Author: findeto

The domestic currency of the United Kingdom of Great Britain and Northern Ireland, the British pound (GBP), has so far not found support in the framework of forex operations of the foreign exchange market, according to economic correspondents linked to analysts of brokerage companies and financial strategists of the foreign exchange market. The exchange value of the British pound (GBP) against the US dollar (USD) is now still holding below the cross-rate level of 1.2600 USD per GBP, which financial strategists consider to be the so-called support point (support limit) of this GBP currency pair /USD.

Currently, during the European morning of this Wednesday, September 6, 2023, at approximately 7:35 CET, the exchange rate between the British pound (GBP) and the US dollar (ISD), as the world’s reserve currency, was at an exchange rate of 1.258 USD to EUR with the GBP strengthening by +0.11% against the USD on the day to date. This mutual exchange rate was achieved when the total exchange value of the US dollar, as measured by the US Dollar Currency Index (DXY), which compares the value of the USD to six other major world currencies, including the GBP, was at the point level of 104, 64 USD points with a daily decrease of -0.16% of the point value according to this index.

Thus, on the indicated day and time, the global currency pair of the single European currency euro (EUR) and the US dollar (USD) was traded on the foreign exchange market at the value of the mutual exchange rate of 1.073 USD per EUR with the daily strengthening of the EUR by + 0.12% of the rate so far against the USD. The British pound (GBP) nevertheless strengthened against the euro (EUR) in this situation, at a mutual exchange rate of 0.853 GBP per EUR, with the daily strengthening of the GBP by + 0.047% against the EUR. This strengthening of the British pound (GBP) both against the American dollar (USD), as the world’s main commodity currency, and against the single European currency, the euro (EUR), compared to its exchange value at the beginning of this 36th week of 2023, occurred according to analysts on the basis of relatively positive results on BRC retail sales data.

However, according to the statements of economic correspondents in connection with analysts of brokerage companies and financial strategists of investment banks in relation to the foreign exchange market, these positive data were still not enough for a strong enough investor sentiment that could swing the so-called exchange rate of the British pound (GBP) and the US dollar ( USD) at the mutual exchange rate limit above USD 1.2600 per GBP. Economic correspondents then tell the matter that while the retail sales figures were strong, the GBP has yet to find support in the markets due to the drop in China’s services PMI to its lowest level this year. The index’s 51.8 point is fast approaching the 50 median that separates expansion from the contracting services sector. Recent Chinese economic data supports this slowdown, and growth concerns continue to gain momentum. The Chinese government has since issued statements to stimulate the economy, but so far without major changes, markets remain cautious.

Expert estimates of the exchange rate of the most widely used cryptocurrency Bitcoin (BTC) against the US dollar (USD), which still plays the role of the world’s reserve currency in the standard financial world, indicate the potential for growth in the exchange value of BTC against the USD. For this statement, these financial strategists and analysts of brokerage firms have a common explanation that the current movement of the prices of cryptocurrencies and especially BTC is related to two fundamental factors, and that is, on the one hand, the signal of the central bank FED to further increase interest rates, and the second is the recent giant purchase of BTC business the Robinhood platform in the volume of USD 3 billion,

The price of BTC at the end of last week and at the very beginning of this week, which is listed as the 35th in the calendar of this year 2023, fell below the threshold of 26,000 UISD per \BTC, and this mutual exchange rate as the closing price moved on Monday, August 28, 2023 in the amount of USD 25,977.85 per BTC. Currently, during the European Tuesday morning on 29/08/2023, around 7:30 CET, the exchange value of this BTC/USD currency pair on the Coinbase virtual currency market was USD 26,049.50 per BTC, with a BTC increase of +0.28 so far % exchange rate against USD. According to analysts of the virtual currency market, the recent connection between a Bitcoin address and the popular trading platform Robinhood has generated considerable interest and may thus increase the current price of BTC at the same time. The merger has the potential to reshape cryptocurrency by giving retail investors more leverage while introducing some rules on market vulnerability. The sudden rise of the previously mysterious Robinhood address to become the third largest holder of BTC raises questions, although Robinhood itself has not yet confirmed or denied the connection. Based on these facts, cryptocurrency market analysts expect a daily BTC growth of at least one percent of its exchange rate against the USD.

