EUR/USD Bounces at Long-Term S/R Level. Is Parity Next? U.S. inflation continues to be the centerpiece that spurs the strongest USD movement and last week this proved true once again. The year-over-year CPI reading dropped from the previous 9.1% to 8.5% and the Core version showed 5.9% while the predicted number was 6.1%. These softer […]
BlackRock Taps into Bitcoin, Launches BTC Private Trust Bitcoin and U.S. inflation are closely tied together and Wednesday this relationship produced significant moves once again. The yearly inflation rate in the United States dropped to 8.5% from the previous 9.1%, while the predicted reading was 8.7%. The Core version remained unchanged at 5.9% but this […]
Choppy Price Action Ahead of U.S. Inflation Data. Friday’s U.S. jobs data came out surprisingly better than anticipated, with all three indicators in the green; the greenback was quick to react, posting gains against its counterparts. The Average Hourly Earnings increased 0.5% (forecast was 0.3%), the Unemployment Rate dropped to 3.5% (forecast was 3.6%), while […]
Binance Coin (BNB) Outperforms All Major Cryptos. In late July, Bitcoin managed to move above a bearish trend line printed from the March 2021 top but it failed to make significant advances after the break. Although BTC/USD is still trading above the said trend line, the pair started a slow and grinding pullback that took […]
The Labour Market Takes Center Stage – All Eyes on the NFP Report. Despite the Fed’s continued efforts to combat inflation, Friday’s PCE Index showed a monthly increase of 0.6%, double the previous reading and higher than the 0.5% estimate. The greenback slowed down its ascent, allowing the Euro to erase some of its losses. […]
Bitcoin Makes Serious Advances. Here’s How the Fed Helped. Wednesday, July 27, the Fed announced a 75-bps rate hike, which effectively sent Bitcoin 8.0% higher, from an open at $21,266 to a close at $22.969. Wednesday’s high was $23,112 and the bulls continued to push the following days, reaching a high at $24,445 at the […]
EUR/USD Caught in a Range as the Markets Await the FOMC Rate Decision. Last week the European Central Bank decided to hike the interest rate for the first time in 11 years but the move was bolder than anticipated. The ECB added 50 basis points to the rate, double the consensus 25 basis points (actual […]
BTC/USD at Technical Crossroad. Major Hurdles Ahead! In last week’s post, we talked about the three higher lows printed by BTC/USD and the bullish implications of this pattern. It turns out this was a reliable sign of what followed: Bitcoin climbed to $24,280, moving briefly above the 50-day Moving Average and touching a long-term bearish […]
Rate Hike Incoming. Will the ECB Finally Take Action? Two decades ago, EUR/USD was trading at 1.0000; last week the pair visited that historic price once again, reaching a low at 0.9952. Since then, the US Dollar has retreated a bit, allowing the pair to climb to 1.0140 at the time of writing. Inflation in […]
MicroStrategy CEO Still Bullish on Cryptocurrency, Sees BTC as an Inflationary Hedge. U.S. inflation rose to 9.1% (Year-over-Year), hitting a 40-year high, as evidenced by Wednesday’s Consumer Price Index report. This huge inflationary pressure is helping the US Dollar in its “battle” with other currencies but is posing a palpable threat to the U.S. economy, […]