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The IMF will release its World Economic Outlook report in ten minutes.On April 14th, Investinglive analyst Adam Button stated that the US March overall and core PPI year-on-year and month-on-month rates were all significantly lower than market expectations. Given that market forecasts primarily revolved around the anticipated surge in energy prices, the focus is on where the discrepancy lies. While energy prices did indeed rise sharply, the increase was less than expected: refined oil products surged (gasoline +15.7%, diesel +42.0%, etc.), but natural gas plummeted by 51.7%, partially offsetting the overall impact. The services sector unexpectedly remained flat (0.0% month-on-month), and this sector, accounting for approximately 68% of the total, was the main reason for the weaker-than-expected data. One driving factor was declining trade margins, with retailers absorbing some energy costs rather than passing them on. Transportation prices rose by 1.3%, but with only 5% weighting, it was insufficient to offset the shortfall. Food prices fell by 0.3%, also dragging down the overall data. In short, market expectations over-focused on crude oil, underestimating three factors: the natural gas plunge, compressed trade margins, and slowing inflation in core services. Energy transmission did exist, but its magnitude was narrow, and the pricing power of other parts of the economy weakened.Bank of Japan Governor Kazuo Ueda: We will continue to closely monitor the impact of the Middle East conflict on the economic outlook and financial conditions.Bank of Japan Governor Kazuo Ueda: It should be noted that the possibility of a price increase mechanism may be strengthening compared to the past.Bank of Japan Governor Kazuo Ueda: If rising oil prices lead to an increase in long-term inflation expectations, then this will accelerate the rise in actual inflation.

DOGE Eyes a Return to $0.0850 to Aim for $0.090 as FTX Contagion Declines

Daniel Rogers

Nov 23, 2022 15:37

截屏2022-11-23 下午2.24.11.png 

 

On Tuesday, both Dogecoin (DOGE) and shiba inu coin (SHIB) snapped two-day losing streaks. FTX contagion risk diminished as word of FTX cash holdings and investor interest in FTX assets spread. However, technical indications remain gloomy, with exponential moving averages (EMAs) predicting additional declines.

 

On Tuesday, dogecoin (DOGE) gained 5.23 percent. Reversing Monday's loss of 2.99%, DOGE ended the day at $0.0785. Notably, DOGE closed the day below $0.0800 for the third session in a row.

 

The mid-morning low for DOGE was $0.0729. Avoiding the First Major Support Level (S1) at $0.0715, DOGE climbed to a high of $0.0796 in the early afternoon. At $0.0774, DOGE surpassed the First Major Resistance Level (R1) before retreating. However, a late surge caused DOGE to surpass R1 and close the day at $0.0785.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads as low as 0 pips and a commission rate of $3.50 per 100,000 USD traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

On Tuesday, the price of Shiba inu coin (SHIB) increased by 4.76 percent. SHIB closed the day at $0.000000881, reversing Monday's decline of 4.21%.

 

In line with the larger market, SHIB reached a low of $0.00000817 during midmorning. Finding support at the First Major Support Level (S1) at $0.00000816, SHIB surged to a high of $0.00000883 by early afternoon. At $0.00000873, SHIB surpassed the First Major Resistance Level (R1) and closed the day at $0.00000881.

 

FTX contagion risk diminished on Tuesday, providing assistance to DOGE, SHIB, and the broader market. Updates on FTX's assets revealed a substantial cash position, which would mitigate the impact of the company's bankruptcy on its creditors.

 

Reports that Justin Sun of Tron and Brad Garlinghouse of Ripple are interested in FTX assets generated additional support.

 

Nonetheless, Twitter news remained unfavorable for DOGE. There was no new information on Twitter's resumption of the crypto integration project that would promote DOGE adoption.

 

However, investor sentiment increased significantly this morning. Risk of FTX contagion remains the primary motivator. Until the court reveals who FTX's creditors are, downside risks will persist. On Tuesday, the bankruptcy judge ruling over FTX decided to redact the identities of FTX's creditors.

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