Bitcoin (BTC) is an Internet open-source P2P payment network and also the cryptocurrency used in this network. The main uniqueness of Bitcoin is its full decentralization; it is designed so that no one, not the author or other individuals, groups or governments, can influence the currency, counterfeit it, seize accounts, control money flows or cause inflation. There is no central point in the network, and no one who can make decisions about the network. The final amount of Bitcoins is known in advance and the release of Bitcoins into circulation is defined in the source code of the network. Payments take place on the network at minimal or no cost. The network has been operating since 2009, where it was described and created by a group of people signed as Satoshi Nakamoto. Bitcoin (BTC) is the only asset that is successfully offsetting the global press side of the world’s central banks, according to analysts at brokerage firms involved in the virtual currency trade.

Thanks to a special database that stores an ever-increasing number of records, this technology is called blockchain, which serves as Bitcoin’s ledger. The online database is protected both against unauthorized intervention from the outside and from the users themselves. The final amount of Bitcoins is known in advance and their release into circulation is defined in its source code. A unique feature of Bitcoin is its complete decentralization. It is designed so that no one, not its author or other individuals, groups or governments, can influence, counterfeit, seize accounts, control money flows or cause inflation this currency. Bitcoin is completely independent of traditional currencies, it is not backed by gold or other commodities, but like other common currencies, its value depends on the trust that it will be possible to pay with it in the future as it is today. The value of Bitcoin is based purely on supply and demand on the market, in short-term periods the exchange rate is characterized by sharp fluctuations.

The economic coalition of emerging markets known as the BRICS grouping has decided to extend membership invitations to six countries as part of the ongoing fifteenth summit in the Republic of South Africa. The BRICS alliance, which currently unites Brazil, Russia, India, China and South Africa, is ready to invite the so-called other countries to its ranks: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to join this of the economic grouping of emerging market countries, said the President of the Republic of South Africa and the current BRICS Chairman, Mr. Cyril Ramaphosa, in his speech on Thursday, August 24, 2023. South Africa is currently hosting the 15th BRICS Summit, where the expansion of the group was a key agenda item. The Russian President, Mr. Vladimir Putin, could not attend in person, probably because of the order of the International Criminal Court, which would theoretically bind the host country, i.e. South Africa, as a signatory to this ICC agreement, to arrest him.

The BRICS community is a diverse group of nations,” said President Cyril Ramaphosa. “It is an equal partnership of countries that have different opinions but a common vision of a better world. As five BRICS members, we have reached an agreement on the main principles, standards, criteria and procedures of the expansion process of our BRICS coalition.”, said the South African President and current BRICS Chairman. Twenty-three countries have formally applied for BRICS membership, including the six that Mr Ramaphosa said had been invited, according to a statement from economic correspondents. Other major African players such as Nigeria and Ghana have shown informal interest and are therefore likely to be invited in the next round. Chinese President Xi Jinping said on Thursday, August 24, 2023 that the expansion is “a new starting point for the cooperation of the BRIC countries.” “It will bring new strength to the BRICS cooperation mechanism and further strengthen the forces for world peace and development,” the Chinese president told a news conference, with South African President Mr Ramaphosa hinting at the possibility of future additions.

Mr. Gustavo de Carvalho, a political analyst and senior researcher at the South African Institute of International Relations, said on the social network X, formerly known as Twitter, that the potential new members will not only increase the visibility of the BRICS bloc, but also provide an opportunity for the coalition participants to do business with each other. in local currencies. Brazil’s da Silva newspaper noted on Thursday 8/24/2023 that the BRICS group continues to study the possibility of a block currency that could “increase our means of payment and reduce our vulnerability.” The BRICS nations have taken different tones in relation to the West. Trade and diplomatic tensions have risen between China and the US, while Russia is under a barrage of Western sanctions over its invasion of Ukraine. This BRICS summit is thus taking place in a situation where the exchange value of the world’s reserve currency and the main currency of the world’s commodity markets, the US dollar (USD), is considerably high in the medium to long term. During the European Thursday almost noon on 24/08/2023, at approximately 11:44 CET, the exchange value of USD measured by the dollar index DXY (US Dollar Currency Index) moved at a point level of 103.63 USD points with a daily strengthening of + 0 .20% of the point value according to this index.

