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According to AFP, citing official sources, Israel has not yet decided on Hamas response to the ceasefire proposal.July 5th, on Saturday, OPEC+ agreed to increase daily production by 548,000 barrels in August, further accelerating production increases. OPEC+ approved a monthly production increase of 411,000 barrels per day in May, June and July, and 138,000 barrels per day in April. Sources said that some member countries (such as Kazakhstan and Iraq) over-target production angered other member countries that insisted on production cuts. Sources said that OPEC+ hopes to expand its market share amid the increasing supply of competitors such as the United States. With the increase in production in August, the production released by OPEC+ since April will reach 1.918 million barrels per day, and only 280,000 barrels per day of the voluntary reduction of 2.2 million barrels per day have not yet been restored. The organization is still implementing other production cuts totaling 3.66 million barrels per day. The next OPEC+ meeting will be held on August 3.On July 5, Romanian Prime Minister Ilie Bologan said in an interview with the media that the recent claims that Romania might send troops to Ukraine are unfounded and Romania will not consider military intervention in the Russian-Ukrainian conflict under any circumstances. However, Bologan also pointed out that Romania will continue to gradually increase its military budget to meet NATOs requirements and be consistent with the EUs broader militarization agenda.According to the latest battle report from the Russian Ministry of Defense, the Ukrainian army lost about 1,265 soldiers during the special military operation in the past day and night.OPEC+ statement: Global economic outlook is stable and market fundamentals are healthy. The eight member countries will increase production by 548,000 barrels per day in August.

Early Support for ETH and BTC, with US Economic Indicators in Focus

Alina Haynes

Nov 03, 2022 19:39

 截屏2022-11-03 下午7.34.53.png

 

Wednesday saw Bitcoin (BTC) and Ethereum (ETH) join the larger market in the red. The NASDAQ Composite Index, Bitcoin, and Ethereum all fell in response to Fed Chair Powell's news conference. Nevertheless, the technical indications continue to be optimistic, indicating upward price trends. On Wednesday, Ethereum (ETH) fell 3.80%. Reversing Tuesday's gain of 0.32%, ETH closed the day at $1,518.

 

After a turbulent morning session, ETH recovered to a high of $1,622 by late afternoon. ETH surpassed the First Major Resistance Level (R1) at $1,606 prior to falling to a late low of $1,506. ETH ended the day below $1,520 after breaking through the First Major Support Level (S1) at $1,556 and the Second Major Support Level (S2) at $1,535.

 

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On Wednesday, the price of bitcoin (BTC) plummeted by 1.63 percent. BTC ended Tuesday at $20,165, a decrease of 0.04% from its opening price.

 

BTC rose to a high of $20,817 in response to the FOMC Statement, following a range-bound morning. BTC surpassed the First Major Resistance Level (R1) at $20,686 before falling to an intraday low of $20,086. BTC went below the First and Second Major Support Levels (S1 and S2) at $20,327 and $20,154, respectively.

 

In accordance with forecasts, the Fed raised rates by 75 basis points on Wednesday. The FOMC Statement hinted at a likely policy move in December, lending credence to December Fed pivot wagers. The Rate Statement pushed BTC and ETH to their daily peaks.

 

However, Fed Chair Powell dashed prospects for a reversal, citing excessive inflation and the need to continue forward. Powell remarked that the "final level of interest rates will be higher than anticipated."

 

As a result, the NASDAQ Composite Index fell 3.36 percent, sending BTC and ETH into the negative.

 

Today, attention will be on US factory orders, jobless claims, and the ISM Non-Manufacturing PMI. We anticipate the PMI and its subcomponents to have the most effect.

 

Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini was up 35 points this morning.


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