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European Central Bank President Christine Lagarde: The independence of the Federal Reserve is not a "sure thing".On May 28, Ministry of Commerce spokesperson He Yadong, responding to a question about the progress of China-US tariff negotiations at a regular press conference, stated that tariffs have always been one of the key issues in China-US economic and trade relations. Under the strategic guidance of the two heads of state, the China-US economic and trade teams have engaged in in-depth communication on tariff issues and made arrangements regarding bilateral tariffs. He reiterated his hope that the US side would honor its commitments and create positive conditions for expanding bilateral economic and trade cooperation. Meanwhile, both sides agreed in principle to discuss a framework arrangement for reciprocal tariff reductions on products of equivalent size under the Trade Council, with each sides scale being $30 billion or more. The economic and trade teams of both sides will maintain close communication, agree on specific arrangements, and promote their implementation as soon as possible.On May 28, Ministry of Commerce spokesperson He Yadong responded to a question at a regular press conference regarding the EUs proposed new steel tariffs to be implemented on July 1st. He stated that the EUs move is essentially protectionism, which will not only fail to maintain the competitiveness of the steel industry but will also severely impact Sino-EU steel trade and affect the stability of the global supply chain. Currently, China is conducting negotiations with the EU within the framework of the WTO. China hopes to achieve a win-win outcome through these negotiations and promote the steady and healthy development of Sino-EU economic and trade relations. If the EU discriminates against Chinese companies and products, China will take corresponding measures to resolutely safeguard its legitimate rights and interests.Futures News, May 28th: Shanghai Futures Exchange (SHFE) Energy and Chemical Warehouse Receipts and Changes on May 28th: 1. Pulp futures warehouse receipts: 207,266 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 957 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,560 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 41,160 tons, unchanged from the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 21,120 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 31,220 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,511,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 5,000 tons, an increase of 5,000 tons from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.On May 28, the 24th meeting of the Standing Committee of the 16th Beijing Municipal Peoples Congress heard and deliberated on the report of the Ethnic and Religious Affairs Committee of the Municipal Peoples Congress on the results of its deliberation of the motions submitted by deputies to the Presidium of the Fourth Session of the 16th Beijing Municipal Peoples Congress. The Presidium of the Fourth Session of the 16th Beijing Municipal Peoples Congress submitted four motions to the Ethnic and Religious Affairs Committee for deliberation: a motion by 13 deputies including Huang Leping on the formulation of the "Regulations on the Development of the Artificial Intelligence Industry in Beijing"; a motion by 15 deputies including Yang Qiang on the formulation of "Legislation to Promote the Development of the Artificial Intelligence Industry in Beijing"; a motion by 12 deputies including Tao Qinghua on the formulation of "Legislation to Accelerate the Development of the Artificial Intelligence Industry and Strengthen the Talent Pool"; and a motion by 17 deputies including Zhang Xiyong on the formulation of "Legislation to Accelerate the Development of the Embodied Intelligent Robot Industry". According to the legislative work plan, the Standing Committee plans to conduct the first reading of the draft regulations in November this year. Before that, the Standing Committee Chairmans Meeting will also study the "Project Feasibility Study Report on the Regulations on the Development of the Artificial Intelligence Industry in Beijing".

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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