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Finance News

Dollar Slides Up but Traded at the Lowest Point

In Asia on Wednesday morning, the dollar was riding high in the market, but it was still at its lowest level in over three weeks. With the latest U.S. employment data, which might give clues to the U.S. Federal Reserve’s asset reduction plan, expected on Friday, investors continued to keep their movements minimal.

The greenback has been on a downward trend since hitting a nine-and-a-half-month high of 93.734 on Aug. 20, as several Fed officials hinted asset reduction would not start anytime soon.

While Fed Chairman Jerome Powell stated at the Jackson Hole symposium last week that asset cutting might begin in 2021, he did not offer a specific timeline. Loretta Mester, the president of the Cleveland Federal Reserve, stated on Monday that she was not sure that recent inflation statistics met the central bank’s price stability aim.

The Conference Board (CB) consumer confidence index fell to 113.8 in June, which was the lowest in six-month, while the S&P/Case-Shiller 20 n.s.a. home price index composite rose a record 19.1 percent in June.

The AUD/USD exchange rate fell 0.01 percent to 0.7314. During the second quarter of 2021, Australia’s GDP increased 9.6% and 0.7 percent quarter on quarter. The NZD/USD exchange rate fell 0.06 percent to 0.7040.

Investors will have a close look towards the latest U.S. employment report, which includes non-farm payrolls, expected out on Friday since one of the Fed’s requirements for starting asset reduction is labor market improvement.

In a letter, National Australia Bank (OTC: NABZY), who heads the foreign exchange, Ray Attrill stated, “The dollar upswing is gone for the time being at least,” when Powell effectively distanced the argument over taper timing from any choices about higher rates.

Their Aug. 20 lows suggest “Positive price activity” connected to the dollars of Australia and New Zealand, stating “there is a creation of a base for currencies,” the note suggested.

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Finance News

Singapore Stimulus Package, SGD Experiences a Six-Month High

Singapore’s currency is leveraging the nation’s large pool of fiscal reserves. After the government revealed another stimulus package, the pandemic-driven losses were waived off as the Singapore dollar witnessed the highest level in six months. This package was financed by unused expenditures allowed in the earlier budgets.

Earlier, there was pressure on Singapore’s Monetary authority to lower the currency band for inflation management. This pressure is being eradicated with the total pandemic aid over USD73 billion, and there could be more gains to come in the near future. This fiscal buffer of Singapore differs distinctly compared to the current situation of many other developed countries, relying on increased debt and rate cuts to funding stimulus, by the central banks.

The Monetary Authority of Singapore (MAS, the central bank of Singapore) has taken an unrivaled action of lowering the midpoint of the currency band in March while reducing its slope to zero. The response of this action remained appropriate, said Edward Robinson, Deputy Managing Director of MAS.

The local dollar is strengthening beyond 1.36 in comparison with the greenback, Vishnu Varathan said. He added that the ability to utilize the surplus of previous years’ packages is a competitive advantage for the nation. Plus, his forecast regarding Singapore’s currency may be conservative as in the markets, there is a bearish impulse for USD. Varathan is the head of economics and strategy at Mizuho Bank Ltd., Singapore.

There is a projection of consumer prices falling 0.4% in July from the prices a year ago compared to a drop of 0.2% in June. On Wednesday, the industrial production numbers are expected to bring an estimated output to rebound 4.0% in July from a month earlier, still a low of 6.4% from a year earlier.

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Finance News

Crypto Tycoon Card Game Comes With New Surprises

Crypto Tycoon card game is the world’s first crypto-based card game that is released on the Litecoin platform and has already made thousands of diehard fans since its launch in March. Now Litecoin foundation brings in more surprises for the players by releasing two exclusives “When Moon” playing cars with every preorder (limited to up to the first 200 orders) of the Crypto Tycoon Card Game.

The crypto tycoon game is owned by the crypt startup firm based in Huston named Cypherpunk. The game is loaded with amazing strategies and tactics and its volatility keeps every player glued in the game from the very beginning till the last card ends. Though the game is complex, it is still meant for everyone. Once the players can unravel the strategies of the game, the game never seems boring. It exposes the players in a world full of crypto humor and trivia. The design of the card game allows the players to learn as they continue to play. There are on-card instructions to help the players understand the game. Two to five people can play the game together. There are three separate cryptocurrency portfolios in the game that the players need to complete at a go. The player who can complete all the 3 portfolios at first will be claimed as the ‘’Crypto Tycoon’’. The game lasts up to an hour or can even end in half an hour, that would depend on the luck of the draw.

The added excitement of the “When Moon” playing cards introduced by the Litecoin Foundation, makes the Crypto Tycoon game even more wannabe among the players. Each card immerses the players into aesthetic photos of the moon and takes them to the other world. Barry Aldeen, the CEO of Cypherpunk, quoted saying,

Crypto Tycoon was designed to primarily be a real fun, fast-paced, exciting and addictive game that anyone can play, whether you are into crypto or just into playing games. It was designed to make everyone feel like they are right on the cusp of winning, but that it can be ripped away at any moment by another player, or that you can rip it away from another player at any moment and claim your victory.