Articles
Bitcoin bottom closer as German government runs out of BTC to sell, ETFs see highest inflow in five weeks
401982 July 13, 2024 18:17 FXStreet Market News
-
Bitcoin
recovers
from
selling
pressure
as
the
German
government
runs
out
of
BTC
to
sell. -
Spot
Bitcoin
ETFs
recorded
$310
million
in
inflows
on
July
12,
led
by
BlackRock
and
Fidelity. -
BTC
trades
above
$58,000
on
Saturday,
sustaining
gains
from
earlier
in
the
week.
Bitcoin
(BTC)
is
recovering
from
the
crumbling
selling
pressure
of
German
government
BTC
transfers,
sustained
above
$58,000
on
Saturday,
July
13.
Another
key
market
mover,
Bitcoin
ETF
inflows,
hit
the
highest
level
in
five
weeks
on
Friday.
$310
million
in
funds
flowed
into
Bitcoin
Spot
ETFs.
Bitcoin
rallies
as
selling
pressure
fades
Data
from
Arkham
shows
that
the
wallet
used
by
the
German
government
to
transfer
BTC
is
now
out
of
funds.
The
wallet
sent
3,846.05
BTC
worth
over
$223
million
to
the
trading
firm
Flow
Traders,
and
139Po
(the
firm
marks
this
as
a
likely
OTC
service
or
institutional
deposit),
late
on
Friday.
The
wallet
address
has
emptied
its
coffers,
with
zero
Bitcoin
balance.
German
government
Bitcoin
wallet
The
transfers
by
the
German
government
were
contributing
to
the
selling
pressure
on
the
largest
asset
by
market
capitalization.
As
the
balance
dips
to
zero,
the
selling
pressure
is
expected
to
ease
and
make
way
for
recovery
in
Bitcoin
price.
Bitcoin
sustained
its
recent
gains
and
stayed
above
$58,000
on
Saturday.
At
the
time
of
writing,
Bitcoin
is
trading
at
$58,142.
Data
from
Spot
Bitcoin
ETFs
shows
an
inflow
of
$310
million
on
July
12,
largely
driven
by
BlackRock
and
Fidelity.
The
inflow
was
the
highest
recorded
in
the
past
five
weeks.
This
supports
the
bullish
thesis
for
Bitcoin.
Bitcoin
traders
have
observed
the
asset
becoming
key
to
the
US
Presidential
election
and
politics.
According
to
recent
reports,
Senator
Cynthia
Lummis
shared
her
positive
view
on
Bitcoin.
Senator
Lummis
says
Bitcoin
reserve
can
help
the
US
Dollar
remain
strong
During
a
Fox
Business
interview
on
July
12,
Senator
Cynthia
Lummis
made
a
statement
supporting
Bitcoin.
Senator
Lummis
said
that
having
Bitcoin
in
reserve
could
help
the
US
Dollar
remain
strong
and
this
is
part
of
her
vision
for
a
financially
sovereign
America.
Senator
Lummis
said,
Having
Bitcoin
in
reserve
can
help
the
US
dollar
remain
strong.
The
positive
developments
could
support
BTC
in
extending
gains
in
the
coming
weeks.
What
to
expect
from
Bitcoin
price
Bitcoin
could
extend
gains
by
nearly
9%
and
rally
to
key
resistance
at
$63,631.
This
coincides
with
the
50%
Fibonacci
retracement
level
of
Bitcoin’s
decline
from
its
March
14
top
of
$73,777
to
the
July
5
low
of
$53,485,
as
seen
in
the
BTC/USDT
daily
chart
below.
Bitcoin
faces
resistance
at
the
upper
boundary
of
the
Fair
Value
Gap
(FVG)
at
$59,400
and
$63,288.
It’s
likely
that
Bitcoin
has
found
a
bottom
on
July
5
and
the
asset
could
extend
gains.
The
Moving
Average
Convergence
Divergence
(MACD)
indicator
flashes
green
histogram
bars
above
the
neutral
line,
supporting
the
positive
underlying
momentum
in
Bitcoin.
BTC/USDT
daily
chart
Bitcoin
could
find
support
at
$56,771,
the
upper
boundary
of
the
FVG
below
the
current
price.
The
July
5
low
of
$53,485
could
act
as
support
in
the
event
of
a
steep
correction
in
BTC.
Full Article
Mexican Peso appreciates, records strongest week since mid-June
401980 July 13, 2024 18:14 FXStreet Market News
-
Mexican
Peso
extends
gains
as
USD/MXN
reaches
17.68
after
hitting
five-week
low
of
17.62. -
Mexico’s
Industrial
Production
rebounds
in
May,
indicating
resilience
amid
economic
slowdown. -
Banxico
minutes
suggest
potential
rate
adjustments,
while
US
producer
inflation
rises
and
consumer
sentiment
deteriorates.
The
Mexican
Peso
extended
its
rally
for
the
ninth
consecutive
trading
day
against
the
Greenback
on
Friday
following
the
release
of
Mexico’s
Industrial
Product
figures
and
June’s
US
inflation
data
on
the
producer
side.
The
USD/MXN
trades
at
17.68,
refreshing
five-week
lows
of
17.62.
Despite
the
annual
weakening,
Mexico’s
Industrial
Production
showed
resilience
by
recovering
in
May,
following
April’s
plunge
in
monthly
figures.
This
recovery
underscores
a
positive
outlook
amidst
the
country’s
ongoing
economic
slowdown.
In
the
meantime,
the
latest
Bank
of
Mexico
(Banxico)
minutes
revealed
that
the
disinflation
process
has
evolved
and
may
spark
discussions
to
adjust
interest
rates
at
upcoming
meetings.
The
board
acknowledged
the
labor
market’s
strength,
yet
stated
that
growth
has
shown
signs
of
weakness.
Meanwhile,
Jose
Luis
Ortega,
CIO
of
Black
Rock
Mexico,
commented
that
inflation
in
Mexico
wouldn’t
return
to
Banxico’s
3%
goal
by
the
end
of
2025.
He
added
that
Banxico’s
easing
cycle
will
be
gradual,
though
adjustments
will
continue.
