Breaking
Wealth World News
Archive

2024

Browsing
Politics

Harris likens Trump to Hitler in scathing remarks, says he wants same military loyalty as German dictator

Vice President Harris brought Hitler into the campaign in a brutal criticism of former President Trump, accusing him of seeking the same fealty from the US military that the German Wermacht swore to the fascist tyrant.

‘Donald Trump is out for unchecked power. He wants a military like Adolf Hitler had, who will be loyal to him, not our Constitution,’ Harris tweeted Wednesday. ‘He is unhinged, unstable, and given a second term, there would be no one to stop him from pursuing his worst impulses.’

In brief remarks Wednesday at the official vice presidential residence in Washington, Harris accepted the claim of former Trump White House Chief of Staff John Kelly, who said Trump wanted ‘Hitler’s generals.’ Harris said her GOP opponent is ‘unhinged’ and seeks ‘unchecked power.’

‘It is clear from John Kelly’s words that Donald Trump is someone who, I quote, ‘certainly falls into the general definition of fascists,’ who in fact vowed to be a dictator on day one and vowed to use the military as his personal militia to carry out his personal and political vendettas,’ Harris said. ‘Donald Trump is increasingly unhinged and unstable, and in a second term, people like John Kelly would not be there to be the guardrails against his propensities and his actions.’ Kelly spoke to the New York Times and The Atlantic

Kelly, the retired Marine general who worked for Trump in the White House from 2017 to 2019, told the Times and The Atlantic that the Republican presidential nominee meets the definition of a fascist and that while in office, Trump suggested that Nazi leader Adolf Hitler ‘did some good things.’

‘Donald Trump said that because he does not want a military that is loyal to the United States Constitution,’ Harris said Wednesday. ‘He wants a military that is loyal to him. He wants a military who will be loyal to him personally, one that will obey his orders, even when he tells them to break the law or abandon their oath to the Constitution of the United States.’ 

Trump’s campaign did not immediately respond to a request for comment. But Trump reacted via his Truth social media platform, referencing the persecution of Christians in Azerbaijan.

‘Kamala Harris did NOTHING as 120,000 Armenian Christians were horrifically persecuted and forcibly displaced in Artsakh. Christians around the World will not be safe if Kamala Harris is President of the United States. When I am President, I will protect persecuted Christians, I will work to stop the violence and ethnic cleansing, and we will restore PEACE between Armenia and Azerbaijan.’

In a separate post, he called Kelly a ‘total degenerate’ who has ‘Trump Derangement Syndrome.’

Harris also targeted Trump’s remarks describing an ‘enemy from within.’ The Democratic nominee said it was ‘deeply troubling and incredibly dangerous’ that Trump ‘would invoke Adolf Hitler, the man who is responsible for the deaths of 6 million Jews and hundreds of thousands of Americans.’ 

‘Those who once tried to stop him from pursuing his worst impulses would no longer be there, and no longer be there to rein him in,’ Harris said of Trump possibly being re-elected on Nov. 5. ‘The bottom line is this: We know what Donald Trump wants. He wants unchecked power. The question in 13 days will be, what do the American people want?’ 

Kash Patel, who served several roles in the Trump administration, reacted to Harris’ remarks, defending the 45th president’s record as commander-in-chief after Kelly’s disparaging interviews. 

‘They want to call him Hitler and print out more disinformation,’ Patel said. ‘I guess that’s all they got because Kamala Harris could have brought the hostages home right now in Israel from a war she started with $7 billion she gave to Iran, and she hasn’t brought home any of them. She started two more world wars.’ 

Patel said he observed Trump ‘withdraw out of multiple theatres of conflict,’ ‘a commander-in-chief who brought home over 50 hostages and detainees from around the world, more than any president before him combined,’ and how Trump attended almost every dignified transfer and ‘spent countless hours with the families of the fallen’ and give them the needed financial assistance. 

The Associated Press contributed to this report.

This post appeared first on FOX NEWS
Keep Reading
By
Politics

Putin welcomes Iran, India, China to BRICS Summit to discuss ‘new world order’ to challenge the West

This week, Russian President Vladimir Putin convened more than two dozen countries to discuss a ‘new world order’ free from Western hegemony and the global dominance of the U.S. dollar. 

From Tuesday to Thursday, some two dozen members will descend on Kazan, Russia, for this year’s BRICS Summit — offering Putin his biggest global platform since Russia invaded Ukraine in 2022. 

By reducing reliance on the dollar, the alliance hopes to evade sanctions imposed by the U.S. and the West.

‘The dollar is being used as a weapon,’ Putin said at the summit. ‘We really see that this is so. I think that this is a big mistake by those who do this.’ 

