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On January 12, Trump denied involvement in the Justice Departments subpoena of the Federal Reserve. Speaking about Fed Chairman Powell, he said, "I have no idea about it, but hes clearly not doing well at the Fed, and hes not good at managing construction projects." Trump stated that the Justice Department subpoena was unrelated to interest rates: "No, I would never even consider putting pressure on him that way. What should really be putting pressure on him is the fact that interest rates are too high; thats the only pressure hes under." He added, "Hes hurt a lot of people, and I think the public is putting pressure on him."Hong Kong-listed application software stocks continued their upward trend, with Weimob Group (02013.HK) rising nearly 17%, China Youzan (08083.HK) rising over 10%, and Kingdee International (00268.HK) and Inspur Digital Enterprise (00596.HK) following suit.On January 12th, the National Development and Reform Commission (NDRC) and three other departments jointly released the "Working Measures on Strengthening the Planning and Investment Direction Guidance of Government Investment Funds." An official from the NDRC stated that this is the first time that the layout and investment direction of government investment funds have been systematically regulated at the national level. Regarding optimizing fund layout, the measures require funds to support major strategies, key areas, and weak links where the market cannot effectively allocate resources, promote the deep integration of technological and industrial innovation, focus on cultivating emerging pillar industries, and adhere to the principles of early investment, small-scale investment, long-term investment, and investment in hard technologies. The NDRC official also stated that in recent years, some government investment funds have encountered problems in their establishment and operation, such as mismatch with local resource endowments and industrial foundations, unclear fund positioning, and homogeneous investment directions. In response to these situations, the "Working Measures" clearly define the functional positioning and investment priorities of national-level funds and local funds.According to Futures News on January 12, as of 09:30 Beijing time, WTI crude oil futures fell 0.05%, while US natural gas futures rose 2.08%.U.S. Republican Senator Tillis: If there were any doubts before that advisors within the Trump administration were actively pushing to end the independence of the Federal Reserve, there should be no doubt now.

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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