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The Hong Kong interbank offered rate for one month in Hong Kong dollars rose 15 basis points to 3.36089%, the highest level in nearly four and a half months.On September 18th, many consumers reported on social media that they couldnt buy lemonade at various Mixue Ice City stores. A source close to Mixue Ice City reported that some stores in certain regions have recently experienced fluctuations in raw material supply due to weather delays in the arrival of a batch of imported lemons. Furthermore, Sichuan and Chongqing lemons have entered their harvest season and require storage for optimal taste, leading to supply shortages in some areas. However, overall lemon reserves are sufficient. A large volume of imported lemons is about to arrive, and the stored lemons have been evaluated and tested to meet usage standards. They are being distributed to stores, and the lemon shortages will soon be resolved.According to futures data from September 18th, Japans commercial crude oil inventories increased by 196,072 kiloliters to 10,698,257 kiloliters in the week ending September 13th. Gasoline inventories increased by 46,361 kiloliters to 1,691,790 kiloliters. Kerosene inventories decreased by 5,766 kiloliters to 2,692,860 kiloliters. The average refinery operating rate in Japan was 84.0%, compared to 87.6% the previous week.Samsung Electronics: Hiring 60,000 employees over the next five years; positions will focus on chips, biotechnology and artificial intelligence.According to futures data on September 18, overnight shibor was 1.5140%, up 3.10 basis points; 7-day shibor was 1.5280%, up 0.90 basis points; 14-day shibor was 1.5810%, down 2.60 basis points; January shibor was 1.5440%, up 0.30 basis points; March shibor was 1.5560%, up 0.20 basis points.

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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