EUR
184,083 megtekintés
107 Bejegyzések
Népszerű
Legfrissebb
SVB Financial
SVB Financial, a Californnia-based lender to the venture capital industry, has been hit extremely hard, and the losses are now sparking speculation that this will affect other banks and affect the bond portfolios of US banks.
SVB Financial
So the recent news surrounding overnight losses incurred by Californian bank SVB Financial has raised serious issues regarding unrealized losses on bond portfolios and their impact on bank capitalization levels.
The Federal Deposit Insurance (FDIC) projected that the US banks had around $620bn of unrealized losses on securities that were held to maturity or available for sale accounts. This will have implications on the Forex markets too.
The most notable impact of this news was an immediate deleveraging of open FX positions. This was seen through large losses in EMFX currencies, such as the Mexican peso and Hungarian forint, which dropped 2.2% and 0.8%, respectively.
G10 currencies experienced a more mixed result, with higher-beta currencies such as the Canadian dollar and Norwegian Krone losing around 0.3% of their value against the US dollar.
The outperformed was the Swiss Franc, which gained 1.1% against the US dollar. The outperformance may have been partly due to the traditional safe-heaven status of the currency, as well as the recent commitment by the Swiss National Bank to prevent any significant weakening in the franc.
The US dollar experienced a similar mixed result due to both the sell-off in US equities and potential implications of the development of the US banking system and the Fed's ability to push ahead with the previously planned aggressive tightening cycle. That and the US 2-year Treasury yield drop over the last 2 days alone.
Overall, the news of overnight losses has serious implications for FX markets. Monitor further developments in the US banking system.
The most obvious victims will be the Nasdaq and Cryptocurrency. It doesn't help much either that tech stocks have been performing relatively well considering all the rate hikes, but this leaves tech stocks vulnerable to the downside as there wasn't enough hedging taking place.
EURUSD
A recent shift in the SVB Financial-influenced Federal Reserve Curve and its effect on the 2-year EUR:USD swap differential.
The FED sets a benchmark interest rate (Federal Funds rate) and other short-term borrowing costs, which helps to determine market-determined interest rates.
The SVB Financial-inspired repricing of the Federal Reserve Curve results from the shift in market expectations regarding the Fed. The Federal Reserve has recently expressed its hawkish views on future economic policy, leading the market to expect higher interest rates. This has influenced steepening of the yield curve, and long-term rates are increasing faster than short-term rates as investors demand higher returns from longer-term investments in a higher-rate environment.
The steepening of the yield curve has significantly impacted the 2-year EUR:USD swap differential. A swap differential happens when investors or company exchanges rates between 2 different currencies, usually for the purpose of hedging their currency exposure
Right now, the 2-year EUR:USD swap differential has narrowed by 20bps for the euro over the last 2 days. Indicating that the euro's value has strengthened relative to the USD dollar, providing support to EURUSD.
A soft NFP job release could be seen as a sign that the Federal Reserve doesn't have to be as hawkish in its monetary policy as Jerome Powell previously suggested. This can result in a weakening of the US dollar, which could lead to a further narrowing of the 2-year EUR/USD swap differential in favor of the Euro and potentially send the EUR/USD back to its starting level of ~1.07 (This already happened but I originally posted this in my newsletter. You can find the link in my bio)
The effects of this shift in the yield curve have also been felt in other currencies. As we advance, there may be some upside risks to the value of the koruna, but this is unlikely to have a major impact on the Czech National Bank's policy settings.
All in all, the recent shift in the yield curve, as caused by the SVB financial-inspired repricing of the Federal Reserve Curve, has had a marked effect on the 2-year EUR/USD swap differential, sending the euro's value higher.
As we advance, there may be some upside risks to the value of the koruna, but this is unlikely to have a major impact on the Czech National Bank's policy.
