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Economy November 10, 2021

EUR/USD declines again, dropping below 1.1500

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The EUR/USD is trading below 1.1500, its lowest level since 2021. Meanwhile, higher-than-expected U.S. inflation boosted the greenback and investors rushed to the U.S. Federal Reserve’s continued monetary tightening. Yields soared.

In early European trading on Wednesday, the Relative Strength Index (RSI) fell below 50, suggesting sellers are trying to dominate the pair’s action.

EUR/USD

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The pair is testing the 1.1580/70 support area (50-period SMA, static level) at the time of writing. Further losses may happen if this area becomes resistance. Downside targets are located at 1.1530 (static level) and 1.1500 (psychological level).

Meanwhile, the 100 and 200 period SMAs collide at 1.1600, the first hurdle. Since the beginning of the week, this level has proven to be a strong resistance, and it is unlikely the bulls will engage in a decisive rebound unless they manage to close above it each day. In the near term, 1.1620 (static level) and 1.1650 (static level) could limit the pair’s upside.

Before the release of the US inflation figures.

Before the release of the US inflation figures, the EUR/USD pair fell to 1.1543 during the European session. It then continued to fall thereafter. With the rebound in U.S. government bond yields and the softening of the global equity markets, the greenback maintained a firm tone across the forex market.

Germany released its October inflation figures, with the annual reading matching forecasts at 4.5% year on year. Meanwhile, the U.S. consumer price index rose from 5.4% year on year in September to 6.2% (y/y) in October, according to the Bureau of Labor Statistics.

On the other hand, weekly jobless claims fell to 267,000 in the week ended November 5, exceeding the expectations.

The U.S. dollar strengthened as CPI readings reignited speculation that the Federal Reserve will need to tighten monetary policy further in the future, which is also supported by improving employment conditions.

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for MetaNews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies and the Metaverse. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto, NFT and the Metaverse. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of MetaNews as she has for the last decade.

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Economy

Microsoft clearly engages in the metaverse using Q2 earnings call

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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.

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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

Style.me introduces its wearable NFTs in the metaverse

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Style.me, 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.

Style.me

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The company Style.me mints and distributes fashion NFTs

Style.me 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 Style.me’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.

Style.me, with its 3D and AR technologies, is at the forefront of making digital fashion more accessible

Fashion NFT utilities are now limited, and Style.me is at the forefront of making digital fashion more accessible with its 3D and AR technology.

Style.me’s President, Rufus Parkinson, stated. “Style.me’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.

Style.me’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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Economy

Metaverse: Tencent is updating QQ with the Unreal game engine

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According to an upgraded version of the program, Tencent Holdings has stealthily integrated the Unreal Engine video game engine into its increasingly obsolete QQ messaging network. Hence, analysts believe the move is part of the social media and gaming giant’s entrance into the metaverse.

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According to LibChecker, a third-party app inspection tool, the Shenzhen-based company updated QQ last month. The new version, which was formerly a chat app, includes portions of the Unreal Engine video game engine.

Tencent launched a new app feature called Super QQ Show, which is a 3D interactive arena where users can socialize, watch shows, and play games, at the same time as the update. As a result, observers claim the move is Tencent’s latest attempt to establish a footprint in the metaverse.

Resuscitating QQ.

The decision also demonstrates Tencent’s commitment to resuscitate QQ, its second most popular messaging platform behind WeChat with 590 million monthly active users, which had fallen out of favor in recent years as Chinese netizens shifted their attention to short videos and other platforms.

In China, the metaverse is gaining traction. Although the country has not yet developed a national plan for the concept, like South Korea has, officials in some key cities have pushed businesses to investigate it. For example, one of four frontiers to explore in Shanghai’s future five-year plan is the metaverse.

The Super QQ Show is currently under testing by a small number of users. Tencent staff uploaded screenshots and video footage of the functionality. Which shows players dressing up their avatars in 3D, decorating their homes, and visiting others. Thus similar to Nintendo’s Animal Crossing video game franchise.

The Unreal Engine is utilized in successful games such as Bioshock and Mass Effect. Tencent owns a 40% share in Epic Games, which operates the engine in the United States. Last year, Epic Games was one of the first worldwide tech behemoths to make metaverse development a top priority. Epic’s flagship game, Fortnite, considered as one of the market’s leading metaverse initiatives.

For MetaNews.

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