Aurelia Butler

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    in Economy

    Central Europe’s policymakers double down on hawkish message

    PRAGUE (Reuters) – Central bankers across central Europe have doubled down on their hawkish policy messages in the past two weeks in a bid to persuade investors to ditch bets that they will soon begin an easing cycle, and their message is starting to gain traction.Their policy warnings come despite a European market downturn in the wake of Credit Suisse’ demise, which raised bets that global banks would begin to ease monetary policy.As central Europe’s central banks were faster than their major peers to hike rates, they had also been expected to lead the way in easing. While this may still be true, it now looks like happening later than previously thought.But that narrative is changing, with factors such as tight labour markets and solid wage growth across the region playing their part, and investors are starting to catch on.”High wage pressure will keep core inflation elevated and may lead to delayed monetary easing compared to current expectations,” Erste Bank said in a note on Thursday.The Czech central bank, which had been seen as dovish under its new leadership and has refused to hike rates since last June despite calls to do so from its own monetary department and outside analysts, has in fact firmed up its hawkish messaging.Its Hungarian counterpart, which some had thought would start easing in March, has instead pledged to keep rates unchanged for a prolonged period to quash inflation expectations – price growth in Hungary may have dipped in Februarty, but it remains eye-wateringly high 25.4%.Poland’s central bank held rates steady this week and Governor Adam Glapinski said it was still ready to hike if needed, although rates would not need to rise more if economic developments follow its current outlook.The Czechs, referring to strong January industrial wage data, warned on March 29 that the market was prematurely pricing in rate cuts, and Governor Ales Michl said a hike may still be on the cards in May if the risk of a wage-price spiral grows.Graphic: CEE rates, https://fingfx.thomsonreuters.com/gfx/mkt/gdvzqnqbbpw/CEE%20rates%20vs%20ECB.png That message was underlined on Thursday when February data showed industrial wage growth in the double digits. In the market, forward rate agreements are not pricing in the chance of a Czech rate hike, but they have risen from this year’s lows, even if they are still pencilling in easing from the third quarter.”Upon nomination, markets read the current…board as dovish-leaning,” JP Morgan said.”Yet, what we see now seems far removed from that premature assessment. The message from the board is as hawkish as could be.”That message of interest rates being kept “higher for longer” has been pushed by two new Czech vice-governors with prior board experience – Jan Frait and Eva Zamrazilova.The argument is that policy had been loose both at home and abroad for too long over the past decade, and that would lead to higher equilibrium interest rates ahead.While this does not mean the Czech repo rate will necessarily stay at 7%, it does suggest resistance to any rapid loosening.JP Morgan said the risks to its call that rates would begin falling in August were now “severely skewed for a later start”.Goldman Sachs (NYSE:GS) is penning in no change all year.”We do not expect a rate hike,” it said after the Czech policy meeting last week. “Equally, however, we think the bar to cutting rates is also high,” it said.HUNGARY ON SIMILAR PATHThat could put the focus on Hungary, which has the European Union’s highest base interest rate at 13%, and an 18% quick deposit rate to underpin the forint and fight inflation.While there had been some market speculation the National Bank of Hungary could easing policy last month, the rhetoric at the March 28 meeting instead consolidated the outlook more towards June, giving some support to the currency.”The NBH has made it clear that priced-in rate cuts are not on the table at the moment, which should keep FX carry by far the highest in the region,” ING said in a note.Graphic: CEE inflation, https://fingfx.thomsonreuters.com/gfx/mkt/znpnbjbnjpl/CEE%20inflation.png The Polish central bank also struck somewhat hawkish tones at its news conference on Thursday after holding rates steady.”The NBP president did not mention autumn 2023 (for cuts) by himself this time. It can be considered a hawkish accent,” Bank Pekao said in a note.Romania’s central bank left rates unchanged on Tuesday and said inflation may come down faster than previously thought. But it said economic activity dropped less than expected, and analysts believe it will not move this year at all.”The first interest rate cut probably won’t arrive until early 2024 once policymakers feel more confident that price pressures have eased,” Capital Economics said in a note. More

