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On May 12th, yields on long-term UK government bonds surged. The yield on 20-year bonds rose to 5.734%, the highest since July 1998, up 12 basis points on the day; the yield on 30-year bonds rose to 5.794%, the highest level since May 1998, up 11 basis points on the day. The main reason for the sharp rise in yields was the further weakening of Prime Minister Starmers governing position, with a growing number of Labour MPs calling for his resignation. The rise in long-term bond yields reflects, to some extent, concerns about fiscal sustainability. UK bond investors are worried that Starmers successor may further increase borrowing. Financial markets are closely watching for signs of significant divisions among members of the UK government cabinet.May 12th - The US April CPI is expected to rise 3.7% year-on-year, marking the largest increase since September 2023; the March increase was 3.3%. The core CPI, excluding food and energy prices, is projected to rise 0.3% last month, and is likely to be rounded to 0.4%. March saw a 0.2% increase. The US Bureau of Labor Statistics, which compiles the CPI report, is expected to make a one-time adjustment to rents and landlord-equivalent rents. Lou Crandall, chief economist at Wrightson ICAP, stated, "The April report will include actual data for this portion of the rent sample, which should have a significant catch-up effect. We expect this particular factor to increase the core CPI increase by about 0.1 percentage points for the month."ECB Governing Council member Nagel: The baseline scenario includes two rate hikes.ECB Governing Council member Nagel: Our mission requires us to act when inflation expectations become unanchored, and we will see the results in June.May 12 - A shortage of ink caused by the Middle East conflict has forced Japans largest potato chip manufacturer to downgrade its packaging, the latest sign that the raw material shortage is worsening and impacting global markets. Tokyo-based snack company Calbee said on Tuesday it will temporarily adjust the packaging design of some of its most popular products, using only two ink colors. These products include potato chips, shrimp crackers, and fruit cereals.

BTC Fear & Greed Index Falls to 31 as Investor Focus Shifts to the Fed

Skylar Shaw

Oct 31, 2022 15:42

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Bitcoin (BTC) decreased by 0.89% on Sunday. BTC concluded the week up 5.42% to $20,647, partially undoing a Saturday gain of 1.08%. Notably, BTC avoided trading below $20,000 for the fifth day in a row and ended the day above $20,000 for the sixth straight session.


After a choppy morning, BTC increased to a high of $20,950 in the middle of the trading day. A late low of $20,532 was reached by BTC as it failed to reach the First Major Resistance Level (R1) at $21,091. Before partially regaining its footing to reach $20,647, BTC momentarily breached the First Major Support Level (S1) at $20,576.


In anticipation of a busy week for the global financial markets, investors had a calm day to lock in gains. The Fed announces its decision on interest rates this coming Wednesday. The Fed's intentions for December remain unclear, despite the markets' bets for a 75-basis point rate increase.


The bullish week was fueled by anticipation of a Fed turnaround in December. The markets, however, could see investor concern prior to the Wednesday decision. The sensitivity of the cryptocurrency market to US economic data and the Fed maintains the BTC link with the NASDAQ 100.


The NASDAQ 100 Mini was down 56.75 points this morning, pushing BTC into negative territory.

Investor caution increases ahead of the Fed, causing the Fear & Greed Index to decline.


The Fear & Greed Index dropped from 34/100 to 31/100 this morning. Investor apprehension ahead of the FOMC interest rate decision and press conference on Wednesday is reflected in the decline. A return of the Index to the Neutral area would be supported by confirmation of the Fed's shift in December.


As investors wait for the Fed to announce its policy, US economic statistics will continue to be the major focus in the near term. Prior to Wednesday's decision, important statistics include JOLTs job postings, ADP nonfarm employment, and ISM Manufacturing PMI data.


To support a reversal of the negative trend in BTC, the Index will need to hit 40/100 and the neutral zone. A decline to below 20/100 would indicate a BTC decline to below $18,000.

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