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Компания XPO, основанная в 2017 году и имеющая офисы в России, стремится предоставлять инновационные решения сообществу по управлению инвестициями в целом. Они варьируются от спотовых до решений для торговли деривативами с помощью индексных услуг и технологических продуктов. Опыт и технологическое мастерство XPO позволяют нам предлагать революционные лучшие в своем классе решения на финансовом рынке.

ЗАЧЕМ СТАТЬ КСЕНОПОРТФОЛИАНОМ

Особое внимание к управлению активами

У нас нет альтернативных деловых интересов. Это означает, что мы целеустремленно стремимся преуспеть для наших инвесторов и для нас самих.

features
Результаты нашего индексного фонда

XPO предоставляет возможность отслеживать эффективность рынков форекс, CFD и криптовалюты в целом, используя один индексный актив. Индексные фонды неизменно превосходят средний управляемый фонд с момента их создания.

features
Легкость и простота

Есть буквально тысячи торговых сценариев для инвесторов на выбор. Паралич выбора: выбор увеличивает стоимость, сложность и потребность в совете. XPO устраняет эту сложность для всех типов инвесторов.

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Сила идей

Мы верим в силу идей над подходом или философией инвестирования сверху вниз. Мы ищем и используем разнообразное мышление и идеи, чтобы добиться наилучших результатов для наших клиентов и их различных потребностей.

features
Управление с доверием

Вот почему нам доверяют управление активами в размере 1,3 триллиона долларов*, что дает нашим клиентам уверенность в работе с крупным, масштабным и стабильным партнером, который очень гордится своим долгом заботы.

Показатель

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Сила стратегов XPO Crypto Index

Откройте для себя самые эффективные криптостратегии от всех стратегов XPO.

Alpha Union

@ALUN

Price
$235.06736
Week
3.74%
Month
18.80%
Cloud Trader

@CLDT

Price
$7.27596
Week
3.57%
Month
14.88%
Zhangdang

@ZHND

Price
$468.77945
Week
3.63%
Month
20.44%
Super Crypto

@SUCP

Price
$3.02482
Week
3.09%
Month
18.62%
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Dimond FX Index

@DIMX

Price
$6.82553
Week
2.79%
Month
17.47%
Moscow Mule

@MSMU

Price
$7.50054
Week
3.54%
Month
13.47%
BYK Capital

@BCAP

Price
$126.26012
Week
4.09%
Month
16.75%
Halloween Trade

@HATRD

Price
$6.02789
Week
4.69%
Month
16.12%
ИССЛЕДОВАТЬ

Трендовый индекс

Имя индекса Менеджер индексов Лучшие активы Еженедельно
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Crypto Notebook
CRYNO
Anisa Zotova
3.9% 12.91% $ 9784870.51
Profit Magnet
PRMG
Alevtina Pavlova
4.28% 11.04% $ 9736472.01
Metropolis FX
METFX
Larisa Sokolov
3.68% 14.32% $ 8668284.05
Future Chain Index
FUCHI
Anna Zotova
3.35% 10.95% $ 24627528.29
Backyard Trade
BACKT
Guzel Seleznyov
2.21% 11.27% $ 4812452.13
Profit Folio
PRFO
Moses Bykova
3.76% 15.27% $ 8751612.16
Index Unicorn
UNICR
Plato Mordvinova
3.5% 16.92% $ 10723045.65
Dinaro Club
DICL
Proclus Sergeyeva
4% 13.94% $ 6958042.73
Hunting Machine
HUNM
Nikita Maslov
3.08% 10.61% $ 10722727.24
Deriva Forex Index
DFOIN
Vladlen Maslov
4.21% 10.8% $ 13719836.36

Экспертный просмотр

Сообщения от менеджеров индексов

Future Chain Index
Anna Zotova

26-10-2024

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As reported by U.Today, Microsoft (NASDAQ:MSFT) shareholders are gearing up for a big December vote on a proposal to diversify the company's balance sheet, by including major cryptocurrency Bitcoin (BTC). This development is generating interest in the space as crypto enthusiasts consider the implications of such a decision.

Anthony Pompliano has reacted to the news, indicating that Microsoft's consideration of Bitcoin comes from a broader recognition that holding cash in dollars may not be sustainable long term. The cryptocurrency is becoming more and more attractive as a digital store of value, says the entrepreneur, as more entities look for ways to save the value of their assets amid uncertain inflationary conjecture.

