#MarketNews #bitcoin BTCUSD
Market Analysis: The price of BTC/USD Has Updated the High of the Year, What's Wrong With That?
In an interview with Fox Business, the CEO of Black Rock fund (over $8 trillion under management), Larry Fink, made some positive comments about bitcoin. Briefly:
→ bitcoin can become a catalyst for the tokenization of various assets and securities, which, in turn, can lead to a revolution in the financial sector;
→ bitcoin has unique properties that distinguish it from traditional stores of value such as gold. For example, its international recognition.
Fink also expressed the hope that the positive experience of cooperation between Black Rock and the SEC will allow the regulator to approve the launch of an ETF based on bitcoin (the application has already been submitted, but Larry did not give forecasts on the timing of its consideration).
Fink's words were received with enthusiasm by the crypto community, which gave the market a bullish mood. The price of BTC/USD yesterday updated the maximum of the year.
But in this story there is a negative, which lies in the nature of the behavior of the price of BTC/USD when updating the maximum. The BTC/USD chart shows that there was only a slight excess of the previous peak, after which the price went down sharply, reaching almost the lower limit of the range in which it has been since the 22nd.
Strong markets don't behave like this. This false break provides an argument that the bears are active and may attempt to break out of the current range.
To benefit from the rise and fall of the BTC/USD price, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
Market Analysis: The price of BTC/USD Has Updated the High of the Year, What's Wrong With That?
In an interview with Fox Business, the CEO of Black Rock fund (over $8 trillion under management), Larry Fink, made some positive comments about bitcoin. Briefly:
→ bitcoin can become a catalyst for the tokenization of various assets and securities, which, in turn, can lead to a revolution in the financial sector;
→ bitcoin has unique properties that distinguish it from traditional stores of value such as gold. For example, its international recognition.
Fink also expressed the hope that the positive experience of cooperation between Black Rock and the SEC will allow the regulator to approve the launch of an ETF based on bitcoin (the application has already been submitted, but Larry did not give forecasts on the timing of its consideration).
Fink's words were received with enthusiasm by the crypto community, which gave the market a bullish mood. The price of BTC/USD yesterday updated the maximum of the year.
But in this story there is a negative, which lies in the nature of the behavior of the price of BTC/USD when updating the maximum. The BTC/USD chart shows that there was only a slight excess of the previous peak, after which the price went down sharply, reaching almost the lower limit of the range in which it has been since the 22nd.
Strong markets don't behave like this. This false break provides an argument that the bears are active and may attempt to break out of the current range.
To benefit from the rise and fall of the BTC/USD price, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
#MarketNews #OPEC+
Market Analysis: Results of the OPEC+ Meeting
The OPEC+ meeting was held this week. CNBC reports the words of its head, Haitham al-Ghais, here’s a brief summary:
→ the organization (which currently consists of 13 countries) is looking for new members;
→ the macroeconomic situation is unclear due to the banking crisis, high inflation, the possibility of a recession and new outbreaks of COVID;
→ nevertheless, the organization is positive about the demand for oil in the second half of 2023.
Judging by the fact that no sharp statements were made, OPEC members are satisfied with the current situation. The oil price chart shows that the level of 72.25 in June confirmed its support for the market. It may be based on the decisions of OPEC to reduce production volumes when prices fall to these levels.
It can be stated that the market has been in the consolidation stage for 2 months already. But with strong support from OPEC, the bulls may try to break through the current resistance level (1).
To benefit from trends in the oil market, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Market Analysis: Results of the OPEC+ Meeting
The OPEC+ meeting was held this week. CNBC reports the words of its head, Haitham al-Ghais, here’s a brief summary:
→ the organization (which currently consists of 13 countries) is looking for new members;
→ the macroeconomic situation is unclear due to the banking crisis, high inflation, the possibility of a recession and new outbreaks of COVID;
→ nevertheless, the organization is positive about the demand for oil in the second half of 2023.
Judging by the fact that no sharp statements were made, OPEC members are satisfied with the current situation. The oil price chart shows that the level of 72.25 in June confirmed its support for the market. It may be based on the decisions of OPEC to reduce production volumes when prices fall to these levels.
It can be stated that the market has been in the consolidation stage for 2 months already. But with strong support from OPEC, the bulls may try to break through the current resistance level (1).
To benefit from trends in the oil market, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#stockmarket #TSLA #ftse100
Weekly Market Wrap With Gary Thomson: TSLA STOCK, USD/JPY, NASDAQ, FTSE 100 DROPS
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
🔸 TSLA Stock: Price Chart Analysis. The bull market continues...
🔸 USD/JPY: Calm before the storm?
🔸 NASDAQ Analysis: Index Is at 1-year High! Is It Sustainable?
🔸 FTSE 100 drops below June low. What gives hope to the bulls?
Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
https://cutt.ly/vwioB8Vj
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice
Weekly Market Wrap With Gary Thomson: TSLA STOCK, USD/JPY, NASDAQ, FTSE 100 DROPS
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
🔸 TSLA Stock: Price Chart Analysis. The bull market continues...
🔸 USD/JPY: Calm before the storm?
🔸 NASDAQ Analysis: Index Is at 1-year High! Is It Sustainable?
🔸 FTSE 100 drops below June low. What gives hope to the bulls?
Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.
Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.
https://cutt.ly/vwioB8Vj
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice
YouTube
Weekly Market Wrap With Gary Thomson: TSLA STOCK, USD/JPY, NASDAQ, FTSE 100 DROPS
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- TSLA Stock: Price Chart Analysis. The bull market…
- TSLA Stock: Price Chart Analysis. The bull market…
#MarketNews #usdollar #USD
Market Analysis: Weak Dollar’s Position
Bloomberg writes that the big hedge funds have flipped and are now taking a short position on the dollar in the expectation that the Fed is nearing the end of its cycle of raising interest rates.
It is possible that the weakness of the USD against a basket of other currencies is influenced by the announced intentions of the BRICS countries to issue a currency backed by gold.
Be that as it may, however, the EUR/USD rate has risen by an impressive 1.5% since the low of July 6, reaching a maximum since May 8. At the same time, the EUR/USD chart shows that:
→ the price has broken the downward channel upwards (shown in red);
→ the bulls are so bold that they are trying to break the double SHS pattern formation.
On the morning of July 11, a long upper shadow on the candle indicates the possibility of a false breakout of the top of June. However, markets are waiting for news about US inflation (Consumer Price Index data will be released tomorrow at 15:30 GMT+3). It is possible that they may further weaken the dollar, sending the euro even closer to the highs of the year.
To benefit from trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Market Analysis: Weak Dollar’s Position
Bloomberg writes that the big hedge funds have flipped and are now taking a short position on the dollar in the expectation that the Fed is nearing the end of its cycle of raising interest rates.
It is possible that the weakness of the USD against a basket of other currencies is influenced by the announced intentions of the BRICS countries to issue a currency backed by gold.
Be that as it may, however, the EUR/USD rate has risen by an impressive 1.5% since the low of July 6, reaching a maximum since May 8. At the same time, the EUR/USD chart shows that:
→ the price has broken the downward channel upwards (shown in red);
→ the bulls are so bold that they are trying to break the double SHS pattern formation.
On the morning of July 11, a long upper shadow on the candle indicates the possibility of a false breakout of the top of June. However, markets are waiting for news about US inflation (Consumer Price Index data will be released tomorrow at 15:30 GMT+3). It is possible that they may further weaken the dollar, sending the euro even closer to the highs of the year.
To benefit from trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#MarketNews #tradingforex #tradingtips
What Events Will Affect Your Trading This Week?
Here are some upcoming events in the market this week that could present some potential trading opportunities for you:
🔸The British Pound has been on a strong run over the last year as higher interest rates have made it a more attractive currency for investors. With inflation remaining stubbornly high at 8.7%, will the wage growth data released on Tuesday at 09:00 continue to show that earnings are keeping up with prices, adding further pressure on the Bank of England to hike rates going forward?
🔸In contrast, the US dollar has continued to weaken, as inflation in the USA continues to fall and the jobs market continues to soften. On Wednesday at 15:30, we get the latest inflation data, which analysts expect to show a further decline to 3.1%.
🔸The Bank of Canada surprised the markets with an interest rate hike to 4.75% last month, and the consensus is that they will continue with another 25 bps increase this month when they announce at 16:00 on Wednesday.
🔸The Chinese economy and Australian Dollar have a high correlation due to the huge demand for natural resources, so keep an eye on the Import and Export data from China on Thursday at 06:00. Imports have declined in 6 out of the last 7 months, indicating a softening of the Chinese economy, which could have a negative impact on the Aussie Dollar.
https://cutt.ly/OwiZD6vg
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice
What Events Will Affect Your Trading This Week?
Here are some upcoming events in the market this week that could present some potential trading opportunities for you:
🔸The British Pound has been on a strong run over the last year as higher interest rates have made it a more attractive currency for investors. With inflation remaining stubbornly high at 8.7%, will the wage growth data released on Tuesday at 09:00 continue to show that earnings are keeping up with prices, adding further pressure on the Bank of England to hike rates going forward?
🔸In contrast, the US dollar has continued to weaken, as inflation in the USA continues to fall and the jobs market continues to soften. On Wednesday at 15:30, we get the latest inflation data, which analysts expect to show a further decline to 3.1%.
🔸The Bank of Canada surprised the markets with an interest rate hike to 4.75% last month, and the consensus is that they will continue with another 25 bps increase this month when they announce at 16:00 on Wednesday.
🔸The Chinese economy and Australian Dollar have a high correlation due to the huge demand for natural resources, so keep an eye on the Import and Export data from China on Thursday at 06:00. Imports have declined in 6 out of the last 7 months, indicating a softening of the Chinese economy, which could have a negative impact on the Aussie Dollar.
https://cutt.ly/OwiZD6vg
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice
Market Pulse
What Events Will Affect Your Trading This Week?
Here are some upcoming events in the market this week that could present some potential trading opportunities for you...
#stocks #MarketNews
Market Analysis: Trials for the UK Stock Market Continue
Yesterday, the head of the Bank of England, Andrew Bailey, spoke about the need to complete the work on suppressing inflation, which is now higher than in any other major country in the West. Market participants expect that at the next meeting of the Bank of England (it will be held on August 3) a new increase in interest rates will be announced.
Bailey's last words boosted the value of the pound, which set a year high against the US dollar this morning. On the other hand, the stock market is dominated by negativity. The price of the FTSE 100 index is near the low of the year, while providing evidence of bear dominance for a long time:
→ level 7,680 has ceased to be a support, and has already worked as a resistance;
→ the level of 7,450 has ceased to be a support, and, perhaps, will continue to provide resistance;
→ having reached support around the level of 7,230, the price has not yet shown signs of a confident recovery over the past four trading sessions.
