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Germanys preliminary composite PMI for August was 50.9, in line with expectations of 50.2 and the previous value of 50.6.Germanys preliminary services PMI for August was 50.1, in line with expectations of 50.3 and the previous value of 50.6.Germanys preliminary manufacturing PMI for August was 49.9, in line with expectations of 48.8 and the previous value of 49.1.On August 21st, Ukrainian President Volodymyr Zelensky announced that he had discussed security guarantees with US President Trumps team and confirmed the US delegation for the talks. Zelensky stated that he hoped to finalize the security guarantee framework within seven to ten days, preferably before his meeting with Putin. Regarding possible locations for the Ukrainian-Russian summit, Zelensky stated that Ukraine believes a neutral European country, such as Switzerland or Austria, is the right choice, and Turkey is not ruled out. However, this is unacceptable to Moscow, and Budapest is currently unrealistic.On August 21, Jonas Feldhusen, an economist at Hamburger Commerzbank, reported that Frances composite PMI remained below the growth threshold in August, reaffirming the persistent economic weakness that has persisted this year. While the index showed a slight improvement from the previous month, no clear turning point has emerged. On a slightly positive note, the contraction in both the manufacturing and services sectors slowed, which can be cautiously viewed as an early sign of stabilization. The services sector reflects broader economic conditions. Business activity continues to lack momentum. Current order book conditions, particularly the significant deterioration in overseas demand in August, make any hopes for a short-term recovery very slim. Service providers remain cautious about the future. The manufacturing sector remains under significant pressure. Long-term challenges such as weakening international competitiveness and rising protectionism are creating a difficult environment. Global supply chains may still be adjusting to the new tariff system, which may contribute to the significantly longer delivery times. While the sharp decline in orders seen last month was not repeated in August, manufacturer sentiment showed little improvement.

DOGE Eyes a Return to $0.0850 to Aim for $0.090 as FTX Contagion Declines

Daniel Rogers

Nov 23, 2022 15:37

截屏2022-11-23 下午2.24.11.png 

 

On Tuesday, both Dogecoin (DOGE) and shiba inu coin (SHIB) snapped two-day losing streaks. FTX contagion risk diminished as word of FTX cash holdings and investor interest in FTX assets spread. However, technical indications remain gloomy, with exponential moving averages (EMAs) predicting additional declines.

 

On Tuesday, dogecoin (DOGE) gained 5.23 percent. Reversing Monday's loss of 2.99%, DOGE ended the day at $0.0785. Notably, DOGE closed the day below $0.0800 for the third session in a row.

 

The mid-morning low for DOGE was $0.0729. Avoiding the First Major Support Level (S1) at $0.0715, DOGE climbed to a high of $0.0796 in the early afternoon. At $0.0774, DOGE surpassed the First Major Resistance Level (R1) before retreating. However, a late surge caused DOGE to surpass R1 and close the day at $0.0785.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads as low as 0 pips and a commission rate of $3.50 per 100,000 USD traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

On Tuesday, the price of Shiba inu coin (SHIB) increased by 4.76 percent. SHIB closed the day at $0.000000881, reversing Monday's decline of 4.21%.

 

In line with the larger market, SHIB reached a low of $0.00000817 during midmorning. Finding support at the First Major Support Level (S1) at $0.00000816, SHIB surged to a high of $0.00000883 by early afternoon. At $0.00000873, SHIB surpassed the First Major Resistance Level (R1) and closed the day at $0.00000881.

 

FTX contagion risk diminished on Tuesday, providing assistance to DOGE, SHIB, and the broader market. Updates on FTX's assets revealed a substantial cash position, which would mitigate the impact of the company's bankruptcy on its creditors.

 

Reports that Justin Sun of Tron and Brad Garlinghouse of Ripple are interested in FTX assets generated additional support.

 

Nonetheless, Twitter news remained unfavorable for DOGE. There was no new information on Twitter's resumption of the crypto integration project that would promote DOGE adoption.

 

However, investor sentiment increased significantly this morning. Risk of FTX contagion remains the primary motivator. Until the court reveals who FTX's creditors are, downside risks will persist. On Tuesday, the bankruptcy judge ruling over FTX decided to redact the identities of FTX's creditors.

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