Oct 20, 2023: has stood out not just as a platform but also as an asset with considerable price dynamics. Analyzing the Ethereum/USDT daily chart from Kraken, there is a pattern brewing that may provide a silver lining for ETH enthusiasts: the potential formation of a “higher low” pattern. The “higher low” pattern, for those uninitiated, is a technical indicator often signaling a bullish reversal in the asset’s price direction. It occurs when the price of an asset forms a low that is higher than the previous prominent low, which is precisely what seems to be emerging in Ethereum’s case.…
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Oct 20, 2023: The global bond market is experiencing a significant sell-off, rattling investors who had heavily invested in fixed-income assets throughout 2023. This turmoil briefly paused during the Israel-Hamas conflict but quickly resumed. The 10-year US Treasury note yield has risen to around 5%, a level not seen since before the global financial crisis, coinciding with a sharp decline in prices. 2023 had been dubbed the “year of the bond”, luring investors with high yields and anticipation that central banks like the Federal Reserve and its European counterparts were concluding their monetary tightening campaigns. However, the 10-year yield surpassed…
Oct 20, 2023: British retail sales fell more than expected in September as shoppers delayed buying autumn clothing due to unseasonably warm weather, against the backdrop of broader cost of living pressures, official figures showed on Friday. Retail sales dropped by 0.9% on the month after a 0.4% rise in August, the Office for National Statistics (ONS) said, a bigger decline than the 0.2% fall economists had forecast in a Reuters poll. “It was a poor month for clothing stores as the warm autumnal conditions reduced sales of colder weather gear. However, September’s unseasonable warmth did help drive up food…
Oct 20, 2023: The dollar nudged at the closely watched 150 level against the yen on Friday, encouraged by a rise in U.S. 10-year Treasury yields towards 5% after Federal Reserve Chair Jerome Powell suggested there was scope for more rate rises. The yield on the benchmark 10-year Treasury, which nudged at 5% for the first time in 16 years overnight, has risen by 30 basis points this week – marking its biggest weekly rise since April 2022. War in the Middle East has sparked a push into safe-haven assets like gold and the Swiss franc, but trading in Treasuries…
Oct 19, 2023: The dollar held firm against its peers on Thursday ahead of remarks by Federal Reserve Chair Powell as expectations grew that the U.S. central bank will keep rates higher for longer. The greenback had the yen still hovering around Wednesday’s two-week low, not far from the psychologically sensitive 150-mark. The Australian dollar slid after domestic jobs data surprised to the downside, and the New Zealand dollar hit a near one-year low. The dollar index, which measures the dollar against a basket of currencies, remained mostly flat during Asian trading hours, hanging around the previous day’s high of…
Oct 19, 2023: Japanese Prime Minister Fumio Kishida’s cabinet is set to approve a scheduled economic stimulus package on Nov. 2, later than the previously planned late October timeframe, two government and ruling party officials told Reuters on Thursday. Kishida has said the package will include measures to cushion the blow to households and retailers from cost-push inflation, such as an extension of subsidies to curb gasoline and utility bills. The delay in approving the package could affect the Bank of Japan’s new inflation forecasts, due at its Oct. 30-31 meeting, as the length of extension in the subsidies will…
Oct 18, 2023: China’s economy grew at a faster-than-expected clip in the third quarter, while consumption and industrial activity in September also surprised on the upside, suggesting the recent flurry of policy measures is helping to bolster a tentative recovery. Rapidly weakening growth in the world’s second-biggest economy since the second quarter prompted authorities to step up their support steps, with Wednesday’s batch of data indicating the stimulus is starting to gain traction although a property crisis and other headwinds continue to pose risks to the outlook. Gross domestic product (GDP) grew 4.9% in July-September from the year earlier, data…
Oct 18, 2023: Wall Street and traditional finance institutions have shown a growing interest in cryptocurrencies, leading to a push for Bitcoin Exchange Traded Funds (ETFs) within the $7 trillion ETF industry. These instruments would facilitate direct holding of Bitcoin, an idea that has caught the attention of asset management giants such as BlackRock (NYSE:BLK), Fidelity, and WisdomTree. In response to this interest, these firms have submitted applications for their own Bitcoin ETFs. To address the Securities and Exchange Commission’s (SEC) concerns about volatility, value verification, and potential fraud in the crypto market, BlackRock has proposed surveillance-sharing agreements. Coinbase (NASDAQ:COIN),…
Oct 18, 2023: British consumer price inflation (CPI) unexpectedly held at an 18-month low of 6.7% in September and remained the highest of any major advanced economy, official data showed on Wednesday, raising the possibility of another rise in interest rates. A rise in petrol prices between August and September was the main factor stopping a fall in the annual rate, the Office for National Statistics said. But two other less volatile measures closely watched by the Bank of England – core inflation and services prices – were also robust, which is likely to leave some policymakers worried about longer-term…
Oct 18, 2023: Oil prices surged nearly 2% on Wednesday as tension escalated in the Middle East after hundreds were killed in a blast at a Gaza hospital, sparking concerns about potential oil supply disruptions from the region. Brent crude futures was up $1.55, or 1.7%, to $91.45 a barrel at 0810 GMT. West Texas Intermediate crude (WTI) futures were up $1.66, or 1.9%, at $88.32 a barrel. Both benchmarks gained more than $2 to touch their highest levels in two weeks earlier in the session. Markets factored in risk premiums after hundreds of Palestinians were killed in a blast…
