Month: June 2023

Turkish Lira sinks to fresh record lows of 26 a dollar despite rate hike

Posted on by Vrasidas Neofytou

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

Investors have not yet been convinced by President Erdogan’s decision to back down on his years of unorthodox monetary and economic policy- widely called “Erdoganomic,”, at a time Governor Hafize Gaye Erkan hinted at more rate hikes until the inflation outlook in the country improves.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

Investors have not yet been convinced by President Erdogan’s decision to back down on his years of unorthodox monetary and economic policy- widely called “Erdoganomic,”, at a time Governor Hafize Gaye Erkan hinted at more rate hikes until the inflation outlook in the country improves.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

Lira has been sinking to new record lows against major currencies despite the central bank -under new Governor Hafize Gaye Erkan- raising rates by 650 basis points to 15% last Thursday, marking the country’s first hike since March 2021, a substantial rate hike even though it fell short of market expectations of a hike over 20%.

Investors have not yet been convinced by President Erdogan’s decision to back down on his years of unorthodox monetary and economic policy- widely called “Erdoganomic,”, at a time Governor Hafize Gaye Erkan hinted at more rate hikes until the inflation outlook in the country improves.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

Lira has been sinking to new record lows against major currencies despite the central bank -under new Governor Hafize Gaye Erkan- raising rates by 650 basis points to 15% last Thursday, marking the country’s first hike since March 2021, a substantial rate hike even though it fell short of market expectations of a hike over 20%.

Investors have not yet been convinced by President Erdogan’s decision to back down on his years of unorthodox monetary and economic policy- widely called “Erdoganomic,”, at a time Governor Hafize Gaye Erkan hinted at more rate hikes until the inflation outlook in the country improves.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

Since the elections in late May, the Lira has lost nearly 30% of its value against the US dollar -after trading at around the 20 mark (as per the chart above) on the last trading day before the elections- and 34% against Euro -trading around 21.30 on Friday, May 26, continuing the gradual depreciation and posting new all-time lows against the major peers.

Lira has been sinking to new record lows against major currencies despite the central bank -under new Governor Hafize Gaye Erkan- raising rates by 650 basis points to 15% last Thursday, marking the country’s first hike since March 2021, a substantial rate hike even though it fell short of market expectations of a hike over 20%.

Investors have not yet been convinced by President Erdogan’s decision to back down on his years of unorthodox monetary and economic policy- widely called “Erdoganomic,”, at a time Governor Hafize Gaye Erkan hinted at more rate hikes until the inflation outlook in the country improves.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

Since the elections in late May, the Lira has lost nearly 30% of its value against the US dollar -after trading at around the 20 mark (as per the chart above) on the last trading day before the elections- and 34% against Euro -trading around 21.30 on Friday, May 26, continuing the gradual depreciation and posting new all-time lows against the major peers.

Lira has been sinking to new record lows against major currencies despite the central bank -under new Governor Hafize Gaye Erkan- raising rates by 650 basis points to 15% last Thursday, marking the country’s first hike since March 2021, a substantial rate hike even though it fell short of market expectations of a hike over 20%.

Investors have not yet been convinced by President Erdogan’s decision to back down on his years of unorthodox monetary and economic policy- widely called “Erdoganomic,”, at a time Governor Hafize Gaye Erkan hinted at more rate hikes until the inflation outlook in the country improves.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

USD/TRY pair, Daily chart

Since the elections in late May, the Lira has lost nearly 30% of its value against the US dollar -after trading at around the 20 mark (as per the chart above) on the last trading day before the elections- and 34% against Euro -trading around 21.30 on Friday, May 26, continuing the gradual depreciation and posting new all-time lows against the major peers.

Lira has been sinking to new record lows against major currencies despite the central bank -under new Governor Hafize Gaye Erkan- raising rates by 650 basis points to 15% last Thursday, marking the country’s first hike since March 2021, a substantial rate hike even though it fell short of market expectations of a hike over 20%.

Investors have not yet been convinced by President Erdogan’s decision to back down on his years of unorthodox monetary and economic policy- widely called “Erdoganomic,”, at a time Governor Hafize Gaye Erkan hinted at more rate hikes until the inflation outlook in the country improves.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

USD/TRY pair, Daily chart

Since the elections in late May, the Lira has lost nearly 30% of its value against the US dollar -after trading at around the 20 mark (as per the chart above) on the last trading day before the elections- and 34% against Euro -trading around 21.30 on Friday, May 26, continuing the gradual depreciation and posting new all-time lows against the major peers.

