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March 12 - According to foreign media reports, Saudi Arabias largest oil shipping company is chartering tankers at extremely high freight rates, with a massive fleet heading to the Red Sea to load the countrys crude oil, bypassing the Strait of Hormuz. According to charter lists, Saudi National Shipping Company (Bahri) has recently chartered at least six Very Large Crude Carriers (VLCCs) to transport crude oil from the western port of Yanbu. A shipbroker and two shipowners believe the actual scale of the charterings may be even larger, with more deals likely to occur in the coming days. With exports from the Strait of Hormuz effectively halted, Saudi Arabia is accelerating efforts to divert supplies to the Red Sea via a pipeline. Many of the charter deals Bahri has secured are priced at 450 Worldscale points, equivalent to over $450,000 per day. Before the war, the industry benchmark freight rate never exceeded $300,000 per day.On March 12th, a symposium on the work of the Beijing Municipal Economic and Information Technology System was held on March 11th. The meeting emphasized that this year marks the beginning of the 15th Five-Year Plan, and the economic and information technology system must further strengthen its sense of responsibility and earnestly and diligently implement all tasks to the highest standards. The meeting stressed the need to: ensure stable growth, expand the positive momentum of the industrial economy, and strive to achieve a strong start in the first quarter and meet the annual targets; ensure the planning and implementation of major projects to solidify the hard support for industrial development; strengthen the leading role of enterprises in innovation and promote the construction of industrial innovation centers and pilot-scale testing ecosystems; focus on forward-looking planning for future industries, strengthen factor guarantees, and cultivate new economic growth points; promote industrial upgrading and achieve intelligent and green development; leverage artificial intelligence to activate new vitality in the development of the digital economy; promote the construction of the "six chains and five clusters" to deepen industrial synergy in the Beijing-Tianjin-Hebei region; and improve enterprise services to create a first-class business environment.A spokesperson for the European Commission stated that a proposal has been made to send a delegation to Ukraine to inspect the Friendship Pipeline.On March 12th, according to the Guangdong Provincial Development and Reform Commission and the Guangdong Provincial Price Monitoring Center, the average pig-to-grain price ratio in Guangdong Province was 4.67:1 on March 11th, entering the first-level warning range for excessive price declines set by the "Guangdong Provincial Plan for Improving the Governments Pork Reserve Regulation Mechanism and Ensuring the Supply and Price Stability of the Pork Market," jointly issued by the Guangdong Provincial Development and Reform Commission and five other departments. Guangdong Province will initiate the purchase and storage of frozen pork reserves to promote the stable operation of the live pig market. It is recommended that farms (households) make scientific production and operation decisions to maintain overall stability in pig production capacity and a normal pace of slaughtering and restocking.On March 12th, Monex Europe analysts stated in a report that the US dollar is likely to continue to receive support in the short term unless there are credible signs of de-escalation in the Iran-Iraq conflict. The conflict is driving safe-haven flows into the dollar. The war has led to higher oil prices and reinforced market expectations that the Federal Reserve will maintain its tight monetary policy for longer than previously anticipated, thus supporting the dollar. However, in the longer term, the market "underestimates the potential extent of US policy easing after energy price concerns begin to subside, which also means the dollar faces downside risks."

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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