EUR/USD continues to gain ground, after starting the week with strong gains. Currently, the pair is trading at 1.1249, up 0.06% on the day. Earlier in the day, the pair touched a high of 1.1277, its … Read Full Story at source (may require registration)
The pound to euro exchange rate hit a six-month low on Monday but has risen ever so slightly today. The marginal improvement came following comments from European Central Bank chief Mario Draghi , who said cutting interest rates would become “increasingly likely” should the Eurozone’s inflation situation fail to improve, which sent the euro tumbling. Political uncertainty continues to play a major role in GBP’s movements. The final two Conservative party candidates will be selected this week which is likely to further impact sterling.
The BBC summarizes reports of US-staged malware in Russia's power grid, presumably held there for retaliation against future Russian cyberattacks on US targets. The reports are unconfirmed publicly and at least partially denied by the US. TASS says Russia regards cyberwar with the US as a "hypothetical possibility," that it's accustomed to US misbehavior, and that it's quite capable of protecting its grid. Lawfare has a useful account of how the laws of armed conflict might apply to what would appear to be a long-running, low-level conflict in cyberspace that many think has the potential to produce kinetic effects.
The name was inspired by the origins of money in Ancient Rome, where the Libra was a unit of weight used to mint coins, according to a Facebook spokesperson. Libra also evokes the French libre (“free”), the spokesperson added, and reflects the corresponding astrological symbol—the scales of justice , relevant in theory because the crypto is meant to make financial inclusion standard around the globe. The new crypto’s symbol, a wave, “represents the energy that flows between us, the borderless nature of water, and the movement between people, places, and money,” the spokesperson said.
“Two weeks ago, the market bought EUR/USD as Fed officials hinted rate cuts could be coming and the ECB revealed a reluctance to follow the Fed down the road of monetary easing. Today, Draghi will get a second chance to talk down the EUR when he speaks at Sintra,” wrote Danske Bank senior trading desk strategist, Vladimir Miklashevsky, adding ” He will have to come up big, i.e. signal rate cuts and/or that QE is coming, to convince the market to sell EUR/USD before the Fed likely makes a dovish shift tomorrow. It is crunch time for the ECB and the Fed and we stick to our call for EUR/USD to rise to 1.15 in 3M as the Fed is set to ‘out-ease’ the ECB.”
“This month we are revising our EUR/GBP profile higher on the back of a poor outlook for GBP. UK politics looks set to become very messy into the October window and the lack of transparency will surely weigh on UK activity and investment,” wrote ING economists, adding “A probabilistic assessment (looking at each UK scenario’s probability and its impact on EUR/GBP) suggests EUR/GBP should be trading about 0.91 later this year – although early elections could easily mean that EUR/GBP overshoots to 0.95.”
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"Kankash and … his wife put a tremendous amount of effort into manipulating financial statements, inventory reports, using duplicate titles, fake titles and other strategies to commit fraud," Braeger said. "We also do know that Kankash and his wife took personal loans out on financed vehicles that we and other companies had already financed."
The cable pair was down on Friday as well, closing at 1.2589(-89 pips) against the greenback. The dollar's broad strength was partially responsible for the decline, but also the noise coming from Tories related to PM May's succession as Tory leader. On Thursday, Conservative MPs had their first ballot, with Boris Johnson being the overall winner. Johnson has stated this past week that he will take the kingdom out of the EU by October 31, with or without a deal. He later poured some cold water on his comments, yet the damage was done. Meanwhile, the EU believes that Johnson won't risk a no-deal Brexit but rather ask for another extension. EU politicians keep repeating that the withdrawal deal is not open to renegotiating. On Friday, BOE's Governor Carney delivered the central bank's annual report and said that the upward pressure on prices is likely to build if the economy performs as the MPC expects, which means that policymakers will hike, although he repeated that it would happen at a gradual pace and to a limited extent. This Monday, the UK macroeconomic calendar will include the May Rightmove House Price Index and the Inflation Hearings report.