usd
The Japanese yen bounced back on Friday after a statement by Kazuo Ueda, the Bank of Japan (BoJ) central bank governor. The USD/JPY exchange rate also retreated to 145.53 ahead of a crucial statement by Jerome Powell, the head of the Federal Reserve. It has retreated by over 10.18% from its highest point this year, meaning that it is in a correction. BoJ rate hikesThe USD/JPY pair has retreated as signs of divergence between the Federal Reserve and the Bank of Japan emerged. In a statement to parliament on Friday, Ueda noted that the BoJ may consider more interest rate hikes to fight the stubb...
Invezz
Sprout Social Inc. (NASDAQ: SPT) is in the spotlight today after KeyBanc Capital Markets downgraded the stock from Sector Weight to Underweight with a new price target of $28, reflecting a 17.5% downside from its current trading price. KeyBanc’s downgrade is primarily driven by concerns over weak bookings, which have not only slowed significantly in the first half of the year but also declined year-over-year on an organic basis. Analyst Jackson Ader warned that this slowdown in bookings was expected to have a lasting negative impact on Sprout Social’s financial performance, influencing future ...
Invezz
Baidu, China’s leading search engine and a pioneer in artificial intelligence (AI), reported a 0.4% decline in revenue for Q2 2024, totaling 33.93 billion yuan ($4.67 billion). While this figure slightly surpassed analysts’ expectations of 33.55 billion yuan, it underscores the challenges Baidu faces as it navigates an increasingly competitive AI landscape and a slowing Chinese economy. Despite these hurdles, Baidu remains committed to strengthening its position as a major AI player. Baidu’s online marketing revenue drops by 2%Over the past few years, Baidu has been steadily transitioning from...
Invezz
Some cryptocurrency exchanges that have applied for a license to operate legally in Hong Kong might see some of their applications revoked before final approval. A report from Bloomberg states that Hong Kong’s Securities and Futures Commission (SFC) has found shortcomings in some applicants who are currently “deemed to be licensed.” The regulator has found some virtual asset trading platforms (VATPs) lacking in security. The SFC discovered the problems while conducting on-site inspections of the applicant’s offices to corroborate compliance with the regulator’s requirements. On June 1, 2024, t...
Invezz
The Philadelphia Eagles have made a significant move to bolster their receiving corps, acquiring wide receiver Jahan Dotson from the Washington Commanders. The trade, announced on Thursday, involves the Eagles sending a 2025 third-round pick and two 2025 seventh-round picks to Washington in exchange for Dotson and a 2025 fifth-round pick. Details of the tradeJahan Dotson, a former first-round pick, joins the Eagles after two seasons with the Commanders. Drafted 16th overall in the 2022 NFL Draft, Dotson had a promising start to his NFL career. During his rookie season, he played in 12 games an...
Invezz
Deutsche Bank (NYSE: DB) has made significant progress in settling its longstanding dispute regarding the Postbank acquisition. The progress has sparked optimism among the shareholders as the company can now not only put the issue behind it but also free up the money that was reserved for settling the lawsuit. The lawsuit has been a significant legal overhang that has weighed on the company’s financial performance and dividend prospects. However, it has now reached agreements with nearly 60% of the plaintiffs, making further processes easier for the company. How will it help Deutsche Bank’s Q3...
Invezz
The era of the super peso is over as the currency continues its downtrend. The USD/MXN exchange rate rose for the fourth consecutive day even as the US dollar index tumbled below $101. It jumped to a high of 19.33, its highest point since August 7. The pair has soared by over 18.9% from its lowest point in April, making the Mexican peso one of the worst-performing emerging market currencies. In contrast, the South African rand has jumped by over 7.7% in this period while the Chinese yuan has jumped by over 2.5% from its highest point in July. End of the super pesoThe Mexican peso has been one ...
Invezz
The USD/KRW exchange rate rose for the third consecutive day as traders focused on the actions of the Federal Reserve and the Bank of Korea. It rose to a high of 1,335.43, higher than this month’s low of 1,315. Bank of Korea decisionThe Bank of Korea delivered its August interest rate decision, and as was widely expected, left interest rates unchanged at 3.50% for the 16th consecutive month. Notably, more bank officials were open to cutting interest rates than in the other meetings, signaling that the BoK would slash them soon. The central bank’s decision to leave rates intact was because of t...
Invezz
Cardano (ADA) is displaying strength, rising 8% over the last 24 hours to trade at $0.3677 on Aug. 21. This price growth has seen ADA recoup all the losses made between Aug. 4 and Aug. 5, citing a possible shift in investor sentiment toward the layer-1 token. Let’s look at the bullish catalysts driving ADA price up today. Cardano founder reveals Chang Hard Fork is “most consequential”ADA’s gains follow Cardano founder Charles Hoskinson’s update on the blockchain’s progress and the upcoming Chang hard fork. Speaking in his latest podcast on Aug. 21, Hoskinson described the importance of the lon...
Cointelegraph
Federal Reserve officials are edging closer to a long-awaited interest rate cut, with the latest minutes from their July meeting signaling that a reduction in September has become increasingly probable. The July 30-31 meeting revealed a consensus among Fed officials that, provided economic data continues on its current trajectory, easing policy at the next meeting would be appropriate. ‘Vast majority’ of participants anticipate a rate cutThe minutes, released on Wednesday, highlighted that “the vast majority” of participants believed it would be suitable to lower the federal funds rate at the ...
Invezz
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