#SVB #nasdaq #crypto #EUR
Follow me on Binance Buzz; other links to find me are in my profile bio
SVB Financial
So the recent news surrounding overnight losses incurred by Californian bank SVB Financial has raised serious issues regarding unrealized losses on bond portfolios and their impact on bank capitalization levels.
The Federal Deposit Insurance (FDIC) projected that the US banks had around $620bn of unrealized losses on securities that were held to maturity or available for sale accounts. This will have implications on the Forex markets too.
The most notable impact of this news was an immediate deleveraging of open FX positions. This was seen through large losses in EMFX currencies, such as the Mexican peso and Hungarian forint, which dropped 2.2% and 0.8%, respectively.
G10 currencies experienced a more mixed result, with higher-beta currencies such as the Canadian dollar and Norwegian Krone losing around 0.3% of their value against the US dollar.
The outperformed was the Swiss Franc, which gained 1.1% against the US dollar. The outperformance may have been partly due to the traditional safe-heaven status of the currency, as well as the recent commitment by the Swiss National Bank to prevent any significant weakening in the franc.
The US dollar experienced a similar mixed result due to both the sell-off in US equities and potential implications of the development of the US banking system and the Fed's ability to push ahead with the previously planned aggressive tightening cycle. That and the US 2-year Treasury yield drop over the last 2 days alone.
Overall, the news of overnight losses has serious implications for FX markets. Monitor further developments in the US banking system.
The most obvious victims will be the Nasdaq and Cryptocurrency. It doesn't help much either that tech stocks have been performing relatively well considering all the rate hikes, but this leaves tech stocks vulnerable to the downside as there wasn't enough hedging taking place.
EURUSD
A recent shift in the SVB Financial-influenced Federal Reserve Curve and its effect on the 2-year EUR:USD swap differential.
The FED sets a benchmark interest rate (Federal Funds rate) and other short-term borrowing costs, which helps to determine market-determined interest rates.
The SVB Financial-inspired repricing of the Federal Reserve Curve results from the shift in market expectations regarding the Fed. The Federal Reserve has recently expressed its hawkish views on future economic policy, leading the market to expect higher interest rates. This has influenced steepening of the yield curve, and long-term rates are increasing faster than short-term rates as investors demand higher returns from longer-term investments in a higher-rate environment.
The steepening of the yield curve has significantly impacted the 2-year EUR:USD swap differential. A swap differential happens when investors or company exchanges rates between 2 different currencies, usually for the purpose of hedging their currency exposure
Right now, the 2-year EUR:USD swap differential has narrowed by 20bps for the euro over the last 2 days. Indicating that the euro's value has strengthened relative to the USD dollar, providing support to EURUSD.
A soft NFP job release could be seen as a sign that the Federal Reserve doesn't have to be as hawkish in its monetary policy as Jerome Powell previously suggested. This can result in a weakening of the US dollar, which could lead to a further narrowing of the 2-year EUR/USD swap differential in favor of the Euro and potentially send the EUR/USD back to its starting level of ~1.07 (This already happened but I originally posted this in my newsletter. You can find the link in my bio)
The effects of this shift in the yield curve have also been felt in other currencies. As we advance, there may be some upside risks to the value of the koruna, but this is unlikely to have a major impact on the Czech National Bank's policy settings.
All in all, the recent shift in the yield curve, as caused by the SVB financial-inspired repricing of the Federal Reserve Curve, has had a marked effect on the 2-year EUR/USD swap differential, sending the euro's value higher.
As we advance, there may be some upside risks to the value of the koruna, but this is unlikely to have a major impact on the Czech National Bank's policy.
#SVB #nasdaq #crypto #EUR
Follow me on Binance Buzz; other links to find me are in my profile bio
MiCA Regulation: Circle Exec Reveals How This EU Law Impacts Crypto Market
30X Expected Profit from AIG Token: AI Games has launched its native token (AIG). 1 AIG Token Price Is $0.01 Exchange Lsiting Price $0.27 To $0.30, Don’t miss this opportunity; join the pre-sale at the official website [ PlayAiGames.Online ]
Circle's Patrick Hensen reveals how the EU's MiCA regulation will transform the crypto market, predicting EUR stablecoin growth, and increased bank involvement.
