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The White House: (Regarding the South Korean tariffs) I do not yet have a timeline for that.On February 6th, Saudi Arabia cut prices for its main crude oil grades sold to Asian buyers to their lowest levels in years, further indicating that global oil supply has exceeded demand. Data shows that Saudi Aramco will reduce the price of its Arab Light crude oil to Asian buyers by 30 cents per barrel, bringing it in line with the regions March benchmark price. This price cut is even lower than the lowest expectations in a survey of refiners and traders. However, this is still the lowest Saudi oil price level since the end of 2020.The White House: A meeting between US President Trump and insurance companies will be held; the time has not yet been determined.February 6th - According to sources, BP (BP.N) is seeking partners to help boost production at one of the oldest oil fields in the Middle East and share some of the costs. The search for potential investors for the Kirkuk oil field in Iraq is underway, the sources said. The timing of any agreement is uncertain, with one source indicating the process is expected to continue into next year. Major oil companies are showing renewed interest in Iraq, which possesses abundant crude oil resources, and its extraction process is often simpler and cheaper than in other parts of the Middle East. Meanwhile, BP is seeking greater international growth in oil and gas production, abandoning its five-year pursuit of clean energy and net-zero emissions.On February 6th, Shell (SHEL.N) CEO announced that the company will suspend its investments in Kazakhstan due to a lawsuit filed against the oil giant that could involve billions of dollars. It is understood that Kazakhstan is pursuing compensation from several Western oil companies in multiple cases through its courts and international arbitration institutions. The case against Shell and its partners, disclosed this month, could involve damages of up to $4 billion. Furthermore, lawsuits concerning excessive sulfur emissions and project costs are still ongoing. Shells CEO stated, "This has indeed affected our willingness to invest further in Kazakhstan." Although the company believes there are significant investment opportunities in the future, "we will wait until we have a clearer assessment before making a decision."

ETH and BTC Price Movement Determined by US Statistics and the NASDAQ

Daniel Rogers

Nov 04, 2022 17:36

截屏2022-11-04 上午11.21.34.png 

 

On Thursday, Bitcoin (BTC) and Ethereum (ETH) joined the larger market in the green. Despite Fed Chair Powell's hawkish speech on Wednesday, US economic indicators fell short of forecasts, alleviating Fed concern. The technical indications continue to be optimistic, indicating rising price movements. The price of Ethereum (ETH) increased by 0.86 percent on Thursday. ETH finished the day at $1,531, partially correcting a 3.80% drop from Wednesday.

 

Due to a rocky start to the day, ETH fell to a low of $1,515 early on. Avoiding the First Major Support Level (S1) at $1,475, ETH climbed to a morning high of $1,559. However, after falling short of the First Major Resistance Level (R1) at $1,593, ETH plummeted further below $1,530 before US economic indicators provided support.

 

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.

 

Bitcoin (BTC) climbed by 0.29% on Thursday. BTC concluded the day at $20,223, partially reversing a loss of 1.63% from Wednesday. Notably, BTC broke a four-day losing trend by avoiding sub-$20,000 territory for the ninth consecutive day.

 

BTC reached a mid-morning high of $20,404 after a strong start to the day. BTC plummeted to a midday low of $20,052 after failing to surpass the First Major Resistance Level (R1) at $20,629 during the trading session. Despite avoiding the First Major Support Level (S1) at $19,900, BTC retested $20,356 before retreating.

 

US economic figures supported cryptocurrency prices, with the crucial ISM Non-Manufacturing PMI below expectations.

 

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

 

The subcomponents of the Index were diverse. ISM's Non-Manufacturing Employment Index decreased from 53.0 to 49.1. The Prices Index increased from 68.7 to 70.7. The unit labor costs increased by 3.5% in Q3 compared to 8.9% in Q2.

 

While the statistics were favorable for cryptocurrencies, Fed Chair Powell's recent comments weighed on the NASDAQ Composite Index. The NASDAQ Composite Index declined by 1.73 percent on Thursday.

 

The US jobs report will have a significant impact on the NASDAQ Composite Index and the cryptocurrency market today. Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini gained 17.75 points this morning.


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