Author: msmark

US 10 year yields dailyYields have risen this week as CPI numbers stayed hot but that doesn’t tell the whole story. Many in the bond market watching the Bank of Japan and that’s why yesterday’s weaker retail sales report didn’t have much of an effect.The leaks from the Bank of Japan have continued to mount suggesting action next week. That was compounded by government talk of normalization today and wage gains of 5%.All the elements are now in place and it means that BOJ will be dropping negative rates and yield curve control. That’s less global bond buying and will…

The Greenback gears up to hold onto a 0.7% weekly gain. Sentiment data from the University of Michigan came in weak. On the bright side, Industrial Production data came in stronger than expected. The focus will now turn to next week’s FOMC meeting. The US Dollar Index (DXY) is registering slight gains at the level of 103.40 on Friday, rebounding from December lows amid rising US Treasury yields. This follows the release of hot inflation data this week. The resilience of strong economic indicators and a cautious stance from the Federal Reserve (Fed) against hasty easing offer potential for US…

Over the weekend, the Chinese Inflation data beat expectations by a big margin:CPI Y/Y 0.7% vs. 0.3% expected and -0.8% prior. CPI M/M 1.0% vs. 0.7% expected and 0.3% prior. Core CPI Y/Y 1.2% vs. 0.4% prior.Core CPI M/M 0.5% vs. 0.3% prior. China National Bureau of Statistics (NBS) on the CPI rise:”It was primarily food and service prices that rose more”.”During the Spring Festival period, consumer demand for food products grew, in addition to rainy and snowy weather in some regions affecting supply”.China Core CPI YoYJiJi Press reported that the BoJ was considering scrapping its Yield Curve Control (YCC)…

Dow Jones follows other indices lower on Friday. UoM Consumer Sentiment Index ticked lower. June rate cut bets have edged down to 60%. The Dow Jones Industrial Average (DJIA) is down around half a percent as markets round the corner into the Friday closing bell with US equities broadly lower on the day. An extended pullback in the tech and telecoms sectors are dragging down the averages, with limited gains to keep the Dow Jones on-balance as markets buckle down for the weekend. According to the CME’s FedWatch Tool, rate futures are pricing in nearly a 41% chance of no rate…

In a tumultuous turn of events, the cryptocurrency market has been rattled by a sharp decline in Bitcoin prices. After a sustained period of remarkable gains and record highs, Bitcoin has plunged to a weekly low of $65,000, marking a significant setback for investors. At the time of writing, Bitcoin numbers were all painted in red, and trading at $65,710, losing value in the 24-hour and weekly timeframes by 5.6% and 4.5%, respectively, according to data from Coingecko. A few days after its previous low of $68,000, Bitcoin plummeted to its present level, a figure not seen in a week,…

Ethereum (ETH) rival Solana (SOL) bucked the wider crypto market downtick amid a new integration with Binance’s Web3 Wallet. The fifth-ranked crypto asset by market cap is up more than 5% in the past 24 hours, compared to the overall crypto market cap, which is down 3.8% over the same period, according to CoinGecko. Binance says its Web3 Wallet users can now trade SOL and access a range of DApps and upcoming airdrops. Some crypto analysts think the Ethereum rival is primed for a correction, however. Earlier this week, Ali Martinez told his 52,700 followers on the social media platform…

USDJPY trades to a new session high. Targets 149.196 next.The USDJPY is moving to a new session high and in the process is now moving further away from the 50% midpoint of the move down from teh February high at 148.676, and a swing area between 148.82 and 148.888. The high price reached 149.06 so far. The next upside target comes in at 149.196. That level is the 61.8% retracement of the move down from the February high. It also is a swing area going back to February 12 and again on February 29 (see red number circles on the…

The daily RSI shows a rise in selling traction, supported by the MACD depicting growing red bars. The hourly RSI indicates oversold conditions, signaling a potential pullback or bullish correction in the short term. Despite daily bearish tendencies, the pair still holds the 200-day SMA. The NZD/USD pair declined to 0.6086, with a significant 0.77% downturn in Friday’s session. The market sentiment leans heavily toward the sellers, however, there is a faint glimmer of hope for the buyers, as they still hold on to the 200-day Simple Moving Average (SMA). On the daily chart, the Relative Strength Index (RSI) has fallen…

2024.03.15 2024.03.15 Short-term analysis for BTCUSD, XRPUSD, and ETHUSD for 15.03.2024Roman Oneginhttps://www.litefinance.org/blog/authors/roman-onegin/Dear readers,I’ve prepared a short-term forecast for Bitcoin, Ripple, and Ethereum based on the Elliott wave analysis.The article covers the following subjects:Elliott Wave analysis for BitcoinA powerful impulse wave (3) may have formed as part of impulse [3] currently developing. A bearish correction (4) is unfolding at the moment. Correction (4) will likely be 23.6% of impulse (3) as per Fibonacci levels and form as a zigzag. Thus, the price may fall to 66,137.00 as shown in the chart. In the current situation, consider short trades.Trading plan for BTCUSD…

Goldman Sachs has raised its average gold price forecast for 2024 to $2180 from $2090. The current price is trading at $2161.Gold buyers remain in controlLooking at the daily chart above, the price of gold extended to a new all-time high last Friday at $2195.15. That run extended above the December 4 high at $2145.64 which is close risk now for buyers. Staying above that level keeps the buyers firmly in control.A lower support area comes between $2064.14 and $2088.48. Those levels correspond with swing highs going back to 2020 (see red number circles on the chart above). Longer-term, moving…