Lira has been sinking to new record lows against major currencies despite the central bank -under new Governor Hafize Gaye Erkan- raising rates by 650 basis points to 15% last Thursday, marking the country’s first hike since March 2021, a substantial rate hike even though it fell short of market expectations of a hike over 20%.

Investors have not yet been convinced by President Erdogan’s decision to back down on his years of unorthodox monetary and economic policy- widely called “Erdoganomic,”, at a time Governor Hafize Gaye Erkan hinted at more rate hikes until the inflation outlook in the country improves.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

USD/TRY pair, Daily chart

Since the elections in late May, the Lira has lost nearly 30% of its value against the US dollar -after trading at around the 20 mark (as per the chart above) on the last trading day before the elections- and 34% against Euro -trading around 21.30 on Friday, May 26, continuing the gradual depreciation and posting new all-time lows against the major peers.

Lira has been sinking to new record lows against major currencies despite the central bank -under new Governor Hafize Gaye Erkan- raising rates by 650 basis points to 15% last Thursday, marking the country’s first hike since March 2021, a substantial rate hike even though it fell short of market expectations of a hike over 20%.

Investors have not yet been convinced by President Erdogan’s decision to back down on his years of unorthodox monetary and economic policy- widely called “Erdoganomic,”, at a time Governor Hafize Gaye Erkan hinted at more rate hikes until the inflation outlook in the country improves.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

The Turkish lira continued its downward trend on Thursday morning, falling below the 26 mark a dollar and to nearly 28.50 per Euro for the first time, extending the sharp selloff largely after the re-election of President Tayyip Erdogan during the second round of presidential elections in Turkey on May 28.

USD/TRY pair, Daily chart

Since the elections in late May, the Lira has lost nearly 30% of its value against the US dollar -after trading at around the 20 mark (as per the chart above) on the last trading day before the elections- and 34% against Euro -trading around 21.30 on Friday, May 26, continuing the gradual depreciation and posting new all-time lows against the major peers.

Lira has been sinking to new record lows against major currencies despite the central bank -under new Governor Hafize Gaye Erkan- raising rates by 650 basis points to 15% last Thursday, marking the country’s first hike since March 2021, a substantial rate hike even though it fell short of market expectations of a hike over 20%.

Investors have not yet been convinced by President Erdogan’s decision to back down on his years of unorthodox monetary and economic policy- widely called “Erdoganomic,”, at a time Governor Hafize Gaye Erkan hinted at more rate hikes until the inflation outlook in the country improves.

Erdogan, which is adversarial to the higher rates, had ordered prior central bankers to slash interest rates to 8.5% from 19% last year despite the rally of inflation to as high as 80%, before retreating to the current levels of 40%.

Markets have not even cheered the appointment of two monetary-orthodox oriented officials, the first in the role of Central Banker- Hafize Gaye Erkan- a former banker in the United States, and the second was the return of the former finance minister and former Merrill Lynch executive Mehmet Simsek as the country’s new finance minister.

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.”

From his stance, Simsek said that a predictable fiscal policy and free exchange rate regime will “ensure that the Turkish lira regains stability and becomes a reliable currency.” https://www.cnbc.com/2023/06/23/turkish-lira-sinks-to-new-lows-following-central-banks-rate-hike.html

However, investors have been moving away from Lira as long as President Erdogan has the unilateral power and ability to reverse these new monetary policy initiatives at any time he chooses in the future, combined with his demonstrated lack of patience with orthodox and conventional monetary and economic policy.

Brent oil falls below $73/b on demand worries despite geopolitical risks

Posted on by Vrasidas Neofytou

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

Further rate hikes would affect oil and gas industry costs, and they would affect the dollar-denominated crude oil demand because of the positive effect hikes have on the U.S. dollar and the negative effect they have on consumer spending.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

Further rate hikes would affect oil and gas industry costs, and they would affect the dollar-denominated crude oil demand because of the positive effect hikes have on the U.S. dollar and the negative effect they have on consumer spending.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

Central banks and especially the majors Federal Reserve, ECB, and BoE have been trying for months to manage an inflation surge, hiking their benchmark rates to decades highs, which are affecting global economic growth.

