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On April 27th, Kei Fujimoto, an economist at Sumitomo Mitsui Trust Asset Management, stated that the Bank of Japan is expected to maintain its policy rate at 0.75% on Tuesday. However, even if it pauses its actions, it doesnt necessarily mean a further postponement of interest rate hikes. He said, "The Bank of Japan has repeatedly emphasized that financial conditions remain accommodative, and its policy stance still leans towards tightening." The economist added, "If tensions in the Middle East ease and uncertainty decreases even slightly, the likelihood of a rate hike in June or July will increase."April 27th - The Bank of Japan will announce its interest rate decision on Tuesday. Keisuke Tsuruta, senior bond strategist at Mitsubishi UFJ Morgan Stanley Securities, stated that the market is currently paying close attention to the extent to which Bank of Japan Governor Kazuo Ueda will hint at a possible rate hike in June. Such comments will alter market expectations regarding the policy rate path and could potentially impact the Japanese government bond yield curve.The Federation of Thai Industries reported that Thailands automobile production rose 2.69% year-on-year in March (compared to 3.43% in February).On April 27th, Kei Fujimoto, an economist at Sumitomo Mitsui Trust Asset Management, predicted that the Bank of Japan (BOJ) would maintain its interest rate at 0.75% on Tuesday. However, this pause in rate hikes does not necessarily mean the bank will further postpone any rate increases. The BOJ has repeatedly emphasized that financial conditions remain accommodative and its policy stance still leans towards tightening. Therefore, if tensions in the Middle East ease and uncertainty decreases (even slightly), the likelihood of a BOJ rate hike in June or July would be greater.Market news: In response to the TSMC employee leak case, a Taiwanese court has fined Tokyo Power Taiwan NT$150 million.

DOGE Return to $0.100 Hinged on the Fed Despite Musk Support

Jimmy Khan

Feb 02, 2023 15:46

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On Tuesday, Dogecoin (DOGE) gained 8.60%. After losing 1.78% on Monday, DOGE gained 36.95% to $0.0960 before the month's conclusion.


After a choppy start to the day, DOGE fell to an early low of $0.0881 before moving. The price of DOGE increased to a late high of $0.0980 while avoiding the First Major Support Level (S1) at $0.0844.


Prior to easing back, DOGE broke through the First Major Resistance Level (R1) at $0.0926 and the Second Major Resistance Level (R2) at $0.0969.


Tuesday saw a rise of 2.52% for the Shiba Inu Coin (SHIB). SHIB closed the month up 46.34% at $0.00001181, partially correcting a 4.56% decline from Monday.


Following the general market, SHIB dropped to an initial low of $0.00001144 before acting. SHIB rose to a morning high of $0.00001199 after avoiding the First Major Support Level (S1) at $0.00001110. SHIB failed to surpass the First Major Resistance Level (R1) at $0.00001204 and retreated to below that level before gaining late support.

The US Economic Indicators and Elon Musk provided a pre-federal boost

The larger cryptocurrency market was left to give guidance since the Shibarium Network did not release any updates to support a SHIB breakthrough. The Shibarium upgrade continues to be the major factor driving SHIB, and bulls are anticipating a breakout in SHIB due to decreased transaction fees, faster transaction speeds, and higher burn rates.


DOGE, though, appreciated a rally supported by Elon Musk. Investors responded to Elon Musk's demand that DOGE be included to the Twitter payment system. Elon Musk's increased backing and the intentions to include DOGE as a payment option make the November 2022 high of $0.1589 relevant. The lack of activity on Twitter and the demise of FTX had sent DOGE to a low of $0.0660 on December 30.


A positive DOGE outlook is presented by the decreasing FTX contagion risk and the DOGE payment option on Twitter.


The NASDAQ Index and US economic data both played a role in the breakout session. Fears of a hawkish Fed Chair Powell conference later today were allayed by US economic figures. With the US employment rate at 3.5%, which is well below the Fed's 5% mandate, uncertainty yet persists.


Investors may get alarmed if the Fed Chair adopts a hawkish stance and advocates accelerating rate increases at the cost of the US economy.


Network upgrades, however, will continue to be of interest. Investors should follow the Dogecoin Foundation, Elon Musk, and the Shibarium Network on Twitter and the cryptocurrency news wires for developments.



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