Ferrari NV, known as a manufacturer of luxury cars, said that the interest in their production has increased significantly in this year 2023 and the waiting periods for their cars are already reaching several years, with the age of a third of the buyers already falling below the age limit of 40 years. Despite a three-year waiting list for some of the automaker’s production cars, the Ferrari CEO said the company has no plans to overstock production to meet demand. “We are a brand that does not look for volume,” said Ferrari CEO Vigna Benedetto.

Ferrari NV is an Italian designer, manufacturer and retailer of sports cars based in the Netherlands and operating under the world-famous Ferrari brand. The portfolio of sports cars includes, among others, the F12berlinetta, FF, Ferrari 488 GTB, 488 Spider, 458 Speciale, Ferrari California T, F12tdf and LaFerrari. The company also offers financial services through Ferrari Financial Services and also produces limited series and one-off cars, which can thus be described as one-off productions made to order for a specific customer. The company divides its regional markets into EMEA (Europe, Middle East, India and Africa), North and South America, Greater China and the rest of APAC (Asia Pacific, excluding Greater China). Ferrari NV is also active in more than 60 markets worldwide through its network of authorized dealers. Ferrari NV, after several preparations, finally entered the public stock market with its shares in 2015, where its shares are still listed today on two markets, both domestically in Italy and on the main world stock market on New York’s Wall Street through the NYSE (New York Stock Exchange) under the name RACE.

Shares of Ferrari NV (NYSE-RACE) traded on the public stock market for the first time on October 20, 2015, with an initial public offering price in the range of $48-$52 per share and during its first week of trading on the NYSE – RACE even moved with its decline to the price limit of around USD 30 per share. Analysts of brokerage companies and financial strategists of the stock market, however, already stated in November 2015 that the RACE share is a highly attractive investment, with the fact that these shares represent a several-fold increase in their price. Currently, less than eight years later, the investment bankers have to prove these analysts right because on yesterday’s trading day, August 22, 2023, on the NYSE (New York Stock Exchange), these RACE shares closed at a value of USD 310.56 per share. This price difference over the mentioned almost 8 years thus represents a roughly 10-fold appreciation of investing in the shares of Ferrari NV (NYSE-RACE). The interest of customers in the production of this company thus logically aroused the interest of investors in the shares of NYSE-RACE, whose value has increased by + 44.97% of its previous price at the end of 2022 since the beginning of this year 2023.

Last year 2022, Ferrari NV produced 13,221 cars, up 18.5% from the previous year in 2021, and demand continues to significantly outstrip supply, with the new Purosangue SUV and other Ferrari models now expected, according to dealers and auto market experts about three years or even a little longer. Many buyers say they can’t even get on the waiting list for their dream car because there just isn’t enough production. The founder of this world-famous brand, according to his name, Mr. Enzo Ferrari, famously said years ago that Ferrari will produce “one car less than the market demand” and this marketing trick is practically successful to this day, but today’s deficit is much larger, some analysts say the company could easily sell twice as many cars as it makes. Ferrari is building a new factory for its hybrid and electric vehicles, but it’s unclear how much the company will increase production, economic reporters said. NYSE-RACE has set an average target price of $343 per share, with an upper bound of this predicted price in the medium term, which could reach a price of up to $380 per share, according to brokerage firm analysts.

Chinese technology company Baidu Inc. (NASDAQ-BIDU) announced on Tuesday, August 22, 2023, as part of its regular quarterly financial results reporting, that its sales increased by 15 percent, while this figure exceeded even the most optimistic expectations of analysts who predicted growth of up to ten percent. In response to these facts, the price of shares of Baidu Inc, traded on the NASDAQ stock market under the ticker BIDU in its pre-trading phase, rose sharply during the American morning of Tuesday, August 22, 2023. Yesterday’s Monday trading session on August 21, 2023, BIDU stock closed this trading day at $124.92 per share and during today’s 8/22/2023 pre-trade phase at approximately 8:24 am EDT corresponding to Central European Time At 14:24 CET, BIDU shares were trading at $130.50 per share on the NASDAQ market, up +4.47% from their previous price so far. NASDAQ-BIDU’s current stock price shows a growth of 9.21% since the beginning of this year 2023 from its previous price at the end of last year 2022 according to technical analysis data.