Further rate hikes would affect oil and gas industry costs, and they would affect the dollar-denominated crude oil demand because of the positive effect hikes have on the U.S. dollar and the negative effect they have on consumer spending.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

Central banks and especially the majors Federal Reserve, ECB, and BoE have been trying for months to manage an inflation surge, hiking their benchmark rates to decades highs, which are affecting global economic growth.

Further rate hikes would affect oil and gas industry costs, and they would affect the dollar-denominated crude oil demand because of the positive effect hikes have on the U.S. dollar and the negative effect they have on consumer spending.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

Energy investors believe that the short-term crude oil price outlook would be weak as the persistent inflation and resilient economic data around the world would keep pressure on central banks to maintain their hawkish stance on interest rates and tighten further their monetary policies.

Central banks and especially the majors Federal Reserve, ECB, and BoE have been trying for months to manage an inflation surge, hiking their benchmark rates to decades highs, which are affecting global economic growth.

Further rate hikes would affect oil and gas industry costs, and they would affect the dollar-denominated crude oil demand because of the positive effect hikes have on the U.S. dollar and the negative effect they have on consumer spending.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

Energy investors believe that the short-term crude oil price outlook would be weak as the persistent inflation and resilient economic data around the world would keep pressure on central banks to maintain their hawkish stance on interest rates and tighten further their monetary policies.

Central banks and especially the majors Federal Reserve, ECB, and BoE have been trying for months to manage an inflation surge, hiking their benchmark rates to decades highs, which are affecting global economic growth.

Further rate hikes would affect oil and gas industry costs, and they would affect the dollar-denominated crude oil demand because of the positive effect hikes have on the U.S. dollar and the negative effect they have on consumer spending.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

Brent crude oil, Daily chart

Energy investors believe that the short-term crude oil price outlook would be weak as the persistent inflation and resilient economic data around the world would keep pressure on central banks to maintain their hawkish stance on interest rates and tighten further their monetary policies.

Central banks and especially the majors Federal Reserve, ECB, and BoE have been trying for months to manage an inflation surge, hiking their benchmark rates to decades highs, which are affecting global economic growth.

Further rate hikes would affect oil and gas industry costs, and they would affect the dollar-denominated crude oil demand because of the positive effect hikes have on the U.S. dollar and the negative effect they have on consumer spending.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

Brent crude oil, Daily chart

Energy investors believe that the short-term crude oil price outlook would be weak as the persistent inflation and resilient economic data around the world would keep pressure on central banks to maintain their hawkish stance on interest rates and tighten further their monetary policies.

Central banks and especially the majors Federal Reserve, ECB, and BoE have been trying for months to manage an inflation surge, hiking their benchmark rates to decades highs, which are affecting global economic growth.

Further rate hikes would affect oil and gas industry costs, and they would affect the dollar-denominated crude oil demand because of the positive effect hikes have on the U.S. dollar and the negative effect they have on consumer spending.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

Brent crude oil, Daily chart

Energy investors believe that the short-term crude oil price outlook would be weak as the persistent inflation and resilient economic data around the world would keep pressure on central banks to maintain their hawkish stance on interest rates and tighten further their monetary policies.

Central banks and especially the majors Federal Reserve, ECB, and BoE have been trying for months to manage an inflation surge, hiking their benchmark rates to decades highs, which are affecting global economic growth.

Further rate hikes would affect oil and gas industry costs, and they would affect the dollar-denominated crude oil demand because of the positive effect hikes have on the U.S. dollar and the negative effect they have on consumer spending.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

Both Brent and WTI crude oil prices extended recent losses by another 2.5% on Tuesday, falling as low as $72.80/b and $67.90/b respectively as moderate economic growth around the world and especially within China and persistent inflation keep weighing on growth-sensitive crude oil prices despite some serious geopolitical events.

Brent crude oil, Daily chart

Energy investors believe that the short-term crude oil price outlook would be weak as the persistent inflation and resilient economic data around the world would keep pressure on central banks to maintain their hawkish stance on interest rates and tighten further their monetary policies.

