Month: September 2022

Euro falls to $0,99 after Russia’s Putin announces partial military mobilization

Posted on by Vrasidas Neofytou

 

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

The EUR/USD pair broke below the $1 parity this morning, falling to as low as $0,9985 before bouncing to near $0,992 a few hours later, as Putin’s speech increased the geopolitical risk in the market, lifting the safe-haven dollar across the board and forcing forex traders to become sellers on risk-sensitive Euro.

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

 

The EUR/USD pair broke below the $1 parity this morning, falling to as low as $0,9985 before bouncing to near $0,992 a few hours later, as Putin’s speech increased the geopolitical risk in the market, lifting the safe-haven dollar across the board and forcing forex traders to become sellers on risk-sensitive Euro.

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

The declaration indicates a huge change for the Kremlin and could be seen as a response to recent defeats on the battlefield in Ukraine, with expectations growing that Putin’s decision will further extend the seven-month-old conflict.

 

The EUR/USD pair broke below the $1 parity this morning, falling to as low as $0,9985 before bouncing to near $0,992 a few hours later, as Putin’s speech increased the geopolitical risk in the market, lifting the safe-haven dollar across the board and forcing forex traders to become sellers on risk-sensitive Euro.

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

 

The declaration indicates a huge change for the Kremlin and could be seen as a response to recent defeats on the battlefield in Ukraine, with expectations growing that Putin’s decision will further extend the seven-month-old conflict.

 

The EUR/USD pair broke below the $1 parity this morning, falling to as low as $0,9985 before bouncing to near $0,992 a few hours later, as Putin’s speech increased the geopolitical risk in the market, lifting the safe-haven dollar across the board and forcing forex traders to become sellers on risk-sensitive Euro.

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

Putin also backed upcoming referenda on joining Russia that will be held from September 23 – September 27 in the Kherson and Zaporizhzhya regions, as well as the so-called Donetsk and Luhansk People’s Republics – two states set up by the Kremlin in 2014, with nearly 90% of citizens in those areas are in favour of annexation.

 

The declaration indicates a huge change for the Kremlin and could be seen as a response to recent defeats on the battlefield in Ukraine, with expectations growing that Putin’s decision will further extend the seven-month-old conflict.

 

The EUR/USD pair broke below the $1 parity this morning, falling to as low as $0,9985 before bouncing to near $0,992 a few hours later, as Putin’s speech increased the geopolitical risk in the market, lifting the safe-haven dollar across the board and forcing forex traders to become sellers on risk-sensitive Euro.

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

 

Putin also backed upcoming referenda on joining Russia that will be held from September 23 – September 27 in the Kherson and Zaporizhzhya regions, as well as the so-called Donetsk and Luhansk People’s Republics – two states set up by the Kremlin in 2014, with nearly 90% of citizens in those areas are in favour of annexation.

 

The declaration indicates a huge change for the Kremlin and could be seen as a response to recent defeats on the battlefield in Ukraine, with expectations growing that Putin’s decision will further extend the seven-month-old conflict.

 

The EUR/USD pair broke below the $1 parity this morning, falling to as low as $0,9985 before bouncing to near $0,992 a few hours later, as Putin’s speech increased the geopolitical risk in the market, lifting the safe-haven dollar across the board and forcing forex traders to become sellers on risk-sensitive Euro.

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

President Putin surprised the global markets this morning by announcing a partial military mobilization in Russia, drafting 300,000 reservists to send to Ukraine, and confirming his intention to annex those parts of Ukraine currently under Russian occupation.

 

Putin also backed upcoming referenda on joining Russia that will be held from September 23 – September 27 in the Kherson and Zaporizhzhya regions, as well as the so-called Donetsk and Luhansk People’s Republics – two states set up by the Kremlin in 2014, with nearly 90% of citizens in those areas are in favour of annexation.

 

The declaration indicates a huge change for the Kremlin and could be seen as a response to recent defeats on the battlefield in Ukraine, with expectations growing that Putin’s decision will further extend the seven-month-old conflict.

 

The EUR/USD pair broke below the $1 parity this morning, falling to as low as $0,9985 before bouncing to near $0,992 a few hours later, as Putin’s speech increased the geopolitical risk in the market, lifting the safe-haven dollar across the board and forcing forex traders to become sellers on risk-sensitive Euro.

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

 

President Putin surprised the global markets this morning by announcing a partial military mobilization in Russia, drafting 300,000 reservists to send to Ukraine, and confirming his intention to annex those parts of Ukraine currently under Russian occupation.

 

Putin also backed upcoming referenda on joining Russia that will be held from September 23 – September 27 in the Kherson and Zaporizhzhya regions, as well as the so-called Donetsk and Luhansk People’s Republics – two states set up by the Kremlin in 2014, with nearly 90% of citizens in those areas are in favour of annexation.

 

The declaration indicates a huge change for the Kremlin and could be seen as a response to recent defeats on the battlefield in Ukraine, with expectations growing that Putin’s decision will further extend the seven-month-old conflict.