In a pivotal move, Chinese President Xi Jinping and Indian Prime Minister Narendra Modi used the summit to showcase their hopes for a more harmonious relationship after decades of cross-border strife. 

It came days after China and India agreed to a deal meant to bring to a close their four-year military standoff over the disputed Himalayan region. 

‘Russia-China cooperation in international affairs is one of the main stabilizing factors in the world,’ Putin told Xi at the summit. 

Meanwhile, India has been propping up Russia’s economy by purchasing discounted oil that has been sanctioned by much of the rest of the world. 

BRICS — which stands for Brazil, Russia, India, China and South Africa — was an idea thought up by Goldman Sachs analysts to describe the growing economic hegemony of China and other emerging markets.

The group is rapidly expanding: Iran, Egypt, Ethiopia, the United Arab Emirates and Saudi Arabia joined in January. Turkey, Azerbaijan and Malaysia formally applied — Turkey being the first NATO member to take an interest in the group. Pakistan has also expressed an interest in joining the group.

The alliance now makes up half of the world’s population and 35% of global output. 

Some member states like Egypt receive U.S. military aid and the United Arab Emirates (UAE) hosts U.S. military bases. 

Russian officials already view the three-day summit as a massive success: Putin’s foreign policy aide Yuri Ushakov said 36 countries confirmed participation and 24 will send representatives. 

Russia is also courting more nations to join a payment system that would serve as an alternative to SWIFT, which has been used to sanction Russian officials by the West.

While Russia is pushing an anti-western agenda at the summit, members like Brazil, India and South Africa want a less combative tone. They believe the alliance should be used to tailor international institutions to meet the needs of the Global South. They believe they could work to reform the World Bank and the International Monetary Fund to serve the needs of the developing world. 

Creating an alternative to SWIFT would require BRICS-based currencies and financial institutions to conduct international business — and so far BRICS members have not presented a clear plan to replace the dollar. 

Iranian President Masoud Pezeshkian said in an address to the summit that BRICS must act as more than a ‘dialogue club,’ and said that 15 years after the creation of the alliance, many of its goals remain unfulfilled. 

He tore into the West’s increasingly frequent threat of sanctions. 

‘Over more than three decades since the collapse of the bipolar system, it has become increasingly clear that from the perspective of Western powers, peace, democracy, prosperity, and development can only be achieved through pathways defined by them,’ he said.

‘This monopolistic outlook has resulted in increased violence, war, and terrorism on the one hand, and unprecedented use of economic and political sanctions on the other.’

Dollar assets currently comprise around 59% of global foreign currency reserves, down from 70% in 1999. 

Former President Donald Trump has promised ‘100% tariffs’ on nations that snub the U.S. dollar, arguing that losing the dollar as the world currency would be like ‘losing a war.’ 

‘I was a user of sanctions, but I put them on and take them off as quickly as possible, because ultimately it kills your dollar, and it kills everything the dollar represents. And we have to continue to have that be the world currency. I think it’s important. I think it would be losing a war, if we lost the dollar as the world currency,’ he told the Economic Club in New York in September. 

‘That would make us a Third World country. You’re losing Russia. China is out there trying to get their currency to be the dominant currency.’

This post appeared first on FOX NEWS
Keep Reading
By
Business

Warren Buffett — worried about impersonators — says he doesn’t endorse candidates or investments

Warren Buffett is worried about a rise in impersonators looking to capitalize on his name by purporting to be him recommending an investment product or political candidate on social media. So much so that Berkshire Hathaway made the rare move of adding a statement on the matter to the front page of its website.

The statement reads:

“In light of the increased usage of social media, there have been numerous fraudulent claims regarding Mr. Buffett’s endorsement of investment products as well as his endorsement and support of political candidates. Mr. Buffett does not currently and will not prospectively endorse investment products or endorse and support political candidates.”

The chairman and CEO of Berkshire elaborated to CNBC’s Becky Quick, saying: “I’m worried about people impersonating me and that’s why we put that on the Berkshire Web site. Nobody should believe anybody saying I’m telling them how to invest or how to vote.”

Buffett’s statement comes during a tense political season with a deadlocked presidential race between Vice President Kamala Harris and former President Donald Trump that’s divided big names on Wall Street and in Silicon Valley like Elon Musk, Bill Ackman and Mark Cuban. The New York Times reported Tuesday that Bill Gates is privately supporting Harris with a $50 million donation to a nonprofit backing her candidacy.

There’s also a broader concern about so-called deep fakes, using artificial intelligence to impersonate influential people for commercial gain or other uses with the image or videos looking closer and closer to reality because of advancements in the technology. For those familiar with the investment legend’s viewpoints, any endorsement by Buffett of an investing product or cryptocurrency would be met with skepticism since he famously shuns bitcoin and largely recommends that regular investors buy low-cost index funds.

