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According to the Wall Street Journal, sources say Mexico is pushing for lower auto tariffs in the USMCA negotiations.Japans corporate goods price index rose 7.2% year-on-year in July, below the expected 7.4% and the previous reading of 7.10%.Japans corporate goods price index rose 0.1% month-on-month in July, below the expected 0.60% and the previous reading of 0.40%.Futures News, August 13th - According to foreign media reports, Chicago Board of Trade (CBOT) soft red winter wheat futures closed sharply higher on Wednesday, with the benchmark contract rising 3.6%, mainly reflecting the ongoing conflict between Russia and Ukraine, which has disrupted grain exports from the region. Ukrainian President Zelensky stated that this "unique operation" targets the last major stronghold of the Russian Black Sea Fleet. The ongoing conflict between the two countries continues to restrict agricultural exports from the region and has also caused some commodity prices to fluctuate wildly during the conflict.On August 13th, a research report from CICC stated that the seasonally adjusted CPI in the US rose 0.1% month-on-month and 3.4% year-on-year in July, while core inflation rose 0.2% month-on-month and 2.5% year-on-year, both in line with market expectations. Energy prices continued to decline, but international oil prices have rebounded since August, increasing uncertainty about future energy prices. Regarding core inflation, commodities were relatively strong while services were relatively weak, especially with the continued rise in prices of information technology products such as computers and software, reflecting that the supply-demand mismatch caused by the expansion of AI capital expenditure is gradually being transmitted to the consumer side. We believe that US inflation may have entered a new phase, with its driving force gradually shifting from supply shocks such as tariffs and oil prices to demand expansion driven by AI investment, and the duration of inflation may be correspondingly prolonged. For the Federal Reserve, this data alleviates the pressure for short-term interest rate hikes, but demand-pull inflation requires more attention from policymakers than supply-push inflation.

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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