Across
the
border,
further
inflation
data
revealed
by
the
US
Bureau
of
Labor
Statistics
(BLS)
showed
that
prices
paid
by
producers
picked
up
above
economists’
estimates,
while
US
Consumer
Sentiment
revealed
by
the
University
of
Michigan
(UoM)
deteriorated.
In
the
meantime,
Federal
Reserve
(Fed)
officials
grabbed
the
headlines
and
remained
cautious
in
regard
to
monetary
policy
shifts.
Chicago
Fed
President
Goolsbee
said
that
recent
inflation
data
is
“favorable”
and
might
shorten
the
Fed’s
last
mile
on
inflation.
St.
Louis
Fed
President
Alberto
Musalem
said
that
the
current
interest
rate
level
is
appropriate
for
current
conditions
and
sees
the
economy
growing
between
1.5%
and
2%
this
year.
Daily
digest
market
movers:
Mexican
Peso
prolongs
its
gains,
despite
Banxico’s
dovish
tilt
-
Banxico
board
members
project
growth
to
be
lower
than
expected,
as
Mexico’s
economic
activity
has
been
weak
since
the
end
of
2023.
Most
policymakers
mentioned
that
inflation
will
converge
toward
the
target
in
the
last
quarter
2025. -
They
added
that
services
inflation
does
not
show
a
clear
downward
trend,
which
was
one
of
the
reasons
for
keeping
rates
unchanged
at
the
June
meeting. -
Mexico’s
Industrial
Production
(IP)
in
May
came
at
0.7%
MoM,
higher
than
April’s
-0.4%
and
estimates
of
0.4%.
In
the
12
months
to
May,
IP
was
1%,
which
fell
sharply
from
5.1%
in
April
and
missed
the
1.2%
projected. -
Mexico’s
June
inflation
figures
were
higher
than
expected
due
to
a
rise
in
food
prices
when
most
economists
expect
Banxico
to
resume
lowering
interest
rates. -
June
US
Producer
Price
Index
(PPI)
expanded
by
0.2%
MoM,
higher
than
the
0.1%
expected
and
above
May’s
0%.
Core
PPI
was
hotter
than
the
0.2%
foreseen,
at
0.4%
MoM. -
Annually
based,
PPI
ticked
up
from
2.4%
to
2.6%,
above
forecasts
of
2.3%.
Underlying
inflation
was
3%,
up
from
2.6%. -
UoM
Consumer
Sentiment
declined
from
68.2
in
June
to
66.0
in
July.
Inflation
expectations
for
one
year
came
as
expected
at
2.9%,
down
from
3%. -
US
Dollar
Index
(DXY),
which
tracks
the
value
of
a
basket
of
six
currencies
against
the
US
Dollar,
tumbled
more
than
0.30%
and
is
down
at
104.12. -
According
to
the
CME
FedWatch
Tool
data,
the
odds
for
a
September
cut
are
88%,
up
from
85%
on
Thursday.
Technical
analysis:
Mexican
Peso
capitalizes
USD
weakness
as
USD/MXN
drops
below
17.70
The
USD/MXN
continues
to
slip
further,
with
traders
eyeing
a
test
of
the
17.50
psychological
level.
Momentum
remains
on
the
seller’s
side,
as
depicted
by
the
Relative
Strength
Index
(RSI),
though
key
support
levels
in
the
exotic
pair
will
be
tested
soon.
If
USD/MXN
drops
below
17.60,
the
next
support
would
be
the
confluence
of
the
December
5
high
and
the
50-day
Simple
Moving
Average
(SMA)
near
17.56/60,
followed
by
the
200-day
SMA
at
17.28.
Further
losses
would
test
the
100-day
SMA
at
17.20.
Conversely,
USD/MXN
buyers
need
to
clear
the
June
24
cycle
low
of
17.87,
which
has
turned
into
resistance,
before
challenging
the
18.00
figure.
Further
upside
potential
is
seen
above
the
July
5
high
at
18.19,
followed
by
the
June
28
high
of
18.59,
allowing
buyers
to
aim
for
the
YTD
high
of
18.99.
Mexican
Peso
FAQs
The
Mexican
Peso
(MXN)
is
the
most
traded
currency
among
its
Latin
American
peers.
Its
value
is
broadly
determined
by
the
performance
of
the
Mexican
economy,
the
country’s
central
bank’s
policy,
the
amount
of
foreign
investment
in
the
country
and
even
the
levels
of
remittances
sent
by
Mexicans
who
live
abroad,
particularly
in
the
United
States.
Geopolitical
trends
can
also
move
MXN:
for
example,
the
process
of
nearshoring
–
or
the
decision
by
some
firms
to
relocate
manufacturing
capacity
and
supply
chains
closer
to
their
home
countries
–
is
also
seen
as
a
catalyst
for
the
Mexican
currency
as
the
country
is
considered
a
key
manufacturing
hub
in
the
American
continent.
Another
catalyst
for
MXN
is
Oil
prices
as
Mexico
is
a
key
exporter
of
the
commodity.
The
main
objective
of
Mexico’s
central
bank,
also
known
as
Banxico,
is
to
maintain
inflation
at
low
and
stable
levels
(at
or
close
to
its
target
of
3%,
the
midpoint
in
a
tolerance
band
of
between
2%
and
4%).
To
this
end,
the
bank
sets
an
appropriate
level
of
interest
rates.
When
inflation
is
too
high,
Banxico
will
attempt
to
tame
it
by
raising
interest
rates,
making
it
more
expensive
for
households
and
businesses
to
borrow
money,
thus
cooling
demand
and
the
overall
economy.
Higher
interest
rates
are
generally
positive
for
the
Mexican
Peso
(MXN)
as
they
lead
to
higher
yields,
making
the
country
a
more
attractive
place
for
investors.
On
the
contrary,
lower
interest
rates
tend
to
weaken
MXN.
Macroeconomic
data
releases
are
key
to
assess
the
state
of
the
economy
and
can
have
an
impact
on
the
Mexican
Peso
(MXN)
valuation.
A
strong
Mexican
economy,
based
on
high
economic
growth,
low
unemployment
and
high
confidence
is
good
for
MXN.
