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On September 1st, European Central Bank (ECB) Governing Council member Rehn stated that the ECB must prepare for a potential prolonged "consumption conflict" in the Middle East, which could lead to persistently high inflation in the Eurozone. Rehn said, "We must not be complacent about these inflationary pressures." He noted that energy prices have continued to rise due to the conflict in the Middle East and the near closure of the Strait of Hormuz. "We must not allow any affordability crisis in Europe," he said. Rehns remarks mark a shift in the policymakers stance, as he had previously focused more on growth risks than inflation, indicating a growing support for tightening policies within the ECB Governing Council. Last week, ECB Executive Board member Schnabel, one of the banks most prominent hawks, publicly called for another interest rate hike in September.XPeng Motors (XPEV.N): Delivered 39,107 vehicles in August 2026.Russian news agencies, citing the local governor, reported that Novokubishevsk, a city in Russias Samara region, was attacked by drones.September 1st - According to the Financial Times, a senior European Central Bank (ECB) policymaker warned ahead of market expectations of a rate hike next week that the bank must prepare for a potential protracted "war of attrition" in the Middle East, a conflict that could keep eurozone inflation high. ECB Governing Council member Rehns remarks are expected to reinforce market expectations of a 25-basis-point rate hike next week. Rehn stated, "We must not be complacent in the face of these inflationary pressures," referring to energy prices driven up by the conflict and the near closure of the Strait of Hormuz. He added, "We cannot afford any burdensome crisis in Europe." Rehns comments mark a hawkish shift in the policymakers stance, who until recently prioritized economic growth risks over inflation risks, indicating growing support for tightening policy within the ECB Governing Council.ECB Governing Council member Rehn: The "war of attrition" in Iran could lead to persistently high inflation.

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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