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On October 20th, with the US government shutdown resulting in a lack of key data this week, US dollar and US Treasury investors will carefully scrutinize Fridays delayed inflation data to assess the outlook for US interest rates. Kudotrade analyst Konstantinos Chrysikos noted, "A reading that meets or falls short of expectations could reinforce market expectations for deeper policy easing in 2025-2026, thereby renewing downward pressure on yields and the US dollar." In his view, only data that significantly exceeds expectations could materially challenge current expectations for a series of further rate cuts.On October 20th, XTB analyst Kathleen Brooks noted that the expected acceleration in UK inflation in September will strengthen the Bank of Englands case for delaying further interest rate cuts until next year, providing support for the British pound. According to a Wall Street Journal survey of economists, data on Wednesday is expected to show that UK year-on-year inflation rose to 4.0% in September. Brooks said the next Bank of England rate cut is expected as early as February of next year, by which time inflation should have begun to moderate. She said that upward inflationary pressures and expectations of no more rate cuts before 2026 are likely to boost the British pound in the coming months.U.S. Transportation Secretary Duffy: SpaceX is behind schedule, and the contracts currently held by SpaceX will be made public to introduce a competitive mechanism.On October 20th, Capital Economics economist Adrian Prettejohn predicted that the Swiss National Bank (SNB) would revert to negative interest rates as inflation approaches zero and geopolitical risks continue to push up the Swiss franc. He stated that with inflation expected to average zero in 2026, the SNB could lower its key interest rate from the current 0% to -0.25% sometime next year. The Swiss franc is likely to see a new wave of safe-haven inflows in the coming months, further justifying the central banks actions. Prettejohn also emphasized that negative interest rates will not reappear elsewhere, as Switzerlands inflation and neutral interest rate are lower than those of other countries.Pakistans Defense Minister: Ceasefire agreement with Afghan Taliban depends on whether they can control armed attacks on Pakistan from their territory.

Despite Bearish BTC Session, BTC Fear & Greed Index Avoids Sub-30

Daniel Rogers

Nov 08, 2022 16:18

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Bitcoin (BTC) declined by 1.54% on Monday to end the day below $21,000 for the second consecutive session. BTC and the broader market dissociated from the NASDAQ Composite Index, as crypto investors await the US CPI report this week. The Bitcoin Fear & Greed Index decreased from 33/100 to 31/100 as the bearish BTC session weighed on the index.

 

Bitcoin (BTC) decreased by 1.54% on Monday. Sunday's closing BTC price was $20,609, following a 1.79% fall. Notably, Bitcoin closed the day for the second consecutive session below $21,000.

 

BTC reached a day's early high of $21,083 despite a shaky start. BTC reached a late-day low of $20,421 after failing to surpass the First Major Resistance Level (R1) at $21,240. Before partially recovering to $20,609, BTC fell through the First Major Support Level (S1) at $20,762 and the Second Major Support Level (S2) at $20,592.

 

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 beginning at 0 pips and commissions of $3.50 every 100k 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.

 

A lackluster economic calendar in the United States hindered BTC. This week, US inflation, retail sales, and consumer sentiment data will impact market sentiment towards the US economy and a December Fed turn.

 

However, the NASDAQ Composite Index increased by 0.85% on Monday, as optimism surrounding the US midterm elections provided support. Later today, the US economic calendar will feature another day of inactivity, leaving investors in suspense as the attention remains on the midterm elections. The NASDAQ mini was up 15.5 points this morning.

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