Central banks and especially the majors Federal Reserve, ECB, and BoE have been trying for months to manage an inflation surge, hiking their benchmark rates to decades highs, which are affecting global economic growth.

Further rate hikes would affect oil and gas industry costs, and they would affect the dollar-denominated crude oil demand because of the positive effect hikes have on the U.S. dollar and the negative effect they have on consumer spending.

In this context, traders have become sellers of crude oil contracts and have ignored the surging supply concerns fuelled by the ongoing instability within Russia- a major crude oil supplier- and the coming Saudi Arabia’s production cuts, just as the U.S. driving season will kick-off on July 04.

The weekend’s rebellion in Russia by private mercenary military contractor Wagner added only some short-term gains on crude oil on Monday, as the mutiny was a short-lived event that ended with a deal between the mercenary group and President Putin, easing supply disruption concerns before they really started.

On top of that, investors are expecting an additional 1 million bpd unilateral production cut that Saudi Arabia will implement from July 01, following a similar cut in May, and that will tighten physical oil supply globally in July ahead of the seasonally-summer stronger demand for gasoline in USA and Northern Hemisphere.

Bitcoin jumps above $30,000 on resumed institutional interest

Posted on by Vrasidas Neofytou

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

On the other hand, the world’s second-largest crypto, Ethereum, is also trading at the near key resistance level of $2,000, currently at $1,930, its highest since the end of May, adding almost $300 a coin or nearly 18% since bottoming at $1,630 last week.

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

On the other hand, the world’s second-largest crypto, Ethereum, is also trading at the near key resistance level of $2,000, currently at $1,930, its highest since the end of May, adding almost $300 a coin or nearly 18% since bottoming at $1,630 last week.

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

BTC/USD, 4-hour chart

On the other hand, the world’s second-largest crypto, Ethereum, is also trading at the near key resistance level of $2,000, currently at $1,930, its highest since the end of May, adding almost $300 a coin or nearly 18% since bottoming at $1,630 last week.

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

BTC/USD, 4-hour chart

On the other hand, the world’s second-largest crypto, Ethereum, is also trading at the near key resistance level of $2,000, currently at $1,930, its highest since the end of May, adding almost $300 a coin or nearly 18% since bottoming at $1,630 last week.

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

BTC/USD, 4-hour chart

On the other hand, the world’s second-largest crypto, Ethereum, is also trading at the near key resistance level of $2,000, currently at $1,930, its highest since the end of May, adding almost $300 a coin or nearly 18% since bottoming at $1,630 last week.

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

In this bullish context, the world’s largest cryptocurrency, Bitcoin, is now hovering above the key $30,000 psychological level for the first time since April, currently at $30,300, adding almost $6,000 a coin or nearly 24% since bottoming at $24,500 last Thursday.

BTC/USD, 4-hour chart

On the other hand, the world’s second-largest crypto, Ethereum, is also trading at the near key resistance level of $2,000, currently at $1,930, its highest since the end of May, adding almost $300 a coin or nearly 18% since bottoming at $1,630 last week.

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

In this bullish context, the world’s largest cryptocurrency, Bitcoin, is now hovering above the key $30,000 psychological level for the first time since April, currently at $30,300, adding almost $6,000 a coin or nearly 24% since bottoming at $24,500 last Thursday.

BTC/USD, 4-hour chart

On the other hand, the world’s second-largest crypto, Ethereum, is also trading at the near key resistance level of $2,000, currently at $1,930, its highest since the end of May, adding almost $300 a coin or nearly 18% since bottoming at $1,630 last week.

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

Blackrock became the latest and the largest institutional investor that applied for Bitcoin ETFs, following similar applications from other asset managers including WisdomTree, Valkyrie, and Citadel earlier this year.

In this bullish context, the world’s largest cryptocurrency, Bitcoin, is now hovering above the key $30,000 psychological level for the first time since April, currently at $30,300, adding almost $6,000 a coin or nearly 24% since bottoming at $24,500 last Thursday.

BTC/USD, 4-hour chart

On the other hand, the world’s second-largest crypto, Ethereum, is also trading at the near key resistance level of $2,000, currently at $1,930, its highest since the end of May, adding almost $300 a coin or nearly 18% since bottoming at $1,630 last week.

