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The most active palladium futures contract fell 4.00% intraday, currently trading at 292.90 yuan/gram. The most active platinum futures contract fell more than 4.00% intraday, currently trading at 443.50 yuan/gram.The main contract for the container shipping index (European route) has extended its intraday gains to 3.00%, currently trading at 3778.0 points.June 8th Futures News: According to JLC Networks calculations, as of the second working day of June 8th, the change rate was -2.24%, with the average price of reference oil types at $92.93/barrel. Domestic gasoline and diesel prices should be reduced by 130 yuan/ton. The price adjustment window for this round is at 24:00 on June 18th. 1. Shandong Local Refineries: Over the weekend, traders opted for lower prices, leading to improved sales of gasoline and diesel at local refineries. Furthermore, the opening price of international crude oil rose, providing a positive boost. It is expected that the price of refined oil products in Shandong will rise by around 30 yuan/ton today. 2. East China: After a decline in crude oil prices on Monday, prices opened higher today, but news is uncertain. It is expected that the price of refined oil products from major oil companies in East China will remain within a narrow range today, with ample discounts for actual transactions. Traders are cautious with their immediate needs, resulting in a sluggish trading atmosphere. 3. South China: On Monday, international crude oil prices opened higher, and news caused significant volatility. It is expected that the price of gasoline and diesel products from major oil companies in South China will remain within a narrow range today, with downstream end-users purchasing only as needed, resulting in a sluggish trading atmosphere. 4. North China: International oil prices opened higher today after falling on Monday. With uncertain news direction, gasoline and diesel prices in North China are expected to fluctuate within a stable range. Favorable weather in the region this week will provide some support for gasoline and diesel demand, with downstream operators maintaining cautious operations based on immediate needs. 5. Central China: Crude oil prices fell on Monday, and news pointed to a bearish outlook. Gasoline and diesel prices in Central China are expected to be under pressure today. Demand is flat, with operators mostly maintaining immediate needs, resulting in sluggish trading.The yield on Japans 30-year government bonds rose 3 basis points to 3.920%.The yield on Japans 5-year government bond rose 2.0 basis points to 1.940%.

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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