Baidu Inc. is a Chinese language internet search provider. The Company offers a Chinese-language search platform on its Baidu.com website that allows users to find information online, including web pages, news, images, documents and multimedia files, through links provided on its website. The company operates through two segments, the Baidu Core segment and the iQIYI segment. Baidu Core primarily provides search-based marketing, feed and other online marketing services, as well as products and services from the company’s new artificial intelligence (AI) initiatives. Within Baidu Core, the company’s products and services are categorized as Mobile Ecosystem, Baidu AI Cloud, and Intelligent Driving & Other Growth Initiatives. iQIYI is an online entertainment service provider.

Within the core businesses of Baidu Inc. online marketing revenue rose 15% to 19.6 billion yuan in the second quarter of this year 2023, and neon-line marketing revenue rose 12% to 6.8 billion yuan. The American depository’s earnings per share on a non-GAAP basis were 22.55 yuan, compared with 15.79 yuan in the year-ago period. “In the second quarter of 2023, Baidu Core accelerated revenue and profit growth due to solid online marketing performance and operating leverage,” said Robin Li, co-founder and CEO of Baidu. “Generative AI and large language models have tremendous transformative power in many industries, which represents a significant market opportunity for us,” said Mr. Li. The company is also looking to expand the reach of AI into the automotive sector. This month, in August 2023, the company announced a strategic agreement with state-owned Changan Automobile to develop autonomous driving capabilities based on the AI model behind Baidu Inc.’s Ernie robot. Baidu Inc. also operates self-driving (autonomous) taxis under the Apollo Go brand in China, and in Q2 2023 Baidu Inc. said it has already made roughly 714,000 rides on these robotaxis.

European stock markets were slightly higher year-to-date on Wednesday 16/08/2023 as investors evaluated UK inflation data. The pan-European Stoxx 600 index fell 0.3% in the first minutes of trading, then moved around midday in Europe for a year-to-date gain of 0.2 percent. However, the Asia-Pacific stock markets saw a sell-off this Wednesday, August 16, 2023, which reflected the movements on Wall Street after the decline of American banks. Japan’s Nikkei 225 stock index fell 1.46% to end at 31,766, the first time in more than a month that it fell below 32,000.

European stock market sectors were spread across both positive and negative territory during the European morning of 16/08/2023, with retail stocks leading a +0.7% YTD increase and telecoms stocks posting a -0.3% YTD decline of their previous prices. On the said day, the Hong Kong Hang Seng Index (HSI) fell 1.31% points in its last hour of this trading day on 16/08/2023, while mainland China markets were also lower, the CSI 300 Index fell 0.73% points to end at points balance in the amount of 3,818.33 points. For the first time since April of this year, 2023, China recorded a fall in the real estate price index to the territory of decline and year-on-year it fell by -0.1% points according to this index. South Korea’s Kospi stock index moved down -1.76% points to close at 2,525.64 points after the public holiday, while the Kosdaq index lost more by -2.59% points to end at 878.29 points , which is the lowest level since July 11 of this year, 2023.

In Europe, following the results of the Asian stock markets, the main European currencies strengthened against the US dollar (USD) as part of the forex operations of the foreign exchange market, especially the British pound (GBP) and the single European currency, the euro (EUR). Currently, during the beginning of the European afternoon on August 16, 2023, at approximately 12:32 CET, the currency pair referred to as the so-called global currency pair of the single European currency euro (EUR) and the US dollar (USD), as the world’s main reserve currency was trading at a mutual exchange rate of 1.092 USD to the EUR with a +0.15% daily growth of the EUR against the USD. The British pound (GBP), the European currency of the island country of the United Kingdom of Great Britain and Northern Ireland, also saw an increase in exchange value against the USD on the indicated date and time, and the currency pair traded in the forex operations of the foreign exchange market at a mutual exchange rate of USD 1.274 to GBP with the GBP up +0.31% against the USD on the day to date.

