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June 12th - In the first five months of this year, Guangdongs total import and export volume reached 4.44 trillion yuan, a year-on-year increase of 18.8%, maintaining double-digit growth for five consecutive months. Exports reached 2.61 trillion yuan, up 10.8%; imports reached 1.83 trillion yuan, up 32.4%. In May, Guangdongs total import and export volume reached 948.19 billion yuan, reaching a record high for a single month, an increase of 20.3%; exports reached 549.13 billion yuan, up 8.6%; imports reached 399.06 billion yuan, up 41.2%.June 12 – The Hong Kong Special Administrative Region (HKSAR) government is working diligently to finalize Hong Kongs first Five-Year Plan. In a recent interview, HKSAR Chief Executive John Lee revealed that the plan is expected to be released by the end of the third quarter of this year, earlier than the governments original target of the end of the year. Lee thanked the community for their cooperation in making this progress possible. Previously, Lee announced that the HKSAR government would launch a public consultation on the Hong Kong Five-Year Plan on June 15 (next Monday).The Peoples Bank of China (PBOC) announced today that it conducted 393 billion yuan of 7-day reverse repurchase operations, with a bid amount of 393 billion yuan and a winning bid amount of 393 billion yuan. The operation rate was 1.40%, unchanged from the previous rate.June 12 – The 2026 China-Africa Energy Forum was held on June 11 in Addis Ababa, the capital of Ethiopia, with approximately 100 representatives from governments, businesses, think tanks, and international organizations from both sides participating. Jiang Feng, Head of the Chinese Mission to the African Union, stated in his address that energy is a crucial material foundation for economic and social development. Africa possesses vast potential in both traditional fossil fuels and renewable energy. China is willing to support Africa in enhancing its oil refining capacity, increasing renewable energy development, and building robust power grids, contributing Chinese experience and solutions to Africas energy development.Futures News, June 12th: Crude oil prices fluctuated, and news regarding fuel oil provided limited directional guidance. Market participants lacked confidence in future trading, focusing mainly on immediate needs. Refinery shipments were sluggish, and fuel oil negotiations are expected to remain mostly stable today, with some possible pullbacks at higher levels.

Early Support for ETH and BTC, with US Economic Indicators in Focus

Alina Haynes

Nov 03, 2022 19:39

 截屏2022-11-03 下午7.34.53.png

 

Wednesday saw Bitcoin (BTC) and Ethereum (ETH) join the larger market in the red. The NASDAQ Composite Index, Bitcoin, and Ethereum all fell in response to Fed Chair Powell's news conference. Nevertheless, the technical indications continue to be optimistic, indicating upward price trends. On Wednesday, Ethereum (ETH) fell 3.80%. Reversing Tuesday's gain of 0.32%, ETH closed the day at $1,518.

 

After a turbulent morning session, ETH recovered to a high of $1,622 by late afternoon. ETH surpassed the First Major Resistance Level (R1) at $1,606 prior to falling to a late low of $1,506. ETH ended the day below $1,520 after breaking through the First Major Support Level (S1) at $1,556 and the Second Major Support Level (S2) at $1,535.

 

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On Wednesday, the price of bitcoin (BTC) plummeted by 1.63 percent. BTC ended Tuesday at $20,165, a decrease of 0.04% from its opening price.

 

BTC rose to a high of $20,817 in response to the FOMC Statement, following a range-bound morning. BTC surpassed the First Major Resistance Level (R1) at $20,686 before falling to an intraday low of $20,086. BTC went below the First and Second Major Support Levels (S1 and S2) at $20,327 and $20,154, respectively.

 

In accordance with forecasts, the Fed raised rates by 75 basis points on Wednesday. The FOMC Statement hinted at a likely policy move in December, lending credence to December Fed pivot wagers. The Rate Statement pushed BTC and ETH to their daily peaks.

 

However, Fed Chair Powell dashed prospects for a reversal, citing excessive inflation and the need to continue forward. Powell remarked that the "final level of interest rates will be higher than anticipated."

 

As a result, the NASDAQ Composite Index fell 3.36 percent, sending BTC and ETH into the negative.

 

Today, attention will be on US factory orders, jobless claims, and the ISM Non-Manufacturing PMI. We anticipate the PMI and its subcomponents to have the most effect.

 

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 was up 35 points this morning.


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