Cryptocurrency Live News & Updates : Pepe Coin Drops 40%, Yet Potential for Recovery
Pepe Coin (PEPE) has fallen 40% from its May peak, currently trading at $0.000010. Analysts suggest a rebound is imminent due to a bullish falling wedge pattern and strong demand indicators. Pepe Coin has experienced a significant drop of 40% from its peak in May, now trading at $0.000010. Despite this, technical analysis suggests a potential bullish reversal, with a falling wedge pattern indicating a possible price increase. Meanwhile, Bitcoin and other altcoins are reacting to upcoming trade deals and Federal Reserve announcements, with Bitcoin recently hovering around $108,000. The UK government is tightening regulations on cryptocurrency, introducing new tax compliance rules aimed at capturing unpaid capital gains, which could raise £315 million by 2030. Additionally, the TON Foundation's recent announcement of a UAE Golden Visa program has sparked excitement and skepticism, leading to a 12% surge in toncoin's price. As the crypto market navigates these developments, traders are closely monitoring key indicators that could influence future price movements. Show more
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Economic Times
18 minutes ago
- Economic Times
Dollar drifts as investors ponder Fed independence ahead of Powell speech
The U.S. dollar drifted on Thursday as investors fretted about the Federal Reserve's independence after yet another attack from President Donald Trump ahead of remarks from Chair Jerome Powell later this week that could influence the outlook for rates. ADVERTISEMENT Trump called on Fed Governor Lisa Cook to resign on the basis of allegations made by one of his political allies about mortgages she holds in Michigan and Georgia, intensifying his effort to gain influence over the U.S. central bank. Cook said she had "no intention of being bullied to step down" from her position at the central bank. Trump has also told aides he is considering trying to fire Cook, the Wall Street Journal reported on Wednesday. "It has the potential to raise questions around the Fed's oversight and regulatory functions but it has little to no near-term monetary policy implications," said Prashant Newnaha, senior Asia-Pacific rates strategist at TD Securities. That explained the relatively muted reaction in the currency markets to the news as the dollar initially dipped on the news but was mostly calm into the Asian session. The Japanese yen held onto gains made in previous sessions and was little changed at 147.41 per dollar, while the euro was steady at $1.1642. Sterling last fetched $1.34535. ADVERTISEMENT That left the dollar index, which measures the U.S. currency against six other peers, steady at 98.301. Unlock 500+ Stock Recos on App Trump has repeatedly criticised Powell for being too slow to cut rates, stoking investor worries about the central bank's independence and its credibility. ADVERTISEMENT Investors expect Trump will replace Powell with a more dovish appointment when his term ends in May. Trump earlier this month said he would nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final few months of a vacant Fed seat after Adriana Kugler unexpectedly resigned. Kristina Clifton, a senior economist at the Commonwealth Bank of Australia in Sydney, said if Cook resigns it would create another opening for Trump to appoint a Fed Governor who will vote to lower interest rates. ADVERTISEMENT "Perceived political interference in the Federal Reserve can undermine its independence, steepening the yield curve and denting the USD's safe haven status." The main focus this week has been on whether Powell will push back against market expectations for a rate cut at the Fed's September 16-17 meeting when he speaks on Friday at the Jackson Hole meeting, following a weak jobs report for July. ADVERTISEMENT "Markets are adamant that recent labour market data necessitates some policy calibration and are expecting Chair Powell to tip his hat in that direction," TD's Newnaha said. Traders are pricing in an 82% chance of a 25-basis-point rate cut next month, CME FedWatch tool showed. While the odds have lowered from last week after hotter than expected producer price inflation tempered expectations, investors are still pricing in over 50 bps of easing this year. Some analysts cautioned that markets could end up being disappointed by Powell's speech, noting that the impact of Trump's tariffs on inflation remains uncertain. "It is not clear that Powell will deliver strong guidance," said Benoit Anne, managing director in the investment solutions group at MFS Investment Management. If the dovish signals elude us, there will be significant pricing out of the odds for a September cut." In other currencies, the New Zealand dollar was nursing steep overnight losses at $0.58205 after diving 1.2% to its lowest level since April. New Zealand's central bank cut interest rates on Wednesday as expected but left the door wide open to yet more easing if needed. The Australian dollar eased 0.13% to $0.64245, hovering near a two-week low. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
