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August 25th – The third China-US Track 1.5 Dialogue was held in Beijing today. Representatives from relevant Chinese ministries, local governments, think tanks, and the Asia Society, among others, will engage in in-depth discussions on topics such as enhancing political mutual trust, expanding economic and trade cooperation, and exploring cooperation in artificial intelligence and science and technology. Established in 2023, the China-US Track 1.5 Dialogue, situated between official diplomatic dialogue (Track 1) and purely non-governmental (Track 2) dialogue, serves as an important communication platform for political parties, strategic circles, business communities, academia, and the general public in both countries. It has previously put forward numerous concrete suggestions for strengthening exchanges and cooperation between the two countries in the political, economic, trade, scientific, technological, and cultural fields.According to JLC Network Technologys calculations, as of the seventh working day on August 25th, the average price of benchmark crude oil was $88.87 per barrel, with a change rate of 7.54%. Domestic gasoline and diesel retail prices should be increased by 410 yuan per ton. The adjustment is based on: 1. the domestic crude oil import structure and settlement benchmark varieties; 2. minor adjustments may be made during the pricing mechanisms operation based on import structure, etc., and JLC Network Technology will revise accordingly; 3. At 24:00 on August 14th, domestic gasoline and diesel retail prices were reduced by 230 and 220 yuan per ton respectively. Based on the "ten working days" principle, the adjustment window for this round is 24:00 on August 28th.Lei Jun posted on Weibo that the Xuanjie O100, based on Xuanjies innovative high-bandwidth matrix bus, achieves edge AI performance far exceeding that of traditional flagship SoCs. It will be applied to a full range of product categories, including mobile phones, automobiles, and robots.Futures News, August 25th: Crude oil prices rose and then corrected, slightly cooling the bullish sentiment in the fuel oil market. Refineries faced increased resistance to pushing prices higher, but tight supply of some products supported refineries in maintaining prices. It is expected that today, most fuel oil products will remain stable with shipments, while some major contracts may see significant price increases.A Reuters poll of 35 economists showed that 18 of them expect the Bank of Korea to raise its benchmark interest rate to 3.00% on August 27, while the rest believe the rate will remain unchanged at 2.75%.

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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