Not
only
does
it
attract
more
foreign
investment
but
it
may
encourage
the
Bank
of
Mexico
(Banxico)
to
increase
interest
rates,
particularly
if
this
strength
comes
together
with
elevated
inflation.
However,
if
economic
data
is
weak,
MXN
is
likely
to
depreciate.
As
an
emerging-market
currency,
the
Mexican
Peso
(MXN)
tends
to
strive
during
risk-on
periods,
or
when
investors
perceive
that
broader
market
risks
are
low
and
thus
are
eager
to
engage
with
investments
that
carry
a
higher
risk.
Conversely,
MXN
tends
to
weaken
at
times
of
market
turbulence
or
economic
uncertainty
as
investors
tend
to
sell
higher-risk
assets
and
flee
to
the
more-stable
safe
havens.
AUD/JPY Price Analysis: Pair drops to around 107.00, bearish outlook ahead
401977 July 13, 2024 17:39 FXStreet Market News
-
AUD/JPY
declines
to
107.10
while
holding
just
above
the
20-day
SMA
support. -
A
bearish
outlook
looms
for
the
next
few
sessions,
following
a
substantial
dip
from
Thursday.
In
Friday’s
trading
session,
a
downward
turn
was
observed
for
the
AUD/JPY
pair
as
it
dipped
by
0.23%
to
reach
107.10.
This
indicative
decline
marks
a
notable
shift
from
the
previous
session’s
buoyancy,
which
saw
the
pair
above
the
109.00
mark.
Present
circumstances
suggest
a
bearish
outlook
for
the
next
few
sessions,
as
it
turns
evident
that
the
sellers
have
found
their
footing.
The
daily
Relative
Strength
Index
(RSI)
for
the
AUD/JPY
marked
a
significant
dip
from
Thursday’s
79
to
54,
drifting
even
near
into
negative
territory.
This
trend
shift
hints
at
a
weakening
upward
momentum,
potentially
signifying
more
bearish
days
ahead.
In
concert
with
this,
the
Moving
Average
Convergence
Divergence
(MACD)
demonstrates
rising
red
bars.
AUD/JPY
daily
chart
Looking
at
the
broader
perspective,
the
AUD/JPY
still
displays
signs
of
possible
bearish
sentiment,
given
its
position
just
slightly
above
the
20-day
SMA
support
at
107.10.
In
case
of
further
downward
action,
immediate
support
levels
at
107.00
and
106.00
are
key
areas
to
watch.
However,
to
avert
further
potential
losses,
buyers
must
target
a
recovery
that
extends
towards
the
108.00
barrier.
SEC drops three-year investigation into Stacks protocol
401976 July 13, 2024 17:39 FXStreet Market News
-
SEC
dropped
its
investigation
into
Bitcoin
Layer
2
network
Stacks. -
SEC
began
investigating
Hiro
Systems
and
Stacks
protocol
in
2021
after
the
protocol
became
fully
decentralized. -
STX
is
up
over
5%
following
the
announcement.
STX shot
up
more
than
5%
on
Friday
following
news
that the
Securities
&
Exchange
Commission
(SEC)
dropped
a
three-year
investigation
into
Hiro
Systems
and
its
Bitcoin
Layer
2
protocol
Stacks after
three
years
of
investigation.
SEC
terminates
Stacks
investigation,
another
win
for
crypto
Hiro
Systems
PCB,
the
developers
behind
Bitcoin
Layer-2
protocol
Stacks,
disclosed
that
the
SEC
has
dropped
its
probe
into
the
company
and
the
Stacks
protocol,
with
no
intention
to
take
legal
action
against
them.
The
company
received
the
notice
earlier
this
week,
alongside
a
regulatory
filing
the
SEC
sent
on
Friday.
“Earlier
this
week,
we
received
word
from
the
SEC
that
after
3
years,
they
are
terminating
their
investigation
into
the
Stacks
blockchain
(the
protocol)
and
Hiro
System
(a
company)
with
no
action,”
co-founder
Muneeb
Ali
stated
in
an
X
post
on
Friday.
The
SEC
investigated
Stacks
and
Hiro
Systems
for
three
years
after
the
regulator
claimed
it
suspected
that
STX
was
being
sold
as
a
security.
The
whole
issue
dates
back
to
2018,
after
the
company’s
initial
launch
of
STX,
when
it
sold
the
tokens
as
securities
under
the
SEC’s
Regulation
A+.
The
regulation
permitted
a
limited
public
sale
of
securities
without
full
registration,
allowing
Hiro
to
raise
over
$20
million
from
sales
of
STX.
In
2021,
Stacks
became
fully
decentralized
following
the
launch
of
a
new
version
of
its
protocol.
This
led
the
SEC
to
begin
an
investigation
into
Stacks
in
June
of
the
same
year.
However,
Hiro
Systems
claimed
it
provided
all
the
information
required
during
the
investigation.
“For
3+
years,
we
have
provided
all
requested
information
and
worked
to
explain
how
the
Stacks
network
works,
and
Hiro’s
role
as
a
developer
tooling
company,”
Ali
said.
Many
crypto
community
members
highlighted
the
termination
of
the
SEC’s
Stacks
probe
as
a
big
win
for
the
general
crypto
industry,
considering
it
adds
to
a
list
of
crypto
investigations
the
agency
has
dropped
in
past
months.
The
latest
of
these
involved
Paxos
Labs’
BUSD
token,
which
was
relieved
of
SEC
suspicion
following
a
“formal
termination
notice”
that
the
company
received
on
July
9.
Following
the
announcement
of
the
SEC
ending
its
investigation,
the
price
of
STX
rose
by
5%.
Bitcoin,
altcoins,
stablecoins
FAQs
Bitcoin
is
the
largest
cryptocurrency
by
market
capitalization,
a
virtual
currency
designed
to
serve
as
money.
This
form
of
payment
cannot
be
controlled
by
any
one
person,
group,
or
entity,
which
eliminates
the
need
for
third-party
participation
during
financial
transactions.
Altcoins
are
any
cryptocurrency
apart
from
Bitcoin,
but
some
also
regard
Ethereum
as
a
non-altcoin
because
it
is
from
these
two
cryptocurrencies
that
forking
happens.
If
this
is
true,
then
Litecoin
is
the
first
altcoin,
forked
from
the
Bitcoin
protocol
and,
therefore,
an
“improved”
version
of
it.
