Posts belonging to Category Euro



Bitcoin has broken $4,000

Continuing surge

The continuing surge in the price of bitcoin has seen it climb to over $4,000 for the first time since the cryptocurrency was created in January 2009. According to the CoinDesk Bitcoin Price Index, the average price of bitcoin across global exchanges today reached a height of $4,225 at 9:07 a.m. UTC, having opened at $3,917. At press time, the price had dropped slightly to $4,162.

The total value of all cryptocurrencies has also set yet another new all-time high, with the combined market capitalization now sitting at over $137 billion, according to CoinMarketCap. That figure is $11 billion more than the previous high noted by CoinDesk just two days ago, when all crypto assets had a value of $126 billion.

http://coindesk.com…   Mon.,  14  August 2017

Bitcoin and Bitcoin Cash

Orders for bitcoin cash are ‘exploding’

On Tuesday afternoon, bitcoin split into two in an event known as a “hard fork” that has divided the virtual currency’s online community.

Two competing strands of bitcoin emerged after some of its leading backers disagreed on the best way to take it forward.

The price of the cryptocurrency fell by around 4pc to around $2,700 (£2,000) after the fork, while the predicted price of Bitcoin cash rose from just over $200 to about $370, but traders are still unsure what will happen when the dust settles.

http://www.telegraph.co.uk…   Wed.,  02  August 2017

Brexit exodus for Investment banking jobs

70,000 roles may be relocated from the City of London post-Brexit

A banking exodus from London will be costly. International lenders may need to shift as many as 40,000 investment banking jobs to the European Union to maintain activities on the continent after Brexit, according to financial consultants Oliver Wyman.

Banks may also have to pump as much as $50 billion in extra capital into EU subsidiaries “to support new European entities,” analysts at Oliver Wyman said in a report published on Tuesday.

Oliver Wyman is not alone in predicting a banking exodus. The Centre for London estimated last month that as many as 70,000 roles may be relocated from the City of London post-Brexit, while EY last year predicted 83,000 financial services jobs could be lost. Brussels think tank Bruegel made a more conservative forecast of 30,000 jobs lost.

http://www.oliverwyman.com…   Tue.,  01  August 2017

Brexit: Japan’s biggest bank moves investment operations to Amsterdam

Hundreds of MUFG staff could be leaving the UK

Japan’s biggest bank is reportedly set to move its European investment operations from London to Amsterdam because of the uncertainty posed by Brexit. MUFG could move hundreds of its 2,100 London employees to the Dutch capital, sources told the Financial Times.

Other banks are also looking to set up new offices in various European cities because of Brexit. The UK’s withdrawal from the EU is likely to have a significant effect on the financial services industry in the UK – along with numerous other areas – as companies in Britain will no longer be able to operate within the EU framework.

This could potentially block access to clients and significantly interfere with business. Amsterdam is already home to MUFG’s retail and corporate banking operations.

http://www.independent.co.uk…   Mon.,  31  July 2017

Exit from BREXIT?

Voters must be allowed another referendum  at the end of the two year Article 50 process

Sir Vince Cable has offered voters the possibility of an “exit from Brexit” after being confirmed as the new leader of the Liberal Democrats. The former business secretary, 74, succeeds Tim Farron, who stood down in the wake of the General Election because of questions around his faith. The June election saw the Lib Dems increase their tally of MPs by from eight to 12, a modest revival after being almost wiped out in 2015.

Sir Vince, who is the party’s oldest ever leader, said the Government’s handling of Brexit was taking the UK towards the “disastrous outcome” of crashing out of the EU. Negotiations were being conducted by a “dysfunctional, disorganised, disunited” Government, whose strategy was devised before the full complexity of Brexit became apparent, he said, and during a time when Theresa May had “serious political authority”, something she has now lost.

http://news.sky.com…   Fri.,  21  July 2017

Are markets increasingly overbought ?

