- The pair rises against weaker sterling across the board.
- EUR/GBP: As long as EUR/GBP remains below 0.8530, the cross has a downward bias.
EUR/GBP regains the 0.8500 level, rising to fresh two-week highs by as much as 0.12% during the US session, trading at 0.8506 at the time of writing. Because three central banks will review their current monetary policy conditions, the market’s mood will remain moderate. This, in turn, sparked a massive sell-off of risky assets such as the yen, which the GBP/USD pair was threatening to break below 1.3600 at the time of publication.
The Bank of Central Europe (BCE) reviewed its monetary policy position on Wednesday. The BCE decided to keep the types unchanged. Moreover, despite rising inflationary pressures, with the IPC of the eurozone expanding by 4.1 percent, the central bank maintained a cautious stance, delaying investors’ plans for a stock market rally until the end of 2023.
Meanwhile, the Bank of England (BoE) meets this week to discuss monetary policy, with investors expecting a 15-basis-point rate hike on November 4. A rate hike in the United Kingdom would be the first since the outbreak. It also reacts to rising inflation measurements, as noted by Michael Saunders and Governor Andrew Bailey of the Bank of England.
Announcing the October Eurozone PMIs on the macroeconomic front. The Markit manufacturing PMI in Germany came in at 57.8, much below the 58.2 forecast. In addition, the Eurozone Markit manufacturing PMI increased to 58.3, which was lower than analysts’ expectations of 58.5.
Supply chain bottlenecks and logistical challenges caused the production to be hampered despite lower-than-expected numbers. A scarcity of truck drivers, in addition to the issues stated above, continued to wreak havoc on the manufacturing sector.
The EUR/GBP pair has a downward bias
The directionless daily moving averages (DMA) placed above the spot price indicate that the EUR/GBP pair has a downward bias. The pair is reaching the junction of the 50 and 100 DMA around the 0.8520-40 level at the time of publication, which would act as strong resistance for EUR buyers. The relative strength indicator (RSI) is 54 points higher, indicating a positive divergence from the price action.
EUR/GBP sellers will need to keep the market below the September 16 low of 0.8500 to extend the decline. In such case, EUR sellers may be able to send the pair back below 0.8402, which is the 2021 low.
A daily closing above 0.8530 would be required for EUR/GBP buyers to reaffirm their bullish leaning. In that case, the 50 DMA at 0.8588 would be the next line of defense.
Microsoft clearly engages in the metaverse using Q2 earnings call
Satya Nadella, CEO of Microsoft, revealed his vision for the metaverse at the company’s Q2 2022 earnings call.
Overall, the company’s Q2 2022 filing showed a significant increase in cloud-based services. Microsoft reported $51.7 billion in revenue, a 20% increase over the previous year. Intelligent Cloud revenue was $18.3 billion, a 26 percent increase over the previous year. Azure drove a 29 percent increase in sales for server goods and cloud services. As well as a 46 percent increase in revenue for other cloud services.
Among the trends noted by Nadella on the earnings call was a “structural shift in PC demand.”
According to Microsoft CFO Amy Hood, Windows revenue from PC manufacturers increased by 25%, which was “far over expectations”. She stated that demand was being driven by the PC market’s success, particularly in the commercial category.
According to an earnings call transcript obtained on the financial blog site Seeking Alpha, Nadella envisions the metaverse as the next wave of the Internet. “Just as the initial wave of the Internet has allowed anyone to construct a website, I believe the next wave of the Internet will be a more open world where people, whether companies, game developers, or anyone else, may create their own metaverse world,” he stated.
“The first place we see this is the increasing digitization of people, places, and things to truly enable organizations automate operations at the next level,” he explained. “So, today, we have a number of examples of customers engaging with us through Azure IoT, Digital Twins, and Mesh. So that’s what you’ll see in Azure, and we’re investing heavily on it.”
Nadella sees prospects for Dynamics 365 Connected Spaces further up the software stack. This in-development technology is to control physical operations in physical areas such as a store, a connected factory, or a building. “We now have a suite that powers entirely by connected spaces,” he explained. Microsoft’s goal, he noted, is to automate physical operations.
Style.me introduces its wearable NFTs in the metaverse
Style.me, the industry-leading 3D fashion technology company, has launched a new innovative offering that enables designers to become metaverse-capable creators. In addition this latest step extends the company’s solutions into the world of digital fashion and NFTs. Moreover building on its growing success in virtual fitting and styling.
The company Style.me mints and distributes fashion NFTs
Style.me creates and distributes fashion NFTs, allowing people to wear, share, and use them across the metaverse. In addition, the company gives its partners the ability to bring their physical collections into the digital realm through bespoke “phygital” experiences.
The company Style.me’s plug-and-play technologies will allow metaverse projects to make digital fashion accessible to their communities. New experiences, such as virtual runway presentations, exhibitions, and live events, will be possible for designers and companies.
Style.me, with its 3D and AR technologies, is at the forefront of making digital fashion more accessible
Fashion NFT utilities are now limited, and Style.me is at the forefront of making digital fashion more accessible with its 3D and AR technology.
Style.me’s President, Rufus Parkinson, stated. “Style.me’s mission has been to enable consumers to see and interact with fashion in the digital environment since its inception. We believe that digital fashion and NFTs will alter the industry by allowing us to leverage our patented technology to open up a new dimension of user experiences.”
Combined with blockchain technology and the rapid expansion of the metaverse, digital fashion will explode in the next few years. Morgan Stanley estimates that the premium digital fashion sector alone will reach $20 billion by 2030.
Style.me’s goods are already in high demand, with consumption rising 386 percent in the last year, and this additional fashion NFT offering offers up even more prospects for growth in the digital fashion industry.
Metaverse: Tencent is updating QQ with the Unreal game engine
According to an upgraded version of the program, Tencent Holdings has stealthily integrated the Unreal Engine video game engine into its increasingly obsolete QQ messaging network. Hence, analysts believe the move is part of the social media and gaming giant’s entrance into the metaverse.
According to LibChecker, a third-party app inspection tool, the Shenzhen-based company updated QQ last month. The new version, which was formerly a chat app, includes portions of the Unreal Engine video game engine.
Tencent launched a new app feature called Super QQ Show, which is a 3D interactive arena where users can socialize, watch shows, and play games, at the same time as the update. As a result, observers claim the move is Tencent’s latest attempt to establish a footprint in the metaverse.
The decision also demonstrates Tencent’s commitment to resuscitate QQ, its second most popular messaging platform behind WeChat with 590 million monthly active users, which had fallen out of favor in recent years as Chinese netizens shifted their attention to short videos and other platforms.
In China, the metaverse is gaining traction. Although the country has not yet developed a national plan for the concept, like South Korea has, officials in some key cities have pushed businesses to investigate it. For example, one of four frontiers to explore in Shanghai’s future five-year plan is the metaverse.
The Super QQ Show is currently under testing by a small number of users. Tencent staff uploaded screenshots and video footage of the functionality. Which shows players dressing up their avatars in 3D, decorating their homes, and visiting others. Thus similar to Nintendo’s Animal Crossing video game franchise.
The Unreal Engine is utilized in successful games such as Bioshock and Mass Effect. Tencent owns a 40% share in Epic Games, which operates the engine in the United States. Last year, Epic Games was one of the first worldwide tech behemoths to make metaverse development a top priority. Epic’s flagship game, Fortnite, considered as one of the market’s leading metaverse initiatives.
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