In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
- Morgan Stanley warns again that US stocks may soon fall. Bank of America and JPMorgan are saying that time to sell European stocks.
- The dollar fell to a more than one-week low against major currencies as investors continued to price in interest rate cuts this year.
- Hedge funds place the biggest shorts ever on the US Treasuries. It is the fifth straight week that net shorts have increased.
- Today Coinbase filed a narrow action in federal court to compel the SEC. The exchange wants the response to July 2022 petition asking the SEC to use its formal rulemaking process to guide the crypto industry. The price of BTC and other cryptocurrencies continues to decline as regulators' pressure on the sector increases.
- Standard Chartered CEO warns of risks in the banking sector that haven’t “come home to roost” (has many dangers on the way).
- The head of the Central Bank of Japan stated that, at the moment, it is appropriate to maintain the current monetary policy. However, with rising inflation and wages, an increase in the rate is possible.
- According to Bloomberg, traders Expect a 1.5% Fed rate cut by mid-2024.
CADCHF technical analysis
On the weekly timeframe, the price has reached the lower border of the global descending channel. Moreover, the price moves inside another descending channel on a lower timeframe. This setup highlights the possibility of a possible reversal within the upcoming days with major targets at 0.6800 and 0.6934, around 3500 points of profit from the current level.
Have a great trading session!
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
Lagarde says difficult times have come, and the ECB raised the rate not to cause a recession but to stabilize prices. Read the report to learn the freshest news of the day!
Oil prices are rising while the US government is on the verge of shutting down. How will it affect the market?
US stock markets started falling, while the US dollar is rising. What to expect from
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?