- The British pound lost 300 pips to 153.00 on the BoE’s decision to keep rates unchanged at 0.10%.
- The BoE’s decision is based on a weaker labor market as the leave program ended in September.
- GBP/JPY: Key support/resistance area at 153.50, a daily close above would keep bulls in control, otherwise bearish.
GBP/JPY is slumping, down 1.50%, trading at 153.56 during the U.S. session at the time of writing. Market sentiment is upbeat as the Federal Reserve said it would begin reducing bond asset purchases by $15 billion in mid-November while delaying an interest rate hike.
Investors interpreted this as a signal to push stocks to new highs, while risk-sensitive currencies fell against the dollar.
The BoE and MPC decided to keep interest rates unchanged at 0.10 percent.
In terms of GBP/JPY, the Bank of England’s (BoE) Monetary Policy Committee (MPC) decided to keep interest rates unchanged at 0.10 percent on Thursday. Despite some members, including BoE Governor Bailey, expressing concerns about high inflation in the weeks leading up to the meeting.
According to the MPC statement, the reason for keeping the rate unchanged is that “it will be necessary to raise the Bank Rate in the coming months if data, particularly employment data, are in line with the forecast.” They went on to say that “the MPC continues to see value in waiting for official labor market data. After the end of the leave before deciding on tighter policy.”
The bank had spent £895 billion on asset purchases. In terms of high inflation, the Bank of England “predicts that inflation will peak at 4.80 percent in the second quarter of 2022.” Furthermore, based on market interest rates, the UK central bank forecasts two-year inflation at 2.23 percent.
Investors positioned in favor of a BoE rate hike, based on the GBP/JPY price action.
The GBP/JPY price action on Thursday shows that investors positioned for a BoE rate hike. But sterling collapsed as a result of the BoE disappointment. As GBP/JPY fell from 156.00 to 153.00, the average daily range (ADR) for the day is 300 pips.
It is worth noting that the pair briefly approached the 50-day moving average (DMA) at 153.00. And bounced, indicating that the market found buyers at that level. GBP/JPY bulls, on the other hand, would need a daily close above the July 29 high of 153.50 to maintain control. As a result of that result, a retest towards 154.00 is in play.
Failure at the aforementioned challenge, on the other hand, would open the door to another 153.00 challenge. A break of the latter would allow for further losses, exposing the 100 DMA at 152.60 and the 200 DMA at 151.74.
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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