- USD/JPY declines from yearly highs near 115.00 as USD bulls take a breather.
- Money market futures have fully discounted a 25 basis point Fed rate hike by July 2022.
- 10-year US Treasury yields and the US dollar remain sideways on the session, strengthening the Japanese yen.
USD/JPY struggles with the 115.00 level, losing 0.24%, trading at 114.55 during the U.S. session at the time of writing. Sentiment-wise, the market is mixed as European stocks fluctuate between gains and losses.
USD/JPY made an attempt to break through 115.00. It lacked the strength to overcome severe resistance, so it retreated to Wednesday’s daily pivot point of 114.57. Where it encountered some buying pressure and jumped to the 114.70 level.
The US dollar index, stable around 95.90, USD bulls prepare an attack towards 96.00.
Meanwhile, money market futures have entirely discounted a rate hike by the US central bank of 25 basis points by July 2022. A month after the Fed finishes buying assets.
Following a 30-year high in the US CPI, investors believe the Fed will need to intervene fast to slow the bond market’s price surge, which is reflecting the CPI rise. Furthermore, the 10-year US Treasury yield has risen one basis point to 1.64 percent, serving as a headwind for the USD/JPY.
Supported by US 10-year yields, the US dollar index. Which gauges the greenback’s performance against a basket of rivals, is trading flat at 95.90 for the day.
Japanese economic docket showed export growth slows to an 8-month low
Leaving that aside, the Japanese economic calendar revealed that export growth had slowed to an 8-month low as auto demand slowed due to global supply restrictions affecting Japanese manufacturers.
“While automakers plan’revenge production’ in November and December, clouds still hang overhead: the semiconductor shortage will last at least until the end of the year, and no one knows whether automakers’ plans to avoid the impact of chip shortages by adjusting their supply chains would be successful,” according to sources quoted by Reuters.
Housing reports were mixed on the economic front in the United States, but investors appear to be ignoring them. Building permits increased to 1.65 million in October, exceeding experts’ expectations of 1.638 million. Housing starts, on the other hand, dropped to 1.52 million in the same period, falling short of the 1.576 million forecast.
As a result, the dynamics of US bond yields, which serve as a tailwind for the pair, strengthen USD/JPY. If the 10-year yield remains stable, bulls in the Japanese yen may be able to push the pair lower. USD bulls, on the other hand, appear to be taking a breather before beginning an assault on 115.00.
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.
Whales Club is a new NFT community
Sensorium launches metaverse streaming channel
Snapple unveils metaverse extension
Cryonauts are 10,000 unique NFTs to come
Samsung to unveil new space in Fortnite
Ocean Park releases new metaverse game
MonsterFactoryX is a new NFT project
Blockchain Economy Istanbul Makes Big Impact With Top Names
Apple May Have Changed Its Tone on The Metaverse After All
A Whole Franchise From Square Enix is Coming to the Metaverse
Gaming is Undergoing a Revolution, and UnixX is Playing a Role
METAG Token and MetaGamz News
TreasureDAO Exploit Reveals Problems at Core of NFT on the Platform
McDonalds Is Getting in on the Virtual Food Game and It’s Epic…
Gaming News3 days ago
Gunbrella is Coming to Steam and Nintendo Switch in 2023
Gaming News4 days ago
Sea of Stars is Coming to Windows and PS5 in Early 2023
Gaming News2 days ago
Creature Keeper Will be Released in Late 2023: We Can’t Wait
Gaming News3 days ago
Everspace 2 is the Sequel to the ROCKFISH Title of 2016
Gaming News12 hours ago
Ravenlok is a Magical Thrill Ride Coming in Early 2023
Gaming News12 hours ago
Skate Story is Coming to Windows and MAC in Summer of 2023
Gaming News5 days ago
Interactive Life-Sim Dating Game “Eternights” Comes in 2023
Gaming News5 days ago
Bounty Star is the Latest Upcoming Release From DINOGOD