Robinhood ventures further beyond trading with new credit card
Robinhood Markets launched a new credit card for Robinhood Gold customers, offering no annual fee, no foreign transaction fees, and 3% cash back on spends.
Gold
Chocolate prices to keep rising as West Africa’s cocoa crisis deepens
– Janet Gyamfi’s farm in western Ghana, which was covered with nearly 6,000 cocoa trees, has been destroyed by illegal gold miners, leaving less than a dozen trees remaining.
– Ghana and Ivory Coast, the world’s top cocoa producers, are facing catastrophic harvests due to illegal mining, climate change, mismanagement, and disease.
– Ghana’s cocoa plantations are being infected with swollen shoot virus, leading to long-term decline in production.
– Cocoa prices have doubled this year, leading to higher chocolate prices for consumers.
– Illegal gold mining is rapidly expanding in Ghana, leading to the destruction of cocoa plantations.
– Cocobod, the regulatory body for cocoa in Ghana, is struggling to address the challenges facing the sector, including disease and climate change.
– Experts predict that Latin American countries like Ecuador will overtake Ghana as the world’s number 2 cocoa producer by 2027.
Yen trades at multi-decade lows
The Japanese Yen weakened against the US Dollar, reaching its highest level since 1990 near 152.00. Finance Minister Shunichi Suzuki stated that they won’t rule out any steps, including decisive ones, to respond to disorderly moves in the foreign exchange market. BoJ board member Naoki Tamura mentioned the possibility of hiking rates again if certain conditions are met.
Mountain lion kills man, injures brother in rare California fatal attack
A mountain lion killed a 21-year-old man and gravely wounded his younger brother in a remote wooded area near Georgetown, California. The younger brother managed to call for help despite his injuries. Authorities found the mountain lion near the older brother’s body and later killed the animal. The younger brother underwent multiple surgeries and is expected to make a full recovery. This was the first fatal cougar attack in California in 20 years.
The dangers of looking your best
– Fast fashion involves making and selling cheap clothes with short lifespans at mass volumes.
– Fast fashion has significant environmental costs and can contain toxic chemicals such as PFAS, azo dyes, phthalates, and formaldehyde.
– Approximately 8,000 synthetic chemicals are used in the fast fashion manufacturing process, with residues remaining on the garments.
– Azo dyes, restricted in the EU, can be absorbed through the skin, causing health issues.
– Trainers, popular for their comfort and style, can lead to poor foot posture and the widening of feet if worn excessively.
– Platform trainers can strain the feet and gait, while sock sneakers are most likely to lead to sprained ankles.
– Waist trainers, popularized by celebrities, can improve posture but may cause water loss, muscle atrophy, gastrointestinal issues, respiratory problems, and fainting due to prolonged wear.
– Heavy earrings can cause elongation and thinning of the earlobe, potentially leading to splitting, with lobe surgery becoming a common corrective procedure.
– Large hoop earrings can get caught in hair and clothes, posing a risk of tearing the earlobe.
– Thongs can cause intimate irritation and chafing, especially if made from synthetic fabrics, but well-fitting thongs made from natural fibers can be comfortable if worn with good hygiene practices.
Yiayia knew best: How mindful eating and tradition can save lives
One in three Cypriots is overweight, with 36.1% of Cypriots aged 20 to 80 classified as overweight and 27.8% as obese. Among these, 46.9% of men and 26% of women are overweight, while 28.8% of men and 26.9% of women are obese. These statistics were reported by the Cyprus Association of Dietitians and Nutritionists ahead of World Obesity Day.
Dollar struggles to find demand in Fed aftermath
– The US Dollar experienced significant losses against major rivals after the Federal Reserve left the interest rate unchanged and due to Chairman Jerome Powell’s comments on the policy outlook.
– Investors are awaiting the Bank of England’s policy announcements and S&P Global PMI data for Germany, the Euro area, the UK, and the US.
– The US economic docket will include weekly Initial Jobless Claims and Existing Home Sales data for February.
– The Federal Reserve’s Summary of Projections indicates a total of 75 basis points reduction in the policy rate expected in 2024.
– Chairman Powell noted high inflation numbers in January and February but attributed them to seasonal effects, suggesting they do not alter the disinflation narrative.
– Following the Federal Reserve event, the 10-year US Treasury bond yield approached 4.25%, Wall Street indexes rallied, and the USD Index dropped nearly 0.5%, ending a four-day winning streak.
– In Asian trading, Australian unemployment decreased to 3.7% in February, better than the expected 4%, and employment rose by 116,500, significantly above the anticipated 40,000.
– The AUDUSD pair saw gains, rising more than 0.5% above 0.6620.
– The USDJPY pair experienced fluctuations, with a notable correction below 150.50 before regaining momentum.
– The Bank of England is anticipated to maintain the policy rate at 5.25%, with market participants looking for indications on policy direction following soft UK inflation data.
