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June 3rd Futures News: Overall, the domestic refined oil market is currently experiencing a complex interplay of positive and negative factors. Short-term increases in international crude oil prices support firm price increases from major oil companies, but expectations of retail price reductions and weak end-user demand dominate, significantly offsetting the positive impact of overseas prices. It is expected that the domestic gasoline and diesel market will maintain a stable to slightly higher list price in the short term, with flexible price concessions in actual transactions, and market sentiment is unlikely to see a significant recovery. Future market trends will largely depend on the market recovery after the new round of retail price adjustments, while closely monitoring international crude oil price fluctuations and the strength of the recovery in domestic end-user demand.On June 3, it was reported that, with the approval of the State Council, the Peoples Bank of China and the Central Bank of Egypt recently renewed their bilateral currency swap agreement. The swap size has been increased from the original 18 billion yuan/80.7 billion Egyptian pounds to 30 billion yuan/203 billion Egyptian pounds. The agreement is valid for three years and can be extended with the consent of both parties. The renewal and expansion of the bilateral currency swap agreement will help deepen monetary and financial cooperation between the two countries, expand the use of local currencies between China and Egypt, facilitate bilateral trade and investment, and maintain financial market stability.Saudi Aramcos Vice President of Market Analysis and Sustainability: The reduction of refining capacity by 3 million barrels per day between 2020 and 2023 has impacted the system during the current crisis.Saudi Aramco Vice President of Market Analysis and Sustainability: Underinvestment in the oil refining sector.Eurozone PPI rose 0.6% month-on-month in April, below the expected 0.5% and the previous reading of 3.40%.

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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