But Buffett wants to make sure everyone knows he would never do something like that. His actions were triggered in part by a fake political endorsement on Meta’s Instagram that was brought to his attention.

“I don’t even know how to get on Instagram,” he told CNBC, adding he wanted to make sure people realize “anything they see with my image or my voice, it just ain’t me.”

— With reporting by Becky Quick and Lacy O’Toole.

This post appeared first on NBC NEWS
Keep Reading
By
Sports

Five teams who were snubbed in preseason men’s basketball poll

Like all clichés, there’s more than an element of truth in the coaching adage that it isn’t important where you start but where you finish. It’s especially applicable to preseason polls, which are based strictly on potential, since by definition nobody has actually seen any of these teams as currently constructed in actual competition.

All of which is to say that by the time the men’s basketball season concludes next April, the final coaches’ poll is going to look a lot different from the preseason version just released.

But that reality every year never stops us from trying to have a little fun. Once again, we’ll try to identify a few teams that didn’t crack the initial top 25 but could end up there when trophies are awarded and the nets are cut down.

Texas Tech

In a league where five teams occupy the top nine spots in the preseason poll, there are going to be some ups and downs during conference play. But the journey in the Big 12 should help get the Red Raiders battle-tested when the time comes to make a tournament run. The foundation of their success under Grant McCasland and predecessors Mark Adams and Chris Beard was defense. That won’t change this year. But there will be enough scoring to win games with holdover Darrion Williams getting help from transfers JT Toppin (New Mexico) and Elijah Hawkins (Minnesota).

Rutgers

The Scarlet Knights weren’t totally snubbed, as they appeared on enough ballots to finish second among others receiving votes. The hype for Rutgers is based largely on the arrival of a pair of top-five recruits. One is Dylan Harper, brother of former Knights standout Ron Harper Jr., who has the genes to step in immediately to run the point. The other is Ace Bailey, an athletic swingman ranked second only to Duke commit Cooper Flagg by many recruiting outlets. Those two along with Jeremiah Williams, who averaged 12.2 points despite missing a huge chunk of last season due to injury, could make some noise in a Big Ten that is more wide open this year.

ROCK CHALK: Kansas starts preseason men’s basketball poll at No. 1

IN-DEPTH: Season outlooks for every team in the preseason Top 25

Xavier

It’s easy to overlook the Musketeers if you look at last season’s 16-18 record. But the team was hit by an injury crisis and limped its way to finishing in the middle of the pack in the Big East. Should the group stay healthy this year, it has the talent to make a run at finishing second behind Connecticut in the league. It starts with the return of big man Zach Freemantle, who has missed the better part of two seasons. He provides a presence in the middle and has support on the perimeter from returning starter Dayvion McKnight. Sean Miller brought in a host of transfers to make the team deeper, including Ryan Conwell (Indiana State), Dante Maddox (Toledo) and Marcus Foster (Furman).

Wake Forest

Honestly, every ACC team not named Duke or North Carolina could have appeared on the snub list. We’ll concede that some skepticism is warranted for the Demon Deacons, who haven’t been dancing since 2017. But the pieces might be in place to end the drought under fifth-year coach Steve Forbes. The optimism starts with Hunter Sallis (18-0 ppg), who went through the NBA draft evaluation process but decided to return to Winston-Salem. Also returning are backcourt mate Cam Hildreth, who played with a broken wrist for much of last season but still managed to put up 13.8 points a game, and center Efton Reid III (9.6 ppg, 7.9 rpg).

Boise State

The Mountain West advanced six teams into the tournament and had two teams ranked on Selection Sunday. There are none in this year’s preseason poll, which seems like an obvious oversight for a league that produced such high-quality teams. The Broncos were voted the favorites to win the league with Tyson Degenhart and O’Mar Stanley as the two major reasons. Degenhart (16.7 ppg, 6.2 rpg) is the conference’s preseason player of the year and is joined on the first team by Stanley and San Jose State transfer Alvaro Cardenas. Another addition from the portal who could provide scoring punch is Javan Buchanan, who played for NAIA school Indiana Wesleyan.

This post appeared first on USA TODAY
Keep Reading
By
Sports

Obama appeals to young voters in podcast with Pacers star

During an appearance on “The Young Man & the Three” basketball podcast, former President Barack Obama urged young people — specifically addressing young, male voters — to vote in the upcoming election.

“I think that’s the main message that I have for folks,” Obama said during the episode, “it’s not that hard to vote.”

