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 Dollar fell against all assets on Wednesday after Jerome Powell came out less hawkish than expected at the Fed Meeting.
❖ EUR/USD had highs of $1.1032 last week but ended the week below $1.0792.
❖ Non-Farm Payrolls missing forecasts with a strong reading resulted in the Dollar ending the week with gains against major FX pairs.
❖ The Dollar Index is now trading above $103.
❖ Dell is about to slash 6,500 jobs (around 5% of employees) as demand for PCs fall.
❖ Chinese retailers are offering 10% discounts on Apple’s iPhone 14 Pro, indicating a slowdown in demand for the mobile offering.
❖ Oracle is to invest $1.5bn in Saudi Arabia over the next few years to bolster its cloud computing division with higher data transfer speeds.
❖ SpaceX could potentially test the Starship launch in March if all tests go according to plan.
❖ Craig Wright’s lawsuit against Bitcoin’s network developers may go to trial as he attempts to recover billions of Dollars.
❖ Russia’s largest lender Sberbank plans to launch a DeFi platform within the next few months.
❖ Ethereum developers will launch a public testnet later today that supports Beacon Chain withdrawals. This will serve as a rehearsal for the upcoming Shanghai and Capella upgrades.
❖ Gold made highs of $1959 as the Dollar fell on Wednesday last week, yet plummeted to lows of $1860 after the strong jobs data release on Friday.
❖ Natural Gas is trading at $2.454 after massive slides due to a warmer-than-expected winter. The last time it hit these lows was in March 2021.
❖ China demand may boost Oil prices after an 8% decline last week.
❖ Indonesia has big plans for electric vehicles as they have the world’s largest nickel reserves with a ban on nickel exports.