(1/9) 🧵👇Market Wrap #3: 📰 Market Recap 📰
1. EUR dips below Dollar parity for the first time in 20 years
> Ukraine Russia war caused an energy crisis in EU. ECB is trying to curb inflation and cushion a slowing economy where it aims to raise borrowing costs.
1. EUR dips below Dollar parity for the first time in 20 years
> Ukraine Russia war caused an energy crisis in EU. ECB is trying to curb inflation and cushion a slowing economy where it aims to raise borrowing costs.
(2/9)
> he US #Fed is raising interest rates at an accelerated rate, causing yields on US #Treasury Bonds to surge higher than EU’s debt — driving investors to the dollar and away from euros.
> he US #Fed is raising interest rates at an accelerated rate, causing yields on US #Treasury Bonds to surge higher than EU’s debt — driving investors to the dollar and away from euros.
(3/9)
> Weaker currencies used to be welcomed as a means to stimulate economic growth. This is now undesirable due to inflation, making imports expensive. EU #CPI jumped to 8.6% in just a year.
> Weaker currencies used to be welcomed as a means to stimulate economic growth. This is now undesirable due to inflation, making imports expensive. EU #CPI jumped to 8.6% in just a year.
(4/9)
> On a broader level, the #EUR weakness against the #USD helps EU exporters as it makes their products more $ competitive and boosts earnings.
> US account for more than 40% of sales for 70 EU MNCs, including Sanofi and Aegon NV. It also ⬇️ $ cost of tourist going to EU
> On a broader level, the #EUR weakness against the #USD helps EU exporters as it makes their products more $ competitive and boosts earnings.
> US account for more than 40% of sales for 70 EU MNCs, including Sanofi and Aegon NV. It also ⬇️ $ cost of tourist going to EU
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2. The highest US #inflation in 40 years at 9.1%
> The previous #CPI forecast was 8.8%, and the previous quarter’s forecast was at 8.6%.
> Core prices increased by 5.9% in June from 2021.
2. The highest US #inflation in 40 years at 9.1%
> The previous #CPI forecast was 8.8%, and the previous quarter’s forecast was at 8.6%.
> Core prices increased by 5.9% in June from 2021.
(6/9)
> The Feds raised its interest rates to temper demand in hopes of curbing #inflation. #CPI is believed to have reached its peak and slower inflation increases can be expected over the longer run compared to recent months.
> The Feds raised its interest rates to temper demand in hopes of curbing #inflation. #CPI is believed to have reached its peak and slower inflation increases can be expected over the longer run compared to recent months.
(7/9)
3. #Celsius’s Chapter 11 bankruptcy
The #crypto lending platform’s business model became untenable as crypto prices collapsed. They are currently reorganising and restructuring the company. However, only certain customers are allowed withdrawals, on a first to act basis.
3. #Celsius’s Chapter 11 bankruptcy
The #crypto lending platform’s business model became untenable as crypto prices collapsed. They are currently reorganising and restructuring the company. However, only certain customers are allowed withdrawals, on a first to act basis.
(8/9)
4. 🇷🇺 #Russia banned all forms of crypto as a form of payment — #Ruble is the only accepted monetary unit
> #Putin signed a law forbidding the use of #cryptocurrencies or digital assets as forms of payment for goods and services locally.
4. 🇷🇺 #Russia banned all forms of crypto as a form of payment — #Ruble is the only accepted monetary unit
> #Putin signed a law forbidding the use of #cryptocurrencies or digital assets as forms of payment for goods and services locally.
(9/9)
> The law is expected to be implemented by holding crypto exchanges and businesses liable for infractions. > However, #Russian central bank is considering accepting the use of #crypto for international payments.
> The law is expected to be implemented by holding crypto exchanges and businesses liable for infractions. > However, #Russian central bank is considering accepting the use of #crypto for international payments.
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