Bank Of America Sets A Date For The Market’s “Great Fall”

With the US stock market likely to continue its levitation today, it means that by close of trading, the S&P500 will be above 2,400, the same as Goldman’s year end price target, and 100 points away from Bank of America’s “euphoric blow off top” destination, which is also known as Michael Hartnett’s Icarus Trade. In a note released overnight, Hartnett confirms that he is “sticking with our “Icarus Trade” targets: SPX 2500, GT30 3.5%, DXY 110, oil $70/b”, even as he admits that the euphoria level in stocks is unprecedented:

  • Yes, markets are increasingly overbought (it’s now 96 trading days since SPX fell >1% in one session).
  • Yes, sentiment is increasingly bullish (our Bull & Bear Indicator is 7.0, close to the 8.0 sell-signal).
  • Yes, the easy money has been made. But we believe a March Fed rate hike at a time of booming macro data will cause the bears to fully capitulate into risk assets, causing the melt-up toward our targets in Q2.

He also notes that the renewed jump in bond yields is coinciding with renewed outperformance by small cap & banks, and by high yield bonds vs. investment grade bonds, “thus we are willing to remain long risk assets for a little longer.”

http://www.zerohedge.com…   Tue.,  11  July 2017

Brexit referendum is nor legally binding

Lawyers believe Article 50 has not been triggered and Brexit could collapse under a legal challenge

The wording in the European Union (Notification of Withdrawal) Act doesn’t actually contain a decision saying the UK wants to leave the EU. The referendum was only advisory and not legally binding.So perhaps, some barristers say, Article 50 has not technically been triggered and might fall in a legal challenge.

It almost sounds like the plot of a thriller: What if the government has not actually triggered Article 50, and insiders all know the Brexit negotiations in Brussels are a sham that will fall apart as soon as they are challenged in court? And — to take that a step further — what are the real motivations of Prime Minister Theresa May and the rest of the EU if they all know that Article 50 has, in reality, not been legally triggered?

http://www.businessinsider.com…   Mon.,  10  July 2017

Paris, Franckfurt, Dublin, Amsterdam fight to poach post Brexit businesses

France outlines plans to attract business post-Brexit

  • producing a set of measures to attract financial business due to Brexit
  • Paris has great potential
  • will cancel planned extension of tax on share trading to intra-day trading
  • will review on a case-by-case basis those French laws that go beyond the EU financial regulations they implement
  • EU financial rules will in the future be implemented in France without additional constraints, to ensure fair level playing field across single market
  • plans to scrap highest bracket of payroll tax for firms like banks that do not pay VAT
  • bankers bonuses will no longer be taken into account when labour courts calculate unfiar dismissal compensation

France out the blocks post-election in the bid to secure any spoils of Brexit fallout. Given the latest French-German alliance/initiatives then we must guess that these plans have been run past Merkel & Co. A joint share of the spoils perhaps?

http://www.forexlive.com…   Fri.,  07  July 2017

The future of the Bitcoin

Goldman Sachs says bitcoin could rise another 50%

Goldman Sachs is out with a call on bitcoin, and chart analyst Sheba Jafari expects the digital currency could rise as high as $3,915. That would be 52 percent above Monday’s price of about $2,567.

“The market is in wave [four] of a sequence that started in the late-’10/early-’11 lows,” Jafari wrote in a Sunday report on charts for the week ahead. We are “eventually expecting one more leg higher; a 5th wave.”

http://www.cnbc.com…   Tue.,  04  July 2017

“Due To Popular Demand” Goldman Starts Covering Bitcoin

Bitcoin officially made its way to Wall Street

It’s official: not only has bitcoin officially made its way to Wall Street, but confirming rumors that emerged over the weekend, “hedge” funds – starved of volatility in virtually all other asset classes –  are now not only actively trading the volatile digital currency, but as clients of the vampire squid, have petitioned Goldman’s chief technician, Sheba Jafari to start covering it.

In the report that Goldman released this afternoon ago, Jafaru concludes that “the balance of signals are looking broadly heavy” with the following view: “wary of a near-term top ahead of 3,134. Consider re-establishing bullish exposure between 2,330 and no lower than 1,915.

http://www.zerohedge.com…   Wed.,  14  June 2017