Very proud to present to you, my first book: The Complete Guide to Fintech
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- Some More Everything
- Chinese Reference
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Please note: All data, figures & graphs are valid as of August 8th. All trading carries risk. Only risk capital you can afford to lose.
Also helping markets this morning is the People’s Bank of China. As we mentioned in Tuesday’s update, the Chinese currency is now above 7 Yuan to the Dollar, a level that has a lot of people on edge as it highlights another facet of the current trade war.
Many investors were fearful that the PBoC would support the weaker Yuan, but it seems that when they set their reference rate today, it was actually stronger than many were expecting. Meaning, that China is doing their part to stymie the Yuan’s decent rather than encourage it, which is a comforting thought for the markets.
Seems a silly reason for a rally, but at this point investors are ready and willing to jump on a narrative that involves a Central Bank not trying to drive their own currency into the ground.
Stock traders, please stay on alert. With the VIX at its highest level since the start of the year, there’s still enough reason to suspect that we may not be out of the woods just yet.
Bitcoin is rising slightly and as of this writing is testing $12,000. Altcoins, on the other hand, are bleeding badly as the crypto industry continues to consolidate.
Likely the technical analysis could have something to do with this as BNB has bounced off a rather conspicuous line of support.
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