This suggests that selling pressure is present and could push the FTSE 100 price down to the low of the year that was set on March 20th.
To benefit from trends in the world's major financial markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Market Analysis: Trials for the UK Stock Market Continue
Yesterday, the head of the Bank of England, Andrew Bailey, spoke about the need to complete the work on suppressing inflation, which is now higher than in any other major country in the West. Market participants expect that at the next meeting of the Bank of England (it will be held on August 3) a new increase in interest rates will be announced.
Bailey's last words boosted the value of the pound, which set a year high against the US dollar this morning. On the other hand, the stock market is dominated by negativity. The price of the FTSE 100 index is near the low of the year, while providing evidence of bear dominance for a long time:
→ level 7,680 has ceased to be a support, and has already worked as a resistance;
→ the level of 7,450 has ceased to be a support, and, perhaps, will continue to provide resistance;
→ having reached support around the level of 7,230, the price has not yet shown signs of a confident recovery over the past four trading sessions.
This suggests that selling pressure is present and could push the FTSE 100 price down to the low of the year that was set on March 20th.
To benefit from trends in the world's major financial markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#MarketNews #bitcoin #BTC
Market Analysis: Standard Chartered Predicts Bitcoin at $120k
The value of the largest cryptocurrency could reach USD 50,000 this year and USD 120,000 by the end of 2024, according to analysts at Standard Chartered, Reuters reports.
Note that earlier, bank analysts predicted that the cost of BTC at the end of 2024 would be USD 100,000, but now they have increased their forecast for the price of bitcoin by 20%, based on the assumption of a change in the behavior of miners that can limit the supply of bitcoins as its price rises.
Time will tell how true the bitcoin price forecast for 2024 from Standard Chartered will be, but on the BTC/USD chart today there is an argument in favor of the fact that the forecast can be realized. This is the nature of price action around the USD 30k psychological level.
Compare 2 periods when the price of bitcoin exceeded USD 30k.
In April, the price met strong resistance only USD 500 higher, and a week after the breakdown of USD 30k, it rushed down.
And now is the second period, which began on June 21 and continues to last. The level of immediate resistance above the psychological level is already higher — at around 31k, and the price of bitcoin has not fallen (except for short-term punctures) below USD 30k for almost 3 weeks.
The comparison shows that the bulls are getting more of an edge at the USD 30k level, in other words, the market is shifting in favor of demand forces. And this is optimistic for Standard Chartered's USD 120k bitcoin price prediction.
To invest in the cryptocurrency market, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
Market Analysis: Standard Chartered Predicts Bitcoin at $120k
The value of the largest cryptocurrency could reach USD 50,000 this year and USD 120,000 by the end of 2024, according to analysts at Standard Chartered, Reuters reports.
Note that earlier, bank analysts predicted that the cost of BTC at the end of 2024 would be USD 100,000, but now they have increased their forecast for the price of bitcoin by 20%, based on the assumption of a change in the behavior of miners that can limit the supply of bitcoins as its price rises.
Time will tell how true the bitcoin price forecast for 2024 from Standard Chartered will be, but on the BTC/USD chart today there is an argument in favor of the fact that the forecast can be realized. This is the nature of price action around the USD 30k psychological level.
Compare 2 periods when the price of bitcoin exceeded USD 30k.
In April, the price met strong resistance only USD 500 higher, and a week after the breakdown of USD 30k, it rushed down.
And now is the second period, which began on June 21 and continues to last. The level of immediate resistance above the psychological level is already higher — at around 31k, and the price of bitcoin has not fallen (except for short-term punctures) below USD 30k for almost 3 weeks.
The comparison shows that the bulls are getting more of an edge at the USD 30k level, in other words, the market is shifting in favor of demand forces. And this is optimistic for Standard Chartered's USD 120k bitcoin price prediction.
To invest in the cryptocurrency market, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
#MarketNews #forextrading
Market Analysis: EUR/USD Smashes Resistance While USD/JPY Nosedives
🔸 The Euro is rising and trading well above the 1.1020 resistance zone.
🔸 There is a key bullish trend line forming with support near 1.1020 on the hourly chart of EUR/USD at FXOpen.
🔸 USD/JPY is trading in a bearish zone below the 141.20 and 140.20 levels.
🔸 There is a major bearish trend line forming with resistance near 140.20 on the hourly chart at FXOpen.
https://cutt.ly/xwi3hK3h
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice
Market Analysis: EUR/USD Smashes Resistance While USD/JPY Nosedives
🔸 The Euro is rising and trading well above the 1.1020 resistance zone.
🔸 There is a key bullish trend line forming with support near 1.1020 on the hourly chart of EUR/USD at FXOpen.
🔸 USD/JPY is trading in a bearish zone below the 141.20 and 140.20 levels.
🔸 There is a major bearish trend line forming with resistance near 140.20 on the hourly chart at FXOpen.
https://cutt.ly/xwi3hK3h
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice
Market Pulse
Market Analysis: EUR/USD Smashes Resistance While USD/JPY Nosedives
EUR/USD started a fresh increase above the 1.0975 resistance. USD/JPY is declining and showing bearish signs below the 141.20 level.