Earlier, Pompliano expressed belief that as awareness of Bitcoin's potential continues to grow, Wall Street will eventually acknowledge the opportunity cryptocurrency presents. This would all result in a significant influx of capital into Bitcoin, driving the price of Bitcoin even higher, he assured.

The potential for Microsoft, currently the third-largest company globally, to follow in the footsteps of industry players like MicroStrategy is still up for debate as the decision to adopt a Bitcoin strategy remains uncertain.

Stick in wheel

While interest from within the company is evident, the board has officially recommended voting against this initiative.

The proposal, brought forth by the National Center for Public Policy Research (NCPPR), asserts that corporations have a fiduciary duty to protect shareholder value from economic debasement. This raises questions about the company's stance on integrating Bitcoin into its current vision.

Dinaro Club
Proclus Sergeyeva

07-10-2024

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Japan's yen fell to its lowest in nearly two months and other major currencies too were grappling with losses early on Monday as the dollar extended a rally sparked by Friday's strong U.S. jobs data and an escalation in the Middle East conflict.

The yen fell marginally to hit 149.10 per dollar, its weakest level since Aug. 16, before paring losses to trade around 148.40. That came on top of a more than 4% decline last week, its biggest weekly percentage decline since early 2009.

The dollar's gains followed a U.S. jobs report that showed the biggest jump in jobs in six months in September, a drop in the unemployment rate and solid wage rises, all pointing to a resilient economy and forcing markets to reduce pricing for Federal Reserve rate cuts.

"With rate cuts still being the default position, and when married to upbeat earnings expectations and China going hard on liquidity and fiscal, the equity bull case and the U.S. dollar get a shot in the arm," said Chris Weston, head of research at Australian online broker Pepperstone.

"While geopolitical headlines and the possibility of an energy supply shock remain a continued threat to sentiment, those set long of risk haven’t heard anything significantly market moving through the weekend and head into the new trading week feeling pretty good about the prospect of further upside."

In latest developments in the Middle East, Israel bombed Hezbollah targets in Lebanon and the Gaza Strip on Sunday ahead of the one-year anniversary of the Oct. 7 attacks that sparked its war. Israel's defence minister also declared all options were open for retaliation against arch-enemy Iran.

Brent crude oil futures were 0.4% lower on Monday, but rose more than 8% last week, the largest weekly gain since early January 2023.

The dollar index measure against major peers was flat. It rose 0.5% on Friday to a seven-week high, logging more than 2% gains for the week, its biggest in two years. The euro stood at $1.0970, down 0.06%.

The yen's underperformance has also to do with last week's comments from new prime minister, Shigeru Ishiba, that stoked expectations that rate hikes in Japan are further away.

U.S. 10-year Treasury yields were at 3.9711%, just off their highest in two months. Yields dipped early last week when investors bought safe-haven Treasuries after Iran launched more than 180 missiles against Israel in escalating geopolitical tensions.

Market expectations have swung to the extreme for the Federal Reserve to do just a 25 bps cut in November, rather than 50 bps, following the jobs data. They now price in a 98% chance of a quarter point cut, up from 47% a week ago, and a 2% chance of no cut at all, according to CME's FedWatch tool

"Dollar-yen will be staying around 145-149 in coming weeks due to lower expectations on an outsized cut by the Fed in November and dovish stance of Japan's PM ahead of the general election on October 27 as long as the Middle East tensions remain subdued," said Ryota Abe, economist at SMBC in Singapore.

Gold Horn Venture
Arseny Glazkov

07-10-2024

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Gold prices fell slightly in Asian trade on Monday, and were nursing a tumble from record highs as strong U.S. payrolls data fueled bets on a smaller interest rate cut by the Federal Reserve. 

The yellow metal fell from record highs as the dollar and U.S. Treasury yields shot up on the strong payrolls data, which saw traders largely scale back bets the Fed will cut interest rates by 50 basis points again.

Focus this week is on a slew of signals from the Fed and the U.S. economy, both of which are likely to factor into interest rates. 

Spot gold fell 0.2% to $2,647.64 an ounce, while gold futures expiring in December fell slightly to $2,667.10 an ounce by 00:16 ET (04:16 GMT). 

Gold hit by bets on smaller rate cut 

Bullion prices had surged to record highs in September after the Fed cut rates by 50 bps and announced the start of an easing cycle.

