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02/22/2022

Ukraine's hryvnia currency weakened by more than 1% from the beginning of the trading session on Tuesday after Russia formally recognised the independence of two regions of eastern Ukraine, Refinitiv data showed.

The rate slipped below 29 to the dollar, sinking back to last month's level. In February, the hryvnia had strengthened slightly and approached 28/$1 on hopes that intense diplomatic talks could lead to a peaceful resolution of the eight-year-old conflict in eastern Ukraine.

The currency has weakened about 6.5% since the start of the year because of foreign capital outflows amid growing concerns over Russian troop movements near Ukraine's borders and fears Russia is preparing for a military attack against Ukraine. The Kremlin has denied that.

02/22/2022

The dollar was up on Tuesday morning in Asia as Russia recognized two breakaway parts of eastern Ukraine, increasing concerns of a major war.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged up 0.15% to $96.168 by 10:11 PM ET (3:11 AM GMT).

The USD/JPY pair inched down 0.10% to 114.63.

The AUD/USD pair inched up 0.03% to 0.7192 while the NZD/USD pair inched up 0.09% to 0.6704.

The USD/CNY pair inched up 0.09% to 6.3408, and the GBP/USD pair inched down 0.09% to 1.3584.

Investors turn to safe-haven assets as Russia and Ukraine tension escalates. The euro dipped about 0.1% to a one-week low of $1.1297 while the Swiss franc, another safe-haven, hit a one-month high overnight.

"It is remarkably restrained...but in these circumstances risk metrics are the driving force," NAB head of foreign exchange strategy Ray Attrill told Reuters.

Russian President Vladimir Putin recognized two breakaway regions in eastern Ukraine as independent on Monday and ordered the deployment of troops to the areas.

Whether the action was the start of an invasion of Ukraine is not clear yet, but the West has begun to respond by preparing sanctions.

The Russian robule extended its slide on Tuesday after it tanked more than 3% against dollar on Monday.

"The sharp sell-off in Russian assets is a stark reminder that tension remains super high and risk sentiment is being hit across equity, credit and bond markets," Westpac analysts said in a note.

“However, the commodity story remains super supportive though and we are in the middle of miner dividend season meaning that we are likely set for more rangy price action around $0.72,” the note added.

Cryptocurrencies were also under pressure, with bitcoin sitting its near three-month low at $37,112.

02/22/2022

MOSCOW (Reuters) - The rouble rebounded from its weakest level in nearly two years to strengthen in volatile trading while Russian stocks slumped on Tuesday after Moscow sent troops to two breakaway regions in eastern Ukraine after recognising them as independent.

Putin's announcement on Monday drew immediate international condemnation and the West is now expected to announce new coordinated sanctions against Russia.

These could, for instance, target major financial institutions, block Russia's access to electronics supplies, or curb the operations of its energy firms.

The rouble weakened to 80.97 against the dollar, a level last seen on March 23, 2020, before rebounding to stand 0.9% higher at 79.05 as of 1117 GMT.

That resurgence came as Russia said it would only recognise the regions' independence within the boundaries that the Moscow-backed separatists currently control, and as Ukrainian President Volodymyr Zelenskiy played down the prospect of a large-scale conflict with Russia.

"There was a headline that just hit that they (Russia) are recognising the borders where they have authority, so markets are rallying on that," said Peter Kisler, emerging market fund manager at Trium Capital.

"We are not in the clear - but that gives a path to de-escalation."

The Russian central bank said it was ready to take all necessary measures to support financial stability, and analysts said currency market interventions to limit rouble losses were one of the options on the table.

The central bank did not respond to a request for comment.

Against the euro, the rouble was 0.4% stronger at 89.84, having earlier hit 91.4475, its weakest level since April 2021.

RUSSIA SELL-OFF

On Monday, the rouble had suffered its biggest one-day drop since the outbreak of the COVID-19 pandemic. Russian markets plunged on Western fears that Putin's moves - to recognise the independence of the two regions collectively known as the Donbass and send in forces to "keep the peace" - might presage a major war.

