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.

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.

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

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

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.

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.

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.

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.

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.

Federal Reserve holds interest rates steady with a hawkish outlook

Posted on by Vrasidas Neofytou

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Ending the two-day FOMC (Federal Open Market Committee) monetary policy meeting, the U.S. central bank left its key borrowing rate in a target range of 5%-5.25% and forecasted via “dot plot” that it will raise interest rates as high as 5.6% before 2023 is over, up from the 5.1% they projected in the last set of forecasts released in March.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Ending the two-day FOMC (Federal Open Market Committee) monetary policy meeting, the U.S. central bank left its key borrowing rate in a target range of 5%-5.25% and forecasted via “dot plot” that it will raise interest rates as high as 5.6% before 2023 is over, up from the 5.1% they projected in the last set of forecasts released in March.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Tech-heavy Nasdaq Composite gained 0.4% on Wednesday, hitting a fresh 14-month closing high of 13,626 points as investors weighed the Federal Reserve’s decision to hold off on an interest rate hike in June for the first time after 10 straight rate increases while projecting that another two 25 bps rate hikes are on the way before the end of 2023.

Ending the two-day FOMC (Federal Open Market Committee) monetary policy meeting, the U.S. central bank left its key borrowing rate in a target range of 5%-5.25% and forecasted via “dot plot” that it will raise interest rates as high as 5.6% before 2023 is over, up from the 5.1% they projected in the last set of forecasts released in March.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

Tech-heavy Nasdaq Composite gained 0.4% on Wednesday, hitting a fresh 14-month closing high of 13,626 points as investors weighed the Federal Reserve’s decision to hold off on an interest rate hike in June for the first time after 10 straight rate increases while projecting that another two 25 bps rate hikes are on the way before the end of 2023.

Ending the two-day FOMC (Federal Open Market Committee) monetary policy meeting, the U.S. central bank left its key borrowing rate in a target range of 5%-5.25% and forecasted via “dot plot” that it will raise interest rates as high as 5.6% before 2023 is over, up from the 5.1% they projected in the last set of forecasts released in March.

The U.S. policymakers decided to pause interest rate hikes at the 5%-5.25% range following 10 straight rate increases since March 2022, after the fall of the U.S. CPI inflation rate in May to 4% year-year given the falling energy and gasoline prices, an improvement from April’s 4.9% year-to-year increase.

“Holding the target range steady at this meeting allows the Committee to assess additional information and its implications for monetary policy,” the Fed said in a statement following the conclusion on Wednesday of its two-day meeting.

Despite some early signs that the worst of the inflation pressures are over by having the smallest annual increase in headline inflation in more than two years, the Core Inflation rate (which excludes volatile energy and food prices) still holds resilient to 5.3% in May, making Fed’s officials remain hawkish on their monetary policy outlook until the end of 2023.

The prospect of rising U.S. interest rates bodes well for the U.S. dollar and bond yields, with the DXY-U.S. dollar index rebounding off monthly lows to over 103 marks while the yields on the 2-year and 10-year U.S. Treasuries climbed to three-month highs of 4.75% and 3.85% respectively.

The higher interest rates ahead and surging bond yields are negative catalysts for the non-yielding precious metals, with Gold touching six-month lows of $1,930/oz, while Silver fell over 2% to $23,30/oz.

Worsening economic conditions, higher borrowing costs, and a stronger dollar weigh on the industrial and construction activity, weakening the crude oil demand growth outlook, and adding selling pressure on the prices of both Brent and WTI to hit yearly lows of $68-$73 per barrel range.

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