 

The EUR/USD pair broke below the $1 parity this morning, falling to as low as $0,9985 before bouncing to near $0,992 a few hours later, as Putin’s speech increased the geopolitical risk in the market, lifting the safe-haven dollar across the board and forcing forex traders to become sellers on risk-sensitive Euro.

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

The common currency hit a fresh two-week low of $0,99 to a dollar on Wednesday morning amid a risk-off mood for European assets following Russian President Vladimir Putin’s declaration of a partial military mobilization of the country’s military reserve to support the invasion of Ukraine.

 

President Putin surprised the global markets this morning by announcing a partial military mobilization in Russia, drafting 300,000 reservists to send to Ukraine, and confirming his intention to annex those parts of Ukraine currently under Russian occupation.

 

Putin also backed upcoming referenda on joining Russia that will be held from September 23 – September 27 in the Kherson and Zaporizhzhya regions, as well as the so-called Donetsk and Luhansk People’s Republics – two states set up by the Kremlin in 2014, with nearly 90% of citizens in those areas are in favour of annexation.

 

The declaration indicates a huge change for the Kremlin and could be seen as a response to recent defeats on the battlefield in Ukraine, with expectations growing that Putin’s decision will further extend the seven-month-old conflict.

 

The EUR/USD pair broke below the $1 parity this morning, falling to as low as $0,9985 before bouncing to near $0,992 a few hours later, as Putin’s speech increased the geopolitical risk in the market, lifting the safe-haven dollar across the board and forcing forex traders to become sellers on risk-sensitive Euro.

 

EURUSD pair, 2-hour chart

 

The escalating Ukraine war adds more dark clouds to the Eurozone’s growth outlook over the coming winter, at a time Eurozone has been struggling with an ongoing energy crisis, and European Central Bank has started hiking interest rates to curb 40-year high inflation which climbed to 9,1% in August.

 

An expected interest rate hike by the U.S Federal Reserve later in the day added extra support on the greenback, with money markets fully pricing in a 75-basis point increase for a third straight month in a row to fight inflation.

 

 

Ethereum plunges 25% over the past seven days despite the “Merge”

Posted on by Vrasidas Neofytou

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

The price of Ether fell as low as $1,280 this morning, down over 11% on the day so far, which is the largest one-day percentage loss since the end of August, extending recent losses following last week’s hotter-than-expected CPI inflation data from the United States.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

The price of Ether fell as low as $1,280 this morning, down over 11% on the day so far, which is the largest one-day percentage loss since the end of August, extending recent losses following last week’s hotter-than-expected CPI inflation data from the United States.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Market Reaction:

The price of Ether fell as low as $1,280 this morning, down over 11% on the day so far, which is the largest one-day percentage loss since the end of August, extending recent losses following last week’s hotter-than-expected CPI inflation data from the United States.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Market Reaction:

The price of Ether fell as low as $1,280 this morning, down over 11% on the day so far, which is the largest one-day percentage loss since the end of August, extending recent losses following last week’s hotter-than-expected CPI inflation data from the United States.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Bitcoin, the largest cryptocurrency has also hit hard since last week, retreating from the monthly highs of $23,000 mark to the Monday lows of $18,400 due to the macro-driven risk aversion sentiment.

Market Reaction:

The price of Ether fell as low as $1,280 this morning, down over 11% on the day so far, which is the largest one-day percentage loss since the end of August, extending recent losses following last week’s hotter-than-expected CPI inflation data from the United States.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Bitcoin, the largest cryptocurrency has also hit hard since last week, retreating from the monthly highs of $23,000 mark to the Monday lows of $18,400 due to the macro-driven risk aversion sentiment.

Market Reaction:

The price of Ether fell as low as $1,280 this morning, down over 11% on the day so far, which is the largest one-day percentage loss since the end of August, extending recent losses following last week’s hotter-than-expected CPI inflation data from the United States.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

The well-awaited tech upgrade which increases the scalability and the performance of the Ethereum network had failed to support the falling Ether prices, since it seems that the “Merge” event had already been priced in during the summer period when Ethereum was outperforming Bitcoin and other major cryptos, by adding more than 70% and topping at near $2,000 key resistance level.

Bitcoin, the largest cryptocurrency has also hit hard since last week, retreating from the monthly highs of $23,000 mark to the Monday lows of $18,400 due to the macro-driven risk aversion sentiment.

Market Reaction:

The price of Ether fell as low as $1,280 this morning, down over 11% on the day so far, which is the largest one-day percentage loss since the end of August, extending recent losses following last week’s hotter-than-expected CPI inflation data from the United States.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

The well-awaited tech upgrade which increases the scalability and the performance of the Ethereum network had failed to support the falling Ether prices, since it seems that the “Merge” event had already been priced in during the summer period when Ethereum was outperforming Bitcoin and other major cryptos, by adding more than 70% and topping at near $2,000 key resistance level.

