Aurelia Butler

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    in Economy

    Shock Values — how inflation shaped American democracy

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    in Economy

    FirstFT: UK tech pioneer Mike Lynch acquitted in US fraud trial

    Standard DigitalWeekend Print + Standard Digitalwasnow $85 per monthBilled Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.What’s included Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital More

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    in Economy

    China’s exports surged in May

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    in Cryptocurrency

    Bitcoin (BTC) Hidden Disaster Incoming? XRP Reaches Turning Point: What’s Next? Shiba Inu (SHIB) on Path to Victory?

    According to technical analysis, a double top pattern is a bearish signal that is on the verge of finishing on the BTC chart. It appears when an asset reaches its peak, retraces its steps and then reaches its peak once more before beginning to decline. This pattern indicates that there may be a downturn and that the asset may find it difficult to sustain its upward momentum.An analysis of the current Bitcoin chart: In the case of Bitcoin, the price tried to rise after crossing $70,000 but encountered resistance close to $71,900. Bitcoin may finish the double top formation, signaling a possible end to the current rally if it is unable to overcome this resistance and retreats.Relative Strength Index (RSI): A price correction is usually preceded by overbought levels, which are approaching for Bitcoin.Trading volume: The volume has not been particularly high during the recent upward trend, which implies that the buying pressure may be waning.Broader market context: The general sentiment of the market is still largely positive despite these cautionary signals. The increasing acceptance of Bitcoin by the general public and institutions could offset any possible bearish trends.Important levels to keep an eye on: Support at $70,000: Should Bitcoin fall below this mark, it may validate the double top pattern and trigger a downturn. The resistance is at $71,900. A high volume surge over this point could invalidate the bearish pattern and indicate that the upward momentum is still there.The price of XRP has been consolidating recently around the 50 EMA (green line). The market may be waiting to act decisively before making a move, as indicated by this consolidation. If XRP is able to overcome the 50 EMA support, it might proceed to the 100 EMA, which is a crucial resistance level that might dictate its next significant move.The Relative Strength Index is not overbought or oversold at this time, indicating neutrality. This state of neutrality may signal a major move in prices. The volume has exhibited a degree of stability, suggesting that the market is in equilibrium with minimal buying or selling pressure. In either case, a volume spike might indicate a breakout.Key levels to watch: 50 EMA support: This is an important level of support. Bullish momentum may be indicated by a significant rebound from this level. Resistance at 100 EMA: An important resistance level is found at the 100 EMA, or orange line. Victory here might pave the way for increased costs. Long-term moving averages: The 200 EMA, or black line, continues to be a level of long-term resistance. To validate a long-term upward trend, XRP must break above this.The positive outlook for SHIB is supported by a number of technical indicators. As of right now, the Relative Strength Index (RSI) is neither overbought nor oversold. Instead, it is in a neutral zone. This shows that there is still potential for growth without running the immediate risk of a reversal because of overbought circumstances.The market appears to be in equilibrium as the trading volume has remained steady. The impetus required for SHIB to overcome significant resistance levels may be a spike in volume.A crucial level of support for SHIB is at 50 EMA. As we are seeing right now, a significant recovery from this level frequently denotes bullish momentum.Resistance at $0.000027: There has been a lot of resistance at this level. Breakouts above $0.000027 may allow SHIB to rise to all-time highs. It will also be crucial to keep an eye on the 200 and 100 EMAs. A break above these long-term resistance levels would confirm SHIB’s bullish trend.This article was originally published on U.Today More

