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Bitcoin price prediction: BTC/USD bears chopping off chunks of gains: Confluence Detector

Bitcoin does not have as many strong support areas as there as resistance zones. Continued downward movements could see Bitcoin retesting $9,913 support. Bitcoin staged a recovery from the support formed slightly above $9,800 yesterday. The uptrend continued to break barriers to the upside, finally jumping above $11,000. Lack of enough buying power with increasing selling pressure pushed Bitcoin right back. Various key support levels have caved in including $10,800 - $10,600 as well as $10...
Posted on: Jul 17, 2019 15:06:09 Read More

Bitcoin price prediction: BTC/USD bears chopping off chunks of gains – Confluence Detector

Bitcoin does not have as many strong support areas as there as resistance zones. Continued downward movements could see Bitcoin retesting $9,913 support. Bitcoin staged a recovery from the support formed slightly above $9,800 yesterday. The uptrend continued to break barriers to the upside, finally jumping above $11,000. Lack of enough buying power with increasing selling pressure pushed Bitcoin right back. Various key support levels have caved in including $10,800 - $10,600 as well as $10...
Posted on: Jul 16, 2019 15:06:09 Read More

Germany: ZEW data roughly in line with downside forecasts

According to analysts at TD Securities, this morning's German ZEW data for July was roughly in line with their downside forecasts, as the current assessment fell from +7.8 to -1.1 (mkt +5.0), while expectations fell from -21.1 to -24.5 (mkt -22.0). Key Quotes “The ZEW institute noted uncertainty from the Iran conflict as well as the US-China trade dispute, and said that the lasting containment of factors causing uncertainty in the export-oriented sections of the German economy is current...
Posted on: Jul 16, 2019 15:05:10 Read More

China: Why infrastructure growth slowed?

ANZ analysts point out that China’s infrastructure investment growth has failed to accelerate quickly despite the government’s efforts to shore up infrastructure projects. Key Quotes “Tighter control over the approval of FAI projects, funding constraints, as well as a change in the reporting of FAI data explain part of the slowdown.” “In the wake of recent government efforts, we expect infrastructure investment to pick up moderately in H2 to about 5-6% y/y from t...
Posted on: Jul 16, 2019 14:56:03 Read More

Hong Kong Dollar Set for Longest Falling Streak Since March 2018

The Hong Kong dollar weakened for a seventh day, its longest run of declines since March 2018, as the shelving of a large initial public offering and waning seasonal tightness helped ease liquidity tightness. The currency dropped as much as 0.06% Monday, extending a slide from its two-year high to around 0.6%. It stood at HK$7.8273 per greenback as of 10:30 a.m. local time, the weakest since June 19. Liquidity conditions are easing after a cash crunch sent interbank borrowing costs to the high...
Posted on: Jul 15, 2019 08:20:55 Read More

A Weaker Currency Isn’t Going to Help Australia

Not everybody is observing the supposed ceasefire in the currency wars. The Reserve Bank of Australia lowered rates by 25 basis points each in June and July. The moves were ostensibly intended to ease monetary conditions and boost flagging growth. Their unstated purpose was to bring down the value of the Australian dollar. Since the currency rate was floated in the 1980s, the RBA has repeatedly sought to weaken the dollar to buffer the domestic economy, most recently during the 2007-8 financial...
Posted on: Jul 15, 2019 08:19:43 Read More

Dollar Drops as Commodity Currencies Shine on Rate Outlook

The dollar was broadly weaker across the board early Friday in Europe, with commodity currencies making a comeback after two days of Congressional testimony from Federal Reserve Chairman Jerome Powell that made a bias to easing monetary policy crystal clear. The global weakness of which Powell warned was in evidence again overnight, as Singapore, whose economy is highly geared to international trade, reported a 3.4% quarterly drop in gross domestic product. The contraction ...
Posted on: Jul 12, 2019 11:41:16 Read More

Pound headed for record 10th week of losses

The pound edged higher on Friday but was set for a record 10th week of consecutive losses against the euro as weak data and the growing possibility of interest rate cuts after a chaotic Brexit kept investors sidelined. Hopes the Bank of England will raise rates have been one of the few supports for the pound in recent weeks, as the Federal Reserve, the European Central Bank and other central banks turned dovish. Recent dismal data have dashed those hopes. At the same time, concern has grown ab...
Posted on: Jul 12, 2019 11:39:52 Read More

Pound falls further, pressured by economic woe, rate cut expectations

Sterling extended losses to hit a two-week low against the dollar on Wednesday, undermined by signals that the Bank of England might be preparing to join its central bank counterparts in cutting interest rates to shore up a worsening economic outlook. UK government bond yields fell sharply on Tuesday after BoE Governor Mark Carney flagged uncertainties stemming from trade disputes and Britain's departure from the European Union. Markets interpreted the comments as dovish, especially as they fo...
Posted on: Jul 3, 2019 11:11:06 Read More

Dollar Rises to 1-Week Highs vs. Yen Ahead of G20 Showdown

The dollar rose to one week highs against the yen on Thursday amid signs of a truce in the Sino-U.S. trade war, but investors remained wary ahead of a closely watched meeting between the two countries at the G20 summit this weekend. The dollar was up 0.32% at 108.11 yen by 02:51 AM ET (06:51 GMT), its highest since June 19. The South China Morning Post (SCMP), citing sources, said in Washington and Beijing were laying out an agreement that would help avert the next round of tariffs o...
Posted on: Jun 27, 2019 09:31:22 Read More