Bitcoin, the largest cryptocurrency has also hit hard since last week, retreating from the monthly highs of $23,000 mark to the Monday lows of $18,400 due to the macro-driven risk aversion sentiment.

Market Reaction:

The price of Ether fell as low as $1,280 this morning, down over 11% on the day so far, which is the largest one-day percentage loss since the end of August, extending recent losses following last week’s hotter-than-expected CPI inflation data from the United States.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Ethereum, the world’s second-biggest digital coin in value slid below the $1,300 key support level on Monday morning, down 25% over the last seven trading days from a broader macroeconomic pressure, despite the completion of its migration to the proof-of-stake consensus mechanism, also known as “Ethereum Merge”.

The well-awaited tech upgrade which increases the scalability and the performance of the Ethereum network had failed to support the falling Ether prices, since it seems that the “Merge” event had already been priced in during the summer period when Ethereum was outperforming Bitcoin and other major cryptos, by adding more than 70% and topping at near $2,000 key resistance level.

Bitcoin, the largest cryptocurrency has also hit hard since last week, retreating from the monthly highs of $23,000 mark to the Monday lows of $18,400 due to the macro-driven risk aversion sentiment.

Market Reaction:

The price of Ether fell as low as $1,280 this morning, down over 11% on the day so far, which is the largest one-day percentage loss since the end of August, extending recent losses following last week’s hotter-than-expected CPI inflation data from the United States.

Ethereum/U.S. dollar, 2-hour chart

Ether’s market cap has also dropped to near $158 billion, or 18% of the total cryptocurrency market cap, second after Bitcoin’s market cap which was last totaled at $350 billion at a price of $18,500 per coin, or 40% of total cryptocurrency market value.

At its current price, Ethereum is still down over 70% from its all-time high of $4,864 set on November 10, 2021, with a market cap of nearly $570 billion at that time.

Fed’s aggressiveness hits hard cryptocurrencies and tech stocks:

Fed’s tightening aggressiveness, the Ukraine war, and the negative macroeconomic outlook (energy and food crisis) have lifted the safe-haven U.S. dollar and U.S. bond yields to 20-year highs, triggering a massive selloff to rate and growth-sensitive risky assets such as cryptocurrencies and tech stocks.

Higher-than-expected U.S. inflation numbers for August have strengthened expectations for another jumbo rate increase of 0,75 bps or even 100bps from the Federal Reserve at the conclusion of its two-day monetary policy meeting on Wednesday, September 21.

Pound Sterling plunges to a 37-year low of $1,135 on recession warnings

Posted on by Vrasidas Neofytou

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

The British economy has been hit hard by skyrocketing energy and food prices driven by the Ukrainian war, lifting the U.K. Consumer Price Index- annual inflation figure to the four-decade high of 10,1% in July, before slightly cooling at 9,9% in August, which increases the cost-of-living for the local population.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

The British economy has been hit hard by skyrocketing energy and food prices driven by the Ukrainian war, lifting the U.K. Consumer Price Index- annual inflation figure to the four-decade high of 10,1% in July, before slightly cooling at 9,9% in August, which increases the cost-of-living for the local population.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

Sterling extended losses falling below the $1,16 level at the beginning of this week following the official announcement on Monday that the British economy grew by only 0,2% month-on-month in July vs market expectations for a 0,4% expansion.

The British economy has been hit hard by skyrocketing energy and food prices driven by the Ukrainian war, lifting the U.K. Consumer Price Index- annual inflation figure to the four-decade high of 10,1% in July, before slightly cooling at 9,9% in August, which increases the cost-of-living for the local population.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

Sterling extended losses falling below the $1,16 level at the beginning of this week following the official announcement on Monday that the British economy grew by only 0,2% month-on-month in July vs market expectations for a 0,4% expansion.

The British economy has been hit hard by skyrocketing energy and food prices driven by the Ukrainian war, lifting the U.K. Consumer Price Index- annual inflation figure to the four-decade high of 10,1% in July, before slightly cooling at 9,9% in August, which increases the cost-of-living for the local population.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

The GBP/USD pair fell as low as $1,135 for the first time since 1985 after the publication of figures showing a 1.6% fall in August UK Retail Sales, indicating a deterioration of the consumption picture in the local economy.

Sterling extended losses falling below the $1,16 level at the beginning of this week following the official announcement on Monday that the British economy grew by only 0,2% month-on-month in July vs market expectations for a 0,4% expansion.

The British economy has been hit hard by skyrocketing energy and food prices driven by the Ukrainian war, lifting the U.K. Consumer Price Index- annual inflation figure to the four-decade high of 10,1% in July, before slightly cooling at 9,9% in August, which increases the cost-of-living for the local population.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

The GBP/USD pair fell as low as $1,135 for the first time since 1985 after the publication of figures showing a 1.6% fall in August UK Retail Sales, indicating a deterioration of the consumption picture in the local economy.

Sterling extended losses falling below the $1,16 level at the beginning of this week following the official announcement on Monday that the British economy grew by only 0,2% month-on-month in July vs market expectations for a 0,4% expansion.

