Saxo APAC CEO: 'Huge Reaction' to Cryptocurrency Offering

Saxo APAC CEO: 'Huge Reaction' to Cryptocurrency Offering

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00:00
guess you've got to remain positive no matter what happens if you launch this offering good morning gracia what a great week to launch the offering very volatile a good test for all our systems but uh you know it's been uh it has definitely been an interesting market for the last uh the last seven days since we launched all right well what is your offering and indeed how long do you persist this weakness in that these cryptocurrencies to persist for at the moment again you've got to be upbeat here yeah well our offering is really uh it's
00:31
um a leveraged fx offering for the cryptocurrency so people will trade them just as they do any other leveraged fx uh product with us and we are only focusing to start with on on three of the coins that have been around for some time so bitcoin ethereum and uh and litecoin and we've had a huge uh reaction for that uh from our clients since we launched last week um but overall you know this week has been uh or last week has been a very challenging week for the market um a lot of a lot of people have been liquidated in their positions
01:02
especially people with highly leveraged positions on some of the futures exchanges out there which has been difficult that continued over the weekend although late on sunday we tended to get a bounce back so so for instance ethereum's bounced from below 1800 to around 2100 now bitcoins back up to around 35 and a half thousand having been down around 31 000. so overall you know i think we may be forming some sort of bottom uh for now in these and we may see some more choppy behavior but i think we're getting decent levels
01:32
to buy uh adam the sell-off and cryptocurrencies is that impacting sentiment generally against our risk assets are you seeing that it's a really great question has linda i'm not really seeing it yet it's interesting the markets haven't opened uh too weak uh today uh you you thought there may be some flow over into into things like aussie dollar or aussie yen in the fx or into the nasdaq uh futures but not so much as yet so no real
02:02
uh flow over but i guess we'll know a bit more once the u.s market's open whether that's going to see some liquidation there or not have you seen investors reassessing their asset allocation as a result of all the volatility i mean it's hard to stomach i mean 30 down 30 upper it's not for the faint-hearted it's really not for the faint-hearted and i think anyone you know with a with a reasonable asset allocation would have a very small asset allocation to crypto i don't think people uh are sitting out there irresponsibly
02:33
long in a lot of cases um and i think you know it's something which is a bit on the future and a bit on a new technology but i don't think it should make up so much of someone's portfolio that that these sorts of moves are going to be damaging to someone's own finances adam how you know away from the crypto side of things you know what are you focusing on i mean certainly the moment commodities markets have been roiled by china's comments about trying to get rid of any speculation out there as well having zero tolerance
03:05
and then that's playing out we're seeing a whole suede of them uh coming down yeah it's a it's a difficult time at the moment across those sorts of markets a lot of money has flowed into commodities certainly it's where i've been the most bullish myself and saxo overall i've been putting money into etfs on the commodity index and on the commodity producers and we are seeing some pullback in those markets at the moment but with uh ultra loose monetary policy and 120 billion dollars uh still flowing in from the to the fed
03:36
balance sheet each month yeah i think that there's still plenty of room for uh the commodity bets to to continue to the upside i'm more concerned about tech actually i think tech has a more uncertain future for me and i probably would like to be long commodities in short tech as an overall position well and also if we get any more hints as to when the federal reserve starts to perhaps wind down things it could have a huge huge shift in uh sentiment absolutely
04:08
rich i think look i think that that the the biggest danger to the markets now is a is a huge boom in employment uh which which brings forward any sort of taper i think there will be ongoing taper talk for the rest of this year uh and you've got to look at the employment numbers and the breadth of unemployment uh or employment gains uh rather than just the the you know the total number um to see when that tapering is going to occur adam take a talk or not the thing is
04:41
there's still no sign of inflation the way uh the fed defines it i mean how do you position for that and you know what's the inflation playbook it's a great question the the fed looks at the pec inflation which is out this friday i think so uh it'll be interesting to see how that compares to the cpi data that came out uh higher than expected uh earlier in the month and uh after that i think that we'll see you know some sort of reaction from the fed but they are discounting cpi at the
05:11
moment as they focus more on the breadth of employment gains and so i think that they will continue to do that but maybe the discussion around tapering will start to happen earlier than expected so we may start to get some discussion in q3 rather than perhaps in q4 or q1 next year as people originally expected and of course when you when you talk about all that we're bound to get some sort of normalization at some stage and the point is there's so much pent-up demand and we've got of course space effects
05:42
here which are going to show a massive massive uh comeback for major economies and most economies here as well but you've got to be looking further down the road to see whether that huge stimulus when it's gone can support momentum i think that's a i think that's a good point i think it's going to be very difficult as that stimulus gets unwound for economies to maintain their pace of growth and i think certainly for markets it's going to be a very difficult time across all the markets as that uh as that pace of qe gets unwound
06:13
but we're still going to have significant fiscal stimulus uh ongoing especially if the infrastructure package goes through in the us and i don't see people i don't see governments able to unwind their fiscal position anytime in the near future

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