Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
China central bank adviser: bitcoin can’t be a currency just an asset
Virtual currencies like bitcoin appear to be assets, although bitcoin in itself doesn’t feature the fundamental attributes required to be a currency, which could meet today’s economic development needs, as a Chinese key bank adviser , Sheng Songcheng told.
He stressed that being deprived of the fundamental attributes of a currency, bitcoin just happens to be a string of code generated by certain complex algorithms. Nevertheless, virtual currencies boast technical value and can be classified as a sort of asset, he added.
The adviser’s comments arose after the Chinese central bank stepped up scrutiny of the country's bitcoin exchanges earlier in 2017. The given move helped Chinese companies to cease margin lending, impose trading fees and also issue regulations to rein in users.
Many governments worldwide are still discussing how to classify and regulate bitcoin, whose value went up in June to reach a record of $3,000. As for the Chinese government, it considers it to be a virtual good.
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
The United States will publish the Inflation Rate and Core Inflation Rate, also known as US CPI and Core CPI, on August 10 at 15:30 GMT+3.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.