Stronger-than-expected nonfarm payrolls data on Friday, however, spurred bets that the Fed will cut rates only by 25 bps in its November meeting. CME Fedwatch showed traders pricing in an over 90% chance of such a scenario. 

Traders were also seen positioning for a higher terminal rate for the Fed, which presents a less attractive environment for metal prices. The dollar surged after Friday’s data.

Focus this week is on addresses by a string of Fed officials, as well as the minutes of the Fed’s September meeting, for more cues on rates. 

Consumer price index inflation data due later in the week is also likely to factor into the outlook for rates.

Other precious metals tracked declines in gold. Platinum futures fell 0.5% to $997.05 an ounce, while silver futures fell 0.1% to $32.360 an ounce. 

Copper steadies with China stimulus in focus 

Among industrial metals, copper prices steadied on Monday after logging wild swings over the past week, although they still remained relatively upbeat on the prospect of more stimulus in top importer China.

Benchmark copper futures on the London Metal Exchange steadied at $9,972.0 a ton, while one-month copper futures rose 0.2% to $4.5728 a pound. 

Copper was initially buoyed by China announcing more stimulus measures in late-September. But trading volumes in the red metal dwindled over the past week, on account of the week-long Chinese Golden Week holiday.

Chinese markets are set to reopen on Tuesday, while the government is also set to hold a briefing on more stimulus measures.

Super Crypto
Samuel Nikitina

07-10-2024

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Bitcoin’s price rose on Monday, extending a rebound over the weekend as signs of resilience in the U.S. economy helped support broader risk appetite.

Betting markets also showed investors leaning more towards a Donald Trump presidency over Kamala Harris, which presents a better regulatory outlook for crypto. 

Bitcoin tracked strong gains in global stock markets after stronger-than-expected U.S. nonfarm payrolls data quashed fears of a U.S. recession. But the reading also diminished expectations for deep interest rate cuts by the Federal Reserve. 

Bitcoin rose 2.7% to $63,558.3 by 00:41 ET (04:41 GMT).

Trump holds nearly 3% lead over Harris- Polymarket 

Crypto betting platform Polymarket showed traders pricing in a 50.6% chance of a Trump victory in the 2024 U.S. elections, compared to 48.4% for Harris.

The shift towards Trump comes after the former President held a rally at Butler, Pennsylvania- where he was subject to an assassination attempt earlier this year. Tesla Inc (NASDAQ:TSLA) CEO Elon Musk also made an appearance at the rally, endorsing Trump.

Trump has presented a pro-crypto stance in his campaigning efforts, and also accepts donations in crypto. He has also promised to enact crypto-friendly regulations if elected. 

Harris, on the other hand, has offered no insight into her stance on crypto, and is expected to potentially continue the Biden administration’s crackdown against the sector. 

Crypto price today: Altcoins rise, more rate cues in focus 

Broader crypto markets rose on Monday, tracking gains in Bitcoin and as risk sentiment improved. 

World no.2 crypto Ether rose 3% to $2,487.07, while altcoins SOL, XRP and ADA rose between 2.3% and 5%. MATIC was flat, while DOGE rose 4.7%. 

Further gains in crypto were held back as the dollar rebounded on expectations of smaller interest rate cuts.

Focus this week is on more cues on the U.S. economy, after stronger-than-expected nonfarm payrolls data last week saw traders wipe out bets on a 50 basis point rate cut. Traders were seen pricing in an over 90% chance for a 25 bps cut in November, and were also seen pricing in a higher terminal rate, according to CME Fedwatch.

City Light index
Novel Seleznyova

13-09-2024

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Oil prices rose in Asian trade on Friday and were set for a positive close to the week as concerns over supply disruptions stemming from Hurricane Francine helped crude rebound from near three-year lows. 

But the prices were still nursing steep losses from last week, and were trading only marginally above this week’s lows, as persistent fears over slowing demand stemmed crude’s advance. 

Brent oil futures expiring in November rose 0.8% to $72.57 a barrel, while West Texas Intermediate crude futures increased by 0.9% to $69.58 per barrel by 09:43 ET. 

Both contracts are on track to break a string of weekly declines if the gains hold.

Hurricane Francine disrupts Gulf of Mexico production

Oil production and refinery activities in the Gulf of Mexico were battered by Hurricane Francine as it made landfall in Louisiana earlier this week, although it was later downgraded to a tropical storm. 

