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Fitch: The rating upgrade reflects the strengthening of Portugals public finances, including the expected downward trend in government debt.Barclays: Oil outflows from the Middle East are higher than in the early stages of the conflict, but the market remains in a state of shortage, and the inventory buffer is now greatly reduced.According to Al Arabiya TV: Lebanese official data shows that Israeli airstrikes on southern Lebanon tonight have killed three people.On September 5th, stronger-than-expected US August jobs data triggered renewed bets on a possible Federal Reserve rate hike, but Wall Street risk assets did not show significant panic. Data showed increased resilience in the job market, leading traders to raise their expectations for a rate hike at the Feds September 16th meeting. US Treasuries experienced a sell-off, the dollar strengthened, and the S&P 500 fell on Friday but still recorded a weekly gain. Unlike previous rate hikes that often triggered capital outflows, this round of bond market adjustments has not yet spread to other risk assets. Credit spreads remain low, limiting pressure on corporate bonds and stock index markets. JPMorgan Chase stated that US Treasury liquidity has deteriorated significantly, but corporate bond ETFs and stock index futures markets have not yet experienced similar tension. Market resilience mainly stems from economic growth and corporate profits, especially as AI investment continues to drive large-scale capital expenditures by technology companies. Analysts point out that the market is currently more focused on whether yields will rise rapidly than on the jobs data itself. The market focus will shift to inflation data and whether the Fed will reconsider its rate hike path due to inflationary pressures. If yields rise further rapidly, it could force investors to reduce their risk exposure.US officials: The White House has no plans to hold an artificial intelligence meeting in mid-September.

BTC Eyes a Return to $19,500 to Target $20,000 and Deliver an ETH Boost

Cory Russell

Oct 18, 2022 16:01

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Bitcoin (BTC) increased 1.03% on Sunday. BTC lost 0.60% on Saturday but recovered to close the week down 0.91% at $19,267. Notably, BTC avoided a drop to below $19,000 by failing to surpass $20,000 for the eighth session in a row.


After a choppy morning, BTC dropped to an early low of $19,067. BTC climbed to a late high of $19,428 while eluding the First Major Support Level (S1) at $18,966. Both the First Major Resistance Level (R1) and the Second Major Resistance Level (R2) were breached by BTC at $19,202 and $19,332, respectively. BTC, however, was unable to reach $19,500 and fell down into R2, ending the week at $19,267.


On Sunday, Ethereum (ETH) gained 2.43%. ETH lost 1.62% on Saturday but gained 1.28% towards the end of the week to reach $1,306.


ETH saw a bullish start to the Sunday session, rising from a low of $1,275 in the early morning to a late high of $1,316. At $1,297, ETH overcame the First Major Resistance Level (R1). ETH slipped down to conclude the week at less than $1,310, falling short of the Second Major Resistance Level (R2) at $1,318, however.


Because there were no noteworthy events on Sunday, dip buyers returned in anticipation of a reasonably calm week on the US economic calendar.


Despite increasing odds of 75 basis point Fed rate increases in November and December, the upside still occurred. When the economy starts to falter, it is hoped that the Fed would ease up on the throttle.


An increase in market risk appetite was fueled by the UK Gilt market's return to order during this morning's session, providing support. The NASDAQ Mini was up 139.25 points before the start of the US trading day.

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