Highlights
MiCA regulation to boost EUR stablecoin market cap fivefold in one to two years.
USDC is expected to become the dominant stablecoin in EU crypto capital markets.
Banks and financial institutions to enter the crypto space under a simplified MiCA notification process.
The EU’s Markets in Crypto-Assets Regulation (MiCA) regulation has gained notable traction lately, with several market watchers anticipating it to revolutionize the crypto landscape.
#MICA #EUR #Crypto #USDC #Bitcoin $USDC $DOGE
30X Expected Profit from AIG Token: AI Games has launched its native token (AIG). 1 AIG Token Price Is $0.01 Exchange Lsiting Price $0.27 To $0.30, Don’t miss this opportunity; join the pre-sale at the official website [ PlayAiGames.Online ]
Circle's Patrick Hensen reveals how the EU's MiCA regulation will transform the crypto market, predicting EUR stablecoin growth, and increased bank involvement.
Highlights
MiCA regulation to boost EUR stablecoin market cap fivefold in one to two years.
USDC is expected to become the dominant stablecoin in EU crypto capital markets.
Banks and financial institutions to enter the crypto space under a simplified MiCA notification process.
The EU’s Markets in Crypto-Assets Regulation (MiCA) regulation has gained notable traction lately, with several market watchers anticipating it to revolutionize the crypto landscape.
#MICA #EUR #Crypto #USDC #Bitcoin $USDC $DOGE
The sideways consolidation on the #BTCEUR weekly is very bullish in #Elliottwave term, even a drop into 45k #EUR would not invalidate the case that $BTC is in a longterm bull market, but that would be more than 25% down from current price, so position size is very important.
I'm not wild about $ETH at the moment despite the ETF hype, as #ETHEUR haven't been able to take out the 2021 top unlike BTC or BNB. For the immediate path higher in #Elliottwave term I would not want to see it drop under 2700 #EUR
The #Elliottwave diagonal green channel keeps working for #BNBEUR and long stop is now up to 510 #EUR
It was a good idea to move the aggressive short stop down to 535 as quoted below and that level now becomes support for short term bull.
Note that $BNB is likely approaching a temporary top as
1. negative divergence is building up on the hourly,
2. the angle of ascent is being flatten,
3. we're now just slightly below the 2021 double top and the March'24 ATH,
4. 557 is both 0.618 retracement off the June high and 1.618 extension off the July low.
Expect more resistance in the near term.
#BNBAnalysis
It was a good idea to move the aggressive short stop down to 535 as quoted below and that level now becomes support for short term bull.
Note that $BNB is likely approaching a temporary top as
1. negative divergence is building up on the hourly,
2. the angle of ascent is being flatten,
3. we're now just slightly below the 2021 double top and the March'24 ATH,
4. 557 is both 0.618 retracement off the June high and 1.618 extension off the July low.
Expect more resistance in the near term.
#BNBAnalysis
LIVE
EuroChartCreator
--
The green channel works pretty well for #BNBEUR, it flirted around 485 #EUR but 475 stop held and rallied into 540, a shortable region as quoted below. Stop can be moved down to 535 if you took the short.
Note that this $BNB rally off the July low has been rather corrective #Elliottwave so lots of variations on the hourly. As long as the current pullback holds above 490 I can see 555+ next. I'm keeping my long stop at 475 for the moment, though nothing wrong with taking (partial) profit here if went long against 435 and/or 475.
Note that this $BNB rally off the July low has been rather corrective #Elliottwave so lots of variations on the hourly. As long as the current pullback holds above 490 I can see 555+ next. I'm keeping my long stop at 475 for the moment, though nothing wrong with taking (partial) profit here if went long against 435 and/or 475.