A slew of offshore platforms in the storm’s path were evacuated through the week, while operations in crude and natural gas shipping terminals were also suspended. 

The Gulf of Mexico accounts for nearly a quarter of all U.S. oil production, with any extended production halts heralding tighter supplies in the country. 

Oil markets grapple with demand concerns

But despite some positive momentum this week, oil prices were still trading close to three-year lows amid persistent concerns over slowing demand.

Weak economic signals from China were a key driver of these concerns, as traders positioned for potentially weaker demand in the world’s biggest oil importer.

Both the Organization of the Petroleum Exporting Countries and the International Energy Agency slashed their oil demand forecasts for 2024 in separate reports released earlier in the week, citing concerns over China.

But they also said demand would come from other sources in Asia, especially India, as the country sees outsized economic growth.

In the US., data showing a large build in gasoline and distillate inventories pushed up concerns that fuel demand in the country was slowing with the end of the travel-heavy summer season.

Index Unicorn
Plato Mordvinova

13-09-2024

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San Francisco, USA, September 13th, 2024, Chainwire

Alchemy, the leading web3 development platform, has officially partnered with Cross Finance, an innovative DeFi platform, to power dApp development on the CrossFi Chain. This strategic collaboration will also see Alchemy become a core development partner, enabling the building and scaling of dApps on the CrossFi Chain and further advancing the possibilities of decentralized finance.

The CrossFi Chain, designed to bridge the gap between traditional and DeFi, provides an open, scalable infrastructure that empowers individuals and businesses to engage in secure, transparent, and efficient financial transactions. By partnering with Alchemy, Cross Finance leverages Alchemy’s robust dApp building tools to streamline development processes, powerful APIs, and state-of-the-art tools for developers building dApps on CrossFi.

“As Cross Finance launches its Mainnet, our goal is to push the boundaries of decentralized finance and deliver cutting-edge financial solutions,” said Alexandar Mamasidikov, CEO of Cross Finance. “Alchemy’s APIs and expertise in web3 dApp development will play a pivotal role in making CrossFi Chain the go-to platform for dApp development.”

Alchemy, known for its developer-first platform and robust APIs and SDKs, provides blockchain infrastructure that powers major networks like Ethereum, Polygon, and others. With this partnership, developers building on the CrossFi Chain will have access to Alchemy’s advanced API services, which facilitate everything from secure smart contract deployment to real-time data analytics. This will boost the performance and security of dApps.

Key Features of the Partnership Include:

  • Advanced Blockchain Infrastructure: Alchemy’s platform will provide dApp building toolsets for fast, scalable, and secure development on the CrossFi Chain.
  • Developer Support: Alchemy will work closely with CrossFi to provide developer tools and resources to allow teams to build and deploy decentralized applications more quickly and efficiently.
  • New dApp Ecosystem: The partnership will encourage innovation on the CrossFi Chain, with Alchemy’s support ensuring developers can create high-performing, secure, and reliable dApps across multiple industries.

"We're thrilled to partner with CrossFi to onboard the next wave of builders to the CrossFi chain. Their ecosystem, uniquely coupling the benefits of Cosmos and EVM, provides builders with both scalability and efficiency, and is an amazing environment to deploy any dApp, from payments to cross-chain bridges. We're excited to see what builders create on CrossFi!" said Suzanne Slaughter, Product Marketing Lead

With the upcoming launch of the CrossFi Mainnet, both companies are committed to fostering innovation within the blockchain ecosystem and providing developers with the tools they need to create solutions that will transform the future of finance.

About Cross Finance

Cross Finance is a decentralized finance platform focused on uniting traditional finance and DeFi to offer secure, transparent, and efficient financial services on a global scale. The CrossFi Chain is designed to enable seamless transactions and develop innovative decentralized applications.

About Alchemy

Alchemy is a leading blockchain development platform that provides the essential infrastructure and tools for developers to build high-performing decentralized applications. Alchemy’s technology powers the top blockchain applications globally, helping teams unlock the full potential of blockchain innovation.

Crypto Notebook
Anisa Zotova

12-09-2024

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Standard Chartered (OTC:SCBFF) resumed coverage of digital assets in a not Thursday, projecting an end-2024 price target for Bitcoin of approximately $125,000 if former President Donald Trump wins the upcoming election.

