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July 24th - The European Central Bank (ECB) is considering several options to alleviate its financial pressures, with discussions expected to enter a crucial phase this autumn. ECB President Christine Lagarde stated that policymakers will discuss raising minimum reserve requirements, i.e., increasing the proportion of funds commercial banks hold in non-interest-bearing accounts at the central bank. Furthermore, the ECB is also assessing options such as a tiered interest rate mechanism that no longer pays interest on some excess reserves, and charging banks fees. These measures aim to reduce the burden on national central banks and offset some of the losses from the stimulus policies of the past decade. The Eurosystem faces financial pressure due to the ECBs massive bond-buying program between 2015 and 2022, followed by rapid interest rate hikes in 2022-2023, which resulted in substantial interest payments to banks. Sources indicate that significant disagreements remain in the discussions surrounding this politically sensitive issue.Market news: Sources say European Central Bank (ECB) policymakers will discuss raising reserve requirements, tiered deposit rates, and fee mechanisms. Discussions surrounding the politically sensitive issue of the ECBs balance sheet losses are intensifying.July 24th - International oil prices continued to rise, with WTI crude oil surging 8.00% intraday to $93.87 per barrel. Brent crude oil surged 6.00% intraday to $96.11 per barrel.The head of the International Maritime Organization expressed serious concern about the pollution risks that may arise from the reported incidents in the Red Sea and previous incidents in the Strait of Hormuz region.Wang Yi stated that next year marks the 35th anniversary of the establishment of diplomatic relations between China and Belarus. Standing at this new historical starting point, China is willing to work with Belarus to plan exchanges at all levels, strengthen the alignment of development strategies, deepen exchanges of experience in governance, and promote high-quality development of China-Belarus relations, guiding comprehensive cooperation between the two countries and bringing more benefits to the people of both countries, in accordance with the direction set forth by the two heads of state. Ryrenkov stated that the high-level and frequent communication between the Belarusian and Chinese heads of state has led bilateral relations to an unprecedented high level, establishing a high degree of mutual trust akin to that of ironclad brothers. Belarus appreciates Chinas long-term strong support and assistance and will firmly develop relations with China, promote comprehensive cooperation, and learn from Chinas successful experience. Belarus looks forward to taking the 35th anniversary of the establishment of diplomatic relations next year as an opportunity to strengthen cooperation in industry, investment, information technology, and other fields, and expand exchanges in local and cultural fields.

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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