These mutual exchange rates with a positive increase for European currencies were also achieved in a situation where the United Kingdom (UK-Union Kingdom) house price index published today 16/08/2023 showed the lowest growth in property prices since 2020, pointing out that the highest price houses in the capital of this European island country, London, are facing a slump. The positive data of today’s data reporting from the UK were the published data on this year’s July inflation of 2023, which showed a slowdown to the year-on-year inflation rate of 6.8 percent. According to analysts, it was this data on the slowdown in the rate of inflation that caused the exchange value of the British pound (GBP) to strengthen. Although the Eurozone recently reported a lower volume of inflation for the same period, at 5.3% year-on-year, the single European currency, the euro (EUR), has strengthened against the USD so far on the trading day of 16/08/2023 by about half as much as the British pound (GBP) has strengthened . The current exchange rate of this EUR/GBP currency pair thus reflects this situation and on the day and time indicated the exchange rate was at 0.8568 GBP to EUR with the EUR down by -0.1631% against the GBP for the day to date.

The strengthening exchange value of the US dollar (USD) in commodity gold trades sent the price of investment gold lower. According to commodity market analysts, the current gold price reached its five-week low. Currently, during Monday European almost true noon on August 14, 2023, at approximately 11:57 CET, investment gold was traded on the commodity market COMEX (Commodities Exchange Centre) at a value of USD 1,945.70 per troy ounce with the previous daily by a decrease of -0.05% of its previous price.

This price of investment gold in the commodity market was achieved when the exchange value of the US dollar (USD) measured by the dollar index DXY (US Dollar Currency Index) reached a point level of 102.83 USD points with a purely technical decline of -0.01 so far % of point value according to this index. According to the communication of economic correspondents in connection with the financial strategists of the commodity market, the current situation thus reflects the application of the so-called inverse rule, in which a strong USD causes a drop in the price of investment gold, as the purchase becomes less attractive for investors and traders from outside the dollar zone. On the indicated day and time, the global currency pair of the single European currency, the euro (EUR) and the US dollar (USD), as the main world commodity currency, moved within the forex operations of the foreign exchange market at a mutual exchange rate at a value of 1.095 USD per EUR with the previous by the growth of the EUR by + 0.04% of the exchange rate against the USD.

The current price of gold according to technical analysis data is still maintaining a slightly profitable trend, with the value of investment gold showing a year-over-year increase of +3.66% in price over the last 52 weeks, of which the increase since the beginning of 2023 these technical analysis charts indicate a volume of + 1.82 percent. In this context, analysts point out that the current monetary policy of the central bank of the US Federal Reserve System (FED) has increased the interest of investors in US government bonds by further increasing interest rates. U.S. bond yields rose, lifting the U.S. dollar (USD) exchange rate to its highest since July 7, 2023, after data on Friday 11/08/2023 showed producer prices rose slightly more than expected in July as utility costs rebounded at the fastest pace in nearly a year. “The US dollar appears to be rising on the back of markets finally realizing that even with the Fed on hold, commercial rates and bond yields are likely to continue to rise,” said Clifford Bennett, chief economist at ACY Securities.

Higher interest rates and US Treasury yields increase the opportunity cost of holding interest-free gold, which is denominated in US dollars (USD). China’s data on retail sales and industrial production are scheduled to be released this week, tomorrow, Tuesday, August 15, 2023. Markets also await US retail sales data this Tuesday, followed by the minutes of the July meeting of the Federal Open Market Committee Federal Reserve System (FOMC FED) on Wednesday, August 16, 2023, referred to as like the FED’s minuteman. “Fed minutes this week will definitely be hawkish, so gold may remain under pressure and possibly go down to $1,900 or even $1,880 per troy ounce,” Bennett said. Responding to investor interest in gold, the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell to their lowest level since late January 2020. Comex gold speculators also cut net long positions by 23,755 contracts to 75,582 in week until August 8, Friday’s data from August 11, 2023 just showed.