Obama has been on the campaign trail, stumping for Vice President Kamala Harris, the Democratic nominee opposing former President Donald Trump, the Republican nominee. With the general election fewer than two weeks away, Harris and the Democrats have been trying to reach young men of color.

Indiana Pacers All-Star point guard Tyrese Haliburton and podcaster Tommy Alter led the conversation with Obama in the podcast, which published Wednesday morning.

Obama acknowledged the challenges facing young men in the country today, alluding to lingering effects of the financial crisis and COVID-19 pandemic against the pressures to own a home and support a family amid rising costs.

“A lot of young men today are coming out of school feeling like, ‘It’s going to be hard for me to match what my parents achieved,’ ” Obama said. “That the factories have closed, or that a lot of the jobs that used to be available if you didn’t have a college degree aren’t there. Or maybe even if you’ve got a college degree, maybe because of cost of living, it’s going to be hard for me to buy a house or support a family in the same way. So, they get frustrated, and I get that.

“The thing I always try to explain to folks is that politics is not going to solve all problems all at once. The reason you vote is because you vote for somebody who can see you, knows your life, cares about you, and they’re going to be making a million decisions during the course of their presidency and are they always keeping you in mind and what’s good for you when they’re making those decisions.”

Obama used his presidency as an example. He raised the passing of the Affordable Care Act, which insured millions of Americans who otherwise did not have coverage, and also mentioned the prosecution of non-violent drug offenses and how it affected racial inequities in the penal system.

 “The idea that we wouldn’t just spend half an hour to vote,” Obama said, before addressing young people. “ ‘So, let me get this straight: you’re not going to vote, which means old people decide your future. You wouldn’t do that about your music. You wouldn’t do that about your clothes. But you’re going to let them decide what your future, your potential careers, what the environment’s going to look like? You’re going to let them decide that? You’re just going to opt out? That doesn’t make any sense.”

During the podcast, Obama also directly criticized Trump, saying he’s “not somebody who is going to work hard on behalf of ordinary people” and his belief that Trump’s agenda “is basically about himself, his status, his ego, his self-promotion.”

This post appeared first on USA TODAY
Keep Reading
By
Sports

Apple TV has high hopes for Lionel Messi’s first MLS playoff game

Messi and Inter Miami will host Atlanta United on Friday at 8:30 p.m. ET inside Chase Stadium in Fort Lauderdale, Florida to begin their best-of-three first-round series in the MLS Cup playoffs.

The storylines are juicy for this game: Atlanta is just one of four teams to beat Inter Miami this season, and played them to a 2-2 draw last month. Inter Miami coach Tata Martino will pursue his second MLS Cup title after helping Atlanta win during its inaugural season in 2018.

And of course, there’s Messi. The Argentine World Cup champion is a MLS MVP favorite and the biggest draw in the sport.

“Lionel Messi wants to beat your brains in, and he’s got his friends with him to do so,” Apple TV’s Taylor Twellman said during a press briefing on Wednesday. “I think Atlanta is up against it. [Interim coach] Rob Valentino knows that, and I think Miami expects to be hosting MLS Cup on December 7th.”

How to watch Inter Miami vs. Atlanta United live stream

The match will available for free via MLS Season Pass on Apple TV.

It will be broadcast on Apple.com, in Times Square in New York City and at Apple stores around the world, the company announced.

“We’ll make this match the most widely distributed match in MLS Season Pass history, bringing this match to as many fans as possible around the globe.” said Emeka Ofodile, Apple Global Head of Sports Marketing.

Inter Miami playoff preview

Inter Miami enters the playoffs as MLS Supporters’ Shield champions. They produced the best record in MLS history, setting a new mark of 74 points from 22 wins, eight draws and four losses. Messi and Luis Suarez also became the first teammates in MLS history to each score 20 goals in a season.

“Tata Martino with Atlanta United in 2017 and 2018, they changed the perception of what an expansion team can be in Major League Soccer. Now, Tata Martino with Inter Miami is changing the perception of what a team can do and how ambitious a club can be in Major League Soccer, setting a new points record with Lionel Messi, with Luis Suarez, Jordi Alba, Sergio Busquets, and so many other talented players,” Apple TV lead play-by-play announcer Jake Zivin said.

“Game 1 is going to be rocking at Chase Stadium. Game 2 is going to be incredible. Maybe, a Game 3 as well.”

Atlanta United playoff preview

Atlanta endured a late comeback to win 2-2 (5-4 in penalty kicks) on the road against CF Montreal in the Eastern Conference wild card match on Tuesday for a shot against Messi and Inter Miami.

Atlanta United squeezed into the No. 9 seed with wins in its final two matches, and a 3-0 loss by DC United on Decision Day. The club has six wins, six draws and six losses since Rob Valentino was named interim coach in June.

