EC The Table Is Set

Traditional Markets

As the Fed is now in blackout mode ahead of their July 31st meeting and the markets quite certain that they will cut their interest rates on that date, there’s little in the way of market drivers at the moment.

There’s also a lull in earnings announcements today with very few major companies reporting. So it may be a good day to hit the beach really.

Global stock indexes are pretty flat at the moment, as are commodities and currencies across the board. Even crude oil has barely reacted to the news that a British Oil Tanker was hijacked in the Persian Gulf.

One catalyst that has been moving the markets for a few weeks is set to come to a head tomorrow morning when the new Prime Minister of the UK is announced.

The British Pound has been struggling to hold the lows on the anticipation that Boris Johnson, a hard-line Brexiteer who has vowed to leave the EU by the end of October with or without a deal, is set to win the top spot. However, Parliament has already taken measures to deter him from taking such a drastic step once he’s in power. So we can see the GBPUSD is holding for now.

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Libra Sentiment

It seems like everyone is weighing in on project Libra and there are so many opinions floating around out there. So, in true eToro fashion, we decided to crowdsource it. Last week we ran a poll of 600 internet users that was designed to be a rough representation of the population of the United States and asked them what they think about project Libra.

Even just finding out how many Americans are familiar with the project is quite interesting and made for some splashing headlines.

Yup, that’s right. In just one month since being announced already 16% of Americans have heard of Libra, which is more than the 12% who know what Ethereum is. Bitcoin is still king of course, with 58% brand name recognition, which still seems pretty low if you ask me.

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Moon Kil Woong 3 weeks ago Contributor's comment

Facebook's desire to make a mess of crypto like it is making a mess of social media, elections, and privacy does not inspire me either. Their entry into it just magnifies the negatives and potential for abuse which is why Zuckerberg wants in it so badly.

Currency Trader 3 weeks ago Member's comment

That's a rather harsh view Moon Kil Woong. On the contrary, I would argue that the majority of the thousands of cryptos that have popped up over the years are out right scams. Facebook offers some legitimacy and hasobligations to shareholders which offers some stability. I'd also argue that their creating a stable coin is far more valuable and secure than the volatility we are used to.

Moon Kil Woong 3 weeks ago Contributor's comment

Sadly Facebook is a very flawed carrier of legitimate crypto currencies. It is true cryptos are looking for legitimacy, but I think it is further down the line with better companies.

Barry Hochhauser 3 weeks ago Member's comment

On the one hand, I don't particularly trust #Zuckerberg or #Facebook. On the other, weren't they just found guilty of privacy violations and required to pay a $5 billion fine and be subjected to oversight? If so, wouldn't that offer some protection? $FB

Harry Goldstein 3 weeks ago Member's comment

Personally I'm getting a bit tired of the #crypto roller-coaster ride.