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Economy November 3, 2021

EUR/GBP pulls back from 0.8500, assessing a test of 21 DMA



  • EUR/GBP has retreated below the 0.8500 level and is considering a test of its 21 DMA at 0.8465.
  • The main driver of the cross this week will be Thursday’s key Bank of England meeting.

EUR/GBP has fallen back below the 0.8500 level on Wednesday after flirting with the key resistance area in recent days. The catalyst for the move down from above 0.8500 to current levels below 0.8480 is unclear.

This morning, IHS Markit released its UK services PMI survey for October. And it was revised up from the preliminary estimate released last month, which some believe is helping sterling this morning.



Members of the ECB today had subdued comments, rejecting the idea of raising rates in 2022. Which contrasts sharply with Bank of England rate hike expectations on Thursday this week.

Whatever the reason for the decline, EUR/GBP is now testing support in the form of the October 28 high at 0.8475, with a possible test of its 21-day moving average at 0.8465 next.

The main driver for the pair for the rest of the week will, of course, be the aforementioned BoE meeting on Thursday. Markets are uncertain whether the bank will raise rates or not, as well as how the rate hike vote will be split. The higher than usual degree of uncertainty about this meeting means that FX market reaction could be oscillating and go both ways.

ECB rejects aggressive market pricing

So far on Wednesday, several ECB policymakers have made public statements. After being reprimanded last week for not rejecting money. Market pricing for rate hikes in 2022 as forcefully as markets expected. ECB President Christine Lagarde was a bit more explicit on Wednesday, resulting in volatile conditions in currency and bond markets.

It is unlikely that the ECB will meet its conditions (i.e. inflation above the bank’s 2.0 percent target and expected to remain there for the duration of the forecast period) before raising interest rates. According to Lagarde, who added that the eurozone economy would require support even after the pandemic is over next year. She also stated that the medium-term inflation outlook remains bleak.

Three-month Euribor December 2022 futures, which fell to 100.155 last Friday (implying that markets were pricing in up to 50bp of ECB rate hikes by the end of 2022), have now recovered to around 100.30, implying a rise of more than 30bp by the end of next year.

If ECB policymakers are correct, this could recover to around 100.50. (implying no hikes). This would likely weigh on the euro, but currency markets are currently focused on the upcoming Fed meeting.

Brexit, trolling war

Brexit is still in the news; UK Prime Minister Boris Johnson recently stated that the UK wants “substantial” changes to the existing Northern Ireland Protocol.

Political analysts anticipate that the UK will soon invoke Article 16, which allows the UK to take unilateral action on the agreement if it believes that the protocol’s implementation will have serious negative consequences. EU leaders have warned the UK not to take that step, as it could lead to more tense negotiations on trade and legal issues, as well as jeopardizing the ongoing fisheries dispute between the UK and France.

However, the tone of the news on the latter dispute has improved in recent days after the French decided not to impose retaliatory measures on UK overfishing access and French government ministers recently praised the UK government’s constructive approach to fisheries discussions.

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Microsoft clearly engages in the metaverse using Q2 earnings call



Satya Nadella, CEO of Microsoft, revealed his vision for the metaverse at the company’s Q2 2022 earnings call.

Overall, the company’s Q2 2022 filing showed a significant increase in cloud-based services. Microsoft reported $51.7 billion in revenue, a 20% increase over the previous year. Intelligent Cloud revenue was $18.3 billion, a 26 percent increase over the previous year. Azure drove a 29 percent increase in sales for server goods and cloud services. As well as a 46 percent increase in revenue for other cloud services.



Among the trends noted by Nadella on the earnings call was a “structural shift in PC demand.”

According to Microsoft CFO Amy Hood, Windows revenue from PC manufacturers increased by 25%, which was “far over expectations”. She stated that demand was being driven by the PC market’s success, particularly in the commercial category.

According to an earnings call transcript obtained on the financial blog site Seeking Alpha, Nadella envisions the metaverse as the next wave of the Internet. “Just as the initial wave of the Internet has allowed anyone to construct a website, I believe the next wave of the Internet will be a more open world where people, whether companies, game developers, or anyone else, may create their own metaverse world,” he stated.

