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FOREX NEWS & BLOG
OPEC+ reportedly could extend voluntary cuts beyond Q2
May 2, 2024 1:22 pm | FOREX NEWS
For some context, the existing 2.2 mil bpd worth of oil production cuts are to run until June. Three sources cited in the report say that even though formal talks have yet to begin on the matter, an extension to the voluntary cuts are likely. But another source did say that OPEC+ is not yet leaning one way or the other.
This article was written by Justin Low at www.forexlive.com.
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BOJ accounts suggest Japan intervened in FX market on 1 May
May 2, 2024 12:56 pm | FOREX NEWS
The headlines as and when it happened:
The projections are from Reuters with Bloomberg calculating that the BOJ might have spent about ¥3.5 trillion instead. The BOJ’s projected accounts for Tuesday shows a net receipt of ¥4.36 trillion in funds. And if you offset that with the roughly ¥0.7 trillion to ¥1.1 trillion estimate from money market brokerages, that leaves with roughly the amount above in terms of money spent on intervention.
This article was written by Justin Low at www.forexlive.com.
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US Dollar flat ahead of weekly Jobless Claims
May 2, 2024 12:47 pm | FOREX NEWS
The US Dollar (USD) enters some calm waters on Thursday after a rollercoaster ride on Wednesday following the Federal Reserve’s (Fed) monetary policy decision. The big batch of economic data on
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Tezos (XTZ) price forecast for 2024, 2025-2030, and beyond
May 2, 2024 12:45 pm | FOREX NEWS
Tezos (XTZ) stands out in crypto with its unique self-amending blockchain and a strong focus on community governance. The platform’s adaptability and innovative approach to smart contracts and decentralized applications suggest a promising future. While predictions lean towards a bullish trend for Tezos, marked by potential growth and increasing adoption, investors should note the crypto space’s inherent volatility and rapid market changes. This article will explore Tezos’s market trends, price predictions, and the factors shaping its future. Highlights and Key Points: (XTZ) Tezos Price Prediction 2024-2030 Today’s XTZ rate is around $0.9330. In 2024, the coin’s price will vary from… Read full author’s opinion and review in blog of #LiteFinance
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Octa crypto snapshot: will investors continue to buy Bitcoin after the halving?
May 2, 2024 12:25 pm | FOREX NEWS
The
2024 Bitcoin halving, which crypto investors have been expecting for four
years, has been finalised. The reward per block has been reduced from 6.25 BTC
to 3.125 BTC. The next cut will occur in 2028, with the reward reduced to
1.5625 BTC. The ultimate 64th halving will occur around the year 2140, which
will mean that all 21 million coins have been mined, and the issuance of new
Bitcoins will cease. Once this happens, the miners will have to find other ways
to make money in the crypto world.
How does halving affect the
Bitcoin price?
At
the time of writing, the Bitcoin exchange rate is around $57,000. Many analysts
expect the halving to catalyse further BTC price growth in the long term.
Historically,
with each new cycle following a halving event, the price of Bitcoin reached a
new high. For example, in late 2013, about a year after the first halving,
Bitcoin reached the $1,200 mark. The next market cycle peaked at $20k per
Bitcoin in late 2017 and went up to $69k in late 2021 before collapsing again.
However, in the last six months, the value of BTC has already risen by about
140%. In comparison, over the same period, the price of Ethereum, the second
most crucial cryptocurrency, has only increased by 85%.
‘The
current situation is unique: Bitcoin, for the first time, exceeded the previous
high before halving, reaching $73,000 in March 2024’, said Kar Yong Ang, Octa
Broker financial analyst. He added that demand from the U.S. bitcoin ETFs
launched in January was a vital factor in that price rise.
At
the same time, miners’ revenues will drop by exactly half. As a result, they
will have to spend twice as much time and twice as much electricity to get the
usual amount of cryptocurrency. And since energy is not cheap, the weakest
players are expected to leave the market. In other words, we expect a supply
shortage against the backdrop of increasing demand.
Conclusion
The
halving of Bitcoin is a milestone in the history of the major cryptocurrency,
which shows its limited issuance and inherent mechanisms to protect against
inflation. Many believe that Bitcoin, with its deflationary model, is well
positioned to become a reliable store of value in an unstable global economy,
much like traditional gold—but only digitally.
If
we draw historical parallels, Bitcoin should enter an intense growth phase
around the end of 2024, after which it should exceed $200,000. The current
conditions are very different from those observed in 2020 because the demand
for cryptocurrency is extremely high due to ETFs, and its deficit is already
felt today.