“When a team gets hot at the end of the year, they can do anything. And this Atlanta United team, they’re going to be flying,” Zivin said. “They were in 12th place, entering Decision Day. And now, boom, they’re meeting Messi. I think it’s an extremely compelling matchup. I can’t wait for Friday night.”

Inter Miami vs. Atlanta United betting odds

Here are the BETMGM moneyline odds: Inter Miami (-210); Atlanta (+425); Draw after regulation (+400). The over/under is set at 3.5 goals.

Gannett may earn revenue from sports betting operators for audience referrals to betting services. Sports betting operators have no influence over nor are any such revenues in any way dependent on or linked to the newsrooms or news coverage. Terms apply, see operator site for Terms and Conditions. If you or someone you know has a gambling problem, help is available. Call the National Council on Problem Gambling 24/7 at 1-800-GAMBLER (NJ, OH), 1-800-522-4700 (CO), 1-800-BETS-OFF (IA), 1-800-9-WITH-IT (IN). Must be 21 or older to gamble. Sports betting and gambling are not legal in all locations. Be sure to comply with laws applicable where you reside.

This post appeared first on USA TODAY
Keep Reading
By
Sports

When is Puka Nacua going to play? Latest injury news on Rams WR

The Los Angeles Rams are 2-4 heading into their ‘Thursday Night Football’ matchup with the Minnesota Vikings in Week 8. It has been a frustrating start to the season for the Rams.

In Week 2, they lost wide receiver Cooper Kupp to a high ankle sprain.

The Rams had already faced a significant blow to their offense when Puka Nacua limped off the field before halftime in Week 1. Last season, Nacua set rookie records for receptions (105) and receiving yards (1,486). The yardage record had stood for 63 years. Nacua has been on injured reserve since the Rams’ season opener.

Here’s the latest on Puka Nacua’s injury and potential return:

When will Puka Nacua return?

On Tuesday, Oct. 22, the Rams announced that Puka Nacua had been officially designated to return from IR. He returned to practice and is working his way back from a Grade-2 PCL strain.

NFL STATS CENTRAL: The latest NFL scores, schedules, odds, stats and more.

He could return as soon as Week 8 on Thursday against the Vikings. The Rams have listed him as questionable after he logged back-to-back limited practices.

Offensive coordinator Mike LaFleur told reporters on Oct. 22 that Nacua’s status for Thursday night’s game is to be determined. He noted that the 23-year-old receiver hadn’t practiced at full speed in a long time. LaFleur stated, ‘Haven’t seen him out on the field since that Detroit game Sunday night, so just to have him at least standing by us and designated to return, it’s a pretty good deal.’

With Kupp expected to return Thursday, the Rams may take a precautionary approach with Nacua. Los Angeles plays on the road against the Seahawks on Sunday in Week 9. It’s plausible that the Rams will ease him back into practice this week and look for Nacua to log full practices leading up to their divisional showdown with Seattle.

When was Puka Nacua’s injury?

Nacua suffered his injury in Week 1 of the 2024 NFL season when the Rams played the Detroit Lions.

Nacua limped off the field after making a sliding catch on a third-down play in the first half. He rose slowly from the turf and limped to the sideline before the training staff looked at him.

Nacua’s injury was likely pre-existing. He missed a significant amount of time during training camp due to a knee injury but returned to practice on Aug. 26 and was listed as a full participant in practice in the days leading up to Week 1.

His Grade-2 PCL strain did not require surgery. Nacua has been rehabbing with the team and trainers.

Rams WR depth chart

With Cooper Kupp set to return in Week 8 and Puka Nacua still sidelined, here’s how the Rams depth chart looks at wide receiver:

Cooper Kupp
Demarcus Robinson
Jordan Whittington
Tuta Atwell
Tyler Johnson

The veteran Robinson took on a larger role alongside Tutu Atwell and rookie sixth-round pick Jordan Whittington. The rookie is currently nursing a shoulder injury and is not expected to play in Week 8.

Atwell has led the team with 332 yards and 34 targets since Week 2.

What is the NFL’s 21-day practice window?

The 21-day practice window is the three-week period during which teams see how far along a player has come since being put on injured reserve (IR). When a player is cleared to return to football activity, the 21-day window can be opened. The team has 21 days to either activate the player to the active roster or rule them out for the rest of the season.

All the players and the plays: Sign up for USA TODAY’s 4th and Monday newsletter for exclusive NFL analysis.

This post appeared first on USA TODAY
Keep Reading
By
Politics

DOJ warns Elon Musk’s America PAC that $1 million giveaway may break the law

The Department of Justice (DOJ) recently contacted Elon Musk’s America PAC about its historic $1 million giveaway to swing-state voters after the agency was warned by lawyers who claimed that the initiative may be illegal.