The British economy has been hit hard by skyrocketing energy and food prices driven by the Ukrainian war, lifting the U.K. Consumer Price Index- annual inflation figure to the four-decade high of 10,1% in July, before slightly cooling at 9,9% in August, which increases the cost-of-living for the local population.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

GBP/USD pair, Daily chart

The GBP/USD pair fell as low as $1,135 for the first time since 1985 after the publication of figures showing a 1.6% fall in August UK Retail Sales, indicating a deterioration of the consumption picture in the local economy.

Sterling extended losses falling below the $1,16 level at the beginning of this week following the official announcement on Monday that the British economy grew by only 0,2% month-on-month in July vs market expectations for a 0,4% expansion.

The British economy has been hit hard by skyrocketing energy and food prices driven by the Ukrainian war, lifting the U.K. Consumer Price Index- annual inflation figure to the four-decade high of 10,1% in July, before slightly cooling at 9,9% in August, which increases the cost-of-living for the local population.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

GBP/USD pair, Daily chart

The GBP/USD pair fell as low as $1,135 for the first time since 1985 after the publication of figures showing a 1.6% fall in August UK Retail Sales, indicating a deterioration of the consumption picture in the local economy.

Sterling extended losses falling below the $1,16 level at the beginning of this week following the official announcement on Monday that the British economy grew by only 0,2% month-on-month in July vs market expectations for a 0,4% expansion.

The British economy has been hit hard by skyrocketing energy and food prices driven by the Ukrainian war, lifting the U.K. Consumer Price Index- annual inflation figure to the four-decade high of 10,1% in July, before slightly cooling at 9,9% in August, which increases the cost-of-living for the local population.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

GBP/USD pair, Daily chart

The GBP/USD pair fell as low as $1,135 for the first time since 1985 after the publication of figures showing a 1.6% fall in August UK Retail Sales, indicating a deterioration of the consumption picture in the local economy.

Sterling extended losses falling below the $1,16 level at the beginning of this week following the official announcement on Monday that the British economy grew by only 0,2% month-on-month in July vs market expectations for a 0,4% expansion.

The British economy has been hit hard by skyrocketing energy and food prices driven by the Ukrainian war, lifting the U.K. Consumer Price Index- annual inflation figure to the four-decade high of 10,1% in July, before slightly cooling at 9,9% in August, which increases the cost-of-living for the local population.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

The pro-cyclical Pound Sterling hit a fresh 37-year low of $1,135 to a dollar on Friday morning as investors fear that the disappointing UK retail sales, the stronger dollar, and the record-high inflation figures could push the British economy into a prolonged recession.

GBP/USD pair, Daily chart

The GBP/USD pair fell as low as $1,135 for the first time since 1985 after the publication of figures showing a 1.6% fall in August UK Retail Sales, indicating a deterioration of the consumption picture in the local economy.

Sterling extended losses falling below the $1,16 level at the beginning of this week following the official announcement on Monday that the British economy grew by only 0,2% month-on-month in July vs market expectations for a 0,4% expansion.

The British economy has been hit hard by skyrocketing energy and food prices driven by the Ukrainian war, lifting the U.K. Consumer Price Index- annual inflation figure to the four-decade high of 10,1% in July, before slightly cooling at 9,9% in August, which increases the cost-of-living for the local population.

The Pound Sterling continues the recent downtrend momentum despite the fresh £130 billion in value emergency fiscal package announced by the new British Prime Minister Liz Truss last week, in a positive step to limit inflation and reduce the immediate risk of recession.

Truss’s new fiscal package involves the capping of annual household energy bills at £2,500 ($2,881.90) for the next two years, with an equivalent guarantee for businesses over the next six months and further support in the pipeline for vulnerable sectors, to sharply reduce the energy costs and support the real income during the winter.

Yet, the announcement hasn’t been cheered by investors, as the new U.K government is expected to fund the difference arising from the price cap through borrowing and public debt issuance, rather than a windfall tax on energy companies proposed by opposition parties.

Gold slips below $1,690/oz on soaring dollar and yields

Posted on by Vrasidas Neofytou

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Fed’s aggressiveness had lifted the dollar across the board, with the DXY-dollar index climbing to as high as 110,70 level on September 07, 2022, recording a 20-year high, at a time the 2-year and the 10-year U.S. Treasury yields hit a record high of 3,83% and 3,45% respectively this morning, diminishing the metal’s appeal.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Fed’s aggressiveness had lifted the dollar across the board, with the DXY-dollar index climbing to as high as 110,70 level on September 07, 2022, recording a 20-year high, at a time the 2-year and the 10-year U.S. Treasury yields hit a record high of 3,83% and 3,45% respectively this morning, diminishing the metal’s appeal.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Investors had turned bearish on rate-sensitive Gold since the hotter-than-expected inflation data increased the expectations for even more aggressive interest rate hiking and monetary policy tightening by the Federal Reserve to fight against the 40-year record-high inflation.

