amid global pandemic, may become "safe havens"that continue to attract international capital flow. But the most convincing argument is the situation of interest rate market. Previously, as the Hong Kong dollar interest rate was significantly lower than the US dollar, traders conducted carry trade by funding US dollar-denominated assets with Hong Kong dollar. But in facing narrowing spreads and asset sell-off, carry traders will be forced to close their positions and in order to do so, they need to buy Hong Kong dollars in the spot market. It's expected that HKMA will continue to implement moderate intervention to stabilize the financial market.
Hong Kong’s linked exchange rate system requires the Hong Kong dollar to be pegged to the US dollar within a certain range. Since 2005, the HKMA has adopted a strong-side convertibility undertaking of 7.75 and a weak-side convertibility undertaking of 7.85; once HKD/USD exchange rate reach the given range, market intervention will be delivered through buying or selling US dollar.
US personal savings rate increases due
This story was delivered to Business Insider Intelligence Banking Briefing subscribers earlier this morning.To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.Stay up-to-date with our latest coverage on the impacts of coronavirus on technology, marketing, and the digital economy here.The US personal savings rate (personal saving as a percentage of disposable personal income) increased to 13.1% in March, up from 8% in February, according a study from the Bureau of Economic Analysis (BEA). Consumers put $2.17 trillion into savings, marking the highest rate since 1981.To get more news about WikiFX, you can visit wikifx news official website.
Spending fell 7.5% in March, as consumers “canceled, restricted, or redirected their spending,” per BEA, due to social distancing measures related to the coronavirus pandemic. The personal savings rate has been rising the past couple of years as people likely anticipated a recession — and this rate will likely increase further as consumers continue to social distance and receive their stimulus checks. This shift in consumer spending and saving patterns gives banks and neobanks alike the opportunity to highlight their savings accounts and tools.Neobanks can aggressively market their high-yield savings accounts. In recent years, lowering interest rates have contributed to consumer dissatisfaction with savings accounts from incumbent banks. Digital-only banks have stepped in to fill the gap, and high-yield savings accounts are now one of their main selling points: For example, compared with the national average of 0.07% annual percentage yield (APY), Goldman Sachs' digital-only offshoot Marcus offers a savings accounts with a 1.55% APY, and neobanks like Chime and N26 offer above-average APYs too.Though the Fed slashing interest rates to zero toward the start of the coronavirus crisis took some wind out of their sails in terms of the APYs they're offering, neobanks should still look to increase awareness of their high-yield savings account offerings. Some consumers may be looking for ways to maximize their newfound savings, and promoting the benefits of their offerings via marketing campaigns could pay off for neobanks in increased signups and deposits — especially if continued social distancing means that consumers will continue saving more.Big banks can introduce customers to their personal finance management (PFM) features. With savings on the rise, there could be an increased appetite among consumers for tools that help them manage their money and put their savings to good use. Consumers largely want these tools through their banking channels: Over 75% of respondents to an RFi study said they would prefer to use PFM tools from their primary financial services provider — typically a bank — while just 6% said they'd prefer PFM tools from fintechs or neobanks.This makes it an ideal time for banks to increase awareness around their available tools, such as by prompting customers with the tools when they get a deposit or move money into savings. By increasing adoption of these tools, banks could encourage the formation of savings habits that will last beyond the current crisis: Chase, for example, offers Autosave, a digital feature that allows customers to set a savings goal as well as the frequency and amount they'd like to contribute to that goal. Banks should streamline their digital account opening processes in response to the higher personal savings rate. As consumers shelter in place and banks close branches or modify hours, the majority of banking services are being offered remotely, which means consumers looking to open a new savings account likely must do so digitally.Even prior to the pandemic, digital account opening was in demand: 58% of mobile banking users who responded to Business Insider Intelligence's US Mobile Banking Competitive Edge Study 2019 (enterprise only) called the ability to open a new savings account in a mobile banking app “extremely” or “very” valuable. Chase, for example, saw over 2 million accounts opened digitally in 2019, and that number could be higher this year.To avoid discouraging any customer who is interested in opening a savings account during this time, banks should ensure that digital account opening processes are available, reliable, and easy to use — otherwise they could miss out on a potential silver lining of the coronavirus crisis.