The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Daily News: Monday, January 29
The beginning of the week is not full of events. However, some important announcements were made. Take them into account!
- Mixed data. The US advanced quarterly GDP was delivered on Friday, January 26. GDP growth slowed down from 3.2% to 2.6%. Meanwhile, analysts predicted 3.0%. However, consumer spending increased at 3.8%, it is the best number in more than a year. Business equipment investment rose at the fastest pace in three years. A key measure of underlying demand delivered the strongest performance since 2014 and inflation picked up will support the rising of interest rates in coming months.
- The power of words. Haruhiko Kuroda announced in Davos that the central back nearly achieved the final inflation target. It caused an expectation of an exit from its massive stimulus and the rise of the yen as well.
- The Aussie is close to reverse. Aussie is supposed to go into reverse because the Federal Reserve continues to raise interest rates and the Reserve Bank of Australia keeps borrowing costs at a record low. The Australian economy is not interested in the strong Australian dollar. Economists predict Aussie trading closer to 70 U.S. cents than 80 cents in 12 months.
- Talks around NAFTA. Canada and Mexica refused to renegotiate the NAFTA dispute-resolution mechanism, that is one of the major points of negotiations between participants of NAFTA. It can lead to a fast exit of the USA from the organization.
- Uncertainty about NAFTA affected Canadian and New Zealand dollar as well. On the daily chart, we can see the fall of both New Zealand dollar and Canadian dollar. Falls are not great, however, continuing uncertainty of NAFTA negotiations can cause another fall.
- A deadline! Donald Trump faced a deadline to impose sanctions against Russia. The Treasury Department has prepared a list of companies and people who will be under sanctions.
On Wednesday, China posted shockingly weaker surge in retail sales as well as industrial output for April, thus increasing pressure on the Chinese cabinet to roll out more stimulus because the trade conflict with America escalates…
In April, American import prices surged less than anticipated in April due to the fact that jumps in the cost of food and petroleum were tamed by the largest tumble in the price of capital goods for a decade, dropping a hint at the fact that inflation…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.