Stablecoins
are
cryptocurrencies
designed
to
have
a
stable
price,
with
their
value
backed
by
a
reserve
of
the
asset
it
represents.
To
achieve
this,
the
value
of
any
one
stablecoin
is
pegged
to
a
commodity
or
financial
instrument,
such
as
the
US
Dollar
(USD),
with
its
supply
regulated
by
an
algorithm
or
demand.
The
main
goal
of
stablecoins
is
to
provide
an
on/off-ramp
for
investors
willing
to
trade
and
invest
in
cryptocurrencies.
Stablecoins
also
allow
investors
to
store
value
since
cryptocurrencies,
in
general,
are
subject
to
volatility.
Bitcoin
dominance
is
the
ratio
of
Bitcoin’s
market
capitalization
to
the
total
market
capitalization
of
all
cryptocurrencies
combined.
It
provides
a
clear
picture
of
Bitcoin’s
interest
among
investors.
A
high
BTC
dominance
typically
happens
before
and
during
a
bull
run,
in
which
investors
resort
to
investing
in
relatively
stable
and
high
market
capitalization
cryptocurrency
like
Bitcoin.
A
drop
in
BTC
dominance
usually
means
that
investors
are
moving
their
capital
and/or
profits
to
altcoins
in
a
quest
for
higher
returns,
which
usually
triggers
an
explosion
of
altcoin
rallies.
Full Article
Keep an eye on China’s Third Plenum meeting next week
401975 July 13, 2024 17:17 Forexlive Latest News Market News
Shanghai
Comp
daily
This
week’s
CPI
data
showed
that
China
has
room
for
policy
stimulus
and
its
lackluster
economic
performance
certainly
argues
for
it.
There
is
some
optimism
with
some
Chinese
stocks
climbing
this
week
(from
low
levels).
The
leadership
meeting
will
outline
efforts
to
promote
advanced
manufacturing,
revise
the
tax
system
to
curb
debt
risks,
manage
a
vast
property
crisis,
boost
domestic
consumption
and
revitalise
the
private
sector,
according
to
policy
advisers
cited
by
Reuters.
What
has
me
worried
is
this:
On
Wednesday
China
announced
more
short-selling
curbs.
A
friend
writes:
Why
would
the
Government
inflict
such
short-selling
punishment
only
5
days
before
the
Third
Plenum
if
it
had
confidence
that
what
is
going
to
be
announced
at
the
Plenum
was
“what
the
people
wanted”?
Answer:
It
wouldn’t.
Expectations
are
low
but
it
looks
like
all
we
may
get
is
a
speech
from
Xi
highlighting
some
lofty
goals
but
no
details
or
a
clear
path
on
how
to
get
there.
The
meeting
takes
place
from
July
15-18.
Gold price secures third week of gains, holds above $2,400
401973 July 13, 2024 17:15 FXStreet Market News
-
Gold
price
sticks
to
key
support
level,
set
for
third
consecutive
weekly
gain
on
Fed
rate
cut
expectations. -
US
PPI
rises
above
estimates;
University
of
Michigan
Consumer
Sentiment
drops,
inflation
expectations
moderate. -
CME
FedWatch
Tool
indicates
94%
chance
of
September
rate
cut;
US
Dollar
Index
falls
over
0.40%
to
104.09.
Gold’s
price
clung
above
$2,400
on
Friday
after
hitting
a
daily
low
of
$2,391.
The
golden
metal
is
set
to
extend
its
gains
for
the
third
consecutive
week
on
speculation
that
the
Federal
Reserve
(Fed)
might
begin
its
easing
cycle
in
September.
Data
from
the
US
Department
of
Labor
showed
that
factory
prices
rose
above
estimates,
though
they
failed
to
underpin
the
Greenback,
a
tailwind
for
the
precious
metal.
The
XAU/USD
trades
at
$2,415,
virtually
unchanged.
The
US
Bureau
of
Labor
Statistics
on
Friday
revealed
that
the
Producer
Price
Index
(PPI)
jumped
modestly
in
June,
above
analysts’
estimates.
The
University
of
Michigan
Consumer
Sentiment
preliminary
July
reading
deteriorated,
but
inflation
expectations
have
tempered.
According
to
the
CME
FedWatch
Tool,
traders
are
pricing
a
94%
chance
that
the
Fed
might
cut
rates
a
quarter
of
a
percentage
point
in
September.
Hence,
US
Treasury
bond
yields
are
dropping,
a
tailwind
for
the
non-yielding
metal,
which
benefits
from
low
yields.
The
US
10-year
Treasury
note
coupon
is
yielding
4.19%,
two
basis
points
below
its
opening
price.
Sources
cited
by
Barron’s
stated,
“Inflation
is
coming
down,
but
it
is
not
going
to
disappear.
Gold
and
gold
miners
are
attractive
inflation
hedges.”
Meanwhile,
Fed
officials
have
remained
cautious
regarding
monetary
policy
shifts.
Chicago
Fed
President
Goolsbee
noted
that
recent
inflation
data
is
“favorable”
and
could
shorten
the
Fed’s
journey
toward
its
inflation
goals.
St.
Louis
Fed
President
Alberto
Musalem
stated
that
the
current
interest
rate
level
is
appropriate
for
the
current
conditions
and
expects
the
economy
to
grow
between
1.5%
and
2%
this
year.
Meanwhile,
the
US
Dollar
Index
(DXY),
which
tracks
the
Greenback
against
a
basket
of
six
currencies,
plummeted
more
than
0.40%
to
104.09.
Daily
digest
market
movers:
Gold
price
flatlines
post
US
PPI
-
June
US
Producer
Price
Index
(PPI)
increased
by
0.2%
MoM,
exceeding
the
expected
0.1%
and
higher
than
May’s
0%.
Core
PPI
rose
by
0.4%
MoM,
surpassing
the
forecast
of
0.2%. -
On
an
annual
basis,
PPI
ticked
up
from
2.4%
to
2.6%,
beating
the
forecast
of
2.3%.
Underlying
inflation
increased
to
3%,
up
from
2.6%. -
UoM
Consumer
Sentiment
dropped
from
68.2
in
June
to
66.0
in
July.