#MarketNews #sp500
CNBC Pro Poll: Strategists See S&P 500 Price Drop before Year-end
From July 3 to July 7, 15 reputable strategists were interviewed (among them - Bank of America Chief Equity Strategist Savita Subramanian, Charles Schwab Chief Investment Strategist Liz Ann).
9 respondents suggested that the price of the S&P 500 in the 2nd half of the year will fall below current levels. Most of the rest suggested that it would rise, but only slightly. The median opinion is that the S&P 500 forecast for the end of 2023 is 4,255 points (below the current level of 4,444 points).
The reason for pessimism is the lack of growth drivers, which were the boom associated with AI in the first half of the year; against its background, the S&P rose by 15.9%. According to UBS Global Wealth Management investment director Mark Hefele, the main risk for the stock market is that the US Federal Reserve will continue to raise rates, consumer spending will begin to decline, and the US economy will face a recession — eventually this will lead to a hard landing.
Since Monday, the price of S&P 500 has been showing growth, indicating the optimism of market participants regarding inflation values — the news will be published today, at 15:30 GMT+3.
The chart shows that the price of the S&P 500 is rising within the channel shown in blue. In this case, the median line acts as a support.
However, disappointing inflation data, as well as the first data of the company reporting season for the Q2, may turn the mood to bearish, thereby increasing the likelihood of investment strategists' forecast being realized.
To benefit from the swings in the S&P 500 price, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
CNBC Pro Poll: Strategists See S&P 500 Price Drop before Year-end
From July 3 to July 7, 15 reputable strategists were interviewed (among them - Bank of America Chief Equity Strategist Savita Subramanian, Charles Schwab Chief Investment Strategist Liz Ann).
9 respondents suggested that the price of the S&P 500 in the 2nd half of the year will fall below current levels. Most of the rest suggested that it would rise, but only slightly. The median opinion is that the S&P 500 forecast for the end of 2023 is 4,255 points (below the current level of 4,444 points).
The reason for pessimism is the lack of growth drivers, which were the boom associated with AI in the first half of the year; against its background, the S&P rose by 15.9%. According to UBS Global Wealth Management investment director Mark Hefele, the main risk for the stock market is that the US Federal Reserve will continue to raise rates, consumer spending will begin to decline, and the US economy will face a recession — eventually this will lead to a hard landing.
Since Monday, the price of S&P 500 has been showing growth, indicating the optimism of market participants regarding inflation values — the news will be published today, at 15:30 GMT+3.
The chart shows that the price of the S&P 500 is rising within the channel shown in blue. In this case, the median line acts as a support.
However, disappointing inflation data, as well as the first data of the company reporting season for the Q2, may turn the mood to bearish, thereby increasing the likelihood of investment strategists' forecast being realized.
To benefit from the swings in the S&P 500 price, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#MarketNews #inflation #usdollar
Market Analysis: The Dollar Index Falls to a Minimum of the Year
Yesterday, important data on inflation in the United States was published: the CPI index was 3% in annual terms, this is the lowest value since the beginning of 2021. Thus, inflation is slowing down for the 12th month in a row, approaching the target of 2%.
Markets greeted the news with a surge of volatility — perhaps the quotes win back the expectations that the Fed will soften the current tightening policy (which is far from a fact). Against this background, the dollar index, calculated against a basket of other currencies, fell to a minimum of 2023 — respectively, the prices of EUR/USD and GBP/USD reached the highs of the year. Dollar-denominated stocks also rose in price (the Nasdaq 100 index updated a year's high), as did commodities (the price of oil rose to a maximum since the beginning of May, and gold rose in price by more than USD 20 in 2 hours after the news was published).
It is curious that the bitcoin rate against the dollar reacted with a weak growth, which was leveled by the subsequent bearish movement — a negative sign. Moreover, on the BTC/EUR chart, the price is near the support at 27,200, moving within a bearish channel (shown in red on the attached chart), which is becoming more and more evident.
Note that today at 15:30 GMT+3 another portion of important news will be released, US PPI data will be published, as well as unemployment data. Get ready for another burst of volatility, which could both further weaken the US dollar and allow it to take revenge for yesterday's decline.
To benefit from trends in the world's financial markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
Market Analysis: The Dollar Index Falls to a Minimum of the Year
Yesterday, important data on inflation in the United States was published: the CPI index was 3% in annual terms, this is the lowest value since the beginning of 2021. Thus, inflation is slowing down for the 12th month in a row, approaching the target of 2%.
Markets greeted the news with a surge of volatility — perhaps the quotes win back the expectations that the Fed will soften the current tightening policy (which is far from a fact). Against this background, the dollar index, calculated against a basket of other currencies, fell to a minimum of 2023 — respectively, the prices of EUR/USD and GBP/USD reached the highs of the year. Dollar-denominated stocks also rose in price (the Nasdaq 100 index updated a year's high), as did commodities (the price of oil rose to a maximum since the beginning of May, and gold rose in price by more than USD 20 in 2 hours after the news was published).
It is curious that the bitcoin rate against the dollar reacted with a weak growth, which was leveled by the subsequent bearish movement — a negative sign. Moreover, on the BTC/EUR chart, the price is near the support at 27,200, moving within a bearish channel (shown in red on the attached chart), which is becoming more and more evident.