While #BNBEUR holding itself above the red channel is initially a good sign, the sideways action looks increasingly like a 4th wave in #Elliottwave term, with at least one more lower low to go on the hourly. 582 #EUR remains a reasonable stop for aggressive short.
While it certainly feels like pickpocketed as stop got breach but recovered quickly, trading plan need to be followed with discipline. Bigger picture though 45k #EUR bottom for #BTCEUR has been there for months and the bullish #Elliottwave pattern is now rather full on the weekly. Notwithstanding a minor lower low, the weekly close of this week will need to be treated with respect as a close below 50 weeks SMA ~46k will hurt the longterm bullish trend. Closing above 55k is a good signal of the 5th wave starting.
LIVE
EuroChartCreator
--
#BTCEUR getting close to 54k #EUR & potential #Elliottwave 2 of V support region, layer in long positions between 55k-52k with 51k stop gives defined risk of max. 2.5k or less than 5%, conservative upside target roughly 80k-90k.
LISTA/BNB one-off charting
Got some free LISTA (many thanks to Binance Megadrop!) and #LISTABNB seems to have a very interesting #Elliottwave structure: an impulsive 5th wave went right into the 1.764 extension, slightly exceeding 0.618 of the 3rd and the rising wedge, and got rejected from ATH.
The drop looks impulsive but arguably only 3 waves so far so immediate path higher still possible if 0.0012 holds and back above 0.0014 would make a stronger case for that. However if a fifth wave forms, probably in the ballpark of 0.0011xxx then a much larger drop likely follows after a corrective sideways-to-up action.
As is right now, I like $BNB more and therefor sold some LISTA. Please note though, charting in minutes and charting new coin are both not very reliable, so this post is a combination of both and should be taken with a huge grant of salt.
I'm probably not gonna look at the LISTABNB trading pair for a long time, until it gets more trading history or unless LISTA gains more traction and can be traded against #EUR . I do plan to review the weekly/monthly charts of #BTCEUR and #BNBEUR this weekend after the quarter close: longterm charts, of major coins, against major fiats, are much more reliable.
The drop looks impulsive but arguably only 3 waves so far so immediate path higher still possible if 0.0012 holds and back above 0.0014 would make a stronger case for that. However if a fifth wave forms, probably in the ballpark of 0.0011xxx then a much larger drop likely follows after a corrective sideways-to-up action.
As is right now, I like $BNB more and therefor sold some LISTA. Please note though, charting in minutes and charting new coin are both not very reliable, so this post is a combination of both and should be taken with a huge grant of salt.
I'm probably not gonna look at the LISTABNB trading pair for a long time, until it gets more trading history or unless LISTA gains more traction and can be traded against #EUR . I do plan to review the weekly/monthly charts of #BTCEUR and #BNBEUR this weekend after the quarter close: longterm charts, of major coins, against major fiats, are much more reliable.
#Elliottwave doesn't look complete to the upside for #BTCEUR but stop for aggressive long should now be trailing up to 51k #EUR or more. Still eyeing 56k-57k for potential short $BTC
LIVE
EuroChartCreator
--
#BTCEUR 15min chart looking up to 55k #EUR then we will see how pullback behaves, bulls want to see 50k holds to confirm "bottom is in"; aggressive bears could try to short against 58k stop. Counting #Elliottwave at minutes chart is not always productive, discipline to stop out is a must. In case you're losing faith of $BTC due to the "crash" of last few days, check the long term review quoted below.
BTCEUR still not made up its mind
While the stops from last week are no longer stops, their price levels remains highly relevant as #BTCEUR is still trading mainly in range of 3 weeks ago, between 62k-65k #EUR
I'm currently watching two #Elliottwave path:
blue as diagonal to retest the March top north of 67k;pink as impulse down to the 2021 top around 60k;
I'm giving blue path a slight edge at the moment as $BTC is still on top of the symmetrical triangle but there's a lot of air under 63k. In the very short term aggressive trader can use 65.7k as short stop or 63.6k as long stop.