Inflation
expectations
for
one
year
were
as
expected
at
2.9%,
down
from
3%. -
US
Dollar
Index
(DXY),
which
tracks
the
value
of
a
basket
of
six
currencies
against
the
US
Dollar,
fell
more
than
0.30%
to
104.12. -
According
to
the
CME
FedWatch
Tool,
the
odds
of
a
September
rate
cut
are
88%,
up
from
85%
on
Thursday. -
December
2024
fed
funds
rate
futures
contract
implies
that
the
Fed
will
ease
policy
by
49
basis
points
(bps)
toward
the
end
of
the
year,
up
from
39
a
day
ago. -
Bullion
prices
retreated
slightly
due
to
the
People’s
Bank
of
China
(PBoC)
decision
to
halt
gold
purchases
in
June,
as
it
did
in
May.
By
the
end
of
June,
China
held
72.80
million
troy
ounces
of
the
precious
metal.
Technical
analysis:
Gold
buyers
take
a
respite,
Gold
price
hovers
above
$2,400
Gold
price
consolidates
above
$2,400
for
the
second
straight
day
after
decisively
breaking
the
Head-and-Shoulders
neckline.
Momentum
favors
buyers,
though
as
depicted
by
the
flat
Relative
Strength
Index
(RSI),
they’re
taking
a
respite
before
testing
higher
prices.
That
said,
the
path
of
least
resistance
is
to
the
upside.
The
XAU/USD’s
first
resistance
would
be
the
year-to-date
high
of
$2,450,
ahead
of
the
$2,500
mark.
Conversely,
if
Gold
slides
below
the
$2,400
figure,
the
next
demand
zone
will
be
July
5
high
at
$2,392.
If
cleared,
XAU/USD
would
continue
to
$2,350.
Gold
FAQs
Gold
has
played
a
key
role
in
human’s
history
as
it
has
been
widely
used
as
a
store
of
value
and
medium
of
exchange.
Currently,
apart
from
its
shine
and
usage
for
jewelry,
the
precious
metal
is
widely
seen
as
a
safe-haven
asset,
meaning
that
it
is
considered
a
good
investment
during
turbulent
times.
Gold
is
also
widely
seen
as
a
hedge
against
inflation
and
against
depreciating
currencies
as
it
doesn’t
rely
on
any
specific
issuer
or
government.
Central
banks
are
the
biggest
Gold
holders.
In
their
aim
to
support
their
currencies
in
turbulent
times,
central
banks
tend
to
diversify
their
reserves
and
buy
Gold
to
improve
the
perceived
strength
of
the
economy
and
the
currency.
High
Gold
reserves
can
be
a
source
of
trust
for
a
country’s
solvency.
Central
banks
added
1,136
tonnes
of
Gold
worth
around
$70
billion
to
their
reserves
in
2022,
according
to
data
from
the
World
Gold
Council.
This
is
the
highest
yearly
purchase
since
records
began.
Central
banks
from
emerging
economies
such
as
China,
India
and
Turkey
are
quickly
increasing
their
Gold
reserves.
Gold
has
an
inverse
correlation
with
the
US
Dollar
and
US
Treasuries,
which
are
both
major
reserve
and
safe-haven
assets.
When
the
Dollar
depreciates,
Gold
tends
to
rise,
enabling
investors
and
central
banks
to
diversify
their
assets
in
turbulent
times.
Gold
is
also
inversely
correlated
with
risk
assets.
A
rally
in
the
stock
market
tends
to
weaken
Gold
price,
while
sell-offs
in
riskier
markets
tend
to
favor
the
precious
metal.
The
price
can
move
due
to
a
wide
range
of
factors.
Geopolitical
instability
or
fears
of
a
deep
recession
can
quickly
make
Gold
price
escalate
due
to
its
safe-haven
status.
As
a
yield-less
asset,
Gold
tends
to
rise
with
lower
interest
rates,
while
higher
cost
of
money
usually
weighs
down
on
the
yellow
metal.
Still,
most
moves
depend
on
how
the
US
Dollar
(USD)
behaves
as
the
asset
is
priced
in
dollars
(XAU/USD).
A
strong
Dollar
tends
to
keep
the
price
of
Gold
controlled,
whereas
a
weaker
Dollar
is
likely
to
push
Gold
prices
up.
Australian Dollar finished the week at highs since January as markets bet on a dovish Fed
401972 July 13, 2024 17:14 FXStreet Market News
-
AUD/USD
remains
at
highest
level
since
January
near
0.6800. -
Hot
PPI
data
didn’t
stop
the
pair
in
its
upward
trend. -
Monetary
policy
divergence
between
RBA
and
Fed
stir
the
pair.
The
Australian
Dollar
(AUD)
upheld
its
positive
trajectory
against
the
USD
in
Friday’s
session,
rising
by
0.30%
to
0.6780.
The
AUD
resumed
its
gains
with
market
participants
adjusting
their
stakes
on
the
Federal
Reserve
(Fed)
after
the
release
of
US
inflation
figures.
Hot
Producer
Price
Index
(PPI)
figures
form
the
US
didn’t
trigger
a
recovery
in
the
Greenback.
The
Reserve
Bank
of
Australia
(RBA)
is
poised
to
be
among
the
last
G10
nations’
central
banks
to
initiate
rate
cuts,
a
factor
that
could
extend
the
AUD’s
gains.
Daily
market
movers:
AUD
may
extend
gains
as
RBA
delays
cuts
and
markets
grow
confident
in
a
more
dovish
Fed
-
On
the
economic
data
front,
the
Producer
Price
Index
(PPI)
for
final
demand
in
the
US
rose
2.6%
YoY
in
June,
according
to
data
published
by
the
US
Bureau
of
Labor
Statistics
on
Friday. -
This
result
was
higher
than
the
forecasted
2.3%,
surpassing
the
previous
2.2%
rise
in
May.
Core
PPI
also
exceeded
market
expectations
at
3%. -
However,
sentiment
data
from
the
University
of
Michigan
came
in
below
expectation
at
66.0,
compared
to
the
predicted
68.5
and
the
previous
68.2. -
CME
Fedwatch
Tool
predicts
more
than
80%
chance
for
25
bps
cut
in
September. -
On
the
other
hand,
speculation
is
growing
that
RBA
might
delay
the
global
rate-cutting
cycle
or
even
raise
interest
rates
again
as
a
result
of
high
inflation
in
Australia.
