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The Bank of England has released its quarterly inflation report on 8th February 2018

  • 2.16% seen in two year’s time
  • 2.11% seen in three year’s time
Bank of England says that they are returning to targeting inflation at a two-year horizon. These above readings for two and three year’s time are for Q1 respectively.

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Qatar Central Bank issues circular against Bitcoin or other cryptocurrencies

In an announcement sent to all banks working in the country, Qatar Central Bank said that trading Bitcoin isn’t permitted in Qatar and penalties will be applied if the circular is not followed.

Active trading in Bitcoin have been seen in a few countries, yet it is an illegal currency on the grounds that there is no financial backing from any central bank or an government on the world to trade their value for cash money and cleared for payment for the products exchanged comprehensively or for gold, the announcement said.

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•GBP/JPY shown a minor jump above 153 and started to decline sharply from that level. The Japanese yen was trading g strong against all majors for the past two days on global equity sell-off. USD/JPY has started to fall after a minor jump till 109.71 level. The pair hits low of 151.68 and is currently trading around 151.96.

•The pair is trading slightly below trend line support at 152.45 and this confirms weakness, a decline till 150.20/150 is possible.
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Kohn joins Bank of England

Donald Kohn was once a favourite to replace Alan Greenspan but left the Fed in the Bernanke years.

He’s been on the BOE’s FPC and will remain there for another 3 years according to a UK government statement. Martin Taylor was also anointed for a mini-term of 12-15 months.

According to the BOE, the Financial Policy Committee (FPC) identifies, monitors and takes action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system.

This is an item on BTC from the Australian press on efforts to send the  Bitcoin price down

But first, what is jawboning?

Foreign exchange traders have long been used to “jawboning” from central bankers – that is, using carefully selected words to suggest that they are unhappy with the level their currency is trading at, usually because they consider it over-valued.

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JP Morgan’s chief executive Jamie Dimon spoke in an interview with Fox Business earlier today

Last year, he said that people who bought Bitcoin was stupid – saying that it was a fraud. Here was some of his comments at the time:

The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.
How quickly things have changed, really. It is reported in the interview he said that “blockchain is real” and that that initial coin offerings (ICOs) need to be reviewed individually.

But he still insists that he’s not interested in the subject at all. Right, “not interested”.

President Ronald Reagan’s Former Director of the Office of Management David Stockman has told CNBC’s Futures Now in an interview that investors in the cryptocurrency market are “stupid speculators” and will suffer a “spectacular crash.”

Stockman stated:

“It’s basically a class of really stupid speculators who have convinced themselves that trees grow to the sky. It will burn out in a spectacular crash. All of these latter-day speculators will have their hands burned to a crisp, and they will learn the proper lesson.”

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Cracks are starting to appear in bitcoin’s breathtaking rally.

The cryptocurrency slumped to as low as $13,130 on Friday morning in Asia, according to That’s a more than 30% drop in less than a week, having been on the cusp of breaching $20,000 last Sunday.

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* BOJ keeps policy steady as expected

* Comments from BOJ‘s Kuroda contain no surprises

* Dollar supported vs yen after tax bill passed

The dollar hit a nine-day high against the yen on Thursday, after comments by Bank of Japan Governor Haruhiko Kuroda reinforced expectations that the BOJ was in no hurry to move away from its ultra-loose monetary policy.

Some investors had expected hints that policy might be coming to an end and that the BOJ‘s yield target for Japanese government bonds might be raised, after a recent speech by Kuroda that referred to the negative effects of ultra-expansionary monetary policy. Continue reading

South Korea’s Youbit files for bankruptcy after suffering a second cyber attack in 8 months

Youbit is a cryptocurrency exchange in South Korea and announces its plans to file for bankruptcy after 17% of its digital currency reserves were hacked. It says that its systems were hacked in the predawn hours of Tuesday.
The exchange trades in 10 cryptocurrencies, which includes Bitcoin and Ethereum.
Users of the exchange were told they can withdraw about 75% of their cryptocurrency for now, while the remaining balances would be returned after the company goes through its bankruptcy proceedings.
The constant threat of hacking and cyber attacks have been a thorn to cryptocurrency exchanges/miners. Earlier in the month, Bitfinex – a Taiwan-based exchange – came out to say that it is constantly under threats of a cyber attack. Then, we also had NiceHash – a Slovenian crypto-mining company – got about $70 million worth of Bitcoin stolen.


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