Headlines:

• Japanese yen struggles to light up as wage talks come into focus
• BOJ’s Ueda says will consider policy changes once achievement of price target is in sight
• BOJ reportedly considers scrapping ETF purchases with inflation target in sight
• Japan PM Kishida: Will call for wage hikes exceeding last year for small, mid-sized firms
• Today’s wage results could be driving force to realise virtuous cycle in Japan – JCM chair
• Japan Business Federation head reaffirms odds of wage hikes beating last year’s levels
• ECB’s Villeroy: It is more likely a rate cut will happen in June than in April
• Bitcoin pulls through to hit $73,000 again after yesterday’s brief dip
• UK January monthly GDP +0.2% vs +0.2% m/m expected
• Eurozone January industrial production -3.2% vs -1.5% m/m expected

Markets:

• EUR leads, JPY lags on the day
• European equities higher; S&P 500 futures up 0.1%
• US 10-year yields up 0.9 bps to 4.164%
• Gold up 0.3% to $2,162.53
• WTI crude up 1.4% to $78.68
• Bitcoin up 3.0% t o $73,195

The Japanese yen was an early mover in Asia as early indications showed that bigger firms are meeting demands in the spring wage negotiations. USD/JPY fell to a low of 147.23 before recovering to 147.60 ahead of European trading.

But as BOJ governor Ueda continued to offer little suggestion of an imminent policy shift next week, the yen fell further with USD/JPY moving back up to hit the 148.00 mark.

Outside of the yen, there was very little movement among major currencies. The dollar steadied as traders are settling down after the chaotic post-CPI reaction yesterday. EUR/USD is little changed at 1.0930 levels, stuck in a 20 pips range on the day. Meanwhile, other dollar pairs are rather flattish so there isn’t really much to scrutinise during the session.

This comes as the equities mood is also looking fairly tentative and muted. European indices are slightly higher, carrying the positive momentum from yesterday with the DAX and CAC 40 at fresh record highs. But US futures are little changed and that is not offering much for traders to work with for now.

The bond market is also looking rather lethargic, so that’s not helping either. Treasury yields are not budging after the rise yesterday though there is the 30-year notes auction to look out for later.

While traditional markets are not doing too much, Bitcoin surged higher to a fresh record high above $73,000 during the session. The brief drop under $70,000 yesterday is proving to be just another blip again as buyers continue to keep up the momentum.

This article was written by Justin Low at www.forexlive.com.

• Prior +9.7%
• Market index 201.5 vs 188.2 prior
• Purchase index 147.7 vs 141.1 prior
• Refinancing index 480.3 vs 428.1 prior
• 30-year mortgage rate 6.84% vs 7.02% prior

The average rate of the most popular US home loan fell by 18 bps in the last week and that helped to see a resurgence in both purchases and refinancing activity. The latter in particular saw a big jump and helped with a modest rebound in mortgage applications, following a poor start to the year.

This article was written by Justin Low at www.forexlive.com.

Dogecoin started as a joke, but it quickly became a popular cryptocurrency. It features the face of the Shiba Inu dog from the
„Doge“ meme as its logo and namesake. Created by Billy Markus and
Jackson Palmer in December 2013, Dogecoin was intended to be a fun, more
approachable form of cryptocurrency that could reach a broader demographic than
Bitcoin.

Key Features of Dogecoin:

• Decentralized: Like most cryptocurrencies, Dogecoin operates on a
  decentralized network using blockchain technology.
• Infinite Supply: Unlike Bitcoin, which is capped at 21 million coins,
  there is no maximum limit to the number of Dogecoins that can be produced.
• Scrypt Algorithm: Dogecoin uses a proof-of-work Scrypt algorithm, which
  makes it less energy-intensive and faster to mine compared to Bitcoin’s
  SHA-256 algorithm.
• Community-Focused: The Dogecoin community is known for its friendly and
  welcoming culture, often using the coin for tipping and charity events.

How to Obtain and Use Dogecoin

Buying Dogecoin:

To buy Dogecoin, you’ll need an account on a cryptocurrency
exchange that supports Dogecoin. Some well-known platforms include Binance,
Kraken, and Robinhood. After creating an account and verifying your identity,
you can purchase Dogecoin with fiat currency (like USD) or trade it with other
cryptocurrencies.

Mining Dogecoin:

You can also obtain Dogecoin through mining. This involves
using computer processing power to solve complex mathematical equations that
validate transactions. While it is possible to mine Dogecoin solo, joining a
mining pool can increase your chances of earning rewards.

Using Dogecoin:

Dogecoin can be used for peer-to-peer transactions, online
purchases where accepted, and as a tipping currency on social media platforms
to reward content creators.

Tips for Handling Dogecoin

1. Secure Your Holdings: Store your Dogecoin in a secure wallet. Hardware
   wallets offer enhanced security, whereas software wallets provide
   convenience for regular transactions.
2. Stay Updated: Keep abreast of the latest Dogecoin news and updates
   from reliable sources. Market conditions can change rapidly, and being
   well-informed will help you make better decisions.
3. Understand Volatility: Cryptocurrency markets are highly volatile. Invest
   only what you can afford to lose, and don’t give in to the hype without
   doing your own research.
4. Diversification: Don’t put all your eggs in one basket. Diversifying
   your portfolio can mitigate risks associated with the volatility of a
   single asset.
5. Community Engagement: Being a part of the Dogecoin community can be
   rewarding. Engage in forums and social media to learn from other users‘
   experiences and contribute to charitable causes.
6. Use Secure Exchanges: When buying or trading Dogecoin, use reputable
   exchanges with strong security measures to protect your assets.
7. Be Wary of Scams: As with any investment, there’s a risk of fraud. Be
   cautious about unsolicited offers and too-good-to-be-true promises
   regarding Dogecoin investments.
8. Understand Taxes: Cryptocurrency transactions can be taxable events.
   Keep records of your Dogecoin transactions to comply with tax regulations
   in your jurisdiction.

