Cryptocurrency markets down slightly
In today’s forex and crypto markets, we see the cryptocurrency markets were down slightly on Wednesday morning with most major coins retracing. Legacy Bitcoin was down to just above the $10,000 mark at press time and could soon slip below this key metric if support is weak. Ethereum was also down by around 2% to the $170 level after having ceded the psychologically significant $180 mark. Litecoin continued performing well in the midst of this retracement by maintaining the $70 level. Other coins that saw some drops included Ripple, Bitcoin Cash and Monero which were down by between 2 and 5%.
Trump fires Bolton – oil down immediately
The firing of National Security Advisor John Bolton by President Trump certainly made the news. The prospect of all-out war in the Middle East and Iran appears to have been put off the table – at least for now. The news had a significant effect on the price of oil which nosedived immediately after. Traders were now betting the likelihood of a conflict with Iran had been reduced. Brent crude, the international benchmark, fell by more than $1, or roughly 1.5 percent in the five minutes after Trump tweeted, to trade near $62.70 a barrel.
Apple launches new iPhone – cheaper prices and undercuts Netflix
Apple launched its new flagship iPhone11 yesterday with the usual glitzy press event. One may note that the price of the entry level model is down by $50 to $700. At last, Apple’s original television shows have a premiere date and price point. The company’s chief executive, Tim Cook, announced that Apple would begin rolling out original shows and movies on Nov. 1 for $5 per month. This is much cheaper than Netflix which retails at $13 per month starting off a price war. Apple shares were up sharply after the press conference by around 1.6%.
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Recession – or no recession?
Americans are looking at President Trump’s trade wars aghast. The feisty situation with China and the problems in the Middle East are all weighing down on their minds in a big way. A considerable majority of Americans now think that the economy will slip into recession next year.
Six in 10 Americans in an ABC News/Washington Post poll released Tuesday said they think a recession is likely in the next year. The same amount said they were concerned that US tariffs on thousands of Chinese products over the past year would raise prices at home. A considerable 43% said they think trade policies have increased the chance of a recession.