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Futures News, July 14th - According to foreign media reports, ICE canola futures closed higher on Monday, with the benchmark contract rising 1.47%, mainly boosted by a sharp rise in international crude oil futures. US President Donald Trumps reinstatement of the blockade of Iranian vessels in the Strait of Hormuz triggered a surge in international crude oil futures. This followed military strikes by the US and Iran in the Middle East over the weekend. Continued rainfall across much of the Canadian Prairie may reduce the canola harvested area, with abandonment rates potentially exceeding the usual 1%. The Canadian dollar was almost unchanged on Monday afternoon, trading at 70.68 US cents per Canadian dollar.July 14 (Futures News) – According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed sharply higher on Monday, with the benchmark contract rising 3.2%, reaching its highest level in over a month, following the surge in international crude oil futures. US President Trumps announcement that the US would reinstate a naval blockade against Iran reignited concerns about disruptions to energy transport through the Strait of Hormuz, pushing global benchmark September Brent crude futures up 9.59%, reaching their highest price since June 12.On July 14th, according to foreign media reports, most corn futures contracts on the Chicago Board of Trade (CBOT) closed higher on Monday, with the benchmark contract rising 0.5%, mainly reflecting concerns about hot and dry weather in the Midwest and a surge in crude oil futures. The benchmark December contract touched $4.695 during the session, its highest level since June 2nd. Weather forecasts indicate that the western Corn Belt will continue to experience hot and dry weather this week, potentially extending into next week. July is a crucial month for the corn crop, as most corn will enter the pollination stage at this time. The pollination period is a key stage in determining corn yield. The U.S. Department of Agriculture predicts that the average U.S. corn yield in 2026 will reach the second highest on record, at 183 bushels per acre, second only to last years record of 186.5 bushels. However, the continued high temperatures could affect the crops harvest prospects. One analyst stated that if this weather persists, a yield of 180 bushels per acre may be closer to reality. A decline in yield will suppress U.S. supply. He added that if the yield is below 180 bushels per acre, the U.S. corn supply will be very tight.Venezuelas chief economic advisor: We will release a sustainability analysis of the necessary debt restructuring in the coming weeks.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 0.26% to 52,498.64 points, the S&P 500 fell 0.79% to 7,515.34 points, and the Nasdaq Composite fell 1.55% to 25,873.18 points. Nvidia and Boeing led the decline, falling more than 3%. The Wind U.S. Tech Big Seven Index fell 0.96%, with Tesla falling more than 3%, Facebook falling nearly 2%, and SpaceX falling more than 4%. The Nasdaq China Golden Dragon Index fell 0.14%, with Lukong and Hesai Technology falling more than 6%. 2. The three major European stock indexes closed slightly higher. The German DAX rose 0.19% to 25,114.25 points; the French CAC40 rose 0.31% to 8,364.65 points; and the UK FTSE 100 rose 0.01% to 10,498.29 points. 3. The WTI crude oil futures contract closed up 9.23% at $78.0 per barrel; the Brent crude oil futures contract rose 9.62% to $83.32 per barrel. 4. International precious metals futures generally closed lower, with COMEX gold futures falling 2.55% to $4008.70 per ounce and COMEX silver futures falling 3.63% to $57.98 per ounce.

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.