This
view
compels
RBA
to
maintain
its
hawkish
stance. -
Furthermore,
China,
one
of
Australia’s
closest
trade
partners,
has
announced
its
Trade
Balance
data
for
June
showing
a
trade
surplus
of
$99.05
billion,
a
significant
increase
from
the
previous
figure
of
$82.62
billion.
Technical
analysis:
AUD/USD
maintains
highs,
signs
of
looming
correction
The
AUD/USD
maintains
a
bullish
stance,
retaining
the
heights
reached
in
January.
However,
the
Relative
Strength
Index
(RSI)
and
Moving
Average
Convergence
Divergence
(MACD)
indicate
that
they
are
nearing
overbought
terrain,
suggesting
a
possible
impending
correction.
Buyers
are
looking
to
maintain
the
0.6760-0.6780
range
and
surpass
the
0.6800
area
if
possible.
Conversely,
the
0.6670,
0.6650
and
0.6630
levels
are
set
as
support
ranges
in
case
of
a
correction.
Inflation
FAQs
Inflation
measures
the
rise
in
the
price
of
a
representative
basket
of
goods
and
services.
Headline
inflation
is
usually
expressed
as
a
percentage
change
on
a
month-on-month
(MoM)
and
year-on-year
(YoY)
basis.
Core
inflation
excludes
more
volatile
elements
such
as
food
and
fuel
which
can
fluctuate
because
of
geopolitical
and
seasonal
factors.
Core
inflation
is
the
figure
economists
focus
on
and
is
the
level
targeted
by
central
banks,
which
are
mandated
to
keep
inflation
at
a
manageable
level,
usually
around
2%.
The
Consumer
Price
Index
(CPI)
measures
the
change
in
prices
of
a
basket
of
goods
and
services
over
a
period
of
time.
It
is
usually
expressed
as
a
percentage
change
on
a
month-on-month
(MoM)
and
year-on-year
(YoY)
basis.
Core
CPI
is
the
figure
targeted
by
central
banks
as
it
excludes
volatile
food
and
fuel
inputs.
When
Core
CPI
rises
above
2%
it
usually
results
in
higher
interest
rates
and
vice
versa
when
it
falls
below
2%.
Since
higher
interest
rates
are
positive
for
a
currency,
higher
inflation
usually
results
in
a
stronger
currency.
The
opposite
is
true
when
inflation
falls.
Although
it
may
seem
counter-intuitive,
high
inflation
in
a
country
pushes
up
the
value
of
its
currency
and
vice
versa
for
lower
inflation.
This
is
because
the
central
bank
will
normally
raise
interest
rates
to
combat
the
higher
inflation,
which
attract
more
global
capital
inflows
from
investors
looking
for
a
lucrative
place
to
park
their
money.
Formerly,
Gold
was
the
asset
investors
turned
to
in
times
of
high
inflation
because
it
preserved
its
value,
and
whilst
investors
will
often
still
buy
Gold
for
its
safe-haven
properties
in
times
of
extreme
market
turmoil,
this
is
not
the
case
most
of
the
time.
This
is
because
when
inflation
is
high,
central
banks
will
put
up
interest
rates
to
combat
it.
Higher
interest
rates
are
negative
for
Gold
because
they
increase
the
opportunity-cost
of
holding
Gold
vis-a-vis
an
interest-bearing
asset
or
placing
the
money
in
a
cash
deposit
account.
On
the
flipside,
lower
inflation
tends
to
be
positive
for
Gold
as
it
brings
interest
rates
down,
making
the
bright
metal
a
more
viable
investment
alternative.
Ex-Dividend 15/07/2024
401968 July 13, 2024 16:39 ICMarkets Market News
|
1
|
Ex-Dividends | ||
|---|---|---|---|
|
2
|
15/7/2024 | ||
|
3
|
Indices | Name |
Index Adjustment Points
|
|
4
|
Australia 200 CFD
|
AUS200 | |
|
5
|
IBEX-35 Index | ES35 | |
|
6
|
France 40 CFD | F40 | |
|
7
|
Hong Kong 50 CFD
|
HK50 | 3.38 |
|
8
|
Italy 40 CFD | IT40 | |
|
9
|
Japan 225 CFD
|
JP225 | |
|
10
|
EU Stocks 50 CFD
|
STOXX50 | |
|
11
|
UK 100 CFD | UK100 | |
|
12
|
US SP 500 CFD
|
US500 | 0.57 |
|
13
|
Wall Street CFD
|
US30 | |
|
14
|
US Tech 100 CFD
|
USTEC | |
|
15
|
FTSE CHINA 50
|
CHINA50 | |
|
16
|
Canada 60 CFD
|
CA60 | |
|
17
|
Germany Tech 40 CFD
|
TecDE30 | |
|
18
|
Germany Mid 50 CFD
|
MidDE50 | |
|
19
|
Netherlands 25 CFD
|
NETH25 | |
|
20
|
Switzerland 20 CFD
|
SWI20 | |
|
21
|
Hong Kong China H-shares CFD
|
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The post Ex-Dividend 15/07/2024 first appeared on IC Markets | Official Blog.
Key insights from Ethereum’s performance in current bull cycle
401967 July 13, 2024 09:04 FXStreet Market News
-
Ethereum’s
price
has
followed
a
divergent
pattern
in
the
first
365
days
after
a
Bitcoin
halving
event. -
Over
90%
of
ETH’s
supply
has
been
in
profit
since
January. -
Ethereum
investors
are
slowly
displaying
confidence
again
with
ETH
ETFs
on
horizon.
Ethereum
is
up
0.3%
on
Friday
as
key
insights
from
Glassnode
reveal
ETH’s
next
potential
move
as
the
current
bull
cycle
matures.
Daily
digest
market
movers:
How
ETH
has
performed
so
far
in
current
cycle
Despite
earlier
predictions
that
the
agency
would
likely
approve
issuers’
spot
ETH
ETF
S-1
registration
statements,
the
Securities
&
Exchange
Commission
(SEC)
has
remained
silent.
