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March 19th - Amid escalating tensions in Iran, the Bank of Japan maintained its benchmark interest rate. The yen rose 0.1% against the dollar to 159.64. The Iranian conflict has pushed up oil prices, exacerbating inflationary pressures in Japan, which is heavily reliant on Middle Eastern oil. The yen weakened overnight after Federal Reserve Chairman Jerome Powell stated that there would be no further rate cuts until inflation begins to decline. Sources familiar with the matter indicated that the Bank of Japan is still likely to raise rates, with the possibility of an April hike not ruled out. Market focus will shift to the press conference held by Governor Kazuo Ueda at 2:30 PM today for any clues regarding the timing of a rate hike. The recent depreciation of the yen has prompted warnings from Japanese officials. The Finance Minister stated that the authorities are fully prepared to act if necessary. However, strategists believe the threshold for intervention is high, as rising oil prices and robust US data fundamentally pushing the dollar higher may make it more difficult for authorities to find a reason to intervene.Bank of Japan: Japans economy is recovering moderately, but some sectors remain weak.Bank of Japan: We must pay attention to market trends and rising oil prices.Bank of Japan: Risks to Japans economic outlook include the situation in the Middle East, oil price volatility, and market developments, including foreign exchange rates.Bank of Japan: We must be wary of the potential impact of rising oil prices on underlying inflation.

BTC Fear & Greed Index Holds as the NASDAQ Composite Index Falls Again

Skylar Shaw

Nov 04, 2022 16:35

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Bitcoin (BTC) increased by 0.29% on Thursday. BTC finished the day at $20,223, somewhat correcting a loss of 1.63% on Wednesday. Notably, BTC avoided sub-$20,000 for the eighth day in a row while snapping a four-day losing run.


BTC increased to a morning high of $20,404 thanks to a positive start to the day. BTC dropped to a midday low of $20,052 after failing to surpass the First Major Resistance Level (R1) at $20,629 throughout the day. However, BTC returned to $20,356 before easing down, avoiding the First Major Support Level (S1) at $19,900.


US economic statistics supported the price of bitcoin.


The ISM Non-Manufacturing PMI decreased from 56.7 to 54.4 in October. Analysts predict a drop to 55.5.


The Index's sub-components were diverse. The non-manufacturing employment index for ISM dropped from 50.0 to 49.1. The Prices Index, however, increased from 68.7 to 70.7.


The unit labor cost data and other statistics, which were crypto-positive, contained unemployed claims. Initial unemployment claims saw a slight dip from 218k to 217k, while unit labor expenses increased by 3.5% in Q3, down from 8.9% in Q2.


Although the statistics supported cryptocurrency, Fed Chair Powell's statement continued to challenge the willingness of buyers. The markets continued to react to Fed Chair Powell's speech on Wednesday, which contributed to the NASDAQ Composite Index's decline of 1.73% on Thursday.


The US employment data released today will significantly affect the NASDAQ Composite Index and the cryptocurrency market.


The association between BTC and the NASDAQ Composite Index remains due to the cryptocurrency's sensitivity to US economic data and the FED. The NASDAQ 100 Mini was up 0.5 points this morning.

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