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

Blackrock became the latest and the largest institutional investor that applied for Bitcoin ETFs, following similar applications from other asset managers including WisdomTree, Valkyrie, and Citadel earlier this year.

In this bullish context, the world’s largest cryptocurrency, Bitcoin, is now hovering above the key $30,000 psychological level for the first time since April, currently at $30,300, adding almost $6,000 a coin or nearly 24% since bottoming at $24,500 last Thursday.

BTC/USD, 4-hour chart

On the other hand, the world’s second-largest crypto, Ethereum, is also trading at the near key resistance level of $2,000, currently at $1,930, its highest since the end of May, adding almost $300 a coin or nearly 18% since bottoming at $1,630 last week.

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

Cryptocurrencies are witnessing a bullish momentum in the last seven trading sessions, bouncing off nearly 20% from monthly lows and hitting two-month highs on the back of speculation that BlackRock Inc, the world’s largest asset manager, applied for an ETF (Coinbase will be the custodian) that will directly track Bitcoin. https://www.businessinsider.com/blackrock-spot-bitcoin-etf-crypto-reactions-2023-6

Blackrock became the latest and the largest institutional investor that applied for Bitcoin ETFs, following similar applications from other asset managers including WisdomTree, Valkyrie, and Citadel earlier this year.

In this bullish context, the world’s largest cryptocurrency, Bitcoin, is now hovering above the key $30,000 psychological level for the first time since April, currently at $30,300, adding almost $6,000 a coin or nearly 24% since bottoming at $24,500 last Thursday.

BTC/USD, 4-hour chart

On the other hand, the world’s second-largest crypto, Ethereum, is also trading at the near key resistance level of $2,000, currently at $1,930, its highest since the end of May, adding almost $300 a coin or nearly 18% since bottoming at $1,630 last week.

Crypto investors have cheered the recent buzz around Bitcoin ETFs since asset managers and other institutional investors are important players in the crypto market, providing the necessary liquidity and market sentiment on the sector.

The resumed interest from institutional investors provides optimism on the decentralized crypto industry since institutional buying (together with retail investors & speculators) was one of the biggest catalysts of a 2021 crypto rally, which had pushed Bitcoin and Ethereum to record highs of $69,000 and $4,900 respectively.

However, since topping in early November 2021, all cryptos have been trading in a downward trend spiral to the current lows, following a series of bankruptcies in the crypto ecosystem and after SEC’s lawsuits against major exchanges Binance and Coinbase, forcing many institutional investors to pull out money from the sector. https://www.sec.gov/news/press-release/2023-101

Tesla gains 55% in June so far after winning the EV charging battle

Posted on by Vrasidas Neofytou

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

It’s worth mentioning that White House officials announced in February that Tesla committed to open 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers, which were mostly used by and made to be compatible with Tesla’s EVs.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

It’s worth mentioning that White House officials announced in February that Tesla committed to open 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers, which were mostly used by and made to be compatible with Tesla’s EVs.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

At the same time, Tesla’s success in spreading its charging infrastructure and staying dominant in the EV charging space has left several other electric vehicles charging stocks falling, including ChargePoint Holdings, Wallbox, Blink Charging, and Evgo, as Tesla’s technology edge shrinks its competitors rapidly that what to enter the prospectus EV charging market.

It’s worth mentioning that White House officials announced in February that Tesla committed to open 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers, which were mostly used by and made to be compatible with Tesla’s EVs.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

At the same time, Tesla’s success in spreading its charging infrastructure and staying dominant in the EV charging space has left several other electric vehicles charging stocks falling, including ChargePoint Holdings, Wallbox, Blink Charging, and Evgo, as Tesla’s technology edge shrinks its competitors rapidly that what to enter the prospectus EV charging market.

It’s worth mentioning that White House officials announced in February that Tesla committed to open 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers, which were mostly used by and made to be compatible with Tesla’s EVs.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

Rivian became the latest EV automaker to announce to agree to incorporate Tesla’s charging ports and extensive charging network for its fleet of vehicles, following similar deals struck by Ford and GM-General Motors earlier this summer, while Hyundai also noted that it would investigate making its vehicles more compatible with Tesla stations.