“The first place we see this is the increasing digitization of people, places, and things to truly enable organizations automate operations at the next level,” he explained. “So, today, we have a number of examples of customers engaging with us through Azure IoT, Digital Twins, and Mesh. So that’s what you’ll see in Azure, and we’re investing heavily on it.”

Nadella sees prospects for Dynamics 365 Connected Spaces further up the software stack. This in-development technology is to control physical operations in physical areas such as a store, a connected factory, or a building. “We now have a suite that powers entirely by connected spaces,” he explained. Microsoft’s goal, he noted, is to automate physical operations.

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Economy introduces its wearable NFTs in the metaverse


on, the industry-leading 3D fashion technology company, has launched a new innovative offering that enables designers to become metaverse-capable creators. In addition this latest step extends the company’s solutions into the world of digital fashion and NFTs. Moreover building on its growing success in virtual fitting and styling.


The company mints and distributes fashion NFTs creates and distributes fashion NFTs, allowing people to wear, share, and use them across the metaverse. In addition, the company gives its partners the ability to bring their physical collections into the digital realm through bespoke “phygital” experiences.

The company’s plug-and-play technologies will allow metaverse projects to make digital fashion accessible to their communities. New experiences, such as virtual runway presentations, exhibitions, and live events, will be possible for designers and companies., with its 3D and AR technologies, is at the forefront of making digital fashion more accessible

Fashion NFT utilities are now limited, and is at the forefront of making digital fashion more accessible with its 3D and AR technology.’s President, Rufus Parkinson, stated. “’s mission has been to enable consumers to see and interact with fashion in the digital environment since its inception. We believe that digital fashion and NFTs will alter the industry by allowing us to leverage our patented technology to open up a new dimension of user experiences.”

Combined with blockchain technology and the rapid expansion of the metaverse, digital fashion will explode in the next few years. Morgan Stanley estimates that the premium digital fashion sector alone will reach $20 billion by 2030.’s goods are already in high demand, with consumption rising 386 percent in the last year, and this additional fashion NFT offering offers up even more prospects for growth in the digital fashion industry.

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Samsung offers access into South Korean metaverses and NFTs



At the very beginning of 2022, South Korean tech giant Samsung announced its foray into the metaverse and a new “NFT Aggregation Platform” designed for its smart TVs.

Along with the NFT TVs, Samsung debuted a virtual reality experience within Decentraland. Moreover one of the most popular metaverse game platforms.



Samsung NFT TV and presence in Decentraland

Microsoft announced the acquisition of Activision Blizzard for $68.7 billion USD in an all-cash transaction on January 18, 2022. Samsung Electronics, a South Korean electronics behemoth and conglomerate. Had unveiled three brand new TV models for 2022. Moreover each with a “intuitive, integrated platform for discovering, purchasing, and trading digital artwork” a month prior.

The Samsung 837X Opening Event opened its doors to Decentraland inhabitants on January 6, 2022. In addition as part of the CES 2022 interactive event, marking Samsung’s official launch in the metaverse.

Residents of Decentraland who attended and participated in the quests during the three-day launch event were able to obtain four NFT badges inside the experience. They toured various settings, watched Samsung promotional movies, listened to DJ performances. In addition eventually entered a competition to win one of three levels of special Samsung wearable NFTs.

South Korean NFT market and becoming a leading force in the metaverse

Heo Baek-young, the CEO of South Korean crypto exchange Bithumb. Claimed that the exchange was creating an NFT exchange to help it “remain competitive” with other domestic Korean exchanges.

Samsung’s local and global rival in electronic device and smart device production, LG, likely will back Bithumb’s NFT exchange, according to Korean media reports.

In addition HYBE, the world-famous South Korean music agency that manages the world-famous Korean pop band BTS, announced a joint venture with Dunamu. A South Korean finance startup, to develop NFTs starring BTS and other musicians. Moreover South Korean legislator Lee Kwang-jae said in December 2021 that he would begin accepting crypto donations and issuing NFT receipts with his image and electoral promises to his followers in an unexpected field of politics.

For the past forty years, South Korea has been focusing on building technology. Moreover top brands with global recognition, despite the ever-present shadows of complex geopolitics and uncertainties. Constrained by natural resources and regional power maneuvers. If we feel that the metaverse will be the next global chapter for the majority of the developed world, there is no reason why we should not strive for success and supremacy.

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