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On June 8th, Macquarie Groups Head of Economics, David Doyle, stated that following Fridays strong non-farm payroll report, the bank maintained its baseline forecast for the Federal Reserves interest rate path. He said, "As we have been emphasizing for some time, we believe the Feds next move will be a rate hike, with a baseline timeframe of the first quarter of 2027." The risk to this forecast has shifted to the possibility of an earlier rate hike, with the market now pricing in a rate hike in the fourth quarter of 2026. In the coming weeks, the Feds rhetoric is likely to continue shifting from favoring rate cuts to favoring rate hikes.Germanys manufacturing orders, adjusted for working days, rose 1.6% year-on-year in April, compared with 6.30% in the previous month.Germanys seasonally adjusted manufacturing orders fell 3.8% month-on-month in April, compared with an expected decline of 2% and a previous reading of 5.00%.June 8th - Allianz Chief Economist El-Erian stated that OPEC+ has increased its production by 188,000 barrels per day, but analysts believe the vast majority of this is "paper production," as the increased oil is unlikely to actually enter the market due to the ongoing disruptions in the Strait of Hormuz. In fact, oil prices rose 5% this morning. Despite Trumps statements that a peace agreement is imminent and that Israel must align with US directives, traders are reacting to the escalating military tensions between Iran and Israel, as well as Israels expanding attacks on Lebanon.June 8th - Economists Pia Fromet and Markus Wieden of Nordea Bank in Sweden stated in a report that the European Central Bank (ECB) may raise its policy rate by 25 basis points at its meeting this Thursday. The inflationary risks from rising energy prices will likely lead the central bank to take preemptive rate hikes, as the indirect and second-round inflation effects have not yet manifested in the data. ECB President Christine Lagarde is expected to spend considerable time at the press conference discussing the latest staff forecasts and risk assessment. Uncertainty will be a focal point, supporting a wait-and-see approach. The ECB is not expected to make any pre-commitments to further rate hikes.

DOGE Eyes a Return to $0.0850 to Aim for $0.090 as FTX Contagion Declines

Daniel Rogers

Nov 23, 2022 15:37

截屏2022-11-23 下午2.24.11.png 

 

On Tuesday, both Dogecoin (DOGE) and shiba inu coin (SHIB) snapped two-day losing streaks. FTX contagion risk diminished as word of FTX cash holdings and investor interest in FTX assets spread. However, technical indications remain gloomy, with exponential moving averages (EMAs) predicting additional declines.

 

On Tuesday, dogecoin (DOGE) gained 5.23 percent. Reversing Monday's loss of 2.99%, DOGE ended the day at $0.0785. Notably, DOGE closed the day below $0.0800 for the third session in a row.

 

The mid-morning low for DOGE was $0.0729. Avoiding the First Major Support Level (S1) at $0.0715, DOGE climbed to a high of $0.0796 in the early afternoon. At $0.0774, DOGE surpassed the First Major Resistance Level (R1) before retreating. However, a late surge caused DOGE to surpass R1 and close the day at $0.0785.

 

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.

 

On Tuesday, the price of Shiba inu coin (SHIB) increased by 4.76 percent. SHIB closed the day at $0.000000881, reversing Monday's decline of 4.21%.

 

In line with the larger market, SHIB reached a low of $0.00000817 during midmorning. Finding support at the First Major Support Level (S1) at $0.00000816, SHIB surged to a high of $0.00000883 by early afternoon. At $0.00000873, SHIB surpassed the First Major Resistance Level (R1) and closed the day at $0.00000881.

 

FTX contagion risk diminished on Tuesday, providing assistance to DOGE, SHIB, and the broader market. Updates on FTX's assets revealed a substantial cash position, which would mitigate the impact of the company's bankruptcy on its creditors.

 

Reports that Justin Sun of Tron and Brad Garlinghouse of Ripple are interested in FTX assets generated additional support.

 

Nonetheless, Twitter news remained unfavorable for DOGE. There was no new information on Twitter's resumption of the crypto integration project that would promote DOGE adoption.

 

However, investor sentiment increased significantly this morning. Risk of FTX contagion remains the primary motivator. Until the court reveals who FTX's creditors are, downside risks will persist. On Tuesday, the bankruptcy judge ruling over FTX decided to redact the identities of FTX's creditors.

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