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1. Decision Background: Wednesdays data showed that UK inflation remained high at 3.8% in August, nearly double the Bank of Englands 2% target. Services inflation remained elevated, while inflation expectations rose. Economic growth slowed in the second quarter, with demand showing signs of weakness. 2. Interest Rate Level: The market generally expects the Bank of England to hold interest rates steady at 4% at this meeting. Key focus will be on guidance for further easing this year. 3. Vote Split: The market expects a 7-2 vote to keep interest rates unchanged (compared to a 5-4 split in August), with Taylor and Dhingra dissenting (Taylor voted for a 50 basis point cut in August); Deputy Governor Ramsden may also join the dissenting vote. 4. Forward Guidance: The Bank of England stated in August that "the restrictiveness of monetary policy has decreased," which the market interpreted as hawkish. This meeting will highlight whether this statement appears again or is removed or weakened. 5. Quantitative Tightening: Due to heightened bond market volatility (earlier this month, 20- and 30-year bond yields rose to their highest levels since 1998), the market expects the Bank of England to reduce its annual bond reduction from £100 billion to £60 billion to £75 billion. It is also likely to limit sales of long-term UK government bonds, favoring shorter-term bonds. 6. Market Expectations: Currently, the market generally expects the Bank of England to maintain interest rates unchanged this year, with a small chance of a 25 basis point cut. A sustained cycle of rate cuts will begin in 2026, with cumulative reductions of approximately 50 basis points.On September 18th, economists at ING Bank stated in a report that downside risks to the US job market were the primary rationale for the Federal Reserves decision to cut interest rates; this rationale is unsurprising given recent weak employment data. Federal Reserve Chairman Powell described the rate cut as a "risk-management-based rate cut" because, on the surface, the US economy appears to be in decent shape. However, economists noted that a deeper analysis reveals a shift in the situation, most notably in the job market. The economists also stated that the Feds upward revision of its growth and inflation forecasts, while simultaneously lowering its unemployment forecast, suggests that policymakers believe that swift and forceful action in the coming months will yield tangible results for the economy. They believe the Fed will ultimately cut interest rates by more than currently implied.Novo Nordisk (NVO.N) continued to rise in pre-market trading, currently up 4.7%, after the company released results of a study on semaglutide.On September 18th, after the Federal Reserve cut interest rates by 0.25 percentage points on Wednesday, market sentiment improved and the cost of insuring euro-denominated credit against default declined. The Feds rate cut is boosting global investment appetite for risky assets. Data from S&P Global Market Intelligence showed that the European Cross Credit Default Swap Index, a measure of credit default swaps on euro high-yield bonds, fell 3 basis points to 248 basis points.Needham: Raised CrowdStrike (CRWD.O) price target to $535 from $475.

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.