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    in Cryptocurrency

    Frame Control to Confront Crypto Haters; Says YouTuber Richard Heart

    The YouTuber and famous tweeter Richard Heart shared a series of tweets today on his official Twitter page explaining how to confront crypto haters who attack cryptocurrencies by spreading negative comments. He stated that the best option is to “frame control” and to be deaf and dumb towards the evil comments.Notably, on April 7, Richard Heart tweeted about the strategies that should be adopted to “win information wars”:Significantly, he explained in simple terms that once the crypto aspirants come across the “evil team” that tries to degrade the crypto ecosystem, it is better to ignore them; instead, contemplate the positive aspects of the cryptocurrencies.Interstingly, the YouTuber acknowledged Brian Armstrong, the CEO of the crypto exchange Coinbase (NASDAQ:COIN), as “smart”, referring to his recent Twitter post showcasing crypto trade in Africa.In the tweet, the Coinbase CEO requested the crypto traders in Africa to reply with a short video of fewer than 30 seconds or a photograph, promising a reward of $100 in crypto for the best participant.Adding to his previous points, Richard Heart affirmed that the evil haters should be countered by highlighting positive aspects, quoting:Further, the tweeter pointed out that the victim should never blow “life into their [attackers] lies by linking them”. What he should engage in is spreading the positive empowering message, making the evil message die in obscurity.The post Frame Control to Confront Crypto Haters; Says YouTuber Richard Heart appeared first on Coin Edition.See original on CoinEdition More

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    in Cryptocurrency

    CoinGecko’s Survey Unveils at Least a Fourth of Crypto Holders own 51 NFTs

    A recent survey by the popular crypto market tracker, CoinGecko, in conjunction with Blockchain Research Lab, revealed that non-fungible tokens (NFTs) continue to gain popularity in the crypto community despite the price crashes.The study noted that as many as three out of four crypto holders own one or more NFTs in their portfolio of assets. On the other hand, about two of every ten crypto holders have never owned NFTs, similar to a small minority of 2.5% who said that they had held NFTs in the past but no longer own any.The research categorized the two minority groups as simply disinterested in NFTs or intentionally against the digital asset altogether. Interestingly, the survey found that when people start buying NFTs, they tend to continue collecting more — at least one out of every four NFT holders are avid collectors, possessing 51 or more NFTs. The research categorized this group as the most enthusiastic people about NFTs.Furthermore, those who owned 11 to 50 NFTs comprised 18.7% of holders, while those with a handful of two to two NFTs made up another 25.8%. Specifically, holders with two to five NFTs were the second most common.Overall, the survey suggests that NFT adoption has gained traction in the last three years, with the potential to continue growing due to the increasing diversity of NFT projects that appeal to different demographics and preferences.Additionally, NFT collections from well-known brands like Adidas, Starbucks, and Reddit’s Collectible Avatars have helped to encourage the adoption of the technology.The post CoinGecko’s Survey Unveils at Least a Fourth of Crypto Holders own 51 NFTs appeared first on Coin Edition.See original on CoinEdition More

