DIFX Buzz: Here’s a weekly market recap for you to start your Monday with the top news of the week.
Let’s see what happened in markets this week:
❖ The US dollar rose to a one-month high against the Japanese yen, reaching 134.22 yen, as traders anticipate another interest rate hike by the Federal Reserve, while the Bank of Japan maintained its easy money policies.
❖ The Chinese Yuan weakened against the Dollar as the market awaits Q1 GDP data for China on Tuesday.
❖ The Australian and New Zealand Dollar have been under pressure as each has diverging interest rate outlooks.
Equities
❖ European shares rose today as the market expects strong quarterly results from big US banks.
❖ Tesla’s Shanghai factory workers are appealing to Elon Musk and the Chinese public through social media after being informed of cuts to their performance bonuses over the weekend.
❖ Netflix crashed over the weekend for around 11,000 users in the US as the tech giant experienced major outages.
❖ SpaceX is set to launch the debut flight of the Starship rocket to space on Monday.
❖ The SEC opened public comment on its proposal to include decentralized platforms under the definition of an “exchange”.
❖ There has been a lot of criticism mentioning this proposal was vague and Dapps should not fall under the oversight of the SEC.
❖ Ether bounces to an 11-month high post-upgrade as the Shapella upgrade is deemed a success.
❖ Canadian copper miner Teck Resources has been approached by more than six mining companies, including Vale, Anglo American, and Freeport-McMoRan, to explore deals for its base metals business if it goes ahead with the planned split.
❖ Gold prices have risen slightly as the Dollar eased but were down from last week’s one-year highs. Global economic and geopolitical tensions continue to support gold’s safe-haven status.
❖ Gold dropped 2% on Friday after mixed U.S. economic data prompted investors to reassess the Federal Reserve’s interest rate hike trajectory.
