This week we have seen markets show their full strength as we saw both the Fed and the BoE hike rates by 0.25% in attempts to battle inflation in both economies. Yesterday we say the Bank of England hike rates by 25 bps with an overall official vote of 8-1, in favour of the hike and the 1 official in favour of an unchanged rate for the bank.
Yesterday evening saw the first of 2 Central Bank policy meetings with The Fed Reserve moving forward with a rate rise of 25 bps, the first rate hike taken by The Fed since 2018.
The British pound fell to a 16-month low against the U.S. dollar, ahead of monetary policy updates from the Bank of England and Federal Reserve later in the week.
Sterling slipped to a 16-month low today against the safe-haven U.S. dollar and is heading for its third consecutive weekly decline as stronger-than-expected UK economic growth did little to support the pound.
Few were in favor while the majority of the population stood against cryptocurrency back in 2008 when the concept of digital currency was in its nascent stage. Aside from the few proponents (they are millionaires today) of the crypto industry, worldwide governments & financial institutions didn’t anticipate that the prominence of digital currency link will spread like a wildfire.
Sterling has continued to rise this morning against The EUR, reaching 1.2082 which is the highest in 12 months, with investors and traders focusing on market bets shifting towards a likelihood of The Bank of England raising rates again in March.
Cryptocurrencies have made it quite clear to the world that they are not going anywhere and the revolutionary change in the BFSI sector is a clear indicator of this phenomenon. People have embraced virtual digital assets with open arms and also expect to earn significant returns through their heavy investments.
It has been quite a few years since the Indian government started a serious discussion on the prevalence of cryptocurrencies in the global financial markets. However, from the government’s standpoint, the cons of such of digital revolution far outweighed the pros that it entailed for the Indian citizens.