Note that today at 15:30 GMT+3 another portion of important news will be released, US PPI data will be published, as well as unemployment data. Get ready for another burst of volatility, which could both further weaken the US dollar and allow it to take revenge for yesterday's decline.
To benefit from trends in the world's financial markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
#MarketNews #CHF #tradingforex
Market Analysis: Swiss Franc Strengthens to 2020 Pandemic Levels
The USD/CHF rate fell below 0.87 for the first time since the spring of 2020, when financial market participants saw the Swiss franc as a “safe haven” amid panic associated with the spread of the coronavirus pandemic. Perhaps the demand for the Swiss franc in 2023 is facilitated by geopolitical factors: ongoing hostilities in Ukraine, tensions between the US and China.
The immediate hope for the bulls in the USD/CHF market may be presented by:
→ the lower line of the long-term channel (shown in red), which, from the point of view of technical analysis, can become a support for a rebound;
→ new statistics (once again, will be published today at 15:30 GMT);
→ official statements of influential people. For example, FOMC member Christopher J. Waller is scheduled to speak late Thursday evening, his words about new Fed rate hikes will help strengthen the dollar.
To benefit from trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Market Analysis: Swiss Franc Strengthens to 2020 Pandemic Levels
The USD/CHF rate fell below 0.87 for the first time since the spring of 2020, when financial market participants saw the Swiss franc as a “safe haven” amid panic associated with the spread of the coronavirus pandemic. Perhaps the demand for the Swiss franc in 2023 is facilitated by geopolitical factors: ongoing hostilities in Ukraine, tensions between the US and China.
The immediate hope for the bulls in the USD/CHF market may be presented by:
→ the lower line of the long-term channel (shown in red), which, from the point of view of technical analysis, can become a support for a rebound;
→ new statistics (once again, will be published today at 15:30 GMT);
→ official statements of influential people. For example, FOMC member Christopher J. Waller is scheduled to speak late Thursday evening, his words about new Fed rate hikes will help strengthen the dollar.
To benefit from trends in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#stockmarket #tsla #stocks
Top Stocks to Consider in July 2023
This month is the first month of the second half of 2023, and these are the possible movements of some interesting stocks during the course of July.
🔸1: Tesla (TSLA)
Rather like its blustery, avant-garde and high-profile owner Elon Musk, Tesla is a big-hitter as well as a disruptor. The combination of non-conformity, Silicon Valley-derived on-trend desirability among the tech crowd, and gung-ho approach to the business of the company's founder and CEO make it one of the more volatile big-cap stocks.
🔸2: Microsoft (MSFT)
Microsoft pioneered the move into the digital world for businesses and individuals as long ago as the 1980s, therefore does not need to prove itself by revelling in every item of news surrounding its products or services, which are ubiquitous in every office or home around the world.
However, this month, Microsoft won a big victory, which may allow it to create a huge gaming semi-monopoly.
The win in the US is a victory of considerable magnitude and now brings the proposed $68 billion deal back into the frame.
Microsoft shares have not rallied, and not much of an upward direction has been forthcoming, but July's courtroom battles are worth watching.
🔸3: Netflix (NFLX)
Netflix stock reached its highest point in six months at the end of June this year, marking the end of a steady upward climb during the entire first half of 2023.
Netflix has thus far been famous for movie and TV series streaming; however, it is looking to move into the televised sports arena.
🔸4: Meta (META)
Facebook's stock is at the highest point that it has been in over one year and continues to rise.
Analysts this month are predicting further rises due to Facebook's intention to make massive inroads into the text-based social media sector currently dominated by Twitter.
The spat between Elon Musk and Mark Zuckerberg around the launch of 'Threads' has been the subject of high-profile media attention, but figures are figures and Facebook (Meta) shares continue to rise in value. What will happen in July? Watch this space.
https://cutt.ly/HwouJ81T
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice
Top Stocks to Consider in July 2023
This month is the first month of the second half of 2023, and these are the possible movements of some interesting stocks during the course of July.
🔸1: Tesla (TSLA)
Rather like its blustery, avant-garde and high-profile owner Elon Musk, Tesla is a big-hitter as well as a disruptor. The combination of non-conformity, Silicon Valley-derived on-trend desirability among the tech crowd, and gung-ho approach to the business of the company's founder and CEO make it one of the more volatile big-cap stocks.
🔸2: Microsoft (MSFT)
Microsoft pioneered the move into the digital world for businesses and individuals as long ago as the 1980s, therefore does not need to prove itself by revelling in every item of news surrounding its products or services, which are ubiquitous in every office or home around the world.
However, this month, Microsoft won a big victory, which may allow it to create a huge gaming semi-monopoly.
The win in the US is a victory of considerable magnitude and now brings the proposed $68 billion deal back into the frame.
Microsoft shares have not rallied, and not much of an upward direction has been forthcoming, but July's courtroom battles are worth watching.
🔸3: Netflix (NFLX)
Netflix stock reached its highest point in six months at the end of June this year, marking the end of a steady upward climb during the entire first half of 2023.
Netflix has thus far been famous for movie and TV series streaming; however, it is looking to move into the televised sports arena.
🔸4: Meta (META)
Facebook's stock is at the highest point that it has been in over one year and continues to rise.
Analysts this month are predicting further rises due to Facebook's intention to make massive inroads into the text-based social media sector currently dominated by Twitter.