Dollar Pushes Higher as Markets Dial Back Fed Rate Cut Bets

The U.S. dollar edged higher on Wednesday, pulling away from a three month low as markets dialed back expectations for aggressive interest rate cuts by the Federal Reserve next month, but expectations for some monetary easing checked the currency’s gains. Expectations for a half percentage point cut at the Fed’s July meeting receded after St. Louis Fed President James Bullard said Tuesday that such a move "would be overdone". Separately, Fed Chairman Jerome Powell said the central ...
Posted on: Jun 26, 2019 08:55:43 Read More

The Pound Looks Even Worse Than the Euro

The pound will tumble to levels not seen since 2017 against the euro as Brexit turmoil outweighs a dovish European Central Bank, according to analysts. Sterling is likely to slide toward 92 pence per euro by year-end, about 3% below current levels and a rate not seen in 21 months, according to JPMorgan Chase & Co (NYSE:JPM). That pessimism toward the currency is starting to be priced in the options market, where the cost of puts relative to calls is approaching the highest since April. The...
Posted on: Jun 25, 2019 09:11:46 Read More

Dollar Weakens Further as Market Positions for Rate Cuts

The dollar continued its decline in early trading in Europe Tuesday, with the yen and euro strengthening as traders anticipate the erosion of the interest rate premium on dollar assets. Overnight, the dollar fell to a 14-month low of 106.79 against the yen, before recovering slightly to trade at 106.97 by 3.45 AM ET (0745 GMT). The dollar index, which measures the greenback against a basket of developed-market currencies, also hit a three-month low of 95.468 before bouncing to 95.488....
Posted on: Jun 25, 2019 09:09:06 Read More

Bitcoin Surpasses $11,000; Russia May Allow Crypto Trading

Bitcoin climbed to this year’s high to above $11,000 over the weekend and the coin has since then hovered around the $10,000 range. The total crypto market cap surpassed $320 billion on Monday in Asia. Bitcoin once surged to $11,344.1 early this morning, but then it retreated 0.50% to $10,706 by 12:13 PM ET (04:13 GMT) on Monday. Other major cryptocurrencies traded lower as well. Ethereum lost 3.43% to $303.88, XRP went down 5.31% to $0.45808, and Litecoin&n...
Posted on: Jun 24, 2019 11:17:28 Read More

Euro Hits 3-Month Highs vs. Dollar on Fed Rate Cut View

The euro rose to its highest level in three months against the U.S. dollar on Monday as the greenback remained on the back foot amid expectations for the Federal Reserve to cuts interest rates later this year. The euro built on gains from last week, when it added 1.4%, and rose to 1.1387 overnight, its highest since March 22. It was trading at 1.1379 by 03:12 AM ET (07:12 GMT). The U.S. dollar index versus a basket of six major currencies was a shade lower at 95.63, having ...
Posted on: Jun 24, 2019 08:39:00 Read More

Oil Prices Turn Higher After Bullish U.S. Inventory Data

Official government data released Wednesday showed a larger-than-expected fall in U.S. crude inventories, sparking a turnaround in oil prices. The Energy Information Administration said in its regular weekly report that crude oil inventories decreased by 3.11 million barrels in the week to June 14. That was compared to forecasts for a stockpile draw of 1.08 million barrels after a build of 2.21 million barrels in the previous week. The EIA report also showed that gasoline inven...
Posted on: Jun 19, 2019 16:31:09 Read More

Sterling at 2019 Lows on Brexit Fears, Aussie Slides

The British pound was trading near its lowest levels of the year on Tuesday as fresh fears over the prospect of a no-deal Brexit weighed, while the Australian dollar was pressured by growing expectations for another rate cut by the country’s central bank. The yen and the euro gained ground, as investors awaited policy-setting meetings by the U.S. Federal Reserve and the Bank of Japan as well as a conference organized by the European Central Bank, all scheduled this week. "While major cur...
Posted on: Jun 18, 2019 07:49:29 Read More

Dollar Steady near 2-Week Highs with Fed Meeting in Focus

The dollar was holding steady near two week highs against a currency basket on Monday ahead of a Federal Reserve meeting which officials could use to flag a rate cut later this year as the global growth outlook weakens amid heightened trade tensions. While the U.S. central bank is widely expected to hold back from cutting interest rates on Wednesday some investors are betting that Fed Chairman Jerome Powell could use the meeting to lay the groundwork for cuts later in the year The U.S. do...
Posted on: Jun 17, 2019 09:36:33 Read More

Dollar Hits 3-Week Lows on Fed Rate Cut View

The U.S. dollar hit three-week lows against a currency basket on Tuesday as growing expectations for an interest rate cut by the Federal Reserve pressured Treasury yields, while persistent concerns over the global growth outlook boosted the safe haven yen. The benchmark 10-year Treasury's yield fell to its lowest since September 2017 overnight, near 2%, after St. Louis Federal Reserve President James Bullard said a rate cut "may be warranted soon" given weak U.S. inflation and the thr...
Posted on: Jun 4, 2019 14:24:27 Read More

Bitcoin Hovering Near 1-Year High

Bitcoin was hovering close to its highest levels in a year on Thursday after a rally that has seen it rise around 140% so far this year, bringing it closer to testing the $9,000 level. Bitcoin was at $8,747 on the Investing.com Index as of 7:10 AM ET (11:10 GMT), within striking distance of the high of $8,902.8 reached on Monday, its strongest level since May 2018. After tumbling from record highs close to $20,000 reached in December 2017, the digital currency spent most of the first quar...
Posted on: May 30, 2019 12:13:09 Read More