Fed’s aggressiveness had lifted the dollar across the board, with the DXY-dollar index climbing to as high as 110,70 level on September 07, 2022, recording a 20-year high, at a time the 2-year and the 10-year U.S. Treasury yields hit a record high of 3,83% and 3,45% respectively this morning, diminishing the metal’s appeal.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Investors had turned bearish on rate-sensitive Gold since the hotter-than-expected inflation data increased the expectations for even more aggressive interest rate hiking and monetary policy tightening by the Federal Reserve to fight against the 40-year record-high inflation.

Fed’s aggressiveness had lifted the dollar across the board, with the DXY-dollar index climbing to as high as 110,70 level on September 07, 2022, recording a 20-year high, at a time the 2-year and the 10-year U.S. Treasury yields hit a record high of 3,83% and 3,45% respectively this morning, diminishing the metal’s appeal.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Gold, which started the week at near $1,730/oz, broke below the key support level of $1,700/oz on Tuesday following the higher-than-expected U.S. Consumer Price Index (CPI) for August, which had caused the rally in dollar and bond yields and triggered a massive selloff across the financial markets, including dollar-denominated precious metals.

Investors had turned bearish on rate-sensitive Gold since the hotter-than-expected inflation data increased the expectations for even more aggressive interest rate hiking and monetary policy tightening by the Federal Reserve to fight against the 40-year record-high inflation.

Fed’s aggressiveness had lifted the dollar across the board, with the DXY-dollar index climbing to as high as 110,70 level on September 07, 2022, recording a 20-year high, at a time the 2-year and the 10-year U.S. Treasury yields hit a record high of 3,83% and 3,45% respectively this morning, diminishing the metal’s appeal.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Gold, which started the week at near $1,730/oz, broke below the key support level of $1,700/oz on Tuesday following the higher-than-expected U.S. Consumer Price Index (CPI) for August, which had caused the rally in dollar and bond yields and triggered a massive selloff across the financial markets, including dollar-denominated precious metals.

Investors had turned bearish on rate-sensitive Gold since the hotter-than-expected inflation data increased the expectations for even more aggressive interest rate hiking and monetary policy tightening by the Federal Reserve to fight against the 40-year record-high inflation.

Fed’s aggressiveness had lifted the dollar across the board, with the DXY-dollar index climbing to as high as 110,70 level on September 07, 2022, recording a 20-year high, at a time the 2-year and the 10-year U.S. Treasury yields hit a record high of 3,83% and 3,45% respectively this morning, diminishing the metal’s appeal.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Gold futures, Daily chart

Gold, which started the week at near $1,730/oz, broke below the key support level of $1,700/oz on Tuesday following the higher-than-expected U.S. Consumer Price Index (CPI) for August, which had caused the rally in dollar and bond yields and triggered a massive selloff across the financial markets, including dollar-denominated precious metals.

Investors had turned bearish on rate-sensitive Gold since the hotter-than-expected inflation data increased the expectations for even more aggressive interest rate hiking and monetary policy tightening by the Federal Reserve to fight against the 40-year record-high inflation.

Fed’s aggressiveness had lifted the dollar across the board, with the DXY-dollar index climbing to as high as 110,70 level on September 07, 2022, recording a 20-year high, at a time the 2-year and the 10-year U.S. Treasury yields hit a record high of 3,83% and 3,45% respectively this morning, diminishing the metal’s appeal.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Gold futures, Daily chart

Gold, which started the week at near $1,730/oz, broke below the key support level of $1,700/oz on Tuesday following the higher-than-expected U.S. Consumer Price Index (CPI) for August, which had caused the rally in dollar and bond yields and triggered a massive selloff across the financial markets, including dollar-denominated precious metals.

Investors had turned bearish on rate-sensitive Gold since the hotter-than-expected inflation data increased the expectations for even more aggressive interest rate hiking and monetary policy tightening by the Federal Reserve to fight against the 40-year record-high inflation.

Fed’s aggressiveness had lifted the dollar across the board, with the DXY-dollar index climbing to as high as 110,70 level on September 07, 2022, recording a 20-year high, at a time the 2-year and the 10-year U.S. Treasury yields hit a record high of 3,83% and 3,45% respectively this morning, diminishing the metal’s appeal.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Gold futures, Daily chart

Gold, which started the week at near $1,730/oz, broke below the key support level of $1,700/oz on Tuesday following the higher-than-expected U.S. Consumer Price Index (CPI) for August, which had caused the rally in dollar and bond yields and triggered a massive selloff across the financial markets, including dollar-denominated precious metals.

Investors had turned bearish on rate-sensitive Gold since the hotter-than-expected inflation data increased the expectations for even more aggressive interest rate hiking and monetary policy tightening by the Federal Reserve to fight against the 40-year record-high inflation.