At the same time, Tesla’s success in spreading its charging infrastructure and staying dominant in the EV charging space has left several other electric vehicles charging stocks falling, including ChargePoint Holdings, Wallbox, Blink Charging, and Evgo, as Tesla’s technology edge shrinks its competitors rapidly that what to enter the prospectus EV charging market.

It’s worth mentioning that White House officials announced in February that Tesla committed to open 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers, which were mostly used by and made to be compatible with Tesla’s EVs.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

Rivian became the latest EV automaker to announce to agree to incorporate Tesla’s charging ports and extensive charging network for its fleet of vehicles, following similar deals struck by Ford and GM-General Motors earlier this summer, while Hyundai also noted that it would investigate making its vehicles more compatible with Tesla stations.

At the same time, Tesla’s success in spreading its charging infrastructure and staying dominant in the EV charging space has left several other electric vehicles charging stocks falling, including ChargePoint Holdings, Wallbox, Blink Charging, and Evgo, as Tesla’s technology edge shrinks its competitors rapidly that what to enter the prospectus EV charging market.

It’s worth mentioning that White House officials announced in February that Tesla committed to open 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers, which were mostly used by and made to be compatible with Tesla’s EVs.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

Tesla stock, Daily chart

Rivian became the latest EV automaker to announce to agree to incorporate Tesla’s charging ports and extensive charging network for its fleet of vehicles, following similar deals struck by Ford and GM-General Motors earlier this summer, while Hyundai also noted that it would investigate making its vehicles more compatible with Tesla stations.

At the same time, Tesla’s success in spreading its charging infrastructure and staying dominant in the EV charging space has left several other electric vehicles charging stocks falling, including ChargePoint Holdings, Wallbox, Blink Charging, and Evgo, as Tesla’s technology edge shrinks its competitors rapidly that what to enter the prospectus EV charging market.

It’s worth mentioning that White House officials announced in February that Tesla committed to open 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers, which were mostly used by and made to be compatible with Tesla’s EVs.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

Tesla stock, Daily chart

Rivian became the latest EV automaker to announce to agree to incorporate Tesla’s charging ports and extensive charging network for its fleet of vehicles, following similar deals struck by Ford and GM-General Motors earlier this summer, while Hyundai also noted that it would investigate making its vehicles more compatible with Tesla stations.

At the same time, Tesla’s success in spreading its charging infrastructure and staying dominant in the EV charging space has left several other electric vehicles charging stocks falling, including ChargePoint Holdings, Wallbox, Blink Charging, and Evgo, as Tesla’s technology edge shrinks its competitors rapidly that what to enter the prospectus EV charging market.

It’s worth mentioning that White House officials announced in February that Tesla committed to open 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers, which were mostly used by and made to be compatible with Tesla’s EVs.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

Tesla stock, Daily chart

Rivian became the latest EV automaker to announce to agree to incorporate Tesla’s charging ports and extensive charging network for its fleet of vehicles, following similar deals struck by Ford and GM-General Motors earlier this summer, while Hyundai also noted that it would investigate making its vehicles more compatible with Tesla stations.

At the same time, Tesla’s success in spreading its charging infrastructure and staying dominant in the EV charging space has left several other electric vehicles charging stocks falling, including ChargePoint Holdings, Wallbox, Blink Charging, and Evgo, as Tesla’s technology edge shrinks its competitors rapidly that what to enter the prospectus EV charging market.

It’s worth mentioning that White House officials announced in February that Tesla committed to open 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers, which were mostly used by and made to be compatible with Tesla’s EVs.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

The shares of the world’s EV automaker leader Tesla gained 5% on Tuesday, aggregating an outstanding 55% gain for the month of June so far, after reaching several agreements for its EV private Supercharger network with other major EV rivals.

Tesla stock, Daily chart

Rivian became the latest EV automaker to announce to agree to incorporate Tesla’s charging ports and extensive charging network for its fleet of vehicles, following similar deals struck by Ford and GM-General Motors earlier this summer, while Hyundai also noted that it would investigate making its vehicles more compatible with Tesla stations.

At the same time, Tesla’s success in spreading its charging infrastructure and staying dominant in the EV charging space has left several other electric vehicles charging stocks falling, including ChargePoint Holdings, Wallbox, Blink Charging, and Evgo, as Tesla’s technology edge shrinks its competitors rapidly that what to enter the prospectus EV charging market.

