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Reserve Bank of New Zealand Governor Hawkesby: The committee is more comfortable with inflation expectations than earlier this year.On November 26th, US President Trump stated on social media on November 25th that the USs new "28-point" plan to end the Ukraine crisis has been further refined. Currently, disagreements remain regarding some clauses, and the US will send representatives to communicate separately with both Russia and Ukraine on the plan. Ukrainian President Zelenskyy stated on the same day that he was willing to meet with Trump to discuss some issues related to the "peace plan." Furthermore, Ukrainian negotiators also denied on the 25th US media reports that Ukraine had "agreed in principle" to the US "peace plan."November 26th - According to a report in the Yomiuri Shimbun on Wednesday, Japans opposition parties are stepping up preparations in case Prime Minister Sanae Takaichi announces a snap election. Some analysts believe that a snap election could occur as early as January next year, which would affect the governments economic policies, including the deliberation of Japans annual long-term fiscal blueprint, which is expected to be released around June next year. Depending on the timing of the election, it could also affect the pace and timing of the Bank of Japans interest rate hikes. The Bank of Japan typically avoids making major policy adjustments before elections. Jun Azumi, secretary-general of Japans largest opposition party, the Constitutional Democratic Party, said on Tuesday that the party would cooperate with other parties to win back seats from the ruling coalition.New York silver futures rose 1.00% on the day, currently trading at $52.15 per ounce.The yield on Japans 40-year government bonds rose 1.5 basis points to 3.705%.

ETH Faces the Risk of Sub-$1,600 on US Stats and Hawkish Fed Chatter

Cory Russell

Mar 03, 2023 14:16

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On Wednesday, Ethereum (ETH) increased by 3.74%. ETH finished the day at $1,665, reversing a loss of 1.71% from Tuesday.


ETH dropped to an early bottom of $1,595 following a negative start to the day. While avoiding the First Significant Support Line (S1) at $1,585, ETH surged to a high of $1,670 in the early afternoon.


ETH quickly passed through the Second Major Resistance Level (R2) at $1,668 before relaxing back to finish the day at $1,665. ETH also broke through the First Major Resistance Level (R1) at $1,636.


Bitcoin (BTC) increased by 2.44% on Wednesday. Bitcoin finished the day at $23,707, reversing a drop of 1.53% from Tuesday. Bitcoin returned to the $24,000 mark for the first time in five days thanks to the positive session.


Bitcoin dropped to an early low of $23,036 after the day got off to a muddled start. Bitcoin climbed past the First Significant Support Line (S1) at $22,934 and reached a peak of $24,009 in the late morning. Before finishing the day at $23,707, Bitcoin momentarily passed through the Second Major Resistance Level (R2) at $23,823 and the First Major Resistance Level (R1) at $23,483.

Chinese economic data and the Shapella upgrade provide support

On Wednesday, the seamless Shapella update and mining influx helped to sustain the price of ETH. However, the Wednesday breakthrough was motivated by the world economic schedule.


On Wednesday, statistics from China provided support for risky commodities. The crucial Caixin Manufacturing PMI increased in February from 49.2 to 51.6. Analysts anticipated an increase to 50.2. An important development was the industrial sector's first expansion since July 2022.


The statistics were strong enough to overpower the impact of NASDAQ Composite Index and US economic data.


The ISM Manufacturing PMI survey's auxiliary variables backed up the more bearish outlook on Fed monetary policy. From 44.5 to 51.3, the ISM Factory Costs Index increased. The NASDAQ Composite Index was impacted by hawkish Fed talk as well. According to reports, Fed moderate Kashkari is willing to raise interest rates by 25 or 50 basis points in March.


Investors reacted negatively this morning to inflation data and bullish talk, sending Bitcoin and ETH into the red.

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