Fed’s aggressiveness had lifted the dollar across the board, with the DXY-dollar index climbing to as high as 110,70 level on September 07, 2022, recording a 20-year high, at a time the 2-year and the 10-year U.S. Treasury yields hit a record high of 3,83% and 3,45% respectively this morning, diminishing the metal’s appeal.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

The price of the yellow metal fell to as low as $1,685/oz, while Silver dropped to $19,30/oz on Thursday morning, extending recent losses as investors concern that the Fed’s aggressiveness to curb soaring inflation together with the stronger dollar and bond yields could harm the investment outlook for the non-yielding precious metals.

Gold futures, Daily chart

Gold, which started the week at near $1,730/oz, broke below the key support level of $1,700/oz on Tuesday following the higher-than-expected U.S. Consumer Price Index (CPI) for August, which had caused the rally in dollar and bond yields and triggered a massive selloff across the financial markets, including dollar-denominated precious metals.

Investors had turned bearish on rate-sensitive Gold since the hotter-than-expected inflation data increased the expectations for even more aggressive interest rate hiking and monetary policy tightening by the Federal Reserve to fight against the 40-year record-high inflation.

Fed’s aggressiveness had lifted the dollar across the board, with the DXY-dollar index climbing to as high as 110,70 level on September 07, 2022, recording a 20-year high, at a time the 2-year and the 10-year U.S. Treasury yields hit a record high of 3,83% and 3,45% respectively this morning, diminishing the metal’s appeal.

Gold and Silver are highly sensitive to rising U.S. interest rates and bond yields as they increase the opportunity cost of holding the non-yielding bullions while boosting the U.S. dollar.

On top of that, the pressure on precious metals is expected to continue in the next months, based on the expectation that the Fed’s interest rates could climb up to the 4% mark by end-2022.

Market selloff after a hotter than expected U.S. inflation data

Posted on by Vrasidas Neofytou

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Market reaction:

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Market reaction:

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

As result, both headline and core inflation prints came in above market expectations, reinforcing the fact that the Federal Reserve might deliver its third consecutive 0.75 percentage point rate hike at the next FOMC meeting scheduled on September 20-21, and to continue its aggressive hikes longer than some investors anticipated to combat high inflation.

Market reaction:

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

As result, both headline and core inflation prints came in above market expectations, reinforcing the fact that the Federal Reserve might deliver its third consecutive 0.75 percentage point rate hike at the next FOMC meeting scheduled on September 20-21, and to continue its aggressive hikes longer than some investors anticipated to combat high inflation.

Market reaction:

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Yet, it was the jump in Core CPI reading that hurt investor optimism for cooling prices which would have led to a less aggressive Federal Reserve. Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.

As result, both headline and core inflation prints came in above market expectations, reinforcing the fact that the Federal Reserve might deliver its third consecutive 0.75 percentage point rate hike at the next FOMC meeting scheduled on September 20-21, and to continue its aggressive hikes longer than some investors anticipated to combat high inflation.

Market reaction:

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Yet, it was the jump in Core CPI reading that hurt investor optimism for cooling prices which would have led to a less aggressive Federal Reserve. Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.

As result, both headline and core inflation prints came in above market expectations, reinforcing the fact that the Federal Reserve might deliver its third consecutive 0.75 percentage point rate hike at the next FOMC meeting scheduled on September 20-21, and to continue its aggressive hikes longer than some investors anticipated to combat high inflation.

Market reaction:

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

According to the Bureau of Labor Statistics, the U.S. consumer price index (CPI) inflation rose by 0.1% for the month and 8.3% annually in August, even with a -10.6% decline in the gasoline index., challenging analysts’ outlooks that headline inflation would fall 0.1% month on month.

Yet, it was the jump in Core CPI reading that hurt investor optimism for cooling prices which would have led to a less aggressive Federal Reserve. Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.

As result, both headline and core inflation prints came in above market expectations, reinforcing the fact that the Federal Reserve might deliver its third consecutive 0.75 percentage point rate hike at the next FOMC meeting scheduled on September 20-21, and to continue its aggressive hikes longer than some investors anticipated to combat high inflation.

Market reaction:

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

According to the Bureau of Labor Statistics, the U.S. consumer price index (CPI) inflation rose by 0.1% for the month and 8.3% annually in August, even with a -10.6% decline in the gasoline index., challenging analysts’ outlooks that headline inflation would fall 0.1% month on month.

Yet, it was the jump in Core CPI reading that hurt investor optimism for cooling prices which would have led to a less aggressive Federal Reserve. Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.

As result, both headline and core inflation prints came in above market expectations, reinforcing the fact that the Federal Reserve might deliver its third consecutive 0.75 percentage point rate hike at the next FOMC meeting scheduled on September 20-21, and to continue its aggressive hikes longer than some investors anticipated to combat high inflation.

Market reaction:

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Hotter CPI reading for August:

According to the Bureau of Labor Statistics, the U.S. consumer price index (CPI) inflation rose by 0.1% for the month and 8.3% annually in August, even with a -10.6% decline in the gasoline index., challenging analysts’ outlooks that headline inflation would fall 0.1% month on month.