"It was nothing but a disaster yesterday – news that the conflict with Ukraine in Donbass could be turning hot triggered a massive sell-off in all types of assets," BCS Global Markets said in a note.

Russian OFZ bonds fell further on Tuesday, with yields on 10-year OFZ bonds, which move inversely to prices, hitting their highest since early 2016.

"The market situation is really tense. Non-residents are likely to cut their positions (in OFZs) despite (lower) prices and buy foreign currency instead ... Rouble positions will depend on sanctions," said Georgiy Vaschenko, head of trading on the Russian stock market at the Freedom Finance brokerage.

OFZ bonds used to be popular among foreign investors due to their relatively high yields, but non-residents have cut exposure to Russia in recent months.

Brent crude oil, a global benchmark for Russia's main export, was up 2.8% at $98.11 a barrel, but that did little to support Russian assets. When oil prices were last near current levels in September 2014, the rouble stood around 40 to the dollar.

The dollar-denominated RTS index fell 3.9% to 1,160.3 points after hitting 1,075.98, its lowest since November 2020. The rouble-based MOEX Russian index was 4.1% lower at 2,913.9 points.

"Today the market direction will be set by the West's decision on sanctions, and a second round of falling cannot be ruled out," Sinara Investment Bank said in a note.

02/07/2022

Have a good day

02/04/2022

MoneyGram International, Inc. (NASDAQ: MGI) a global leader in the evolution of digital P2P payments, today was named a recipient of the 2022 Top Workplaces USA award, an honor based entirely on employee feedback as part of Top Workplaces, the leading employer recognition program in the U.S.

To determine the 2022 Top Workplaces USA winners, Energage, an employee engagement platform and technology company, administered anonymous third-party surveys to measure various culture drivers. These included alignment with the company strategy, opportunities for career growth and development, and confidence in the company’s trajectory.

"It's an exciting time to be at MoneyGram, and it's thrilling to receive this recognition that celebrates our people-centered culture," said Alex Holmes, MoneyGram Chairman and CEO.

"I'm proud of our diverse and global team that serves customers with excellence and drives cross-border payment innovation. As our company continues to evolve, I'm excited that our culture is attracting top-talent across multiple industries to drive further innovation and growth." In November of 2021, MoneyGram was recognized as one of the Top 100 Places to Work and Top 25 Places to Work out of large companies in Dallas by The Dallas Morning News. This award was also part of the Top Workplaces program and based solely on employee feedback gathered through the Energage employee engagement survey.

02/04/2022

In the ‘Sights and Sounds‘ collection, fans will be able to find exclusive festival photos and never before heard soundscapes from the Polo Fields. By minting these, users will receive 1 of 10 combinations. In total, there are 10,000 NFTs available for grabs.

Coachella teamed up with FTX to build the marketplace on Solana’s blockchain. Part of the funds from each NFT sold will be donated to Give Directly, Lideres Campesinas, and Find Food Bank, with an additional percentage going to the creators involved in the project.

The sale opens on the 4th of February, at 10 a.m. PT.

Introducing Coachella Collectibles NFTs Lifetime festival passes, digital collectibles redeemable for physical items & more available Friday at 10am PT at https://t.co/D8v4cD04wc Explore our debut collections pic.twitter.com/eEPdVvxPhg
— Coachella () February 1, 2022

On the Flipside
Ye, formerly known as Kanye West, will one of the major performers at Coachella 2022. He recently opposed NFTs on Instagram, saying that his focus is on building “real products in the real world.”
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02/04/2022

The metaverse is the future and Looking Glass Labs (LGL), which specializes in non-fungible token (NFT) architecture, immersive extended reality (XR) metaverse design and virtual asset royalty streams, is poised to be the leader in the space.

LGL recently completed a remarkable initial public offering (IPO) on the NEO Exchange, becoming the first NFT-focused public company of its kind. In November, Looking Glass Labs closed a non-brokered private placement of 5 million units of the company. The units were offered at the price of CAD 0.50 each, generating CAD 2.5 million . The proceeds from the offering will be used as working capital for the digital company and the hold period for these securities will expire on March 11, 2022.

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