1. Is This The Biggest News Yet For Bitcoin?
Starbucks (SBUX) going all-in on cryptocurrency might just be “the biggest news yet for bitcoin” – because it paves the way for a bitcoin ETF, according to BK Capital Management founder Brian Kelly. The coffee chain, NYSE parent Intercontinental Exchange, Microsoft and BCG, among others, announced on Friday they are working to launch a new company called Bakkt. Along with enabling consumers to use bitcoin and other cryptos at Starbucks, Bakkt will leverage the Microsoft cloud to create a regulated, digital asset ecosystem to buy, sell, store and spend digital currencies.*
2. Will the EUR/USD Weakness Continue?
The EUR/USD has been on the decline in the last week, forced lower by a rising USD and it appears there is little to turn things around this week. Top-tier data for the EUR/USD is thin and the major events will once again focus on the Greenback. The key event of note is probably US CPI due for release of Friday. Forecasts point to a 0.2% MoM, which is considered the “ideal level” for the FED. This could mean more bad news for the EURUSD which is expected to yield to the dollar’s pressure. Another major concern continues to be US tariff, with China matching the US blow for blow. Chinese stocks are currently on the decline while the Chinese yuan (CNYUSD) is getting devalued in a bid to even out the impact of tariffs on the Chinese economy.**
3. Dollar Steady After NFP, Focus On Yuan
The dollar held firm against a basket of its peers on Monday after Friday’s U.S. job data reinforced investors’ expectations the Federal Reserve will gradually raise interest rates this year. Investor attention will now be shifting to the Chinese yuan after the People’s Bank of China made it more expensive to bet against the currency last Friday, which helped it rebound from a near 15-month low against the greenback. In the next seven days interest rate decisions will be awaited out of Australia and New Zealand, while the United Kingdom and Japan will publish growth figures. Monthly data on trade balance and industrial output will also be in focus, along with Canadian employment and US inflation numbers.***
You can find and trade all of the above mentioned equities and commodities on BDSwiss Forex/CFD platforms.
*Source: Seeking Alpha Aug 5, 2018 11:27 AM ET
**Source: FXLeaders August 6, 2018
***Source: Reuters August 6, 2018 2:35 AM ET
Upcoming Earnings Reports This Week:
- 6/8/2018 – HSBC Holdings PLC (#HSBC) to report pre-market
- 7/8/2018 – Commerzbank AG (#CRZBF) to report pre-market
- 7/8/2018 – The Walt Disney Company (#DIS) to report post-market
- 9/8/2018 – Adidas AG ADR (#ADDYY) to report pre-market
- 9/8/2018 – BP Midstream Partners LP (#BPMP) to report pre-market
- 10/8/2018 – Porsche Automobile Holding SE (#POAHF) to report pre-market
START TRADING NOW
Your capital is at risk. T&Cs apply