I'm currently watching two #Elliottwave path:
blue as diagonal to retest the March top north of 67k;pink as impulse down to the 2021 top around 60k;
I'm giving blue path a slight edge at the moment as $BTC is still on top of the symmetrical triangle but there's a lot of air under 63k. In the very short term aggressive trader can use 65.7k as short stop or 63.6k as long stop.
BNBEUR approaching intermediate top
After #BNBEUR breaking out of a triangle to the upside, the target of 700+ #EUR from Wednesday becomes even more realistic. However, several indicators are showing negative divergence on the daily and weekly. Given triangle in #Elliottwave term is either a 4th wave or b wave formation, with only one last leg to go, one should be cautioned that the current rally will end soon and a sizable correction will follow in probably a few weeks. Longterm $BNB buyer should be able to get a better entry in Q3 or Q4.
On the weekly chart while several projections point to the 750 region, one should pay close attention to the breakout level around 580, with 13 SMA as last defense.
On the very short timeframe, the 617 level from Friday is still holding, I'm now moving it a bit lower to 616 as stop for agressive long, and adding 655 as stop for agressive short = confirmation of upside continuation.
On the weekly chart while several projections point to the 750 region, one should pay close attention to the breakout level around 580, with 13 SMA as last defense.
On the very short timeframe, the 617 level from Friday is still holding, I'm now moving it a bit lower to 616 as stop for agressive long, and adding 655 as stop for agressive short = confirmation of upside continuation.
#BTCEUR has #Elliottwave 3up(yellow), tighten up your stop to 53k #EUR if went long, 57k is now a reasonable stop to short against. $BTC
LIVE
EuroChartCreator
--
#BTCEUR now has a decent looking #Elliottwave 5up, watching 58k #EUR for a potential top then holding 51k or 46k for the bullish interpretations. Bear on the other hand can try to bet against the 57.5k top or wait for 58k to strike against 61.5k.
$BTC weekly keeps looking bullish as long-term review shows.
$BTC weekly keeps looking bullish as long-term review shows.
#BNBEUR looks 3 #Elliottwave off the low while one can certainly argue for 5 waves. The proof of the pudding is in holding 378 #EUR which can be the stop for aggressive long.
Stop of short taken from above should at least partially be moved down to 471/490/501, these are also potentially shortable levels.
Stop of short taken from above should at least partially be moved down to 471/490/501, these are also potentially shortable levels.
LIVE
EuroChartCreator
--
1. That's why you always need a stop for trading.
2. Unlike BTC, #BNBEUR didn't post a convincing impulse #Elliottwave off the July low and is now approaching 0.618 retracement ~468 #EUR w/o much support on the quoted levels, be prudent if taking this long trade, lower size but wider stop: layer in between 470-450 w/ 430 or 420 stop gives 7%-9% defined risk.
3. Short stop can now be safely move down to 500 or even 490, or both to take profit in tranches.
4. Be mindful of the red pah potential on the daily, if 420 breaks measured move lower targets 350 without invalidating the bullish potential of $BNB to new ATH. #BNB_Market_Update
2. Unlike BTC, #BNBEUR didn't post a convincing impulse #Elliottwave off the July low and is now approaching 0.618 retracement ~468 #EUR w/o much support on the quoted levels, be prudent if taking this long trade, lower size but wider stop: layer in between 470-450 w/ 430 or 420 stop gives 7%-9% defined risk.
