Dubai’s justice administration has officially recognized the use of cryptocurrencies as a valid means of paying salaries. The landmark decision, adopted by the Dubai Court of First Instance, marks a milestone in the development of cryptocurrencies in the city, which aims to lead innovation in disruptive technologies. Recently, the court issued an order recognizing cryptocurrencies […]
Dollar Declines on Rate Cut Expectations, Euro Near Yearly Highs
The U.S. dollar declined on Tuesday, approaching seven-month lows amid expectations that the Federal Reserve will cut interest rates in September. Dollar Weakens on Optimism Ahead of Fed Rate Cut The U.S. dollar has fallen by more than 2% over the past month, in line with U.S. Treasury yields, amid growing optimism that the Federal […]
Bitcoin Accumulation Initiatives in US Politics
At the recent Bitcoin2024 event, two U.S. political figures proposed significant initiatives regarding the accumulation of Bitcoin (BTC) as a reserve asset by the U.S. government. Robert F. Kennedy Jr., an independent presidential hopeful, stated that if elected, his administration plans to stockpile four million Bitcoin as a strategic reserve asset. Simultaneously, Senator Cynthia Lummis […]
Market Highlights for the Week: Powell, Dems, PM
The future path of U.S. interest rates may become clearer this week when Federal Reserve Chairman Jerome Powell delivers his speech at the central bank’s annual retreat in Jackson Hole. Before then, the Democratic National Convention will begin, global PMI data will shed light on economic strength and energy markets are likely to remain volatile […]
Dollar Gains Bearish Momentum, Pound Reaches One-Month Highs
The U.S. dollar fell ahead of the release of the Federal Reserve’s July monetary policy meeting minutes and Chairman Jerome Powell’s upcoming speech at Jackson Hole near the end of the week. Dollar Downtrend Begins To Gain Momentum The minutes, which will be released on Wednesday, and Jerome Powell’s speech on Friday are likely to […]
U.S. Inflation Slows in July to 2.9%, Bitcoin Dips Below $61,000
U.S. inflation showed signs of slowing in July, aligning with economists’ estimates and paving the way for a possible interest rate cut. The U.S. Consumer Price Index (CPI), a widely analyzed measure tracking the cost of a broad basket of goods and services, increased slightly by 0.2% month-over-month in July, leaving the 12-month inflation rate […]
U.S. Inflation Rose Less Than Expected in July, CPI Increased by 2.9% Annually
U.S. consumer prices increased in July at a slower-than-expected annual rate, raising the likelihood that the Federal Reserve will begin to cut interest rates at its next scheduled meeting in September. The Labor Department’s consumer price index (CPI) rose by about 2.9% last month, slowing slightly from 3.0% in June. Economists had estimated that the […]
Dollar Awaits CPI, Pound Falls
The U.S. dollar stabilized on Wednesday, benefiting from the previous night’s weakness ahead of the release of the July Consumer Price Index, while the British pound weakened following benign inflation data. Dollar Slides on CPI Expectations The U.S. dollar retreated on Tuesday after the Producer Price Index (PPI) for July came in below expectations, prompting […]
U.S. Wholesale Inflation Moderated in July, Sign of Easing Price Pressures
U.S. wholesale price increases slowed in July, indicating that inflationary pressures are moderating as the Federal Reserve (Fed) moves closer to potentially cutting interest rates, expected early next month. The Labor Department reported Tuesday that its Producer Price Index (PPI), which tracks inflation before it reaches consumers, rose 0.1% from June to July and 2.2% […]
Dollar Rises in Light of PPI, Pound Rises on Wage Data
The U.S. dollar traded within a narrow range as traders awaited the July Producer Price Index (PPI) data, the first of the week’s inflation data, as a roadmap for future monetary policy decisions by the Federal Reserve. Dollar Awaits PPI Data The Producer Price Index, which measures changes in producer prices, is expected to rise […]