It’s worth mentioning that White House officials announced in February that Tesla committed to open 7,500 of its charging stations by the end of 2024 to non-Tesla EV drivers, which were mostly used by and made to be compatible with Tesla’s EVs.

According to the U.S. Department of Energy, Tesla superchargers account for about 60% of total fast chargers available in the country. Tesla’s EV rivals are trying to leverage that, as creating your own network of chargers needs a lot of capital and heavy investment in technology and properties across the nation.

Ford, the automaker leader for EV trucks and vans in North America struck an agreement with Tesla last month for its charging network, allowing current and future Ford electric vehicle drivers to have access to over 12,000 Tesla Superchargers without an adapter across the U.S. and Canada sometime in 2024.

This an unusual agreement between the two major EV rivals, with Ford coming in second after Tesla in fully electric vehicle sales in the U.S. in 2022, notching sales of 61,575 electric vehicles, mostly for its F-150 Lightning, the electric version of its consistently popular trucks, and its Mustang Mach-E crossover.

Chinese stocks slip as Wall Street cuts China’s economic growth outlook

Posted on by Vrasidas Neofytou

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

China’s GDP Growth forecasts

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

China’s GDP Growth forecasts

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

China’s GDP Growth forecasts

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

The below table from https://www.cnbc.com/2023/06/19/goldman-sachs-cuts-chinas-growth-outlook.html shows the overall picture of the recent downgrades by the investment banks on their China full-year GDP estimates.

China’s GDP Growth forecasts

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

The below table from https://www.cnbc.com/2023/06/19/goldman-sachs-cuts-chinas-growth-outlook.html shows the overall picture of the recent downgrades by the investment banks on their China full-year GDP estimates.

China’s GDP Growth forecasts

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

Goldman Sachs, in its latest revision, cut its forecasts for China’s 2023 GDP- Gross Domestic Product from 6% to 5.4%, noting further turbulence ahead for the economy, following the likes of other Wall Street players such as UBS, Bank of America, JPMorgan, Nomura, Standard Chartered who have all downgraded their China full-year GDP estimates due to a slew of macroeconomic issues.

The below table from https://www.cnbc.com/2023/06/19/goldman-sachs-cuts-chinas-growth-outlook.html shows the overall picture of the recent downgrades by the investment banks on their China full-year GDP estimates.

China’s GDP Growth forecasts

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

Goldman Sachs, in its latest revision, cut its forecasts for China’s 2023 GDP- Gross Domestic Product from 6% to 5.4%, noting further turbulence ahead for the economy, following the likes of other Wall Street players such as UBS, Bank of America, JPMorgan, Nomura, Standard Chartered who have all downgraded their China full-year GDP estimates due to a slew of macroeconomic issues.

The below table from https://www.cnbc.com/2023/06/19/goldman-sachs-cuts-chinas-growth-outlook.html shows the overall picture of the recent downgrades by the investment banks on their China full-year GDP estimates.

China’s GDP Growth forecasts

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

Hong Kong’s Hang Seng index led losses in the broader region and fell 1.15% along with the Hang Seng Tech index which fell 1.96%, while the stocks in mainland China had lower losses, with Shanghai Composite settling down 0.5% and the Shenzhen Component dropping 0.25%.

Goldman Sachs, in its latest revision, cut its forecasts for China’s 2023 GDP- Gross Domestic Product from 6% to 5.4%, noting further turbulence ahead for the economy, following the likes of other Wall Street players such as UBS, Bank of America, JPMorgan, Nomura, Standard Chartered who have all downgraded their China full-year GDP estimates due to a slew of macroeconomic issues.

The below table from https://www.cnbc.com/2023/06/19/goldman-sachs-cuts-chinas-growth-outlook.html shows the overall picture of the recent downgrades by the investment banks on their China full-year GDP estimates.

China’s GDP Growth forecasts

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

Hong Kong’s Hang Seng index led losses in the broader region and fell 1.15% along with the Hang Seng Tech index which fell 1.96%, while the stocks in mainland China had lower losses, with Shanghai Composite settling down 0.5% and the Shenzhen Component dropping 0.25%.

