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Hang Seng Index futures opened 0.82% higher at 26,408 points, a premium of 171 points.November 10th - The latest summary of the Bank of Japans policy meeting indicates that the next interest rate hike could be implemented as early as December, consistent with the expectations of many market participants. At its two-day policy meeting, which concluded on October 30th, the Bank of Japans board of directors voted 7-2 to maintain the current interest rate. The minutes released on Monday (November 6th) showed that one member noted that "the conditions for further normalization of the policy rate are likely largely in place," while emphasizing the need to examine potential inflation trends. These minutes suggest that the nine-member board of directors is increasingly inclined to believe that the next interest rate hike is imminent, consistent with Governor Kazuo Uedas recent statements that "action may be taken in the coming months." With almost all market observers expecting the bank to raise borrowing costs no later than January next year, the focus has shifted to whether the rate hike will occur on December 19th or in January of the following year.Japanese Prime Minister Sanae Takaichi: We will review the goal of achieving a primary fiscal surplus and will issue instructions in January next year.Euro Stoxx 50 futures rose 1.3%, and German DAX futures rose 1.3%.On November 10th, it was reported that SanDisk, a leading flash memory manufacturer, significantly raised its NAND flash memory contract prices by as much as 50% in November. This price increase has shaken the entire storage supply chain, leading module manufacturers such as Transcend, Innodisk, and Apacer Technology to suspend shipments and reassess their pricing. Transcend, in particular, suspended its quotations and deliveries starting November 7th, citing "expectations that market conditions will continue to improve," implying that "prices may rise further."

XRP and a Return to $0.50 Remains in the Hands of the SEC v Ripple Case

Cory Russell

Nov 03, 2022 15:32

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Wednesday saw a 2.99% decline in XRP. XRP lost 0.18% on Tuesday and closed the day at $0.45025. Notably, XRP missed $0.47 for the third session in a row.


Despite a tumultuous day's start, XRP reached an early high of $0.46579. XRP fell to a late low of $0.44533, falling short of the First Major Resistance Level (R1) at $0.4690. At $0.4570, the First Major Support Level (S1) was breached by XRP, which finished the day at $0.45025.


The FOMC policy decision and press conference took center stage, pushing updates from the SEC v. Ripple lawsuit to the sidelines.


Counterparties take a break from filing amicus briefs while the Fed speaks.


On Wednesday, Amicus Brief filings were suspended. Investors must wait for SEC and Court responses on the filings after a series of requests and filings.


The Amicus filings show XRP uses that support the Defendants' position, and there has been substantial support for the Defendants; but, the Court would need to come to a same conclusion.


The SEC has chosen to hold off on making a statement until November 15 because it will not give up easily. The deadline for filing temporary under seal summary judgment reply papers is November 15.


The Fed now controls XRP since there have been no developments on the case. Prior to Fed Chair Powell sending riskier assets into the red, the first market response to the FOMC announcement drove XRP to an afternoon high. The markets had gambled on a December Fed Pivot before to the FOMC policy decision. Powell eliminated any doubt and emphasized the need to keep raising rates to combat inflation.


Later on today, attention will once again turn to US economic statistics, with the ISM Non-Manufacturing PMI and its sub-components expected to have the most impact.


Updates from the current SEC v. Ripple lawsuit will still provide XRP direction, however.


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