While
the
SEC
remains
mum,
key
on-chain
data
provide
insight
into
key
historical
price
moves
in
Ethereum
and
how
they
may
affect
the
current
cycle:
ETH
technical
analysis:
ETH
investors
are
slowly
gaining
confidence
again
Ethereum
is
trading
around
$3,135
on
Friday,
up
by
a
mere
0.3%
on
the
day.
After
posting
a
bearish
exhaustion
candle,
ETH
briefly
declined
to
$3,060,
sparking
over
$40
million
in
liquidations
in
the
past
24
hours.
Long
and
short
liquidations
accounted
for
81%
and
19%
of
total
liquidations,
respectively.
The
move
saw
ETH’s
total
liquidations
flipping
that
of
Bitcoin
despite
its
relatively
lower
market
cap.
This
could
prime
ETH
to
begin
a
fresh
move
toward
the
upside.
ETH
options
Open
Interest
(OI)
declined
to
$5.16
billion
on
Monday,
its
lowest
level
in
the
past
year.
The
move
signified
heightened
uncertainty
among
traders
as
ETH’s
price
retraced
below
$3,000.
However,
following
a
slowdown
in
the
bearish
pressure
and
a
slight
rebound
in
ETH’s
price,
ETH
options
OI
has
begun
climbing
up
again,
nearing
the
$6
billion
mark
on
Friday.
The
price
recovery
and
rising
OI
indicate
traders
are
slowly
gaining
confidence
in
ETH
again.
This
is
also
evident
in
ETH’s
Long/Short
Ratio,
which
has
risen
to
1.04
in
the
past
few
hours.
With
the
potential
launch
of
Ethereum
ETFs
on
the
horizon
and
BTC
seeing
heavy
selling
pressure
from
miners,
the
German
Government,
and
Mt.
Gox
repayment,
investors
may
reallocate
capital
into
ETH.
However,
the
SEC’s
delay
to
greenlight
issuers
ETH
ETF
S-1
drafts
may
hamper
a
good
price
increase.
As
a
result,
ETH
will
likely
follow
a
horizontal
trend
within
the
$2,852
to
$3,300
range
but
slightly
tilted
toward
the
upside
until
the
SEC
moves
on
ETH
ETFs.
ETH/USDT
8-hour
chart
According
to
Coinglass
data,
ETH
may
drop
to
around
$3,041
in
the
short
term,
where
there
is
a
liquidity
wall
of
$35.57
million,
before
rebounding.
Ethereum
FAQs
Ethereum
is
a
decentralized
open-source
blockchain
with
smart
contracts
functionality.
Serving
as
the
basal
network
for
the
Ether
(ETH)
cryptocurrency,
it
is
the
second
largest
crypto
and
largest
altcoin
by
market
capitalization.
The
Ethereum
network
is
tailored
for
scalability,
programmability,
security,
and
decentralization,
attributes
that
make
it
popular
among
developers.
Ethereum
uses
decentralized
blockchain
technology,
where
developers
can
build
and
deploy
applications
that
are
independent
of
the
central
authority.
To
make
this
easier,
the
network
has
a
programming
language
in
place,
which
helps
users
create
self-executing
smart
contracts.
A
smart
contract
is
basically
a
code
that
can
be
verified
and
allows
inter-user
transactions.
Staking
is
a
process
where
investors
grow
their
portfolios
by
locking
their
assets
for
a
specified
duration
instead
of
selling
them.
It
is
used
by
most
blockchains,
especially
the
ones
that
employ
Proof-of-Stake
(PoS)
mechanism,
with
users
earning
rewards
as
an
incentive
for
committing
their
tokens.
For
most
long-term
cryptocurrency
holders,
staking
is
a
strategy
to
make
passive
income
from
your
assets,
putting
them
to
work
in
exchange
for
reward
generation.
Ethereum
transitioned
from
a
Proof-of-Work
(PoW)
to
a
Proof-of-Stake
(PoS)
mechanism
in
an
event
christened
“The
Merge.”
The
transformation
came
as
the
network
wanted
to
achieve
more
security,
cut
down
on
energy
consumption
by
99.95%,
and
execute
new
scaling
solutions
with
a
possible
threshold
of
100,000
transactions
per
second.
With
PoS,
there
are
less
entry
barriers
for
miners
considering
the
reduced
energy
demands.
Full Article
Key insights from Ethereum’s performance in current bull cycle
401963 July 13, 2024 09:04 FXStreet Market News
-
Ethereum’s
price
has
followed
a
divergent
pattern
in
the
first
365
days
after
a
Bitcoin
halving
event. -
Over
90%
of
ETH’s
supply
has
been
in
profit
since
January. -
Ethereum
investors
are
slowly
displaying
confidence
again
with
ETH
ETFs
on
horizon.
Ethereum
is
up
0.3%
on
Friday
as
key
insights
from
Glassnode
reveal
ETH’s
next
potential
move
as
the
current
bull
cycle
matures.
Daily
digest
market
movers:
How
ETH
has
performed
so
far
in
current
cycle
Despite
earlier
predictions
that
the
agency
would
likely
approve
issuers’
spot
ETH
ETF
S-1
registration
statements,
the
Securities
&
Exchange
Commission
(SEC)
has
remained
silent.
While
the
SEC
remains
mum,
key
on-chain
data
provide
insight
into
key
historical
price
moves
in
Ethereum
and
how
they
may
affect
the
current
cycle:
ETH
technical
analysis:
ETH
investors
are
slowly
gaining
confidence
again
Ethereum
is
trading
around
$3,135
on
Friday,
up
by
a
mere
0.3%
on
the
day.
After
posting
a
bearish
exhaustion
candle,
ETH
briefly
declined
to
$3,060,
sparking
over
$40
million
in
liquidations
in
the
past
24
hours.
Long
and
short
liquidations
accounted
for
81%
and
19%
of
total
liquidations,
respectively.
The
move
saw
ETH’s
total
liquidations
flipping
that
of
Bitcoin
despite
its
relatively
lower
market
cap.
This
could
prime
ETH
to
begin
a
fresh
move
toward
the
upside.