Goldman Sachs, in its latest revision, cut its forecasts for China’s 2023 GDP- Gross Domestic Product from 6% to 5.4%, noting further turbulence ahead for the economy, following the likes of other Wall Street players such as UBS, Bank of America, JPMorgan, Nomura, Standard Chartered who have all downgraded their China full-year GDP estimates due to a slew of macroeconomic issues.

The below table from https://www.cnbc.com/2023/06/19/goldman-sachs-cuts-chinas-growth-outlook.html shows the overall picture of the recent downgrades by the investment banks on their China full-year GDP estimates.

China’s GDP Growth forecasts

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

Chinese stock markets fall over 1% on the first trading day of the week after the major investment bank Goldman Sachs trimmed its 2023 GDP growth forecast for China, as the world’s second-largest economy and the property market experiencing strong growth headwinds after Covid-19 reopening at end of 2022.

Hong Kong’s Hang Seng index led losses in the broader region and fell 1.15% along with the Hang Seng Tech index which fell 1.96%, while the stocks in mainland China had lower losses, with Shanghai Composite settling down 0.5% and the Shenzhen Component dropping 0.25%.

Goldman Sachs, in its latest revision, cut its forecasts for China’s 2023 GDP- Gross Domestic Product from 6% to 5.4%, noting further turbulence ahead for the economy, following the likes of other Wall Street players such as UBS, Bank of America, JPMorgan, Nomura, Standard Chartered who have all downgraded their China full-year GDP estimates due to a slew of macroeconomic issues.

The below table from https://www.cnbc.com/2023/06/19/goldman-sachs-cuts-chinas-growth-outlook.html shows the overall picture of the recent downgrades by the investment banks on their China full-year GDP estimates.

China’s GDP Growth forecasts

In this context, investors have turned sellers on growth-led Chinese assets on prospects of lower economic growth in the country as the recovery from its stringent Covid-19 lockdown measures continues to disappoint through soft economic data, as well as mounting pressure on its property sector, despite the prospects for further economic stimulus and monetary easing to come.

Goldman Sachs’ economists added that there is a slew of macroeconomic issues facing the nation, including medium-term challenges such as demographics, the multi-year property downturn, local government implicit debt problems, and geopolitical tensions that may start to become more important in China’s growth outlook.

UBS also sees continued weakness in China’s economy ahead, particularly focusing on the second quarter of the year, with the growth forecasted to slow to only 1-2% quarter-on-quarter saar [seasonally adjusted annual rate], weaker than its earlier expectation of 4.5%.

Adding to the above, traders will be looking ahead to the People’s Bank of China loan prime rate decision on Tuesday with further easing expected from the central bank, after cutting some of its key lending rates last week.

The rate differential between the Federal Reserve and the People’s Bank of China creates a further weakness in the Chinese Yuan against the greenback, with the USD/CNY pair climbing to the nearly 7.20 mark, its highest since December 2022.

Exclusive Capital wins big at the 2023 Global Forex Awards – B2B

Posted on by Exclusive Capital Team
Holiston Media revealed its roll call of winners in this year’s highly coveted Global Forex Awards – B2B, and we’re pleased to announce that Exclusive Capital is named “Best All-Round Liquidity Provider” for 2023, adding to our extensive trophy cabinet of awards.

One of the world’s leading awards for the forex and financial industries, The Global Forex Awards – B2B celebrates the successful and dedicated companies from around the world who are pushing the boundaries of innovation in B2B forex trading solutions. Featuring 23 separate categories this year, the awards highlight the best providers of liquidity, CRM, customer experience, execution, partnerships, platforms and performance.

Our Exclusive team is immensely proud and honoured to receive the prestigious “Best All-Round Liquidity Provider” award in recognition of our expertise across financial technologies. This award is a testament to all the hard work, dedication, and love our team puts into creating long-lasting relationships and providing our clients with a robust investment environment.

Exclusive Change Capital Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under the licence number CIF 330/17. Exclusive Capital Ltd operates in accordance with the Markets in Financial Instruments Directive (MiFID) of the European Union.

Exclusive Change Capital Ltd is incorporated under the laws of Cyprus, with registration no. HE 337858, regulated by CySEC under license no. 330/17 and has its registered address at Theodorou Potamianou 56, 4th Floor, Kato Polemidia, 4155, Limassol, Cyprus

Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Please read our full Risk Disclosure.

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