Fresh Breakout or the Downtrend’s Swan Song? Approximately 1 year ago, El Salvador decided to make Bitcoin legal tender but the value of the country’s holdings has dwindled ever since. Following the demise of the FTX exchange, Bitcoin dropped below $16K for the first time since November 2020; roughly one week later, it is trading […]
Euro Bulls Run Into Heavy Resistance The U.S. CPI finally dropped below expectations last week and the US Dollar was quick to answer, allowing most of its counterparts to gain control. On Thursday the US Dollar Index (DXY) dropped from a high of 110.99 to a daily low of 107.71 and Friday it reached a […]
CPI Below Forecast. Is the Fed’s Plan Working? Bitcoin traded below $16,000 for the first time since November 2020, following the demise of the FTX exchange and its native FTT token. The drop started Tuesday, November 8, after Binance announced that it will acquire FTX, to address a “liquidity crunch”. In an interesting turn […]
EUR/USD Below Parity Again but Bottoming Signs Are in Place Last week the Fed added another 75 bps to the interest rate and Chairman Powell suggested that the tight monetary policy will continue for some time. The Non-Farm Payrolls report showed mixed data: the economy added 261K new jobs but the unemployment rate rose from […]
Crypto Is Not Scared by Powell. Altcoins Surge. As widely expected, the Fed decided to add 75 bps to the interest rate, while Chair Powell emphasized the continued need for a tight monetary policy. This suggests that the pace of the rate hikes will not slow down, at least for the next FOMC meeting. EUR/USD […]
EUR/USD Edges Higher Following ECB Rate Hike Central banks are pumping percentage points into their respective interest rates and it looks like they are not going to stop until deflationary signs emerge. Last week the ECB added 75 bps to the interest rate, bringing it up to 2.00%, while the US Dollar is gearing up […]
DOGE Shows Revival Signs as Musk’s Twitter Acquisition Concludes. After months of trading sideways, the meme coin DOGE is finally showing bullish signs, buoyed by Elon Musk’s Twitter takeover. The Shiba Inu-themed coin jumped from $0.063 to a whopping $0.085 in just three days and is currently trading at $0.074. Many people seem to attribute […]
EUR/USD at Resistance Ahead of Key Data for Both Currencies A speech delivered Friday by San Francisco Fed President Mary Daly sparked speculation that the Fed is preparing for a pivot in its monetary policy. This loosened the US Dollar’s clinch on the Euro and other major counterparts but we shouldn’t expect an immediate policy […]
Bitcoin Turns Into a Loaded Spring. BB Squeeze in Play. Ripple Labs scored a new victory in their legal case versus the SEC but despite this, XRP’s price dropped as low as $0.4225 after previously trading at $0.4650. The Hinman documents – as they are widely known – have finally landed in Ripple counsel’s laps. […]
USD/JPY Prints Fresh 32-year High, EUR/USD Lifts off Lows. The inflation data released last week exceeded expectations once more, showing that the Fed’s efforts are unsuccessful at least until now. Despite an aggressive pace of the rate hikes, the CPI increased 0.4% from the previous 0.1% and the Core CPI posted a 0.6% change, surpassing […]