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On September 10th, Eburys Chief FX Strategist, Roman Zyrulke, stated that the impact of the US Treasurys increased intervention on the US dollar may be more lasting than its effect on yields themselves. The initial intention of repurchase operations was not to solve the deficit problem; however, the markets interpretation of why the Treasury felt the need to intervene and resort to unconventional means has itself become a source of risk premium. This deviates from the traditional economic logic that rising yields typically support the domestic currency exchange rate by attracting capital inflows. Conversely, despite the rising yields, the dollar remains weak because investors increasingly see it as a sign of fiscal and institutional pressure rather than a strong economic performance.Israel Defense Forces: Yesterday, the Israel Defense Forces and the Israel Security Service carried out strikes in three areas of the Gaza Strip, dismantling three Hamas weapons storage facilities.Ukrainian President Volodymyr Zelenskyy: He will meet with Canadian Prime Minister Mark Carney to discuss how to enhance resilience, support the people, and ensure that Ukraine has the capabilities it needs to defend itself.Ukrainian President Zelensky: I have arrived in Canada and plan to hold important meetings and sign agreements that will shape future cooperation between the two countries and consolidate and deepen the strategic level of bilateral relations.On September 10th, Jonathan Pryor, co-head of trading and head of private markets at Marex FX, warned in a report that the European Central Bank (ECB) could be "put on the defensive" after its interest rate decision on Thursday. He said, "If the ECB misjudges the situation and assumes this rate hike will be a one-off move, and ends up lagging behind other G10 central banks with higher rates, it could have long-term consequences for Lagarde and the ECBs reputation." He added, "A more complex challenge for the ECB is coordinating monetary policy while also addressing the volatile bond spreads between sovereign nations, a challenge that is rarely discussed." Pryor noted, "Any statement concerning the bond market will be crucial, as this is typically a topic the ECB is reluctant to address, but it will inevitably become part of the challenges it faces in the coming months."

Crypto Assets Shed $800 Billion in Market Value in A Month

Skylar Shaw

May 11, 2022 10:34

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According to statistics site CoinMarketCap, crypto assets have lost about $800 billion in market value in the last month, reaching a low of $1.4 trillion on Tuesday, as the end of free monetary policy dampens desire for risk assets.


Bitcoin, which accounts for roughly 40% of the cryptocurrency market, fell to a 10-month low on Tuesday before rebounding to $31,450, only six days after hitting $40,000. It was down more than 54% from its all-time high of $69,000 on November 10th.


Prices of digital assets have fallen, reflecting a drop in stocks on worries of aggressive interest rate rises throughout the world to combat decades-high inflation. The Nasdaq, which is heavily weighted in technology, was down 28% from its all-time high in November 2021.


According to CoinMarketCap, the total crypto market worth was $2.2 trillion on April 2, down from an all-time high of $2.9 trillion in early November.


"Bitcoin remains closely tied to larger economic circumstances, implying that the road ahead may regrettably be bumpy, at least for the time being," stated blockchain data firm Glassnode in a note.


Investors were also alarmed by signs of weakness in stablecoins, which are normally a safer crypto currency. TerraUSD, the fourth-largest stablecoin in the world, lost a third of its value on Tuesday after losing its dollar peg.


According to a study issued on Monday by digital asset management Coinshares, despite bitcoin's price drop, funds and products related to it saw inflows of $45 million last week as investors took advantage of market weakness.


"An enormous amount of liquidity has inflated some of these cryptocurrencies," said Nordea Asset Management's senior macro analyst, Sebastien Galy. As various central banks tighten their monetary policies, he expects crypto, which is also tied to high-growth equities, will face pressure.

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