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Archiv für den Monat: Mai 2023
Tether buys $222 million worth of bitcoin to back its USDT stablecoin
Tether said it would invest 15% of its net profit into bitcoin to „diversify“ the reserves that back its USDT token.
Cryptos have no intrinsic value and trading in them should be regulated like gambling, UK lawmakers say
A U.K. Parliament committee said it was concerned by government proposals to regulate consumer trading of crypto as a financial service.
Stocks making the biggest premarket moves: Western Alliance, TJX, Wynn, Tesla & more
These are the stocks posting the largest moves in the premarket.
Crypto firm Ripple buys Swiss startup as SEC crackdown forces companies to consider overseas moves
Blockchain firm Ripple acquired Metaco, a Swiss crypto custody services firm, the company announced Wednesday.
Target tops earnings expectations, even as sales barely budge and consumers watch spending
Target’s comparable sales were flat as consumers bought more necessities, and the retailer said it expects more sluggishness in the current quarter.
Tencent posts fastest jump in quarterly revenue in more than a year after China reopens
Tencent reported its fastest quarterly revenue growth in more than a year as the company saw a big rebound in payment volumes, ad sales, and gaming.
ForexLive European FX news wrap: Dollar keeps steady in mixed trading
Headlines:
- Dollar starting to benefit from that discarded tailwind?
- EUR/USD staggers towards key technical test as dollar holds firmer
- USD/JPY inches closer towards key resistance point
- BOE’s Bailey: Things are looking a bit brighter than they did a couple of months ago
- UK’s Hunt: The overwhelming priority has to be lowering inflation
- Eurozone April final CPI +7.0% vs +7.0% y/y prelim
- US MBA mortgage applications w.e. 12 May -5.7% vs +6.3% prior
Markets:
- NZD leads, JPY lags on the day
- European equities mixed; S&P 500 futures up 0.3%
- US 10-yeaar yields down 3 bps to 3.518%
- Gold down 0.1% to $1,986.53
- WTI crude up 0.5% to $71.23
- Bitcoin down 1.1% to $26,675
It was a quiet session in terms of headlines but there were some decent and light moves during the session at least.
The handover from Asia saw major currencies stuck in very narrow ranges but that extended in European morning trade, as the dollar gathered a bit of poise – particularly against the euro, pound and yen.
EUR/USD fell from 1.0860 to 1.0820 while GBP/USD declined from 1.2480 to 1.2425 before a light bounce after as dollar gains ease up. It can be seen as price action stretching its muscles, awaiting further conviction by traders. However, mixed markets are not really helping.
USD/JPY also moved up to a high of 137.17 but is keeping just below the 137.00 mark now alongside its 200-day moving average.
That comes despite bond yields looking a tad softer but equities are keeping marginally positive as US futures are higher while European indices are little changed mostly.
The mood in stocks is at least helping to see the antipodeans hold up with AUD/USD up 0.1% to 0.6660 after hitting a low of 0.6630 earlier while NZD/USD is up 0.5% to 0.6260 as price moves back just above its own 100-hour moving average.
It’s one of those days where traders are still largely sorting out their feet, awaiting some form of headline to really firm up any convictions out there.
This article was written by Justin Low at www.forexlive.com.
US MBA mortgage applications w.e. 12 May -5.7% vs +6.3% prior
- Prior +6.3%
- Market index 214.9 vs 227.8 prior
- Purchase index 165.4 vs 173.7 prior
- Refinance index 468.2 vs 507.1 prior
- 30-year mortgage rate 6.57% vs 6.48% prior
A rise in rates in the past week led to a notable decline in mortgage activity with both purchases and refinancing also falling. This just continues to rebuff the narrative that housing conditions remain rather challenging and troubled, with mortgages in particular suffering amid tighter financial conditions brought about by the Fed.
This article was written by Justin Low at www.forexlive.com.
XAUUSD Technical Analysis
On the daily chart below, we can
see that after tapping into the record high at 2076, Gold started to fall as
better than expected economic data lifted treasury yields and boosted the US
Dollar. The price yesterday broke below a key trendline which is the base of an expanding
wedge pattern.
We should now see the price
falling towards the 1930 level where we can also find the 50% Fibonacci
retracement level and the major trendline. That support zone is expected to be really strong,
and the buyers are likely to pile in there with defined risk below the
trendline. The sellers, on the other hand, will want to see the price breaking
below the support zone before piling in more aggressively and extend the
selloff towards the 1800 level.
XAUUSD
technical analysis
On the 4 hour chart below, we can
see the breakout that happened yesterday after the better than expected US
Retail Sales data. The sellers are now clearly in control and
barring any negative news like a big miss in Jobless
Claims tomorrow or Fed Chair Powell being dovish on Friday, gold should
continue to fall towards the 1930 level.
On the 1 hour chart below, we can
see more closely the recent price action. The sellers should keep on piling in
at the break of the swing low at 1985. If the breakout fails, the likely
pullback should run towards the 2000 resistance where we can also find the
38.2% Fibonacci retracement level. The sellers will be waiting there with
defined risk just above the resistance zone and the 1930 level as target. The
buyers, on the other hand, will need a break above the trendline to regain some
control and target the 2076 high.
This article was written by ForexLive at www.forexlive.com.