Blockchain
Dollar edges down, ether’s 2-month high fuels crypto rally
The dollar struggled for direction on Tuesday as investors maintained their expectations for the timing of Federal Reserve monetary easing this year. Meanwhile, Ether was poised for its largest two-day gain in nearly two years, and Bitcoin neared a record high amid speculation about U.S. spot exchange-traded funds that would track the world’s second-largest cryptocurrency. The euro rose 0.12% to $1.0869.
Investors are anticipating Thursday’s data from the European Central Bank (ECB) negotiated wage tracker and the euro zone Purchasing Managers’ Index (PMI), which could offer further insights into the euro area’s monetary policy cycle. In contrast, the U.S. economic data calendar is sparse this week, so investor focus is shifting to numerous Federal Reserve speakers. Several officials on Monday emphasized the need for continued policy caution, even after last week’s data showed a slowdown in consumer price pressures in April.
Money markets are currently pricing in 42 basis points (bps) of Fed rate cuts in 2024, suggesting one 25 bps reduction and a 68% chance of a second cut by December, down from fully pricing in two cuts before recent hawkish comments from Fed officials. They are also betting on 63 bps of ECB rate cuts in 2024, down from around 73 bps in mid-May. Analysts noted that Atlanta Fed President Raphael Bostic’s comments, which indicated the Fed’s benchmark rate might remain higher than in the past decade, were supportive of the dollar.
“We expect the dollar to weaken after the first rate cut (by the Fed), which markets now price in September, but we also see the risk of a delay in monetary easing with the Fed making the first move in December,” said Athanasios Vamvakidis, global head of forex strategy at BofA. Against a basket of currencies, the dollar dropped 0.08% to 104.52.
George Saravelos, global head of forex research at Deutsche Bank, argued that there is a risk of greater divergence favoring the Fed, combined with the dollar’s status as a high-yielding currency, which supports its strength. The upcoming Personal Consumption Expenditures (PCE) price index report, the Fed’s preferred gauge of inflation, due on May 31, will be closely watched.
In the cryptocurrency market, Ether jumped 6.2% to $3,715.60 after reaching $3,730.70, its highest level since March 16. It surged nearly 14% in the previous session, marking its largest daily percentage gain since November 2022. Bitcoin surpassed the $70,000 level and was last trading 2% higher at $71,128, approaching its all-time high of $73,803.25 reached in March. Tony Sycamore, a market analyst at IG, noted that the rise in cryptocurrencies was partly driven by last week’s U.S. inflation data, which boosted risk sentiment and brought rate cuts back into consideration.
Against the yen, the dollar dropped 0.06% to 156.20, close to its lowest in over 30 years at around 160. Fears of intervention from Japanese authorities deterred traders from pushing the yen to new lows, though the significant interest rate differentials between the U.S. and Japan continued to make the yen an attractive funding currency. “Forex interventions can buy some time and temporarily avoid an excessive depreciation of the yen, but if the Fed starts cutting later than the markets currently expect, it can become challenging for Japanese authorities to keep the yen below certain levels,” Vamvakidis from BofA argued.
The Canadian dollar remained flat at $1.3627 ahead of inflation data later in the session. “We have called for a Bank of Canada (BoC) rate cut in June for the past couple of months, and are expecting that to make the loonie increasingly less attractive compared to other commodity currencies,” said Francesco Pesole, a strategist at ING. According to a Reuters poll, the BoC is expected to cut interest rates three times ahead of the Fed’s first move.
The New Zealand dollar fell 0.03% to $0.6103 ahead of the Reserve Bank of New Zealand policy meeting, which is expected to maintain its key interest rate at 5.50% on Wednesday.
Source: reuters.com
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- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
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