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BTC Bears Target $26,500 on US Debt Ceiling Woes and Fed Fear
On Tuesday, bitcoin (BTC) rose by 1.39%. Following a 0.41% gain on Monday, BTC ended the day at $27,243. Significantly, BTC revisited the $27,500 handle for the first time in five sessions. A mixed start to the day saw BTC fall to a first-hour low of $26,829. Steering clear of the First Major Support Level (S1) at $26,567, BTC rose to a mid-morning high of $27,543. BTC broke through the First Major Resistance Level (R1) at $27,150 and briefly through the Second Major Resistance Level (R2) at $27,432 before easing back to end the day at $27,243. Hong Kong Crypto News Mutes US Debt Ceiling Woes: Crypto news updates ... (full story)
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The Monetary Policy Committee today voted to raise the Official Cash Rate (OCR) from 5.25% to 5.50%. The Committee agreed the level of interest rates are constraining spending and inflation pressure. The OCR will need to remain at a restrictive level for the foreseeable future, to ensure that consumer price inflation returns to the 1% to 3% annual target range, while supporting maximum sustainable employment. Global economic growth remains weak and inflation pressures are easing. This follows a period of significant monetary policy tightening by central banks internationally. International supply chain constraints have also eased following a period of disruption, and shipping costs have declined. The weaker global growth has led to lower export prices for New Zealand’s goods. In New Zealand, inflation is expected to continue to decline from its peak and with it measures of inflation expectations. However, core inflation pressures will remain until capacity constraints ease further. While employment is above its maximum sustainable level, there are now signs of labour shortages easing and vacancies declining. Consumer spending growth has eased and residential construction activity has declined, while house prices have returned to more sustainable levels. More generally, businesses are reporting slower demand for their goods and services, and weak investment intentions. Businesses report that a lack of demand, rather than labour shortages, is now the main constraint on activity. There has been a return of net inward migration since international borders reopened. The Committee expects the pace of immigration to ease back toward pre-COVID-19 trend levels over coming quarters. While immigration has assisted to ease labour shortages, its net impac post at 10:02pm: RBNZ: GLOBAL GROWTH REMAINS WEAK, INFLATION PRESSURES ARE EASING post at 10:03pm: RBNZ SEES CASH RATE PEAKING AT 5.5%, CUTS STARTING FROM 3Q 2024 post at 10:04pm: RBNZ MINUTES : COMMITTEE AGREED THAT NEITHER DECISION WOULD CAUSE UNNECESSARY INSTABILITY IN OUTPUT, INTEREST RATES, OR THE EXCHANGE RATE post at 10:05pm: THE RBNZ PREDICTS NEGATIVE GDP GROWTH IN Q2 AND Q3 OF 2023.
On the morning of May 21, the Dash blockchain experienced a stall during the activation of its Dash Core v19 hard fork, according to a tweet by Samuel Westrich, the chief ...
chart From the 1960s to the 1980s, the "Monetarist" School of Economics, famously associated with Milton Friedman and the University of Chicago, would argue for the importance ...
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While blue chip cryptoassets Bitcoin and Ethereum drift sideways as they hold onto market-leading gains, several altcoins are leaping higher. XRP, Litecoin, and Synthetix have ...
RBNZ Governor Orr's press conference following the rate hike earlier. Orr: • Latest data is satisfactory. • Its been a long battle. • Today was the first time the monetary policy committee went to a vote over the decision. • Outlook for fiscal spending is contractionary on demand. • Expects to keep a restrictive monetary policy for some time. • Forecast is that the surge in immigration will ease off. • No longer about labour shortage, its now about demand shortage. RBNZ chief economist Conway: • Labour market is becoming less pressured. post at 11:11pm: RBNZ'S GOVERNOR ORR: WE WANT TO SEE DEPOSIT RATES RISE FURTHER.
Russia and China are set to sign a set of bilateral agreements on Wednesday during the Russian prime minister’s trip to Beijing as the two giant neighbors pledge closer ...
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- Posted: May 23, 2023 10:21pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 252
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