ETH
options
Open
Interest
(OI)
declined
to
$5.16
billion
on
Monday,
its
lowest
level
in
the
past
year.
The
move
signified
heightened
uncertainty
among
traders
as
ETH’s
price
retraced
below
$3,000.
However,
following
a
slowdown
in
the
bearish
pressure
and
a
slight
rebound
in
ETH’s
price,
ETH
options
OI
has
begun
climbing
up
again,
nearing
the
$6
billion
mark
on
Friday.
The
price
recovery
and
rising
OI
indicate
traders
are
slowly
gaining
confidence
in
ETH
again.
This
is
also
evident
in
ETH’s
Long/Short
Ratio,
which
has
risen
to
1.04
in
the
past
few
hours.
With
the
potential
launch
of
Ethereum
ETFs
on
the
horizon
and
BTC
seeing
heavy
selling
pressure
from
miners,
the
German
Government,
and
Mt.
Gox
repayment,
investors
may
reallocate
capital
into
ETH.
However,
the
SEC’s
delay
to
greenlight
issuers
ETH
ETF
S-1
drafts
may
hamper
a
good
price
increase.
As
a
result,
ETH
will
likely
follow
a
horizontal
trend
within
the
$2,852
to
$3,300
range
but
slightly
tilted
toward
the
upside
until
the
SEC
moves
on
ETH
ETFs.
ETH/USDT
8-hour
chart
According
to
Coinglass
data,
ETH
may
drop
to
around
$3,041
in
the
short
term,
where
there
is
a
liquidity
wall
of
$35.57
million,
before
rebounding.
Ethereum
FAQs
Ethereum
is
a
decentralized
open-source
blockchain
with
smart
contracts
functionality.
Serving
as
the
basal
network
for
the
Ether
(ETH)
cryptocurrency,
it
is
the
second
largest
crypto
and
largest
altcoin
by
market
capitalization.
The
Ethereum
network
is
tailored
for
scalability,
programmability,
security,
and
decentralization,
attributes
that
make
it
popular
among
developers.
Ethereum
uses
decentralized
blockchain
technology,
where
developers
can
build
and
deploy
applications
that
are
independent
of
the
central
authority.
To
make
this
easier,
the
network
has
a
programming
language
in
place,
which
helps
users
create
self-executing
smart
contracts.
A
smart
contract
is
basically
a
code
that
can
be
verified
and
allows
inter-user
transactions.
Staking
is
a
process
where
investors
grow
their
portfolios
by
locking
their
assets
for
a
specified
duration
instead
of
selling
them.
It
is
used
by
most
blockchains,
especially
the
ones
that
employ
Proof-of-Stake
(PoS)
mechanism,
with
users
earning
rewards
as
an
incentive
for
committing
their
tokens.
For
most
long-term
cryptocurrency
holders,
staking
is
a
strategy
to
make
passive
income
from
your
assets,
putting
them
to
work
in
exchange
for
reward
generation.
Ethereum
transitioned
from
a
Proof-of-Work
(PoW)
to
a
Proof-of-Stake
(PoS)
mechanism
in
an
event
christened
“The
Merge.”
The
transformation
came
as
the
network
wanted
to
achieve
more
security,
cut
down
on
energy
consumption
by
99.95%,
and
execute
new
scaling
solutions
with
a
possible
threshold
of
100,000
transactions
per
second.
With
PoS,
there
are
less
entry
barriers
for
miners
considering
the
reduced
energy
demands.
Full Article
ARB, OP, WLD, STRK set for $173 million token unlock next week
401962 July 13, 2024 08:33 FXStreet Market News
-
ARB,
OP,
WLD,
and
STRK
are
among
tokens
set
for
a
combined
$173.56 million
unlock
event
next
week. -
The
unlocking
of
ARB,
WLD
and
STRK
tokens
may
spark
further
retracement
in
their
prices,
which
are
currently
on
a
downtrend. -
ENA
and
1INCH
will
undergo
another
unlock
event
following
recent
hikes
in
their
supply.
The
crypto
market
is
set
to
witness
over $173 million
worth
of
token
unlocks
next
week
featuring
Arbitrum
(ARB),
Optimism
(OP),
Starkware
(STRK)
and
others.
These
tokens
will
see
a
hike
in
their
circulating
supply,
which
historically
causes
downward
pressure
on
prices.
Crypto
token
unlocks
to
look
out
for
next
week
The
crypto
market
will
witness
another
round
of
token
unlocks
next
week,
according
to
data
from
token
tracker
TokenUnlocks
on
Friday.
The
unlocks,
worth
$173.56 million
at
the
time
of
writing,
will
raise
the
circulating
supply
of
several
tokens,
including
ARB,
STRK,
AXS,
APE,
PIXEL,
ENA,
MATA,
RNDR,
CYBER,
ASTR,
NYM,
EUL,
1INCH
and
FORT.
Token
unlocks
are
events
where
a
cryptocurrency
project
releases
new
tokens
into
circulation.
These
events
increase
the
token’s
supply
and
often
cause
a
decline
in
its
price.
ARB,
WLD
and
STRK
tokens
will
witness
the
largest
unlocks
next
week,
with
$64.31
million,
$39.79
million
and
$35.36
million
worth
of
their
tokens
being
unlocked,
respectively.
The
impact
of
the
unlock
may
stir
further
price
declines
for
these
tokens
which
are
currently
on
a
downtrend.
ARB
had
previously
seen
a
heavy
price
decline
following
its
token
unlock
event
in
March.
Its
price
dipped
by
6%
following
the
unlock
event,
and
its
weekly
loss
stretched
more
than
18%.
WLD
may
be
the
most
affected
as
it
will
see
a
total
of
$628.17
million
worth
of
unlocks
in
July.
Upcoming
Token
Unlocks
in
July
Meanwhile,
ENA
and
1INCH
will
undergo
another
unlocking
event
next
week
after
experiencing
unlocks
worth
$6
million
and
$11,000
between
July
7-8,
respectively.
Both
tokens
are
down
by
about
1%
in
the
past
24
hours.
On
the
other
hand,
OP
and
RNDR
are
up
about
1%
in
the
past
24
hours
but
may
experience
declines
following
their
upcoming
unlocks
Full Article