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Economy November 2, 2021

USD/CAD returns to 1.2400 after brief test of the 21 DMA

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  • USD/CAD returned to the 1.2400 level after briefly testing its 21 DMA above 1.2420.
  • This week, the pair’s focus is on OPEC+ and Fed meetings, as well as US and Canadian jobs data.

USD/CAD is currently flirting with the 1.2400 level, up around 0.2% on the day, amid a lack of notable fundamental catalysts in recent hours.

USD/CAD

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The pair changed hands as high as 1.2420 at one point, bringing it closer to its 21-day mobile average of 1.2422. But it has since drifted away from these highs. In Canada, building permits showed early in the session with an intermensual increase of 4.3 percent versus forecasts of 3.1 percent. However, the data provided little support for the Canadian dollar on Tuesday. With the USD/CAD cotización rising in response to the broader market dynamics.

Despite the global equities bull market, FX markets have taken on a more risk-averse tone, with risk-sensitive currencies like the AUD, NZD, and NOK doing the poorest in the G10. While safe havens like the JPY and USD have performed the best.

Data and central banks

The conclusion of the FOMC and BoE policy meetings on Wednesday and Thursday. As well as US data in the shape of the October ISM services PMI on Wednesday and the October jobs report on Friday, will be the main focus for FX markets this week.

Along with the US report, Canadian jobs statistics will be revealed on Friday. A more hawkish than expected outcome from the Fed and the Bank of England could support the USD and GBP. But it could also lead to similar hawkish policy changes from the Bank of Canada, which most analysts believe will stay a step ahead of the Fed in terms of monetary policy normalization. Limiting the CAD’s downside.

Indeed, if this week’s Canadian labor market report supports the case for the Bank of Canada’s first rate hikes. The Canadian currency is poised to be one of the top performers in the G10.

OPEC+ meets this week

As always, CAD traders should keep an eye on oil market dynamics; OPEC+ met on Thursday,.

According to a Bloomberg poll released early Tuesday, all analysts polled expect the cartel to stick to its existing pact. Which stipulates that oil production will rise by 400k barrels per day per month until production cuts are fully reversed by mid-2022.

Oil strategists expect that in the coming months, global oil consumption will outpace oil production by a significant margin (perhaps as much as 2 million barrels per day). Contributing to tight market conditions and prices remaining well supported, despite OPEC+’s cautious approach to restoring supply.

WTI was trading at $83.00 per barrel on Tuesday, within recent ranges. If prices resume their recent upward trend, it could provide the impetus loonie traders have been looking for. Sending USD/CAD back to recent lows around 1.2300, or even to a test of annual lows around 1.2000.

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.

metaverse tencent

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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