an hour ago
- Time of India
Nasdaq, S&P 500 end lower as investors sell tech, buy less pricey sectors
On Wednesday, the Nasdaq and S&P 500 experienced declines as investors shifted away from tech stocks towards sectors with lower valuations, awaiting insights from Federal Reserve officials at the Jackson Hole symposium. Tech stocks faced pressure due to concerns about AI valuations and potential government intervention. Meanwhile, investors are closely monitoring upcoming economic data and earnings reports from major retailers. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Nasdaq and S&P 500 fell on Wednesday as investors sold tech stocks and moved into less highly valued sectors, as they also awaited remarks from Federal Reserve officials at their Jackson Hole symposium this stocks, which drove much of the recovery from Wall Street's April selloff, have been pulling back. The S&P 500 technology index trimmed early losses to end the session down 0.8%.Seven of the 11 S&P 500 sectors rose, led by energy, healthcare and consumer staples."A broader lens tells you it's more of a rotation than a true sell off," said Allspring's senior portfolio manager, Bryant van Cronkhite. "Tech valuations look extended in the context of inflated spending today. Number two, I would say that there are a lot of pockets of the market that look very attractive from a valuation standpoint and they've been broadly ignored."The Dow Jones Industrial Average rose 16.04 points, or 0.04%, to 44,938.31, the S&P 500 lost 15.59 points, or 0.24%, to 6,395.78 and the Nasdaq Composite lost 142.09 points, or 0.67%, to 21, on U.S. exchanges was relatively light, with 15.5 billion shares traded, compared to an average of 17.7 billion shares over the previous 20 listing other factors behind the tech sell-off mentioned OpenAI CEO Sam Altman's comments last week about artificial intelligence stocks being "in a bubble," and a Massachusetts Institute of Technology study that showed many tech companies were struggling to translate AI into actual investors also worried about government interference in the private sector. President Donald Trump's administration is looking into taking equity stakes in chip firms such as Intel , weeks after unprecedented revenue-sharing deals with Nvidia and slid 0.1% and Advanced Micro Devices fell 0.8%, while Intel and Micron fell between roughly 7% and 4%. Nvidia's quarterly results on August 27 are keenly awaited for clues on demand for artificial megacap tech stocks fell. Nvidia's quarterly results on August 27 are keenly awaited for clues on demand for artificial and Alphabet also came under pressure, closing down roughly 2% and 1.1%, from the Fed's July meeting, where interest rates were left unchanged, showed almost all policymakers viewed it as appropriate to maintain the target range for the federal funds rate at 4.25% to 4.50%, despite two central bank's annual conference in Jackson Hole, Wyoming, kicks off on Friday, with Chair Jerome Powell expected to speak. His remarks will be closely watched for policy signals. Investors have been pricing in a 25-basis-point rate cut in September, according to data compiled by investors also monitored Trump's call for the resignation of Fed Governor Lisa Cook, with the president citing allegations that she was involved in mortgage from big retailers, seen as a barometer for the health of the American consumer, are also due this week as sentiment has taken a hit from concerns that tariffs could drive prices tumbled 6.3% after the company named a new CEO and retained its annual forecasts that were lowered in giant Estee Lauder fell 3.4% after tariff-related headwinds weighed on its annual profit issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE. There were 161 new highs and 61 new lows on the S&P 500 posted 22 new 52-week highs and no new lows while the Nasdaq Composite recorded 37 new highs and 119 new lows.
Mint
an hour ago
- Mint
Jerome Powell's Jackson Hole speech in focus: Will the US Fed signal a September rate cut?