The spat between Elon Musk and Mark Zuckerberg around the launch of 'Threads' has been the subject of high-profile media attention, but figures are figures and Facebook (Meta) shares continue to rise in value. What will happen in July? Watch this space.
https://cutt.ly/HwouJ81T
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice
Market Pulse
Top Stocks to Consider in July 2023
This month is the first month of the second half of 2023, and these are the possible movements of some interesting stocks during the course of July.
#MarketNews #XRP
MARKET ANALYSIS: XRP IS NOT A SECURITY!
The ruling was announced by Judge Analisa Torres of the Southern District of New York. The litigation that lasted more than three years between the US SEC regulator and Ripple Labs ended in favor of the latter, to the great joy of the entire cryptocurrency community.
The head of Ripple Labs, Brad Garlinghouse, thanked everyone who helped the company win the lawsuit. And the Coinbase exchange announced that the XRP token will be allowed to trade again.
The price of the XRP token rose sharply in price against the backdrop of a positive court decision (we pointed out the likelihood of this event back in winter), while:
→ the capitalization of Ripple exceeded $40 billion;
→ “shortists” (those who bet on the price decrease) lost about $31 million, as evidenced by the total data on the liquidation of positions on the largest cryptocurrency exchanges;
→ the sharp rise in the price of the XRP token led to an increase in the price of BTC/USD, ETH/USD and other cryptocurrencies.
The XRP/USD chart shows that the price of XRP/USD has broken the important 0.555 level from below, which previously worked as both support and resistance. After a sharp surge in volatility, as is usually the case, a period of protracted consolidation may follow. Therefore, it is possible that over the next weeks we will be able to observe the formation of a narrowing triangle in the upper half of the ascending channel, shown in blue.
To benefit from the rise and fall in the price of XRP/USD and other cryptocurrencies, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
MARKET ANALYSIS: XRP IS NOT A SECURITY!
The ruling was announced by Judge Analisa Torres of the Southern District of New York. The litigation that lasted more than three years between the US SEC regulator and Ripple Labs ended in favor of the latter, to the great joy of the entire cryptocurrency community.
The head of Ripple Labs, Brad Garlinghouse, thanked everyone who helped the company win the lawsuit. And the Coinbase exchange announced that the XRP token will be allowed to trade again.
The price of the XRP token rose sharply in price against the backdrop of a positive court decision (we pointed out the likelihood of this event back in winter), while:
→ the capitalization of Ripple exceeded $40 billion;
→ “shortists” (those who bet on the price decrease) lost about $31 million, as evidenced by the total data on the liquidation of positions on the largest cryptocurrency exchanges;
→ the sharp rise in the price of the XRP token led to an increase in the price of BTC/USD, ETH/USD and other cryptocurrencies.
The XRP/USD chart shows that the price of XRP/USD has broken the important 0.555 level from below, which previously worked as both support and resistance. After a sharp surge in volatility, as is usually the case, a period of protracted consolidation may follow. Therefore, it is possible that over the next weeks we will be able to observe the formation of a narrowing triangle in the upper half of the ascending channel, shown in blue.
To benefit from the rise and fall in the price of XRP/USD and other cryptocurrencies, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
#MarketNews #XAGUSD
XAGUSD ANALYSIS: SILVER PRICE UP OVER 7% IN 2 DAYS
On Friday morning the price of silver was USD 24.8. The sharp rise was triggered by the weakening of the dollar on Wednesday, which was influenced by inflation data in the US.
When looking for reasons why silver is stronger than other commodity markets (for example, gold has risen in price by no more than 1.5% over the same period), you may not find satisfying explanations, but pay attention to information on twitter by Robert Kiyosaki (author of the books in the Rich Dad series). In his opinion, on August 22 in South Africa, at the BRICS forum, the creation of a currency backed by gold will be announced. Therefore, Robert predicts problems for the US dollar and suggests considering buying gold, silver, and bitcoin.
In the meantime, the XAG/USD chart shows that the price of silver has approached the upper boundary of the long-term descending channel (shown in red). If the bulls try to reach the upper border of the channel, then perhaps before that we will see a test of the level of 24.5, which previously served as both support and resistance.
To benefit from trends in global financial markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
XAGUSD ANALYSIS: SILVER PRICE UP OVER 7% IN 2 DAYS
On Friday morning the price of silver was USD 24.8. The sharp rise was triggered by the weakening of the dollar on Wednesday, which was influenced by inflation data in the US.
When looking for reasons why silver is stronger than other commodity markets (for example, gold has risen in price by no more than 1.5% over the same period), you may not find satisfying explanations, but pay attention to information on twitter by Robert Kiyosaki (author of the books in the Rich Dad series). In his opinion, on August 22 in South Africa, at the BRICS forum, the creation of a currency backed by gold will be announced. Therefore, Robert predicts problems for the US dollar and suggests considering buying gold, silver, and bitcoin.
In the meantime, the XAG/USD chart shows that the price of silver has approached the upper boundary of the long-term descending channel (shown in red). If the bulls try to reach the upper border of the channel, then perhaps before that we will see a test of the level of 24.5, which previously served as both support and resistance.
To benefit from trends in global financial markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Weekly Market Wrap With Gary Thomson: USD/CHF, UK STOCK MARKET, S&P 500 PRICE DROP.