On Monday, the DOJ was sent a letter from a ‘group of attorneys and public officials’ requesting an investigation into Ameria PAC’s payments to petition signers. The letter, which was obtained by the Washington Post, was addressed to Attorney General Merrick Garland as well as Michelle Henry, the Pennsylvania attorney general.

‘We are a group of attorneys and public officials, including those who have served in senior legal and law-enforcement roles under every Republican president from Richard Nixon to Donald Trump,’ the letter reads. ‘We write to you today to request that you review payments that are being made by the Elon Musk-founded America PAC to voters in Pennsylvania and other states that experts say raise serious questions under applicable law.’

Musk, the CEO of Tesla, is offering $1 million a day to swing-state voters who sign his political action committee’s petition in support of the Constitution. Only voters in swing states are eligible.

‘The payments are framed as being made for signing, or referring others to sign, a ‘petition’ in support of the First and Second Amendments. But only registered voters in Pennsylvania, Georgia, Nevada, Arizona, Michigan, Wisconsin, and North Carolina may receive payments,’ the lawyers’ letter says.

‘We are aware of nothing like this in modern political history… We urge you to investigate whether America PAC’s payments are prohibited payments for voter registration.’

Fox News Digital did an analysis of the initiative and found it to be in a legally gray area, and it also discovered that other similar initiatives in support of Democratic causes exist. 

The giveaway explicitly asks voters to sign a petition rather than register to vote, but the letter sent to the DOJ alleged the petition still encourages registering to vote.

‘We recognize that they are framed as payments for signing a petition, or for referring voters who sign,’ the lawyers argued. ‘But many of the payments are restricted to registered voters, so anyone who wishes to get paid must first register.’

The initiative was announced by Musk this week. The PAC plans to give away $1 million to one swing-state voter per day until Election Day.

‘Every day, from now through Nov 5, @America PAC will be giving away $1M to someone in swing states who signed our petition to support free speech & the right to bear arms! We want to make sure that everyone in swing states hears about this and I suspect this will ensure they do,’ Musk wrote on X on Sunday.

Fox News Digital reached out to America PAC for comment but did not immediately hear back. The DOJ declined to comment.

Fox News Digital’s Emma Colton contributed to this report.

This post appeared first on FOX NEWS
Keep Reading
By
Stocks

Forex Secrets: How to Profit When EUR/USD Goes Nowhere

For stock investors, currency trading (a.k.a. Forex) can feel tricky—mostly because its structure and mechanics are not as straightforward as those of other financial instruments. And that’s okay.

If you’ happen to be new to this space, we will cover the essentials while focusing on the topic of this article, which is the EUR/USD.

First, a few basics.

As you notice, currencies are stated in pairs. The first currency is the Base currency, while the second is the Quote currency. So, when looking at the EUR/USD, the EUR is the base, while the USD is the quote.

But here’s an easier way to view it:

If the EUR/USD has a price of 1.0770, then 1 Euro = 1.0770 US dollars ($1.07). 

Forex doesn’t move in cents the way stocks do. Its moves, which are much smaller, are measured in “percentage in points,” aka “pips,” which are fractions of a currency unit. For many currencies, especially when the USD is the quote currency, pips are measured using four decimal points, so 1 pip = 0.0001, or ten-thousandths of a single currency unit.

So, if the EUR/USD is rising, it means the Euro is strengthening against the dollar; if EUR/USD is falling, it means the dollar is strengthening against the Euro.

However, strength or weakness is relative to the other currency in the pair but not to currencies outside the pair. This means you can’t always interpret a currency’s strength or weakness within a specific pair to indicate its standing in the global economy (you’d have to look at a given currency relative to a larger basket of currencies, such as the dollar index).

EUR/USD: Stuck in Neutral

The EUR/USD has been trading sideways for over two years, thanks to a balancing act between the US and European economies. Neither economy (or currency) is outperforming the other, and the weekly chart makes this pretty clear.

CHART 1. WEEKLY CHART OF THE EUR/USD ($EURUSD). The currency pair has been trading sideways for two years and it may stay that way for a while.Chart source: StockCharts.com. For educational purposes.

The red and green arrows illustrate how the EUR/USD has been bouncing off the Bollinger Bands in a volatile yet sideways manner since January 2023. The Relative Strength Index (RSI) below the chart shows what this looks like from a trend and momentum perspective (see green rectangle): there isn’t any, at least not enough to break out of the current trading range and hit a relatively overbought or oversold level.