3. Short stop can now be safely move down to 500 or even 490, or both to take profit in tranches.
4. Be mindful of the red pah potential on the daily, if 420 breaks measured move lower targets 350 without invalidating the bullish potential of $BNB to new ATH. #BNB_Market_Update
#BNBEUR dips into lower end support, while I certainly can make case for Ending Diagonal in #Elliottwave term, 504 #EUR remains the proof of the pudding. Aggressive trader can use 522 as long stop and 536 as short stop. I'm now favor net movement to the upside for the next few days, a micro lower low first not withstanding. #BNBAnalysis
LIVE
EuroChartCreator
--
BNBEUR still below 580 cluster
$BNB got the expected lower low and the subsequent bounce is corrective so far. The #BNBHODLer activity gave a boost from the 536.8 #EUR low but note the rally off the 550 low seems to be 3 waves in #Elliottwave term. If that low holds, measured move to the upside only target 579.1, around the important 580 level for #BNBEUR
Weekly view: look for 420 if under 510, without invalidating the longterm bull case; aggressive long should already have a stop under 540 though.
Bonus: those interested in the potential outperformance of BNBvsSOL should pay close attention to the 0.20-0.16 region of SOLBNB, and I would not want to see it drop under 0.13:
#BNBAnalysis
Weekly view: look for 420 if under 510, without invalidating the longterm bull case; aggressive long should already have a stop under 540 though.
Bonus: those interested in the potential outperformance of BNBvsSOL should pay close attention to the 0.20-0.16 region of SOLBNB, and I would not want to see it drop under 0.13:
#BNBAnalysis
EUR USD is moving within the 1.10900–1.12300 range
#EUR #TradingPredictions #Binance #BTC #tradingtechnique
General outlook
EUR USD has been under buying pressure within the last couple of hours.
Support levels are now located at 1.10900 and 1.09000.
Now, the resistance level is located at 1.12300.
If the pair rebounds from the resistance level, analysts recommend opening a Sell order with a take profit at the nearest support level.
In case the breakout is confirmed, analysts suggest opening a Buy order.
The upcoming news will not influence your orders within the mentioned period.
Some traders may close their positions on Friday, which can add more pressure to the market.
#EUR #TradingPredictions #Binance #BTC #tradingtechnique
General outlook
EUR USD has been under buying pressure within the last couple of hours.
Support levels are now located at 1.10900 and 1.09000.
Now, the resistance level is located at 1.12300.
If the pair rebounds from the resistance level, analysts recommend opening a Sell order with a take profit at the nearest support level.
In case the breakout is confirmed, analysts suggest opening a Buy order.
The upcoming news will not influence your orders within the mentioned period.
Some traders may close their positions on Friday, which can add more pressure to the market.
EURUSD retested the resistance level of 1.11315
General Outlook
EURUSD has been trading in a sideways market within the last day.
#Market_Update #MarketSentimentToday #EUR #USDT。
#BinanceSquareFamily
Support levels are now located at 1.09540 and 1.07800.
Now, the resistance level is located at 1.11315.If the pair rebounds from the resistance level, analysts recommend opening a Sell order with a take profit at the nearest support level. In case the breakout is confirmed, analysts suggest opening a Buy order. The upcoming news will not influence your orders within the mentioned period. Some traders may close their positions on Friday, which can add more pressure to the market.
General Outlook
EURUSD has been trading in a sideways market within the last day.
#Market_Update #MarketSentimentToday #EUR #USDT。
#BinanceSquareFamily
Support levels are now located at 1.09540 and 1.07800.
Now, the resistance level is located at 1.11315.If the pair rebounds from the resistance level, analysts recommend opening a Sell order with a take profit at the nearest support level. In case the breakout is confirmed, analysts suggest opening a Buy order. The upcoming news will not influence your orders within the mentioned period. Some traders may close their positions on Friday, which can add more pressure to the market.
EURUSD moves sideways ahead of Powell's speech
#EUR #USDT。 #CryptoNewss #MarketSentimentToday
#Binance
EURUSD
EURUSD traded bearish on Thursday. The pair went into moderate correction towards the 1.11000 support level due to higher-than-expected U.S. Composite Purchasing Managers' Index (PMI) data, eventually losing 0.35%.