The firm's forecast reflects a broader positive outlook on Bitcoin and digital assets, driven by several key factors, regardless of the election outcome.

Standard Chartered outlined its expectations, stating, "We see BTC at c.USD 125,000 level at end-2024 under a Trump victory, or c.USD 75,000 level under Harris."

Both projections represent fresh all-time highs for Bitcoin, underscoring Standard Chartered's generally optimistic view on the cryptocurrency's future.

The analysts highlighted that the US election will influence digital assets, but they believe the impact will be less significant than in previous election cycles.

"Progress on relaxing regulations – particularly the repeal of SAB 121, which imposes stringent accounting rules on banks' digital asset holdings – will continue in 2025 no matter who is in the White House; it would just be slower under a Harris presidency," said the firm.

The anticipated regulatory progress is seen as a crucial factor supporting Bitcoin's price.

Additionally, Standard Chartered expects positive momentum from developments in US Treasury markets and a seasonal rebound in Bitcoin ETF inflows in October.

"Current developments in US Treasury markets – a re-steepening curve, with breakevens falling less than real yields and risk-neutral yields falling while term premium is stable – are building positive momentum for BTC," adds the firm.

Even if a Harris victory initially triggers a price decline, the analysts believe that subsequent market recognition of ongoing regulatory progress and other positive drivers will lead to a rebound.

Mosaic FX Fund
Edison Lian

12-09-2024

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Investing.com-- Most Asian currencies moved in a flat-to-low range on Thursday, while the dollar firmed as a strong reading on U.S. consumer inflation dashed hopes that the Federal Reserve will cut interest rates by a wide margin.

Soft inflation data from Japan weighed on the yen, pulling the currency further off its strongest levels in eight months. But the yen still remained relatively strong as hawkish comments from the Bank of Japan continue to trickle in.

Barring the yen, most regional currencies were also nursing steep losses from the past week, as heightened fears of a U.S. recession battered risk-driven markets. 

Dollar strong after core CPI beats expectations, dents rate cut bets 

The dollar index and dollar index futures both rose 0.1% in Asian trade, extending gains from Wednesday after core consumer price index inflation data read higher than expected for August.

While headline CPI inflation still eased, the core reading suggested that inflation may prove to be stickier than initially expected, necessitating smaller rate cuts from the Fed.

Bets that the central bank will cut rates only by 25 basis points when it meets next week grew substantially after Wednesday’s data, while bets on a 50 bps cut more than halved, CME Fedwatch showed. 

But before next week’s Fed meeting, focus is on producer price index inflation data due later on Thursday, for more cues on inflation. 

The prospect of smaller rate cuts bodes poorly for Asian markets, given that such a scenario heralds tighter U.S. monetary conditions for longer. 

Japanese yen weakens from 8-mth highs after soft PPI 

The Japanese yen retreated from its strongest levels in eight months, with the USDJPY pair rising 0.1% to 142.47 yen. 

The yen extended overnight declines after PPI inflation read softer than expected for August.

The softer inflation print raised some questions about just how much headroom the Bank of Japan has to keep raising interest rates, given that the BOJ signaled that it will raise interest rates higher this year on an increase in inflation. 

BOJ board member Naoki Tamura said on Thursday that the bank needed to raise interest rates to at least 1% to avoid inflationary risks.

The central bank is set to meet next week, with analysts doubtful over another rate hike after an increase in late-July. Consumer inflation data due next week is also set to offer more cues. 

Broader Asian currencies moved in a flat-to-low range, amid uncertainty over U.S. interest rates and a dearth of local cues. 

The Australian dollar’s AUDUSD pair rose 0.1%, while the South Korean won’s USDKRW pair and the Singapore dollar’s USDSGD pair were both flat. 

The Chinese yuan’s USDCNY pair was flat and nursing some losses this week as sentiment towards the country was dented by weak imports data. Reports that U.S. lawmakers were preparing more trade restrictions on Beijing also undermined the yuan.

The Indian rupee’s USDINR pair was flat and hovered close to the 84 rupee level.

Quantum Growth Index
Ewa Rutkowska

12-09-2024

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U.Today - Responding to a CNBC report that Bitcoin (BTC) could soon reach six figures regardless of who wins the U.S. election, Samson Mow said that this is a bearish estimate. According to Mow's previous speeches, the price of the first cryptocurrency is not less than $1 million, and Bitcoin will reach this milestone.