Furthermore, analysts expect the pair to hover within this long-term range for some time. So, why bother, or rather, how do you trade this? And remember, when trading Forex, it’s always an active “trade,” not a set-and-forget investment. Let’s switch to the daily chart of the EUR/USD.

EUR/USD: An Opportunity for a Mean Reversion Swing Trade

In the daily chart of $EURUSD below, I used Quadrant Lines instead of drawing horizontal lines for each level of support and resistance.

CHART 2. DAILY CHART OF EUR/USD. Note the coordination between the Stochastic Oscillator and the peaks and troughs in the EUR/USD.Chart source: StockCharts.com. For educational purposes.

So, why Quadrant Lines? They’re cleaner and provide a general way to gauge potential overbought and oversold levels within a trading range (as long as price remains within that range).

When you’re facing a mean reversion scenario, here’s how to use Quadrant Lines:

Buy near the 25% line if the price reverses upwards.Sell near the 75% line if the price pulls back from higher levels.Use the 50% line as a measure for direction. If the price crosses this line, it could signal a shift to the upper or lower quadrant.

In the chart of $EURUSD, the blue circles in the Stochastic Oscillator mark where overbought conditions occur at or relatively close to the 75% quadrant line. The red circles mark where oversold conditions occur at or near the 25% quadrant line.

Currently, the EUR/USD is making a bearish move toward the uptrend line (magenta trend line). It’s also approaching the 25% quadrant line while in oversold territory. If price reverses, either at the trend line or within the 25% quadrant, it may be an opportunity to go long EUR/USD until it fails toward the top of the range, in which case you can reverse the trade.

How Do You Trade EUR/USD Without a Forex Account?

To go long EUR/USD, you might consider the Invesco CurrencyShares Euro Trust ETF (FXE), but note that the trading volume tends to be thin. You can view this using StockCharts’ Symbol Summary (for FXE) page. However, if you’re not day trading FXE, the slippage shouldn’t be too bad.

What if the EUR/USD reaches the top of the range? How can you go long USD and short EUR? In this case, you might consider Invesco DB US Dollar Index Bullish Fund (UUP). The trading volume is much higher and you can view all of its stats in the Symbol Summary.

Why Follow the Forex Markets?

Currency trading isn’t for everyone, but when the stock market feels stuck (like there are too few opportunities out there) or too risky—especially in a bear market—Forex can offer fresh opportunities. You might not be able to trade most international stocks, but you can trade global currencies. Bottom line: it’s another way to keep your trading game active.

The Bottom Line

Navigating the EUR/USD can seem complex for Forex newcomers, but understanding its dynamics opens doors to new trading opportunities, especially when other markets stagnate. With the pair stuck in a sideways range, you can take a mean reversion approach using the above-mentioned tools. But if you’re willing to do the work, it presents another opportunity for you to diversify your portfolio.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Keep Reading
By
Sports

Connecticut not satisfied as it seeks historic men’s basketball three-peat

NEW YORK — Every second that ticked away during the second half of Connecticut’s 75-60 win against Purdue this past April inched the Huskies closer to a place in college basketball history.

One year after winning the program’s fifth national championship, UConn went back-to-back by bulldozing through the NCAA tournament with an average margin of victory of 23.3 points per game, closing things out with that bravura performance against the Boilermakers. This placed the Huskies in rarefied territory, as just the eighth program to claim two championships in a row since the tournament debuted in 1939.

Of those eight teams, only one made further history by pulling off the three-peat: UCLA won seven in a row under coach John Wooden from 1967-73.

Amid college basketball’s intriguing list of preseason storylines, the Huskies’ quest to etch themselves into history alongside UCLA is impossible to ignore.

“The season that we’re about to embark on is rare in terms of what we can accomplish,” Connecticut coach Dan Hurley said at Big East media day.

Whether this achievement can be unlocked depends on how Hurley bolsters a roster trimmed by four players selected in this year’s NBA draft, two among the first seven picks.

There’s also a question of whether this is something any program can achieve in an era of deeper conferences, increased parity, rampant player movement in the transfer portal and an expanded tournament — factors Wooden and the Bruins never encountered throughout their dynasty.

Reloading while ‘returning basically no one’

Last season proved how quickly and capably Hurley and the Huskies can reload.

Integral pieces behind the 2023 national champions, including Jordan Hawkins, Andre Jackson and Adama Sanogo were gone, leaving UConn to build around an extremely talented but not entirely proven cast of returning contributors.

That blend of promise and inexperience was seen best in former center Donovan Clingan, who was extremely productive in a backup role as a freshman but would be asked to take on a substantially beefier role. Joining holdovers Clingan, guard Tristen Newton and forward Alex Karaban were a group of newcomers, led by freshman Stephon Castle and Rutgers transfer Cam Spencer.

