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On September 18th, State Street Global Advisors stated that the Bank of Japan (BOJ) is likely to adopt a cautious approach after raising its policy rate to 1.25%. Economist Krishna Bhimavarapu noted that while policy adjustments are possible at every policy meeting, Governor Kazuo Ueda may avoid explicitly committing to further rate hikes given weak household consumption and relatively moderate inflation. Strategist Masahiko Loo expects Ueda to maintain a neutral-to-hawkish stance; he pointed out that resilient economic growth, persistent inflation risks, and accommodative real policy rates all support further policy normalization. The current focus of discussion is shifting from whether the BOJ will raise rates again to what level interest rates will ultimately rise to.According to Japans Kyodo News, a meeting between the leaders of Japan and the United States is scheduled for September 22.The yield on Japans 2-year government bonds fell 4 basis points to 1.820%, while the yield on Japans 5-year government bonds fell 3 basis points to 2.265%.The yield on Japans 40-year government bonds rose 2.0 basis points to 4.135%.On September 18th, the Financial Times reported that the Venezuelan government and the countrys opposition are close to reaching an agreement to transfer approximately $4 billion worth of Venezuelas gold reserves from the Bank of England to the Federal Reserve Bank of New York. Four sources familiar with the matter revealed that under the terms of the agreement under discussion, the interim government led by acting President Rodriguez would gain legal control of the gold but would be prohibited from immediately selling the assets. Three of the sources indicated that the gold could instead be used as collateral for government borrowing to fund expenditures, including reconstruction following the devastating twin earthquakes in June. This potential gold deal is one of the first concrete results of negotiations between the US-backed interim government and the opposition. The sources said the agreement has not yet been finalized, and clarifying the technical details could take some time.

ETH Bulls Should Aim for a Return to $1,280 or Risk a Fall to $1,230

Daniel Rogers

Dec 12, 2022 15:34

Bitcoin (BTC) and ethereum (ETH) closed the day in the red on Sunday, due to a late-day sell-off. BTC and ETH fell due to investor reaction to news of anomalous account behavior on Binance and concern of the Federal Reserve. This morning, there was no improvement in market circumstances. ETH and BTC first tested support levels as investors reacted to the most recent Binance news. On Sunday, Ethereum (ETH) declined by 0.32 percent. ETH closed the week down 1.31% to $1,263, reversing a Saturday gain of 0.32%. ETH dipped below $1,300 for the sixth session in a row.

 

After a range-bound morning, ETH reached a high of $1,285 in the early evening. ETH surpassed the First Major Resistance Level (R1) at $1,280 before falling to an intraday low of $1,256. ETH closed the day at $1,267 after finding support at the First Major Support Level (S1) at $1,257.

 

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.

 

Bitcoin (BTC) decreased by 0.13% on Sunday. BTC concluded the week at $17,110, down 0.10 percent following a Saturday down of 0.02%. Notably, Bitcoin avoided falling below $17,000 for the third session in a row.

 

Following a bullish morning, BTC reached a high of $17,503 in the early evening. BTC breached the day's Major Resistance Levels before tumbling to a low of $17,092. BTC ended the day at $17,110, avoiding the First Major Support Level (S1) at $17,076, albeit avoiding it.

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