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Israels economy rebounded in the second quarter, recovering from the economic contraction triggered by the military action against Iran. Data released Sunday by Israels Central Bureau of Statistics showed that seasonally adjusted GDP grew at an annualized rate of 15.4% in the second quarter, exceeding the median forecast of 8.3% from eight economists surveyed by Bloomberg. First-quarter GDP was revised to contract by 2.2%. Exports of goods and services led the growth, increasing by 35.2%; government consumption rose by 19.5%, private consumption by 14.7%, and fixed capital formation by 6.3%. Yonie Fanning, chief strategist at Mizrahi-Tfahot Bank, said in a telephone interview before the data release that the Israeli economy is expected to experience a "rapid recovery" after the economic contraction caused by the conflict with Iran. He stated that consumer spending, including on durable goods, is expected to be a key driver of the economic rebound.According to Israels i24News, Israeli Prime Minister Netanyahu will meet with US Special Envoy Jared Kushner and senior peace committee officials in Israel tomorrow.According to Israels Channel 12: Israeli fighter jets carried out airstrikes on the Haniyus region in the southern Gaza Strip.August 16th - According to a report by The Washington Post on the 15th, officials from several Arab and Western countries stated that frustration with the United States is steadily rising among its Gulf allies. Informed officials revealed that Saudi Arabia, the UAE, Qatar, and several other Gulf states have reached a consensus on their dissatisfaction with the Trump administration, and some countries have begun discussing whether it is still necessary to allow the continued deployment of large-scale US military facilities on their territory. Recently, US President Trump has repeatedly threatened to launch a new large-scale attack on Iran, but subsequently withdrew these threats, citing progress in negotiations. This has led to growing concerns among Gulf states that Trump lacks the diplomatic ability to reach a peace agreement with Iran.SenseTime (00020.HK): It is expected to record a profit of approximately RMB500 million to RMB700 million in the first half of the year, compared with a loss of approximately RMB1.48927 billion in the same period last year.

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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