Octa
Octa is an
international broker that has been providing online trading services worldwide
since 2011. It offers commission-free access to financial markets and various
services already utilised by clients from 180 countries with more than 42
million trading accounts. Free educational webinars, articles, and analytical
tools they provide help clients reach their investment goals.
The company is involved in a comprehensive network
of charitable and humanitarian initiatives, including the improvement of
educational infrastructure and short-notice relief projects supporting local
communities.
Octa has also won more than 70 awards since its
foundation, including the ‘Best Educational Broker 2023’ award from Global
Forex Awards and the ‘Best Global Broker Asia 2022’ award from International
Business Magazine.
This article was written by FL Contributors at www.forexlive.com.
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EURUSD Technical Analysis – The market is waiting for the next catalyst
May 2, 2024 12:13 pm | FOREX NEWS
Yesterday, the Fed left interest rates unchanged at 5.25-5.50% as expected but delivered some dovish surprises compared to the hawkish expectations. In fact, although the recognized the recent slowdown in the disinflationary progress in the statement, they also signalled a bigger than expected QT tapering on Treasuries (from $60 billion to $25 billion vs. $30 billion expected) starting in June. Fed Chair Powell has also repeatedly pushed back against a rate hike as he said that they needed persuasive evidence to hike rates again.
The latest Eurozone CPI came in line with expectations although we got a slight beat on the Core measure which triggered a short term bid in the Euro. This doesn’t change anything for the ECB as they have already telegraphed the June rate cut. Going forward though, if inflation rebounds, then we should see the market pricing out some of the rate cuts expected for the rest of the year.
EURUSD Technical Analysis – Daily Timeframe
On the daily chart, we can see that the pair continues to consolidate just beneath the key 1.0727 level as it looks like a retest after the breakout triggered by the hot March US CPI. This is where the sellers are piling in with a defined risk above the level to position for a drop into the 1.05 handle. The buyers will need to see the price breaking higher to step in with more conviction and target a rally into the trendline around the 1.08 handle.
EURUSD Technical Analysis – 1 hour Timeframe
On the 1 hour chart, we can see more closely the recent rangebound price action with the market just waiting for a catalyst to push in either direction. In fact, the baseline expectations are 3 rate cuts for the ECB and 1 rate cut for the Fed. This is already priced in and we need something to change those expectations to see another sustained move. We will likely continue to range here between the 1.0727 resistance and the support levels around the 1.0680 and 1.0650 going into the NFP and ISM Services PMI data tomorrow. Traders can “play the range” by buying at support and selling at resistance, although waiting for a catalyst might be a better idea.
What could be the next catalyst?
Today the only notable release will be the latest US Jobless Claims figures, but they are unlikely to change much for the market as we are accustomed to see Initial Claims hovering at cycle lows and Continuing Claims ranging around the 1800K level. Therefore, the data to watch next will be the US NFP and ISM Services PMI tomorrow.
For the NFP, the main focus should be on the Average Hourly Earnings as a resilient labour market with falling wage growth is good for growth and inflation. On the other hand, if we were to get a hot report all around, then the market would take that as hawkish stuff. For the ISM Services PMI, the main focus should be on the prices and employment components. If you recall, we got a strong dovish reaction last time when the prices index dropped to the lowest level in 4 years. If we get another drop or at least not a big change from the current levels, then the market might take that as good news for inflation and even if the headline number beats, it could lead to a positive risk sentiment.
Positive risk sentiment could lead to some broad USD weakness and see the EURUSD pair rallying into the 1.08 handle. Conversely, hot wage growth or inflation data will likely trigger a hawkish reaction and give the USD another tailwind to gain across the board with the EURUSD pair starting to move towards the 1.05 handle.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
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Dollar stabilizes after Powell speech; labor market data in focus
May 2, 2024 12:07 pm | FOREX NEWS
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Japan’s May 1 intervention may have cost $23.6 billion, BOJ data shows
May 2, 2024 12:03 pm | FOREX NEWS
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Silver price today: Silver declines, according to FXStreet data
May 2, 2024 11:40 am | FOREX NEWS
Silver prices (XAG/USD) fell on Thursday, according to FXStreet data.
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Gold price pulls back as market sentiment improves
May 2, 2024 11:00 am | FOREX NEWS
The Gold price (XAU/USD) is trading in the $2,310s on Thursday after retracing about three-tenths of a percent on reduced safe-haven demand.
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EUR/USD loses momentum as upside remains capped on firm ECB rate cut bets
May 2, 2024 10:58 am | FOREX NEWS
EUR/USD is stuck in a tight range above the round-level support of 1.0700 in Thursday’s European session.
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