Hi Everybody,
They’re calling it the most technologically advanced coin ever made.
Say hello to the sleek new one Pounder…
Embedded within the 12 sided coin will have a chip inside to verify each coin’s authenticity.
The funny thing here is the timing. It’s been 30 years since the Bank of England has revamped the coin and they do seem to be involved in digitizing all of England’s money. In fact, the BoE was one of the first in line to join the Hyperledger project, which is planning to create a global cryptocurrency network for financial institutions.
So why now? Well, because it’s long overdue. Counterfeiters have been having a field day with this one for far too long and it’s got to stop now. Or at the latest by October 15th.
Any clients and/or colleagues in the UK, please feel free to send me one. I’d love to see how it looks. Glad to exchange it for an equal value of Bitcoin or Ethereum. 🙂
-Mati
Today’s Highlights
- Trump Off Sentiment
- The Volatile ones
- Brexit Tomorrow
Please note: All data, figures, & graphs below are valid as of March 28th. All trading carries risk. Only risk capital you can afford to lose.
Market Overview
If there’s one thing President Donald J Trump has changed about the markets, it’s the way investors think about sentiment.
In the old days, pre-2016, we look at the market on most days and say that there is either a ‘risk on’ or ‘risk off’ sentiment.
‘Risk on’ usually meant that stocks were going up and safety asset like Gold and the Japanese Yen were going down.
Since November 8th of 2016, or slightly before, everything now revolves around PDJT. So now we can say that the markets are currently displaying a clear ‘Trump off’ sentiment with the stocks declining along with the USD, and Gold is gaining due to flaccid action on healthcare and rising concern about Russias ties to the new White House.
Where the Action is
For those of you who like volatile markets, keep an eye on the Rand over the next few days. PM Zuma has just recalled his finance minister in a move that could signal further uncertainty in the leadership of the countries money.
The Rand has made a fair recovery against the USD since the start of 2016. Here we can see the USDZAR pair…
You can see the last candle is actually the reaction to the above news as the USD strengthens against the ZAR. If indeed political upheaval is again the order of the day, we could see this pair back up to its highs before not too long.
The USDRUB may also be in for a ride today as the European court’s decide on the legality of the Crimea sanctions of 2014. Odds are that the EU will not suddenly declare those sanctions illegal, but Russia is hoping that they might. The ruling will be today. Probably won’t be much, but a surprise outcome could potentially set back sanctions that saw the Ruble lose more than half its value in 2014.
What else?
I would like to apologize for the delay in today’s daily and to apologize in advance for not sending an update tomorrow as I’ll be cruising 51,000 feet above the Atlantic Ocean on my way home with two toddlers in tow (how fun).
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So, I’d like to wish you all, in advance, a very happy Brexit day. May the UK’s independence from Europe be smooth, and may it be quick and may May make it happen in the best way possible for England and the rest of the planet.
Best regards,
Mati Greenspan
Senior Market Analyst