Dogecoin stands out for its unique blend of humor,
functionality, and community spirit. Whether you’re interested in investing or
simply participating in the community, understanding the ins and outs of
Dogecoin is key to making the most of this cryptocurrency. Always remember to
conduct thorough research and consider your financial situation before getting
involved with Dogecoin or any cryptocurrency.

This article was written by FL Contributors at www.forexlive.com.

Yesterday, the Nasdaq Composite surged and ended
the day positive following the US CPI release.
Although the data beat expectations slightly, the market’s pricing for rate
cuts didn’t change much as the overall weaker data in February is giving the
market hope that the reacceleration in the prior months was transitory and that
inflation will not flare up again. Looking ahead we don’t have much key data
left before the FOMC meeting next week, but there are some expectations that
the Fed might sound less dovish following the two consecutive beats in the CPI
data and that could trigger some profit taking and defensive positioning into
the event.

Nasdaq Composite Technical
Analysis – Daily Timeframe

On the daily chart, we can see that the Nasdaq
Composite yesterday bounced on the red 21 moving average and
rallied back to the highs. From a risk management perspective though, the
buyers will have a much better risk to reward setup around the 15876 level
where we can find the confluence of the trendline and the
red 21 moving average. The sellers, on the other hand, will want to see the
price breaking lower to invalidate the bullish setup and increase the bearish
bets into new lows.

Nasdaq Composite Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that
the price has been diverging with
the MACD for a
long time. This is generally a sign of weakening momentum often followed by
pullbacks or reversals. We can also notice that the price action formed what
looks like a rising wedge, so if
the price were to break below the trendline, the sellers will have much more
conviction to look for new lows with the base of the wedge at 14477 being the
ultimate target.

Nasdaq Composite
Technical Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that the
latest rally into the all-time high diverged with the MACD. The target is
generally the base of the divergent formation, so this should confirm a
pullback into the major trendline where we can also find the 61.8% Fibonacci
retracement level for confluence. What happens there
will be key as a break below the trendline could lead to a major correction.

Upcoming
Events

Tomorrow we get the US PPI, the US Retail Sales and the
US Jobless Claims figures. On Friday, we conclude the week with the University
of Michigan Consumer Sentiment survey.

This article was written by FL Contributors at www.forexlive.com.

Predicting which cryptocurrency will boom in 2024 is a complex task filled with uncertainty
due to the highly volatile and unpredictable nature of the crypto market.
However, certain factors can be considered when speculating about future crypto market trends.

Fundamental Analysis

Fundamental analysis involves evaluating a cryptocurrency’s
underlying technology, use case, team, development activity, and market
position. Cryptocurrencies that solve real-world problems, have strong
community support, and are backed by robust technology could potentially see
significant growth. Projects like Ethereum (ETH) continue to innovate with
upgrades like Ethereum 2.0, which aims to improve scalability and security,
making ETH a candidate for continued success.

Technological Advancements

Cryptocurrencies that stay at the forefront of technological
advancements tend to attract more investor attention. The integration of
features such as smart contracts, decentralized finance (DeFi), and
non-fungible tokens (NFTs) can play a pivotal role in a cryptocurrency’s
growth. Altcoins that are developing unique solutions in these areas might
experience substantial growth.

Regulatory Environment

The regulatory landscape heavily influences the
cryptocurrency market. Favorable regulations can lead to increased adoption by
both retail and institutional investors, while stringent policies may stifle a
crypto asset’s growth. Paying attention to emerging legal frameworks around the
world could provide insights into potential boom candidates.

Market Sentiment

Market sentiment often drives short-term price movements.
Social media hype, news coverage, and influencer opinions can impact a
cryptocurrency’s popularity and demand. Tools like sentiment analysis can help
gauge the public’s perception of different cryptocurrencies.

Tips for Investing in Cryptocurrencies:

1. Do Your Own Research (DYOR): Before investing, thoroughly research the
   cryptocurrency, its team, technology, and the problem it aims to solve.
2. Diversify Your Portfolio: Rather than betting everything on one coin, spread
   your investments across different assets to mitigate risk.
3. Stay Informed: Keep up-to-date with the latest developments,
   partnerships, and technological updates of the cryptocurrencies you are
   interested in.
4. Use Technical Analysis: Charts and technical indicators can provide insights
   into market trends and potential entry and exit points.
5. Consider the Market Cycle: Crypto markets go through cycles. Understanding where
   the market is in its cycle can help in making informed investment
   decisions.
6. Invest in What You Understand: Don’t invest in a cryptocurrency just because it’s
   trending. Make sure you understand the fundamentals and the risk involved.
7. Keep an Eye on Bitcoin: Being the largest and most well-known cryptocurrency,
   Bitcoin’s movements often dictate the broader market trend. A soaring or
   plummeting Bitcoin could hint at the overall market trajectory.
8. Risk Management: Only invest what you can afford to lose, and consider
   setting stop-loss orders to minimize potential losses.
9. Long-Term Perspective: Look for cryptocurrencies with long-term potential
   rather than short-term gains. Patience can be key in realizing significant
   returns.
10. Be Prepared for Volatility: The crypto market is notoriously volatile. Be
    psychologically and financially prepared for both drastic ups and downs.

Ultimately, no one can predict with certainty which
cryptocurrency will boom in 2024. Investors should approach the market with
caution, armed with thorough research and a well-thought-out strategy. It’s
also vital to stay adaptable and responsive to the fast-paced changes that
characterize the crypto space.

This article was written by FL Contributors at www.forexlive.com.