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    in Economy

    What zebras can teach us about international trade

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    in Economy

    Dollar hovers near 8-week low as payrolls test looms

    TOKYO (Reuters) – The dollar hovered close to an eight-week low on Friday, ahead of a crucial U.S. jobs report that should provide clues on the timing of Federal Reserve interest rate cuts.The euro held on to overnight gains after the European Central Bank reduced rates in a well-telegraphed move, but offered few hints about future easing as lingering inflation clouds the outlook.The U.S. dollar index, which tracks the currency against the euro and five other major rivals, was little changed at 104.13 early in the Asian day, not far from this week’s low of 103.99, the first time it had broken below 104 since April 9.For the week, the index was on track for a 0.5% slide following a run of weaker macro data that put two quarter-point Fed rate cuts back on the table for this year.That has seen traders positioned for a softer non-farm payrolls report later in the day, with the possibility that jobs growth comes in below the 185,000 median forecast of economists.The Federal Open Market Committee is not expected to make any change at its gathering next week, but markets currently price in 50 basis points of cuts by end-December, with the first cut most likely coming in September.”We expect the overall message from the non‑farm payrolls report to be one of strength, albeit ebbing,” Joseph Capurso, head of international economics at Commonwealth Bank of Australia (OTC:CMWAY), wrote in a client note.”We would not characterise the U.S. labour market as weak – strong, rather than white hot, would be more accurate,” he added. “Consequently, market pricing for the FOMC’s first rate cut in September may be pushed out, supporting a modest increase in the USD.”The euro was flat at $1.0889, after a gain of about 0.2% in the previous session, when the ECB lowered rates by a quarter point to kick off its easing cycle. However, staff also raised their forecasts for inflation, which is now expected to stay above the central bank’s 2% target until late next year.Meanwhile, sterling was also little changed at $1.2792, sitting not far from the week’s high of $1.2828, the strongest level since mid-March.The dollar traded slightly stronger at 155.85 yen, but remained on track for a loss of nearly 1% for the week.The Bank of Japan also decides policy next week, and consensus is building in the market for an imminent reduction in the monetary authority’s monthly government bond purchases. More

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    in Economy

    Japan finance minister says forex intervention should be done in restrained manner

    “Foreign exchange intervention should be done with its necessity and effectiveness taken into account,” Suzuki said, speaking in a regular post-cabinet meeting news conference.Data from the Ministry of Finance showed last week that authorities spent 9.79 trillion yen ($62.85 billion) intervening in the market to support the yen over the past month.On Friday, data from the ministry showed that Japan’s foreign reserves fell to $1.23 trillion at the end of May, down $47.4 billion from a month earlier.Suzuki said that the drop partly reflected the intervention.($1 = 155.7800 yen) More

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    in Economy

    Japan consumer spending rises in April for first time in 14 months

    TOKYO (Reuters) -Japanese household spending rose for the first time in 14 months in April from the year earlier, data showed on Friday, although the tepid growth showed consumers remained reluctant to loosen their purse-strings in the face of higher prices. Consumer spending rose 0.5% in April from a year earlier, data from the internal affairs ministry showed. That was slightly below the median market forecast for a 0.6% uptick.On a seasonally adjusted, month-on-month basis, spending fell 1.2%, versus an estimated 0.2% rise.”Personal consumption, which has been stagnant for a long time, continues to be weak,” said Masato Koike, economist at Sompo Institute Plus. “High prices are weighing on household consumption.”Sluggish private consumption is a source of concern for policymakers striving to achieve sustained economic growth underpinned by solid wages and durable inflation, which are prerequisites for normalising monetary policy.While spending on education and clothing and footwear increased in April, expenditures in food, entertainment and utilities decreased, the government data showed. The consumption data comes a day after a Bank of Japan board member Toyoaki Nakamura, one of the more dovish members, said domestic consumption has been sluggish recently, expressing concern that inflation may fall short of the central bank’s 2% target from fiscal 2025 onwards if such conditions persist. Separate data released on Wednesday showed Japan’s regular pay in April rose at the fastest pace in nearly three decades but that inflation-adjusted wages remained weak, extending a record streak of 25 consecutive months of decline.Going forward, consumption is expected to gradually improve as wages hikes from this spring’s labour talks materialise, inflation slows down and temporary cuts in resident and income tax boost consumption, Koike at Sompo Institute Plus said. “If consumption continues to be weak, it will be difficult to normalise the monetary policy, but real wages are expected to recover and consumption is believed to pick up, which will give (the BOJ) momentum for policy normalisation,” Koike said. More