As of now, however, the price of the major cryptocurrency is $57,500, which is five figures, with its all-time high being almost 28% higher at around $74,000 per BTC.

At this price, Bitcoin has a total market capitalization of $1.14 trillion. Such a figure ranks Bitcoin as the eighth largest company in the world - higher than Warren Buffet's Berkshire Hathaway (NYSE:BRKa) - ironically, as the Wall St. trading legend is a well-known cryptocurrency skeptic.

If Bitcoin ever reaches $100,000, which is still a five-figure valuation, its market capitalization will be close to $2 trillion, which is more than Amazon (NASDAQ:AMZN), the fourth largest company in the world.

However, if it manages to hit the first seven-figure mark of $1,000,000 per BTC, then the cryptocurrency will have six times more market cap than Apple (NASDAQ:AAPL), and that is just with the current supply of 19,753,159 BTC in circulation. What's more, it will surpass gold, even though the precious metal is currently the world's most valuable asset.

The question remains: is this a realistic goal for the largest cryptocurrency? For Samson Mow, it is a no-brainer; for someone like Peter Schiff, it is a mass delusion. Only time will tell who is right.

City Light index
Novel Seleznyova

23-08-2024

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Morgan Stanley has lowered its forecast for global oil demand growth in 2024 to 1.1 million barrels per day  from 1.2 million barrels per day. 

This revision is attributed to several factors, including slower economic growth in key markets, increased adoption of alternative energy sources, and evolving global economic conditions.

China's economic growth has been slower than anticipated, significantly impacting its oil consumption. As one of the largest consumers of oil globally, this slowdown is a critical factor in the downward revision.

The rapid increase in the sale of LNG trucks in China has led to a marked decline in diesel demand. This shift alone is expected to reduce China's oil demand growth by 100-150 kb/d in 2024.

The proliferation of NEVs in China, now making up nearly 50% of all new car sales, is further eroding gasoline demand. “The displacement of diesel by LNG trucks has reduced China's oil demand growth this year by another 100-150 kb/d, we estimate,” the analysts said. 

High inflation, rising interest rates, and geopolitical tensions are dampening economic growth, especially in developed markets. These factors contribute to a more subdued outlook for global oil demand.

Certain industries are seeing a faster-than-expected transition towards alternatives to oil, impacting demand across different sectors.

The continued rise of EVs, coupled with improvements in battery technology and infrastructure, is gradually reducing the reliance on oil, particularly in transportation.

The adoption of LNG, especially in heavy-duty transportation and industrial applications, is further decreasing oil demand.

Non-OPEC supply growth has decelerated, nearly stalling in recent months. This trend has contributed to a tighter-than-expected oil market in the short term.

While Morgan Stanley expects non-OPEC supply to reaccelerate in the coming months, there is caution regarding whether this will align with previous growth projections.

OPEC's ongoing production cuts have been instrumental in maintaining market balance. However, the anticipated softening of demand, coupled with increased supply in late 2024, could lead to a surplus in 2025.

As the market looks towards the end of 2024 and into 2025, the balance between OPEC and non-OPEC supply will be crucial in determining oil price dynamics.

Morgan Stanley has lowered its Brent crude price forecasts, citing faster-than-expected pricing of weaker fundamentals for 2025. Brent is now expected to average around $80 per barrel in Q4 2024.

Prices are forecasted to gradually decline to approximately $75 per barrel by mid-2025, reflecting the anticipated easing of market conditions.

The recent dip in Brent prices to around $76 per barrel underscores the market's forward-looking nature, as traders anticipate softer demand and increased supply.

My Growth Index
Melania Nevzorov

23-08-2024

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The U.S. dollar slipped lower in early European trade Friday, as a rebound from seven-month lows faltered, ahead of Fed Chair Jerome Powell’s eagerly-anticipated speech at the Jackson Hole symposium. 

At 04:30 ET (09:30 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 101.245, not far removed from lowest levels since Jan. 2. 

Dollar weakens ahead of Powell's speech

The dollar saw a small rebound earlier in the week, but has still registered losses of around 1% this week, heading for its fifth consecutive losing week.

This weakness followed concerns about a weakening economy and on expectations the Federal Reserve is close to cutting interest rates. 

The focus is now squarely on an address by Powell at the Jackson Hole Symposium later on Friday, where he is expected to provide more cues on interest rates and the economy.