Yet, it was the jump in Core CPI reading that hurt investor optimism for cooling prices which would have led to a less aggressive Federal Reserve. Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.

As result, both headline and core inflation prints came in above market expectations, reinforcing the fact that the Federal Reserve might deliver its third consecutive 0.75 percentage point rate hike at the next FOMC meeting scheduled on September 20-21, and to continue its aggressive hikes longer than some investors anticipated to combat high inflation.

Market reaction:

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Hotter CPI reading for August:

According to the Bureau of Labor Statistics, the U.S. consumer price index (CPI) inflation rose by 0.1% for the month and 8.3% annually in August, even with a -10.6% decline in the gasoline index., challenging analysts’ outlooks that headline inflation would fall 0.1% month on month.

Yet, it was the jump in Core CPI reading that hurt investor optimism for cooling prices which would have led to a less aggressive Federal Reserve. Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.

As result, both headline and core inflation prints came in above market expectations, reinforcing the fact that the Federal Reserve might deliver its third consecutive 0.75 percentage point rate hike at the next FOMC meeting scheduled on September 20-21, and to continue its aggressive hikes longer than some investors anticipated to combat high inflation.

Market reaction:

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Global financial markets have dropped sharply as a hotter-than-expected U.S. inflation-CPI print for August fuels the speculation that the Federal Reserve will continue its aggressive policy of tightening monetary policy and hiking interest rates to curb soaring inflation.

Hotter CPI reading for August:

According to the Bureau of Labor Statistics, the U.S. consumer price index (CPI) inflation rose by 0.1% for the month and 8.3% annually in August, even with a -10.6% decline in the gasoline index., challenging analysts’ outlooks that headline inflation would fall 0.1% month on month.

Yet, it was the jump in Core CPI reading that hurt investor optimism for cooling prices which would have led to a less aggressive Federal Reserve. Core CPI, which excludes volatile food and energy costs, rose 0.6% from July and 6.3% from August 2021.

As result, both headline and core inflation prints came in above market expectations, reinforcing the fact that the Federal Reserve might deliver its third consecutive 0.75 percentage point rate hike at the next FOMC meeting scheduled on September 20-21, and to continue its aggressive hikes longer than some investors anticipated to combat high inflation.

Market reaction:

The inflation-led risk aversion sentiment hit hard almost all the sectors across the board in the United States, with the industrial Dow Jones index losing almost 1,300 points or 4%, recording the worst day since June 2020, the S&P 500 losing more than 4%, while the tech-heavy Nasdaq Composite dropped more than 5%, as the higher dollar and yields hurt growth-sensitive tech stocks outlook.

Nasdaq Composite, 1-hour chart

The unexpected CPI figure triggered a massive selloff in risk assets like the high-leveraged tech stocks and cryptos, with Facebook-parent Meta, and the chip giant Nvidia plunging almost 10% and settling at the lows of the day.

Tuesday’s sell-off exceeded in magnitude the bearish trading sessions that occurred in May and June, with Dow Jones and S&P 500 standing just 5% and 8% respectively above their intraday low touched on June 17.

Asian-Pacific markets also closed in negative territory on Wednesday morning, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng indices losing more than 2% following the overnight sell-off on Wall Street.

Bitcoin lost nearly 10% yesterday following the risk-off mood, coming off a 1-month high of $22,800 to the intraday lows of $19,900, while the world’s second-biggest digital coin Ethereum dropped 8% to below the $1,600 mark, despite the optimism around the well-awaited “Ethereum Merge” in the next days when the exchange will switch from a proof-of-work model to one that uses proof-of-stake.

Cryptos extend gains on a weaker dollar and ahead of Ethereum Merge

Posted on by Vrasidas Neofytou

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

And the bullish catalyst was the retreatment of the DXY-U.S. dollar index from its 20-year highs of 111 mark; hit on September 07, to the current lows of 108 mark, following the hawkish monetary stance by the Federal Reserve to curb surging inflation.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

And the bullish catalyst was the retreatment of the DXY-U.S. dollar index from its 20-year highs of 111 mark; hit on September 07, to the current lows of 108 mark, following the hawkish monetary stance by the Federal Reserve to curb surging inflation.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

The world’s largest digital coin by market value had been consolidating around the $20,000 support level in the last few weeks, with traders looking for the next bullish catalyst to lift the coin above the $22,000 resistance level.

And the bullish catalyst was the retreatment of the DXY-U.S. dollar index from its 20-year highs of 111 mark; hit on September 07, to the current lows of 108 mark, following the hawkish monetary stance by the Federal Reserve to curb surging inflation.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

The world’s largest digital coin by market value had been consolidating around the $20,000 support level in the last few weeks, with traders looking for the next bullish catalyst to lift the coin above the $22,000 resistance level.

And the bullish catalyst was the retreatment of the DXY-U.S. dollar index from its 20-year highs of 111 mark; hit on September 07, to the current lows of 108 mark, following the hawkish monetary stance by the Federal Reserve to curb surging inflation.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

Bitcoin is building on its weekend gains to the start of the new week heading to the next resistance level of $23,000 as the safe-haven U.S. dollar is falling across the board and the improved risk sentiment across the board.

