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On May 15th, the State Administration of Foreign Exchange released preliminary figures for my countrys balance of payments for the first quarter of 2026. In the first quarter of 2026, my countrys current account surplus was RMB 1,282.1 billion, including a goods trade surplus of RMB 1,721.2 billion, a services trade deficit of RMB 413.9 billion, a primary income deficit of RMB 52 billion, and a secondary income surplus of RMB 26.8 billion. The capital and financial account (including net errors and omissions for the quarter) showed a deficit of RMB 1,282.1 billion, with net inflows of direct investment into China. In US dollar terms, in the first quarter of 2026, my countrys current account surplus was USD 184.1 billion, including a goods trade surplus of USD 247.4 billion, a services trade deficit of USD 59.6 billion, a primary income deficit of USD 7.5 billion, and a secondary income surplus of USD 3.9 billion. The capital and financial account (including net errors and omissions for the quarter) showed a deficit of USD 184.1 billion.Fitch Ratings: Europe’s energy mix makes it vulnerable to a potential conflict with Iran.Market news: The UAE attempted to coordinate with Saudi Arabia on actions against Iran, but was unsuccessful.On May 15th, China Eastern Airlines reported that in April 2026, its passenger capacity (measured by available seat kilometers) increased by 0.84% year-on-year; passenger traffic (measured by passenger kilometers) increased by 3.79% year-on-year; and the load factor was 87.87%, an increase of 2.50 percentage points year-on-year. Cargo and mail traffic (measured by cargo and mail ton-kilometers) increased by 19.10% year-on-year in April 2026.Indias Trade Secretary: The gold import quota agreement with the UAE has not had a significant impact on the overall gold import bill.

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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