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Bank of Japan Governor Kazuo Ueda: Interest rate hike decisions and quantitative tightening adjustments will be separate.On April 28th, Yuxuan Tang of JPMorgan Private Bank stated that the Bank of Japans decision to maintain interest rates in its first formal response following the Middle East wars and the recent weakening of the yen, while a 6-3 vote suggests a higher probability of a rate hike as early as June, is largely priced in. The market is currently betting on approximately two rate hikes in the remainder of 2026. "We believe the threshold for the Bank of Japan to significantly exceed this level is high," she said. Japan is walking a tightrope of stagflation: high energy prices and a relatively low energy self-sufficiency rate compared to other major economies make it more vulnerable to external shocks. High-cost subsidy programs and other fiscal measures are expected to put pressure on public finances. Against this backdrop, the Bank of Japan may need to maintain a relatively accommodative policy stance to cushion demand losses.Japanese Foreign Ministry: Japanese Foreign Minister Toshimitsu Motegi held talks with the Australian Foreign Minister. Both sides agreed that, with the help of Japanese Prime Minister Sanae Takaichis visit to Australia next week, they could work together to promote regional development. Furthermore, the two foreign ministers reaffirmed the importance of ensuring a stable supply of energy and essential resources to the region given the current energy situation in the Asia-Pacific region.Bank of Japan Governor Kazuo Ueda: We will continue to gather information and coordinate with overseas regulatory agencies.Bank of Japan Governor Kazuo Ueda: But given the industry’s low transparency, caution is still needed.

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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