The world’s largest digital coin by market value had been consolidating around the $20,000 support level in the last few weeks, with traders looking for the next bullish catalyst to lift the coin above the $22,000 resistance level.

And the bullish catalyst was the retreatment of the DXY-U.S. dollar index from its 20-year highs of 111 mark; hit on September 07, to the current lows of 108 mark, following the hawkish monetary stance by the Federal Reserve to curb surging inflation.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

Bitcoin is building on its weekend gains to the start of the new week heading to the next resistance level of $23,000 as the safe-haven U.S. dollar is falling across the board and the improved risk sentiment across the board.

The world’s largest digital coin by market value had been consolidating around the $20,000 support level in the last few weeks, with traders looking for the next bullish catalyst to lift the coin above the $22,000 resistance level.

And the bullish catalyst was the retreatment of the DXY-U.S. dollar index from its 20-year highs of 111 mark; hit on September 07, to the current lows of 108 mark, following the hawkish monetary stance by the Federal Reserve to curb surging inflation.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

BTC/USD pair, 2-Hour chart

Bitcoin is building on its weekend gains to the start of the new week heading to the next resistance level of $23,000 as the safe-haven U.S. dollar is falling across the board and the improved risk sentiment across the board.

The world’s largest digital coin by market value had been consolidating around the $20,000 support level in the last few weeks, with traders looking for the next bullish catalyst to lift the coin above the $22,000 resistance level.

And the bullish catalyst was the retreatment of the DXY-U.S. dollar index from its 20-year highs of 111 mark; hit on September 07, to the current lows of 108 mark, following the hawkish monetary stance by the Federal Reserve to curb surging inflation.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

BTC/USD pair, 2-Hour chart

Bitcoin is building on its weekend gains to the start of the new week heading to the next resistance level of $23,000 as the safe-haven U.S. dollar is falling across the board and the improved risk sentiment across the board.

The world’s largest digital coin by market value had been consolidating around the $20,000 support level in the last few weeks, with traders looking for the next bullish catalyst to lift the coin above the $22,000 resistance level.

And the bullish catalyst was the retreatment of the DXY-U.S. dollar index from its 20-year highs of 111 mark; hit on September 07, to the current lows of 108 mark, following the hawkish monetary stance by the Federal Reserve to curb surging inflation.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

BTC/USD pair, 2-Hour chart

Bitcoin is building on its weekend gains to the start of the new week heading to the next resistance level of $23,000 as the safe-haven U.S. dollar is falling across the board and the improved risk sentiment across the board.

The world’s largest digital coin by market value had been consolidating around the $20,000 support level in the last few weeks, with traders looking for the next bullish catalyst to lift the coin above the $22,000 resistance level.

And the bullish catalyst was the retreatment of the DXY-U.S. dollar index from its 20-year highs of 111 mark; hit on September 07, to the current lows of 108 mark, following the hawkish monetary stance by the Federal Reserve to curb surging inflation.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

Cryptocurrencies started the new week on a strong note, with the Bitcoin breaking above the $22,000 key resistance level for the first time since mid-August, while Ethereum is extending recent gains towards the $1,800 territory, driven by the weaker dollar, and the optimism around the Ethereum Merge on Wednesday.

BTC/USD pair, 2-Hour chart

Bitcoin is building on its weekend gains to the start of the new week heading to the next resistance level of $23,000 as the safe-haven U.S. dollar is falling across the board and the improved risk sentiment across the board.

The world’s largest digital coin by market value had been consolidating around the $20,000 support level in the last few weeks, with traders looking for the next bullish catalyst to lift the coin above the $22,000 resistance level.

And the bullish catalyst was the retreatment of the DXY-U.S. dollar index from its 20-year highs of 111 mark; hit on September 07, to the current lows of 108 mark, following the hawkish monetary stance by the Federal Reserve to curb surging inflation.

Ethereum Merge:

Ethereum, the second-biggest digital coin by market value is rising to the $1,800-$1,900 resistance range ahead of the well-awaited Ethereum Merge, which is scheduled to take place on Wednesday, September 14.

The “Merge” is a software update that will radically change how transactions are processed and are supposed to slash energy consumption.

It will likely increase enterprise interest in Ethereum due to the advancement of the network, and it’s the main reason why Ether was posting higher lows and higher highs during the summer.

Dollar vs Cryptos: Negative correlation:

All major bottoms in cryptocurrencies have coincided with local tops in the greenback, indicating a negative correlation between the price of both assets.

For instance, the “top and bottom indicator” was clearly seen last week, when Bitcoin and Ethereum briefly sank below the $19,000 and $1,500 marks respectively on September 07, the day greenback peaked against major currencies after hawkish comments from the Federal Reserve, before both coins bouncing to the current 1-month highs supported by some profit-taking in the dollar.

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