The dollar is falling, but the Fed aggressive tone is limiting losses.

Economic World News :

The dollar fell lower in Asia on Thursday morning, The hawkish tone of the Federal Reserve of the United States in the minutes of its most recent meeting contrasted with the bullish attitude taken by its Japanese equivalent.

the US Dollar Index, which measures the greenback against a bundle of other currencies, had down 0.14 % to 96.737.

The AUD/USD pair gained 0.12 % to 0.7204, while the NZD/USD pair gained 0.04 % to 0.6876 and the USD/CNY pair fell 0.05 % to 6.3885, while the GBP/USD pair rose 0.16 % to 1.388

The USD/JPY pair fell 0.04 % to 115.36, a low not seen since January 2017.

In its minutes issued on Wednesday, the Fed warned that if rising inflation persists, it may accelerate its asset-tapping program and raise interest rates sooner than projected.

On Wednesday, San Francisco Fed President Mary Daly said she could see a case being made to accelerate asset cutting.

The focus is now on the minutes from the European Central Bank’s (ECB) most recent meeting, which are expected later in the day. On the same day, ECB President Christine Lagarde will deliver a speech at an ECB legal conference, as will board members Frank Elderson and Edouard Fernandez-Bollo.

Traders are also anticipating whether the Bank of England (BOE) would raise interest rates in its next policy meeting, which is scheduled for December 16. Investors were surprised when the central bank held interest rates unchanged in its previous policy decision earlier this month, and they will be looking for signs from BOE governor Andrew Bailey at Cambridge University later in the day.

In Asia Pacific, the Bank of Korea raised its interest rate to 1% earlier in the day as part of its policy decision.

Cryptocurrency News :

According to a new Grayscale report, the number of active Metaverse users surged by tenfold between the beginning of 2020 and June 2021.

Grayscale, a crypto investing firm, has produced a positive assessment on the Metaverse, claiming that the “market opportunity” for bringing the Metaverse to the mainstream may be worth more than $1 trillion in the coming years.

Grayscale Head of Research David Grider and research analyst Matt Maximo wrote the November paper titled “The Metaverse, Web 3.0 Virtual Cloud Economies.” The team investigates the developing industry primarily through the lens of open Metaverse worlds supported by a “interconnected crypto-economy” like Decentraland.

According to the paper, Metaverse platforms coupled with crypto tokens, DeFi services such as staking and lending, NFTs, decentralized governance, and decentralized cloud storage have “built a new online experience” that is fast attracting new users.

Analyzing “global all-time active metaverse wallets” data since the beginning of 2020, it discovered that the user base has risen 10X since then, to roughly 50,000 as of June 2021.

in comparison to other Web 3.0 and Web 2.0 sectors, Metaverse virtual world users are still in their early stages, but if present growth rates continue on their current path, this developing category has the potential to become mainstream in the coming years.

According to the research, there is no shortage of venture capitalists betting on the sector’s potential. According to the report, blockchain gaming fundraising surpassed $1 billion in Q3. This accounted for 12% of overall crypto sector fundraising in the quarter, making it the “leading sub-sector” inside the Web 3.0 and NFT category.

Important news that could affect the Economic Markets Today :
  • ECB Publishes Account of Monetary Policy Meeting  
  • ECB President Lagarde Speaks 
  • BoE Gov Bailey Speaks   
  • Tokyo Core CPI (YoY) (Nov)
  • Retail Sales (MoM) (AUD)

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