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    in Cryptocurrency

    10 Altcoins That Are Poised to Rally in the Next Few Weeks

    Scott Melker from the “Wolf of All Streets” account recently uploaded a video to Youtube where he listed some altcoins to watch in the next altcoin bull run. According to the video, altcoins will begin to rally once Bitcoin (BTC) flips the $28,600 mark into support.The leading altcoin, ETH, was the first altcoin mentioned in Melker’s video. At press time, ETH’s price is down 0.93% to trade at $1,870.46 according to CoinMarketCap. Despite the 24-hour loss, ETH’s weekly price performance remains in the green at +4.15%.
    Weekly chart for ETH/USDT (Source: TradingView)The weekly chart for ETH/USDT shows that the 9-week EMA has bullishly crossed above the 20-week EMA in the last 2 months. This suggests that ETH has entered into a medium-term bull cycle. In addition to this bullish cross between the two EMA lines, the weekly RSI for ETH is also flagging bullish with the weekly RSI line sloped positively toward the overbought territory.Binance’s native token, BNB, was the next altcoin mentioned in the video. Binance has received its fair share of FUD in this bear cycle but was able to overcome all of the bearish sentiment and fear surrounding not only the exchange platform itself but also BNB. At press time, BNB is also down 0.55% over the last 24 hours, taking its price to $311.76.
    Weekly chart for BNB/USDT (Source: TradingView)Similar to ETH’s weekly chart, the 9 and 20 EMA lines have also recently crossed on BNB’s weekly chart. However, the FUD around the Binance ecosystem seems to be impacting BNB’s price currently as bears are attempting to force BNB’s price back down. This could result in a bearish cross between the two aforementioned EMA lines in the near future.ADA was also able to make its way onto the list. Similar to BNB and ETH, ADA’s price also printed a 24-hour loss according to CoinMarketCap. At press time, the price of ADA is down 1.95% and is trading at $0.3816. Fortunately, the altcoin’s weekly price performance remains in the green at +0.82%.
    Weekly chart for ADA/USDT (Source: TradingView)There is some positive news for ADA investors and traders as ADA’s weekly chart is on the verge of triggering a bullish flag. At press time, the 9-week EMA line is looking to cross bullishly above the longer 20-week EMA line. However, ADA traders and investors may want to wait for this cross to happen before entering into a medium-term long position for ADA.DOT’s price was unable to overcome the sell pressure in the crypto market over the last 24 hours, and saw its price slip as well. Currently, The price of DOT is down 2.45% to trade at $6.21. This has brought down the altcoin’s weekly performance to +0.48%.
    Weekly chart for DOT/USDT (Source: TradingView)Similar to ADA’s weekly chart, DOT’s weekly chart is also on the cusp of triggering a bullish flag with the 9 EMA line looking to cross the 20 EMA line. A cross between these two lines may not result in significant medium-term gains, however, given the flat movement of the two lines at press time.The oracle data platform Chainlink (LINK) was also mentioned in Melker’s video. LINK is currently ranked as the 19th biggest project in terms of market cap and experienced a 1.18% price drop over the last 24 hours. As a result, LINK’s price stands at $7.19 at press time.
    Weekly chart for LINK/USDT (Source: TradingView)LINK’s weekly chart is also on the verge of a bullish breakout after its price recently broke above the 9 and 20 EMA lines on its weekly chart.Investors and traders have been bullish on XRP in the last few weeks with all of the recent developments in the ongoing lawsuit between Ripple Labs and the Securities and Exchange Commission (SEC). XRP’s price is up 1.22% over the last 24 hours to trade at $0.5097 at press time.
    Weekly chart for XRP/USDT (Source: TradingView)XRP’s break above its 9 and 20 EMA lines may be nothing more than an artificial pump. Nevertheless, the remittance token’s weekly chart is currently flagging bullish. There may be a slight retracement in XRP’s price given the peak that has formed in the weekly RSI indicator.Ranked number 25 on CoinMarketCap’s list of the biggest crypto projects in terms of market cap, XLM is currently changing hands at $0.1053 after it printed a 0.20% 24-hour loss. This has pushed its weekly price performance further into the red. As a result, XLM’s price is down more than 5% over the last 7 days.
    Weekly chart for XLM/USDT (Source: TradingView)XLM’s chart has also flagged bullish recently after the altcoin’s price was able to break past the 9 and 20 EMA lines on its weekly chart. Similar to XRP, however, a peak has formed in XLM’s weekly RSI indicator which suggests that there may be a mini retracement in the next 2 weeks before another leg up.DOGE was also mentioned in the video as an altcoin to watch in the next altcoin market. DOGE’s price recently soared around 30% after Twitter changed its logo to DOGE’s icon. However, Twitter changed its logo back to its original Bluebird – causing DOGE’s price to drop 9.85% in the last 24 hours. As a result, DOGE’s price stands at $0.0829 at press time.
    Weekly chart for DOGE/USDT (Source: TradingView)DOGE’s price was able to blow past the 9 and 20-week EMA lines but then experienced a retracement shortly thereafter. Nevertheless, the meme coin’s weekly chart is still flagging bullish as the weekly RSI line has recently crossed the weekly RSI SMA line.VET is one of the altcoins that has separated itself from the rest of the crypto market by printing a 24-hour gain of 2.05% according to CoinMarketCap. This has added to its already-positive weekly performance, taking the total weekly gain for VET to +6.68% at press time. VET’s price is now trading at $0.02445.
    Weekly chart for VET/USDT (Source: TradingView)VET’s chart has also recently flagged bullish with the weekly RSI line positioned above the weekly RSI SMA line. Furthermore, the altcoin’s price has broken above the 9 and 20-week EMA lines in the latest weekly candle. Traders may want to wait for VET’s price to break the resistance level at $0.03 before entering into a medium-term long position for VET.Last on the list is THETA, which printed a 24-hour loss of 1.52%. This has brought its price down to $1.07 at press time. Much like many of the other altcoins on this list, THETA’s weekly performance remains in the green despite the 24-hour loss. THETA’s total weekly gain is around 5.60% presently.
    Weekly chart for THETA/USDT (Source: TradingView)Although THETA’s chart has flagged bullish recently with the 9-week EMA line crossing above the longer 20-week EMA line, there is still doubt from a technical perspective as to whether or not THETA has entered into a medium-term bullish cycle.The reason for this is that there is a slim margin between the weekly RSI and weekly RSI SMA lines. Furthermore, there is a very narrow margin that exists between THETA’s 9-week EMA line and THETA’s 20-week EMA line.A potential confirmation that THETA has entered into a bullish cycle will be when its price breaks above the weekly resistance level at around $1.303.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post 10 Altcoins That Are Poised to Rally in the Next Few Weeks appeared first on Coin Edition.See original on CoinEdition More