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
🔸What to expect from the upcoming reporting season
🔸Trials for the UK stock market continue
🔸CNBC Pro Poll: Strategists see S&P 500 price drop before year-end
🔸USD/CHF Analysis: Swiss franc strengthens to 2020 pandemic levels
https://youtu.be/XTWp2sJ2qDY
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
🔸What to expect from the upcoming reporting season
🔸Trials for the UK stock market continue
🔸CNBC Pro Poll: Strategists see S&P 500 price drop before year-end
🔸USD/CHF Analysis: Swiss franc strengthens to 2020 pandemic levels
https://youtu.be/XTWp2sJ2qDY
To take advantage of price fluctuations in the foreign exchange markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice
YouTube
Weekly Market Wrap With Gary Thomson: USD/CHF, UK STOCK MARKET, S&P 500 PRICE DROP.
Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.
- What to expect from the upcoming reporting…
- What to expect from the upcoming reporting…
FXOpen official pinned «Weekly Market Wrap With Gary Thomson: USD/CHF, UK STOCK MARKET, S&P 500 PRICE DROP. Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports…»
#MarketNews
MARKET ANALYSIS: WHAT TO EXPECT FROM THE LATEST REPORTING SEASON
→ WSJ: Analysts expect S&P 500 companies to report lower profits. The key question is how long companies can protect profits by passing on higher costs to customers.
→ Bloomberg: S&P 500 companies are expected to record a 9% drop in earnings in the Q2, making it their worst season since 2020.
Articles were published in two leading financial publications, where the reporting season that has already begun is called a test for the stock market.
FactSet forecasts Q2 earnings for companies to fall 7.2% from the same period a year earlier. The reasons are the tightening of the Fed's monetary policy. If corporate earnings fall, the price of the S&P 500 could decline as market participants believe the stock is overvalued.
The price of the E-mini S&P 500 futures, by the way, on Friday updated the maximum of the year — perhaps the articles about the test for the stock market on the eve of the reporting season already look traditional and do not cause due concern.
What can be alarming from the point of view of technical analysis is the proximity of the price of the E-mini S&P 500 futures to the upper border of the channel built on the reference points indicated by the arrows. It is possible that during the reporting season we will be able to witness a test of this line. And if, indeed, the company data turns out to be disappointing and overshadow the current optimism, we will get more arguments to expect resistance from this line.
Bank of America, Morgan Stanley, Tesla, Netflix, IBM, Goldman Sachs, J&J, and other top companies will report this week.
To benefit from the rise and fall of the world's stock markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
MARKET ANALYSIS: WHAT TO EXPECT FROM THE LATEST REPORTING SEASON
→ WSJ: Analysts expect S&P 500 companies to report lower profits. The key question is how long companies can protect profits by passing on higher costs to customers.
→ Bloomberg: S&P 500 companies are expected to record a 9% drop in earnings in the Q2, making it their worst season since 2020.
Articles were published in two leading financial publications, where the reporting season that has already begun is called a test for the stock market.
FactSet forecasts Q2 earnings for companies to fall 7.2% from the same period a year earlier. The reasons are the tightening of the Fed's monetary policy. If corporate earnings fall, the price of the S&P 500 could decline as market participants believe the stock is overvalued.
The price of the E-mini S&P 500 futures, by the way, on Friday updated the maximum of the year — perhaps the articles about the test for the stock market on the eve of the reporting season already look traditional and do not cause due concern.
What can be alarming from the point of view of technical analysis is the proximity of the price of the E-mini S&P 500 futures to the upper border of the channel built on the reference points indicated by the arrows. It is possible that during the reporting season we will be able to witness a test of this line. And if, indeed, the company data turns out to be disappointing and overshadow the current optimism, we will get more arguments to expect resistance from this line.
Bank of America, Morgan Stanley, Tesla, Netflix, IBM, Goldman Sachs, J&J, and other top companies will report this week.
To benefit from the rise and fall of the world's stock markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#MarketNews #EUR/USD
EUR/USD PRICE: 17-MONTH MAXIMUM
Last week, the dollar index posted its worst week of 2023 amid news of declining US inflation, which was seen as a motive for easing the Fed's current tight monetary policy. "I think the dollar can stay under selling pressure," Carol Kong, currency strategist at Commonwealth Bank of Australia, told Reuters.
On the other hand, inflation in the Eurozone is not declining as fast. FT writes that some ECB officials consider it necessary to raise the rate several more times after the summer meetings, which supports the euro.
The EUR/USD chart shows demand dominance. At the same time, the price of the euro against the dollar:
→ rose above the 1.1200 level for the first time in 17 months. Note that this level has influenced the EUR/USD price dynamics in the past;
→ went beyond the upper limit of the ascending channel.
Given these 2 observations, we can assume that the market is in a vulnerable position for a pullback, and the bulls will need to make specific efforts to gain a foothold above 1.1200.
The situation may change in the near future:
→ US retail sales data to be released today at 15:30 GMT+3;
→ Tomorrow at 12:00 GMT+3 inflation data in the Eurozone will be published.
To benefit from fluctuations in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
EUR/USD PRICE: 17-MONTH MAXIMUM
Last week, the dollar index posted its worst week of 2023 amid news of declining US inflation, which was seen as a motive for easing the Fed's current tight monetary policy. "I think the dollar can stay under selling pressure," Carol Kong, currency strategist at Commonwealth Bank of Australia, told Reuters.
On the other hand, inflation in the Eurozone is not declining as fast. FT writes that some ECB officials consider it necessary to raise the rate several more times after the summer meetings, which supports the euro.
