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The banking giant also warned that its already pessimistic #current account projection for the African country could worsen if an electricity situation is not resolved. #agoa
https://news.bitcoin.com/south-african-currency-plunges-to-new-low-versus-the-dollar-a-day-after-the-us-accused-country-of-secretly-supplying-ammunition-to-russia/
https://news.bitcoin.com/south-african-currency-plunges-to-new-low-versus-the-dollar-a-day-after-the-us-accused-country-of-secretly-supplying-ammunition-to-russia/
The Chinese economy is weak, and the bears of RMB continue to stay strong😪
In China, any excitement over the surprise lending facility rate cut (2.65% --> 2.50%) was quickly erased by yet another set of very weak activity figures in retail sales and industrial production. The National Bureau of Statistics also announced that they would stop publishing youth jobless data as statistics need to be further 'improved and optimized', naturally raising concerns about the depth of weakness in the local labour markets. Furthermore, with a lot of core economic rebalancing concerns still unaddressed, both A-shares and HSI were unable to react positively to the rate cut, and CNH FX took the brunt of the hit as the spot has currently traded up to a high of 7.3359, and within shouting distance of the 10y high.
Unlike the move earlier in the year, the current weakness in spot is joined by a concurrent spike in FX forward points and upside option skew as hedge funds are piling into CNY shorts in every expression they can find. CNY FX derivatives and options were once again the most actively traded global FX pair yesterday, with volumes 3x above average again. Meanwhile, 1m forward CNH Points have spiked close back to YTD highs, with implied yields at 1yr highs at 3.40% as the bearish trade is building momentum.
#CNH #current #CNY #YTD #volume
In China, any excitement over the surprise lending facility rate cut (2.65% --> 2.50%) was quickly erased by yet another set of very weak activity figures in retail sales and industrial production. The National Bureau of Statistics also announced that they would stop publishing youth jobless data as statistics need to be further 'improved and optimized', naturally raising concerns about the depth of weakness in the local labour markets. Furthermore, with a lot of core economic rebalancing concerns still unaddressed, both A-shares and HSI were unable to react positively to the rate cut, and CNH FX took the brunt of the hit as the spot has currently traded up to a high of 7.3359, and within shouting distance of the 10y high.
Unlike the move earlier in the year, the current weakness in spot is joined by a concurrent spike in FX forward points and upside option skew as hedge funds are piling into CNY shorts in every expression they can find. CNY FX derivatives and options were once again the most actively traded global FX pair yesterday, with volumes 3x above average again. Meanwhile, 1m forward CNH Points have spiked close back to YTD highs, with implied yields at 1yr highs at 3.40% as the bearish trade is building momentum.
#CNH #current #CNY #YTD #volume
Bitcoin Cash Bulls Charge: 13% Price Rally Driven By Fresh Demand
The price of #Bitcoin Cash has experienced significant rise over the course of the last 30 days, resulting in favorable returns for investors. Since July, #BCH holders have continuously maintained a positive perspective, which has reduced the frequency of selling activity. This collective sentiment has played a significant role in the upward trajectory of BCH, consequently yielding favorable outcomes for these holders.The price of BCH has increased by about 13% over the previous week, giving it some of the biggest gains in the last seven days for #cryptocurrency assets. According to CoinMarketCap data, the altcoin was trading at $234.78 at the time of publication.The value of the world’s cryptocurrency market dropped to $1.06 trillion at the time of writing, a 0.1% decrease in a day. On Thursday, #ETH increased by about 0.8% to $1,629, while Bitcoin (BTC) rose slightly above the $27K level.Can Bitcoin Cash Reach New ATH This Year?BCH is anticipated to undergo a trial of the support line at a value of $229, after which a subsequent rebound is projected. The breach of the #current barrier at $253 is crucial for the potential rise of the altcoin. If this level is surpassed, it might pave the way for the altcoin to achieve new 2023 highs, beyond the $300 mark.BCH market cap currently at $4.6 billion on the weekend chart: TradingView.comBitcoin Cash has increased by a remarkable 90% in the last six months, demonstrating strong performance. Furthermore, the price of BCH has been up significantly by 136% so far this year, maintaining a favorable return.Santiment research indicates that whales in the cryptocurrency space have increased their holdings in Bitcoin Cash significantly. Collectively, bitcoin whales with holdings ranging from 100,000 to 10 million BCH held 3.74 million BCH as of September 18, 2023.Source: SantimentLong-Term Holder Addresses UpBut on September 26, their holdings had increased to 3.86 million BCH, showing a noteworthy acquisition of 120,000 BCH in just one week. Their balances are now comparable to what they were in July 2023 thanks to this accumulation, and the 120,000 BCH that the Bitcoin Cash whales purchased are worth about $25.6 million at the current market price of $213 per BCH.Meanwhile, the increase in long-term holders of Bitcoin Cash indicates a positive outlook for the cryptocurrency’s sustainability. These committed investors, who believe in BCH’s long-term potential, contribute to a stable user base and network demand. This support from long-term holders, combined with whale accumulation, could help BCH reach or exceed $300 in the future(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).$BCH