– The GBPUSD rose 0.5%, trading near 1.2800.
– Gold reached a new all-time high of ,222 before retreating toward ,200.
– The EURUSD pair rallied above 1.0900, trading slightly below 1.0950.
The Fed, the whole Fed and nothing but the Fed
– The USD Index (DXY) reached three-week highs past the 104.00 mark on Tuesday, despite a decline in US yields.
– The Federal Reserve’s interest rate decision and the FOMC Economic Projections, along with Chair Jerome Powell’s press conference, are scheduled for Wednesday.
– The EURUSD pair fell to multi-week lows near the 1.0830 region, testing the critical 200-day SMA.
– ECB’s Christiane Lagarde is set to speak on Wednesday, and the European Commission will release its flash Consumer Confidence gauge.
– The GBPUSD pair moved beyond 1.2700 towards the end of the NA session on Tuesday after reversing an earlier pullback to the 1.2670 zone.
– The UK will report the Inflation Rate on March 20.
– The USDJPY pair approached the 151.00 mark, near 2024 highs, due to increased selling pressure on the yen following the BoJ rate hike.
– The AUDUSD pair approached the 0.6500 support level for the fourth consecutive session, influenced by a stronger USD and the RBA’s dovish stance. The RBA’s Consumer Inflation Expectations are due on March 20.
– WTI oil prices surpassed .00 per barrel, reaching four-month highs, driven by geopolitical factors and anticipated stronger demand.
– Gold prices saw modest losses around the ,150 per troy ounce zone, affected by the stronger Dollar and lower US yields.
– Silver prices dropped for the second consecutive session after reaching highs near .50 per ounce on Friday.
Another pivotal week
– This week is pivotal for investors and traders trying to gauge the Federal Reserve’s next move in terms of its monetary policy.
– Adjustments have been made in the Fed rate cut expectations by looking at the US equity markets or fixed income markets.
– Wall Street giants have scaled back their rate cut bets for this year while being more optimistic for 2025.
– Controlling inflation and navigating the economy post-COVID-19 crisis have been challenging tasks for the Fed.
– Recent data on producer prices and consumer prices raised concerns among investors and traders about inflation plateauing and becoming stickier than anticipated.
– The Fed Chairman indicated that the nature of inflation and its measurement have been permanently impacted by COVID, suggesting a reevaluation of the 2% inflation target.
– Consumer prices increased by 0.4% for the month and by 3.2% from a year ago, while producer prices jumped by 0.6% on the month, double the Dow Jones estimate.
– The Fed is expected to keep the rate at its current level of 5.50% in the upcoming monetary policy announcement.
– The sticky nature of inflation reduces the incentive for the Fed to take aggressive measures to lower interest rates.
– Goldman Sachs expects the Fed to cut rates three times this year, down from an earlier expectation of four times.
– The possibility of Donald Trump returning to office could influence the Fed’s rate cut decisions, as he favors lower interest rates.
– US stock indices have experienced volatility, partly due to sell-offs among some major stocks.
– Gold recorded its first negative week in over three weeks, with its current record high being about shy of ,200. The immediate support level for gold stands at 37, with the next support level at 87, and resistance at 95.
Nvidia, ’s dizzying rally spurs rush into AI-themed ETFs
The excitement around artificial intelligence (AI) has led to a significant increase in investments in AI-themed Exchange-Traded Funds (ETFs) in the United States, with their total value rising from .55 billion to .88 billion from the previous year to the end of February, according to Morningstar data. This surge in interest is partly due to the impressive performance of companies like Nvidia, whose shares have seen substantial growth. Nvidia, recognized for its AI chips, recently introduced the Blackwell B200 chip, which is up to 30 times faster than its predecessor. The GraniteShares 2x Long NVDA Daily ETF, which aims to deliver twice the daily return of Nvidia’s shares, saw its assets double to billion. Other smaller AI-themed ETFs, such as the Themes Generative Artificial Intelligence ETF, have also seen significant growth in assets. Morningstar tracks 18 diversified AI-related ETFs, seven of which were launched in the last three years, and one was redesigned to focus more on AI. These funds collectively attracted .68 billion in inflows over the last 12 months. The interest in AI has contributed to a nearly 8% increase in the S&P 500 year-to-date, with significant gains in AI-related companies like Nvidia and Microsoft. Some ETFs, like the Global X Artificial Intelligence and Technology ETF, limit exposure to Nvidia to manage risk, while others, like the Robo Global Robotics & Automation ETF, include companies expected to benefit from AI technology. However, not all AI-themed ETFs have been successful, with the WisdomTree US AI Enhanced Value ETF experiencing outflows of .26 million in the last 12 months and underperforming compared to the S&P 500, possibly due to a lack of positions in Nvidia and other AI-related stocks.