Possible effects for traders
The S&P Global U.S. Composite PMI numbers fell slightly towards 54.1 in August, a four-month low from 54.3 in July but still above market expectations of 53.5. The U.S. dollar (USD) recovered from a 13-month low against the euro on Thursday, ahead of today's Federal Reserve (Fed) Chair Jerome Powell's speech. The U.S. dollar has been declining due to concerns about a potential economic slowdown and expectations of the Fed's possible interest rate reduction. Brad Bechtel, global head of Foreign Exchange at Jefferies, stated that the U.S. dollar had been under significant pressure but was now reaching a point where it had become significantly oversold. Traders have now priced in a 25% likelihood of a 50-basis-point (bps) interest rate cut next month, down from 38% the previous day. Meanwhile, the chances of a 25-bps reduction stand at 75%, according to data from the CME Fed Watch Tool.
Traders will closely monitor Powell's remarks at the Jackson Hole symposium today for any new insights into the U.S. interest rate path. Powell may not provide extensive details in his remarks, given that the August jobs and inflation figures will be released after his speech, before the monetary policy meeting in September. The Fed's July meeting minutes, released on Wednesday, indicated that a majority of officials supported a September reduction. Philadelphia Fed President Patrick Harker stated on Thursday that he supports a September rate reduction, provided that the data continues to perform as expected. Boston Fed President Susan Collins also supported this stance. EUR USD moved sideways during Asian and early European trading sessions, just below the 1.11300 resistance level.
#EUR #USDT。 #CryptoNewss #MarketSentimentToday
#Binance
EURUSD
EURUSD traded bearish on Thursday. The pair went into moderate correction towards the 1.11000 support level due to higher-than-expected U.S. Composite Purchasing Managers' Index (PMI) data, eventually losing 0.35%.
Possible effects for traders
The S&P Global U.S. Composite PMI numbers fell slightly towards 54.1 in August, a four-month low from 54.3 in July but still above market expectations of 53.5. The U.S. dollar (USD) recovered from a 13-month low against the euro on Thursday, ahead of today's Federal Reserve (Fed) Chair Jerome Powell's speech. The U.S. dollar has been declining due to concerns about a potential economic slowdown and expectations of the Fed's possible interest rate reduction. Brad Bechtel, global head of Foreign Exchange at Jefferies, stated that the U.S. dollar had been under significant pressure but was now reaching a point where it had become significantly oversold. Traders have now priced in a 25% likelihood of a 50-basis-point (bps) interest rate cut next month, down from 38% the previous day. Meanwhile, the chances of a 25-bps reduction stand at 75%, according to data from the CME Fed Watch Tool.
Traders will closely monitor Powell's remarks at the Jackson Hole symposium today for any new insights into the U.S. interest rate path. Powell may not provide extensive details in his remarks, given that the August jobs and inflation figures will be released after his speech, before the monetary policy meeting in September. The Fed's July meeting minutes, released on Wednesday, indicated that a majority of officials supported a September reduction. Philadelphia Fed President Patrick Harker stated on Thursday that he supports a September rate reduction, provided that the data continues to perform as expected. Boston Fed President Susan Collins also supported this stance. EUR USD moved sideways during Asian and early European trading sessions, just below the 1.11300 resistance level.
#BTCEUR weekly chart update for those not actively trading: $BTC is in solid uptrend above 45k #EUR so don't get shaken out by intraday swing, this healthy consolidation can be viewed as 4th #Elliottwave or bull flag.
LIVE
EuroChartCreator
--
#BTCEUR Aggressive short stop should now be downed to 59k #EUR or lower. Very micro I can see a 4th #Elliottwave forming so expecting at least one more low. Still no setup for aggressive long $BTC , though eyeing 56k for potential bottom at least on the hourly.