“He will probably use this speech to prepare markets for a September cut, which is entirely priced in and has been largely anticipated by July’s Fed minutes and recent Fed speakers,” said analysts at ING, in a note. 

“The question is whether he will go as far as opening the door to a 50bp move – if not in September, at a later point this year.”

Markets are now pricing in almost three quarters chance of the Fed cutting rates by 25 basis points at its September meeting, the CME FedWatch tool showed, with a 50 bps cut becoming less likely.

Euro, sterling gain on weak dollar

In Europe, EUR/USD traded 0.1% higher to 1.1123, not far from the 13-month high it touched on Wednesday.

Eurozone consumers' inflation expectations over the next 12 months remained steady for the third month in a row in July, a European Central Bank survey showed on Friday.

This survey could be used by ECB policymakers as evidence that the public has faith in their ability to bring down inflation to their 2% goal while cutting interest rates.

The ECB has room to cut interest rates possibly two more times this year as inflation remains broadly on the declining path policymakers envisaged, ECB policymaker Martins Kazaks said. 

"We are broadly along the baseline of our projections and that is consistent with a gradual decline in interest rates," Kazaks, Latvia's central bank governor, said on the sidelines of the U.S. Federal Reserve's Jackson Hole Economic Symposium. 

GBP/USD traded 0.3% higher to 1.3129, just shy of the 13-month high it hit on Thursday after the release of strong activity data for August.

Markets are now pricing in more rate cuts from the Fed by year-end than for the European Central Bank or Bank of England.

Yen gains as Ueda signals rate hikes

In Asia, USD/JPY fell 0.2% to 145.99, with the yen in demand after the Bank of Japan’s Ueda said that short-term interest rates were still too low, and needed to be brought up further to hit neutral levels. 

He also reiterated the bank’s recent messaging that it will raise interest rates further if inflation remains steady. 

ForexFusion Index Fund
Luong Anh T�i

07-08-2024

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The U.S. dollar edged higher Wednesday, while the Japanese yen slumped after the Bank of Japan attempted to calm troubled waters by signaling no more rate hikes while markets remain volatile.  

At 04:25 ET (09:25 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.3% higher to 103.037, inching further away from Monday’s seven-month low. 

Dollar rebounds after hefty losses

The dollar gained a little Wednesday, benefiting in part from weakness in the yen and amid some bets that U.S. economic growth will not deteriorate as drastically as markets have been fearing.

The greenback was hit hard by fears of a U.S. recession after a batch of weak readings on the labor market, which ramped up bets that the Federal Reserve will have to cut rates more than initially expected.

However, traders have adjusted their expectations of Fed cuts as this week has progressed, with markets now pricing in a 70% chance of the Fed cutting rates by 50 bps in September, the CME FedWatch tool showed, compared with an 85% chance a day earlier.

“Market stress is noticeably higher than a week ago,” said analysts at Goldman Sachs, in a note, but “our FSI [Financial Stress Index] suggests that there have been no serious market disruptions to date that would force policymakers to intervene."

Euro, sterling in tight ranges

In Europe, EUR/USD fell 0.1% to 1.0918, retreating further from Monday’s seven-month high of 1.1009 as the dollar rose.

GBP/USD rose 0.2% to 1.2708, still not far from the five-week low it hit in the previous session.

Data released earlier Wednesday showed that Britain's economy grew more strongly than previously thought in 2022.

The Office for National Statistics said on Wednesday it now believed that Britain's economy grew by 4.8% in 2022, up from a previous estimate of 4.3%.

Yen falls sharply after rate hike chances downplayed

In Asia, USD/JPY rose 2.2% to 147.47, with the yen falling sharply after Bank of Japan officials downplayed expectations of interest rate hikes.

BOJ Deputy Governor Shinichi Uchida said the bank will not hike interest rates when markets were unstable - comments that come after volatile moves in the Japanese currency. 

Still, the yen remained well above 38-year lows hit this year, and is expected to see more support as the Japanese economy improves on higher wage growth. 

USD/CNY rose 0.4% to 7.1862, with the yuan slightly extended losses after mixed trade data. 

China’s trade balance shrank much more than expected in July, undercut by disappointing exports after the European Union imposed steep import tariffs on Chinese electric vehicles earlier in July. 

But Chinese imports blew past expectations, fueling some bets on a recovery in local demand. 

The focus is now on Chinese inflation data due later this week. 

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