With the minutes of the July FOMC (Federal Open Market Committee) meeting indicating that Federal Reserve policymakers were largely aligned on keeping the federal funds rate unchanged at 4.25 per cent to 4.50 per cent, citing heightened inflation risks, global markets are now focused on Federal Reserve Chair Jerome Powell's speech at Jackson Hole on Friday morning. This will be Powell's eighth and final Jackson Hole address, as his term expires in May 2026. The US Federal Reserve intends to remain data-dependent, but it may not have much time before deciding on a rate cut. Meanwhile, US President Donald Trump has been lashing out at Powell for not lowering rates. Beyond political pressure, there is also dissent among policymakers themselves. Two members of the Fed committee—Fed Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller—voted against the status quo on rates and favoured a 25 bps rate cut in the last policy meeting on July 29-30. This was a significant development, as Reuters reported that this was the first time since 1993 that more than one Fed governor had dissented against a rate decision. However, the majority of policymakers favoured keeping rates unchanged, citing the risk of inflation from Trump's tariff policies. The Fed has a dual mandate of keeping prices stable and fostering maximum employment. The US Consumer Price Index (CPI) was stable last month but slightly lower than expected, at 2.7 per cent in July, against market expectations of 2.8 per cent. In June, it rose by 2.7 per cent. The Fed's preferred inflation measure, Personal Consumption Expenditures (PCE), rose by 2.6 per cent in June after increasing 2.4 per cent in May. July PCE prints are due on August 29. However, the jobs market has started showing signs of stress. US employment growth was weaker-than-expected in July. As Reuters reported, US nonfarm payrolls increased by 73,000 jobs in July after rising by a downwardly revised 14,000 in June, the fewest in nearly five years. May and June payrolls were revised down by a massive 2,58,000 jobs. Experts believe it's time the Fed bites the bullet and cuts rates. "The Fed meeting minutes clearly show why they didn't cut rates at the last meeting – because the majority of officials thought the risk of higher inflation outweighed the risk of higher unemployment – but the far more important question is how they weigh the risks at the next meeting," Chris Zaccarelli, Chief Investment Officer for Northlight Asset Management, observed. Powell will address the Jackson Hole symposium on Friday. However, given the current complex situation, he may not provide clear signals about the Fed's next policy move in what will be his final address as Federal Reserve Chair at the annual gathering. Markets are expecting a 25 bps rate cut in September as the risk of an economic slowdown in the US increases. However, inflation risks have also risen. Powell's emphasis on labour market weakness could signal that the Fed is preparing for a rate cut. Although markets have largely priced this in, it is still expected to have some positive effect on investor sentiment. Conversely, a more hawkish tone from Powell could indicate that inflation remains the Fed's primary concern, suggesting a rate cut may be further away. The incoming data remains crucial. If there is no unusual spike in inflation, the central bank may find it easier to lower rates in September. "On Friday in Jackson Hole, Chair Powell is likely to keep his cards close to his vest, emphasise that the Fed cares very much about their dual mandate and explain that they are data dependent and will need to see the jobs report and the two inflation reports before they can make a determination whether or not to cut interest rates on September 17th," said Zaccarelli. "In order for the Fed to cut in September – which we believe they will, unless there is another CPI or PPI disappointment before then – enough of the committee will need to weigh the unemployment risk as greater than the risk of persistent inflation," Zaccarelli said. Dr Joseph Thomas, the head of research and an economist at Emkay Wealth Management, pointed out that US headline inflation in the last two months has remained stable at 2.70 per cent, obviously much higher than the Fed's long-term target of 2 per cent. However, what concerns the markets more is the rising core inflation, which is at 3.10 per cent as per July data. The real impact of the higher tariffs on the US price level is uncertain, and it may take another two or three months for things to become clearer. However, an adverse impact on the price level cannot be ruled out. Against this background, Thomas believes the Fed may not cut the base rate unless serious growth challenges arise. But the Fed's thinking on rates will be more or less reflected in the Jackson Hole address of the Fed Chairman, said Thomas. Deepak Agrawal, CIO-Debt at Kotak Mahindra AMC, believes that while upcoming macroeconomic data in the USA remains mixed and geopolitical uncertainties persist, the market is currently pricing in an 80 per cent probability of a 25 basis point rate cut by the US Federal Reserve in its upcoming FOMC meeting in September. Despite growing calls for a more aggressive move, Agrawal believes that, at this stage, the Federal Reserve has no compelling reason to surprise markets with a 50 basis point cut. Instead, it is likely to reduce US rates by 25 bps, maintaining credibility and avoiding unnecessary volatility. Read all market-related news here Read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