Unlike during the 2023 season, when the Huskies caught fire in March, last year’s team spent seven weeks at No. 1 in the Coaches Poll before the final poll and won the Big East regular-season and tournament crowns in the same season for the first time since 2002. Combined with a dismantling of all comers in the NCAA tournament, UConn made a case for being included among the best teams in recent history.

Once again, Hurley will try to pull off an on-the-fly rebuild to keep the Huskies among the nation’s best.

“We’re returning basically no one,” he said. “It’s crazy, the amount of players we’ve cycled through. We’re so many players removed from just two years.”

Clingan is gone. So are Castle, Newton and Spencer. But Karaban, a junior, returns as a third-year starter after dabbling with the NBA draft. Senior guard Hassan Diarra and senior forward Samson Johnson will move from key supporting roles into the starting lineup, joining Karaban and impressive sophomores Jaylin Stewart and Solomon Ball.

“That’s one of the main reasons why I did come back,” Karaban said, “because I believe we have a great chance at chasing a three-peat and adding myself to history.”

UConn augmented this returning core through traditional recruiting and the transfer portal. One true freshman, five-star forward Liam McNeeley, should grab immediate playing time. Former Michigan forward Tarris Reed and former Saint Mary’s guard Aidan Mahaney, both juniors, are expected to lead the first wave off the bench.

Most importantly, the Huskies will bring back Hurley, who had an open flirtation this summer with the Los Angeles Lakers before opting to return to UConn on a six-year, $50 million contract extension through the 2029-30 season.

“It’s validation for the path I’ve taken to this point,” Hurley said. “I just have a lot of pride in my journey.”

IN-DEPTH: Season outlooks for every team in the preseason Top 25

SNUBBED: Five teams overlooked in the preseason poll that belonged in

The recent history of three-peat attempts

Five of the remaining seven back-to-back national champions in NCAA history came before the tournament expanded to 32 teams in 1975. The two to do have done so since the 64-team format debuted in 1985 either failed to advance deep into postseason play or missed the tournament entirely:

After winning in 1991 and 1992, Duke returned a roster with four eventual NBA draft picks, including guard Bobby Hurley and forward Grant Hill. But the Blue Devils tied for third in the ACC, were bounced in the quarterfinals of the conference tournament and then lost to California in the second round of the NCAA tournament.

Florida won in 2006 and 2007 under coach Billy Donovan and a veteran roster with six eventual draft picks, including longtime NBA standouts in forward Al Horford and center Joakim Noah. Ravaged by offseason losses, the Gators would miss the ensuing two NCAA tournaments and fail to advance out of the opening round until 2011.

History is clearly not on the Huskies’ side. But Duke presents an interesting parallel: The 1993 team, like this year’s Huskies, lost key starters — including one of the best in program history in forward Christian Laettner — but brought back enough talent and experience to be viewed entering the season as the favorite for the national championship.

“The expectation and the term ‘three-peat,’ yeah, that was definitely on our mind,” said Hill. “That was definitely the goal. And there was definitely the belief that we could do it.”

The Blue Devils were eventually undercut by injuries, the stress of taking every opponent’s best shot and the inherent difficulties in maintaining a championship-level performance behind a revamped lineup.

“In a way, it was easier when you were the hunter and not the hunted, you know,” said Hill. “The difference between year one and year two was that we really kept the same core of players. Going from year two to year three, attempting that third championship, it was a different challenge.”

Embracing the opportunity to make history

The same factors that tripped up those Blue Devils are heightened dramatically in college basketball’s current landscape. The biggest factor has been rampant player movement through the portal, which has made it harder to maintain success even among programs consistently ranked among the nation’s best.

“In today’s climate of college basketball, every year is like a new year,” Hill said. “It’s such a different world.”

But many things haven’t changed at UConn.

One is the Huskies’ intensity. Hurley has coached this group “harder than I’ve coached any other team,” he said, driven by the challenge of making history.

Another is the chip on the Huskies’ shoulder, unmoved if not increased in size despite the back-to-back national championships. Even with a roster loaded with top-shelf recruits and impact transfers, UConn has continued to lean into the us-against-the-world mindset that has propelled the program to rare heights.

“We walk around with that chip on our shoulders each and every day and we go about our business the right way,” Diara said. “Just the motivation to win three. Not being satisfied.”

And the expectations haven’t changed. Aware of how rare this opportunity comes around, the Huskies are leaning into the chance to make history.

‘I talk about the historic nature of our season pretty consistently because it’s the elephant in the room,” Hurley said. “You can’t hide from this opportunity.”

This post appeared first on USA TODAY
Keep Reading
By