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June 16th, Futures News: Following the end of the Iran war, crude oil prices have fallen sharply, lowering cost support for fuel oil. Market participants, driven by bearish sentiment, are mostly adopting a wait-and-see approach, with cautious trading focused on small, immediate needs. Market activity is subdued, and refineries are facing increased difficulties in shipping. It is expected that todays negotiations for slurry oil and wax oil will remain stable with a slight downward trend. While fuel oil prices are supported by low supply levels, the decline is relatively moderate, but sluggish trading at higher levels also carries the risk of further price reductions.SpaceX (SPCX.O) shares rose 10% in overnight trading in the US. If it maintains this gain until the US stock market opens on Tuesday, its market capitalization will surpass that of Amazon (AMZN.O).On June 16th, Bank of Japan Deputy Governor Shinichi Uchida will replace the hospitalized Governor Kazuo Ueda, responsible for explaining the Bank of Japans latest decisions and future policy direction. Investors will closely watch Uchidas remarks to gauge his views on the future path of interest rate hikes and the Bank of Japans bond-buying policy. He faces a delicate task: to project a sufficiently hawkish stance to prevent a sharp depreciation of the yen, while simultaneously considering Prime Minister Sanae Takaichis inclination towards pro-economic monetary policies. Some economists believe that if Uchida deviates from Uedas position, it could shake the entire situation. Others say that Uchidas style is more direct, differing from Uedas subtle and unbiased communication style. According to the chief economist at Daiwa Institute of Economics, Uchida is likely to draw on his experience in policy implementation to provide a very thoughtful explanation to help market participants better understand the Bank of Japans thinking, particularly regarding the normalization process.A fire broke out at an oil depot in Russias Krasnodar region due to a drone attack.Easing tensions in the Middle East have put pressure on international oil prices. A quick chart shows the pre-market conversion of domestic and international crude oil prices.

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

Alina Haynes

Nov 03, 2022 19:39

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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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