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Economy November 2, 2021

USD/JPY pulls back below 114.00 amid mild market risk

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  • USD/JPY trims some of Monday’s losses, approaches 114.00 on gloomy market sentiment.
  • Falling US Treasury yields drag USD/JPY down with it, despite broad greenback strength across the board.
  • USD/JPY: A breakout to the upside above a downward sloping trend line around 114.20 could push the pair towards 116.00.

USD/JPY trims some of Monday’s losses, shedding 0.07%, trading at 113.92 during the US session at the time of writing. Market sentiment is weak, represented by U.S. stock indexes up 0.26% to 0.39%. However, the Japanese yen appreciated as traders prepared for the Federal Reserve’s November meeting.

USD/JPY

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The US dollar slipped 0.44 percent against the yen on Monday, as risk appetite was boosted by three central banks evaluating their monetary policy conditions. Furthermore, as third-quarter corporate earnings in the United States fall short of expectations. Market participants’ attention shifts to central banks, macroeconomic events, and rising inflation.

In the meantime, the yield on the 10-year US Treasury note has fallen four basis points to 1.533 percent. Following the USD/JPY. Meanwhile, the US dollar index, which measures the value of the dollar against a basket of currencies, is up 0.25 percent. Additionally trading at 94.0o and holding to 94 for the second day in a row.

Haruhiki Kuroda, Governor of the Bank of Japan, and Japanese Finance Minister Taro Aso spoke at the Asian session.They examined the economy and financial position of the country.

Reuters reported considerable market anticipation before the meeting that the newly constituted Japanese government and the Bank of Japan would modify their joint statement and 2% aim.

On the US economic front, IBI/TIPP economic optimism declined for the sixth month in a row in November. To 43.9 down from 46.8 in October.

USD/JPY shows that the pair found good support at the low of 113.25 on October 28.

The pair found significant support at the October 28 low of 113.25 in the USD/JPY. The daily moving averages are still below the spot price, indicating that the trend is still up. Furthermore, a huge candlestick lower wick on Tuesday’s market action depicts slight USD buying pressure around 113.50.

USD bulls will require a breakout to the upside above the downtrend line that runs from October 20 to November 1 to restore their bullish bias. The USD/JPY might surge to 116.00 if this happens.

As a result, given the lack of trigger in the USD/JPY at press time, investors should hold off on placing new wagers until the Fed meeting. Instead, it would be wise to wait for further forward information that could point the pair in the right direction.

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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