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    in Economy

    Greek economy to grow 2.2% in 2023, prudence pivotal – cenbank chief

    Greece will hold a general election on May 21, weeks before the conservative government’s term ends. But the vote is unlikely to produce a clear winner, setting the stage for protracted political manoeuvring and a runoff vote.Athens needs to continue with credible policies to shield its economy from risks which include the impact of the energy crisis and a protracted electoral period, Yiannis Stournaras told the central bank’s annual shareholders’ meeting. “The biggest risk for Greece’s economic prospects in a period of successive crises and increased uncertainty, would be a loss of credibility on the economic policy implemented, which was so hard to regain, and a return to the bad practices of the past,” Stournaras said. Greece emerged from international bailouts in 2018, nearly a decade after a debt crisis forced it to seek financial aid from its European peers and the International Monetary Fund in exchange for austerity to stay afloat. His latest growth projection upwardly revises an earlier central bank estimate for economic expansion of 1.5% this year from 5.9% 2022, reflecting Greece’s fiscal progress.Stournaras said headline inflation would remain at high levels but was expected to ease to 4.4%, and he confirmed a government projection for a primary surplus of 0.7% this year. The country, he said, needs to be able to achieve sustainable primary surpluses around 2% of gross domestic product in the medium term, while maintaining fiscal credibility is pivotal for the aim of regaining investment grade and to keep reducing debt, the highest in the euro zone.”Since 2023 is a year of national elections, to maintain the climate of confidence in the prospects of the Greek economy, prudence and responsibility is required from political forces, that need to support the country’s fiscal goals,” he said. More

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    in Cryptocurrency

    David Bowie unreleased record debuts as music NFT

    Gala Music, a subsidiary of the Web3 startup Gala Games, has joined forces with music producer Larry Dvoskin and publisher Warner Chappell Music to unveil an unreleased version of David Bowie’s 1983 track “Let’s Dance” as part of a limited edition collection of NFTs. The announcement was made on Thursday, March 6.Continue Reading on Coin Telegraph More