The EUR/USD chart shows demand dominance. At the same time, the price of the euro against the dollar:
→ rose above the 1.1200 level for the first time in 17 months. Note that this level has influenced the EUR/USD price dynamics in the past;
→ went beyond the upper limit of the ascending channel.
Given these 2 observations, we can assume that the market is in a vulnerable position for a pullback, and the bulls will need to make specific efforts to gain a foothold above 1.1200.
The situation may change in the near future:
→ US retail sales data to be released today at 15:30 GMT+3;
→ Tomorrow at 12:00 GMT+3 inflation data in the Eurozone will be published.
To benefit from fluctuations in the currency markets, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#MarketNews #Cryptocurrency #BTC
MARKET ANALYSIS: BITCOIN HITS JULY LOW
The crypto community continues to discuss the victory of Ripple Labs in court against the SEC, expecting that the regulator:
→ also loses in court against Binance, Coinbase;
→ approves Black Rock's Bitcoin ETF application.
Crypto exchanges are resuming trading in the XRP token, and according to media reports, Congressman Richie Torres has appealed to SEC Chairman Gary Gensler to stop attacking cryptocurrencies.
However, the BTC/USD chart does not show the proper bullish mood, having updated the July low yesterday. Moreover, we can see:
→ bearish engulfing on July 13-14 on the daily chart — a pattern indicating strong selling pressure at the top of the market;
→ slow downward drift after this pattern.
This behaviour of the BTC/USD price may indicate that the bulls cannot take the initiative in the market, despite the positive fundamental background. This should alert those who believe in growth — especially if the price of BTC/USD continues to decline within the channel shown in red.
To benefit from the rise and fall in the prices of major cryptocurrencies, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
MARKET ANALYSIS: BITCOIN HITS JULY LOW
The crypto community continues to discuss the victory of Ripple Labs in court against the SEC, expecting that the regulator:
→ also loses in court against Binance, Coinbase;
→ approves Black Rock's Bitcoin ETF application.
Crypto exchanges are resuming trading in the XRP token, and according to media reports, Congressman Richie Torres has appealed to SEC Chairman Gary Gensler to stop attacking cryptocurrencies.
However, the BTC/USD chart does not show the proper bullish mood, having updated the July low yesterday. Moreover, we can see:
→ bearish engulfing on July 13-14 on the daily chart — a pattern indicating strong selling pressure at the top of the market;
→ slow downward drift after this pattern.
This behaviour of the BTC/USD price may indicate that the bulls cannot take the initiative in the market, despite the positive fundamental background. This should alert those who believe in growth — especially if the price of BTC/USD continues to decline within the channel shown in red.
To benefit from the rise and fall in the prices of major cryptocurrencies, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules, respectively. They are not available for trading by Retail clients.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#MarketNews
MARKET ANALYSIS: FTSE 100 BOUNCES BACK ON UK INFLATION NEWS
Participants in financial markets were closely watching yesterday the data on inflation in the UK, where it is at the highest level among the G7 countries. The news turned out to be positive:
→ CPI was 7.9% (forecast = 8.2%, last month = 8.7%) in annual terms;
→ core CPI dropped from 31-year high from 7.1% to 6.9%.
Consequently:
→ the price of the British pound fell against the US dollar and other currencies;
→ the price of the FTSE 100 index rose sharply, rising from the July lows by about 5%.
Thus, the quotes demonstrate the expectations of market participants — they suggest that the Bank of England has received a reason to ease the ongoing tight monetary policy aimed at suppressing inflation.
The publication of the decision of the Bank of England is scheduled for August 3, and the interest rate can be raised only by 0.25%, although earlier 0.5% was called more likely.
The sharp rise in the price of the FTSE 100 has led to the fact that the descending channel is broken, as is the resistance level at 7,555. It is possible that after such a sharp impulse, we will witness a consolidation period, which may be limited to the levels of 7,555 and 7,690.
To benefit from price fluctuations in the FTSE 100 and other stock markets around the world, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
MARKET ANALYSIS: FTSE 100 BOUNCES BACK ON UK INFLATION NEWS
Participants in financial markets were closely watching yesterday the data on inflation in the UK, where it is at the highest level among the G7 countries. The news turned out to be positive:
→ CPI was 7.9% (forecast = 8.2%, last month = 8.7%) in annual terms;
→ core CPI dropped from 31-year high from 7.1% to 6.9%.
Consequently:
→ the price of the British pound fell against the US dollar and other currencies;
→ the price of the FTSE 100 index rose sharply, rising from the July lows by about 5%.
Thus, the quotes demonstrate the expectations of market participants — they suggest that the Bank of England has received a reason to ease the ongoing tight monetary policy aimed at suppressing inflation.
The publication of the decision of the Bank of England is scheduled for August 3, and the interest rate can be raised only by 0.25%, although earlier 0.5% was called more likely.
The sharp rise in the price of the FTSE 100 has led to the fact that the descending channel is broken, as is the resistance level at 7,555. It is possible that after such a sharp impulse, we will witness a consolidation period, which may be limited to the levels of 7,555 and 7,690.
To benefit from price fluctuations in the FTSE 100 and other stock markets around the world, consider enlisting the services of a reliable broker like FXOpen.
⚠️
CFDs are complex instruments and come with a high risk of losing your money.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
