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The yield on Japans two-year government bonds rose 0.5 basis points to 1.055%, the highest level since July 2007.The Political Bureau of the CPC Central Committee held a meeting, which emphasized the need to continue implementing a more proactive fiscal policy and a moderately loose monetary policy, to leverage the combined effects of existing and new policies, to increase counter-cyclical and cross-cyclical adjustments, and to effectively improve the efficiency of macroeconomic governance.On December 8th, the Xiamen Municipal Committee of the Communist Party of China released its proposals for formulating the 15th Five-Year Plan for National Economic and Social Development of Xiamen. The proposals include promoting the integration of Xiamen and Kinmen. This includes accelerating the projects for connecting Xiamen and Kinmen with Kinmen in terms of electricity, gas, and bridges, as well as the second water supply channel; supporting Kinmens shared use of Xiamen Xiangan International Airport; optimizing the layout of passenger and cargo routes between Xiamen and Kinmen; promoting the construction of "smart ports" at the Wutong Wharf and the International Cruise Terminal; accelerating the construction of the Cross-Strait (Xiamen-Quanzhou-Kinmen) Cooperation and Development Zone; further promoting the equalization, universal access, and convenience of basic public services between Xiamen and Kinmen; improving the exchange, cooperation, and consultation mechanism between Xiamen and Kinmen; and creating a "same-city living circle" between Xiamen, Quanzhou, and Kinmen.The yield on Japans 5-year government bonds rose to 1.44%, a new high since June 2008.The yield on Japans 30-year government bonds rose 2.5 basis points to 3.380%.

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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