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    in Economy

    FirstFT: US jobs market shows signs of cooling

    A closely watched US labour market report is expected today to confirm that the jobs market is cooling after a rapid series of interest rate rises by the Federal Reserve.The non-farm payrolls report is expected to show the US economy added 233,000 positions last month, according to a consensus forecast compiled by Bloomberg, compared with 311,000 jobs accrued in February and roughly 500,000 in January. The unemployment rate is forecast to have steadied at 3.6 per cent, just above a multi-decade low. Wage growth, meanwhile, is poised to remain firm, with average hourly earnings up another 0.3 per cent in March. On a year-over-year basis, wages are set to have increased 4.3 per cent.If the predictions are accurate, today’s data from the Bureau of Labor Statistics will confirm that the US labour market is cooling following a year-long campaign by the Fed to tighten monetary policy and cool inflation. Payrolls is the latest survey to report on conditions in the labour market to be published this week. Yesterday, jobless claims figures, which track new applicants for unemployment aid, came in higher than expected and figures over the past 12 months were revised significantly higher as part of an annual review by the BLS.A report from payroll processor ADP, released on Wednesday, showed private sector businesses in the US created 145,000 jobs in March, below forecasts of 200,000. A separate report from the Institute for Supply Management, released on the same day, showed activity in the vast services sector also cooled last month.A Department of Labor survey, released on Tuesday, showed US job openings in February dropped below 10mn for the first time since May 2021. The succession of weaker than expected economic reports this week has led to a rethink among investors about the outcome of the Fed’s next monetary policy meeting on May 2-3. The yields on US government debt fell to their lowest level for seven months earlier this week as prices rose and equity markets crept higher. The reaction to today’s non-farm payrolls report may be muted, however, as equity markets in New York will be closed for Good Friday and government bond markets will be open for a reduced number of hours.Here’s what else is happening today: Good Friday: Pope Francis will hold mass in St Peter’s Basilica. US president Joe Biden and his wife, Jill, will spend the weekend at Camp David.PS We’re launching a new newsletter on April 17: One Must-Read. The newsletter will bring readers the most exceptional story from the FT each weekday. Sign up by clicking here.Five more top stories

    Smoke rises above buildings in Gaza City © Mohammed Abed/AFP/Getty Images

    1. Israeli fighter jets bombed the Gaza Strip in the early hours of this morning after militants in Lebanon and Gaza fired a volley of rockets in retaliation for the forcible removal of Palestinian worshippers from Jerusalem’s al-Aqsa mosque. Read the full story.2. EXCLUSIVE: JPMorgan Chase’s recent flurry of acquisitions is being scrutinised by US regulators in a review that includes a $175mn deal with a founder of a start-up who was criminally charged this week with defrauding the bank. Here’s why the lender’s due diligence on dealmaking is being audited.More on JPMorgan: Allegations that its former employee Jes Staley aided and abetted Jeffrey Epstein’s crimes are ‘slanderous’ and ‘baseless but serious’, Staley’s lawyer has said. 3. The White House sought to blame a lack of preparation by the Trump administration for the chaotic withdrawal from Afghanistan in August 2021, in a 12-page report shared with Congress yesterday. The summary accused the former president of making a rushed deal with the Taliban.4. Bank of America cut short an online client conference on geopolitics and apologised to attendees after some balked at what they saw as pro-Russian comments about the war in Ukraine. “It was more like Bank of Russia than Bank of America,” one attendee at the event told the Financial Times. More on Ukraine: The US has opposed a “road map” to Nato membership for Ukraine at the alliance’s July summit. 5. Italy’s former prime minister Silvio Berlusconi has leukaemia, his doctor revealed yesterday, as the 86-year-old remained in intensive care for a second day undergoing treatment for a lung infection. More on the country’s longest-serving postwar prime minister.How well did you keep up with the news this week? Take our quiz.News in-depth

    From left, Irish taoiseach Bertie Ahern, US senator George Mitchell and British prime minister Tony Blair after signing the Good Friday Agreement on April 10 1998 © Dan Chung/AFP/Getty Images

    As Northern Ireland marks 25 years since the signing of the Good Friday Agreement, which ended three decades of conflict, the historic deal still has much unfinished business. Political instability plagues a region unable to fully move on from its violent past.We’re also reading . . . ‘Fabulous Fab’: Renewed rulemaking efforts by US regulators bring back memories of the Goldman Sachs banker whose jokey email came to epitomise Wall Street’s poor behaviour in the run-up to the 2008 financial crisis.Latin America’s quarrelling left: The leaders of the region’s biggest economies cannot agree on questions of gender, climate or democracy, writes Michael Stott.DIY spirituality: With the decline of organised religion in the west, we are seeking solace in the strangest places, writes Camilla Cavendish.Chart of the dayMillennials — the cohort born between 1981 and 1997 — say their lives are materially worse than their parents’ were. Are they correct? John Burn-Murdoch compares the incomes of today’s young workers with their parents and grandparents and finds that although they are higher, that does not necessarily mean they are wealthier. Take a break from the news“Lad mags” may be relegated to the past, but social media has sparked its own “ultra-masculine” influencers. Henry Mance explores how to stop the spread of toxic masculinity in the digital age.Additional contributions from Tee Zhuo, Emily Goldberg and Vita Dadoo Lomeli More