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G20 starts and Bitcoin takes another leg lower


15 November 2022

EU Stoxx50 is rising on Monday, boosted by an upbeat session in Asia after China unveiled a 16-point rescue plan for the ailing property market. The upbeat mood came after strong gains last week. The index rallied 4.9%, its sixth straight week of gains, after US inflation cooled, raising hopes of a less aggressive Federal Reserve and after China eased some COVID measures. Attention now turns to eurozone industrial production figures which are expected to show that output grew slower in September.

Where might the EU stoxx50 price head to?

EU stoxx50 has rebounded firmly from the 3240 2022 low. The price has risen over the 50 & 200 sma to the highest level since mid-April, just shy of 3900. The RSI has tipped into overbought territory, so buyers should be cautious. Resistance can be seen at 4000 round number and 4025 the April high. Meanwhile, sellers could test support at 3820, the August high ahead of 3700, and last week’s low ahead of 3672, the 200 sma.

BTC/USD extends the selloff as confidence evaporates

Bitcoin is falling further after tumbling last week following the shock collapse of major cryptocurrency exchange FTX. That was the worst 7-day performance in Bitcoin since mid-June following the Terra blockchain meltdown. A massive hack over the weekend has added to the sour mood. FTX and it’s US subsidiary FTX US were victims of an attack that saw millions taken from the exchange’s wallet. As insecurity engulfs the industry, Bitcoin investors have chosen to withdraw funds in the wake of the FTX scandal as the fallout hits confidence in the sector. Data from Glaasnode showed that investors were withdrawing funds from exchanges at the fastest pace since April 2020. The big question is what comes next as crypto-s reputation lies in tatter. Calls for reform are expected to grow from here. BTC/USD trades are down 3% below 16k at the time of writing.

Gold hovers at a 3-month high with Fed speakers in focus

After surging 5.4% last week, Gold is hovering around a 3-month high, supported by ongoing optimism that the Federal Reserve will slow the pace of rate hikes. Soft US inflation figures boosted expectations that the US central bank will be less hawkish going forwards. As far as the market is concerned, a 75 basis point hike in December is highly unlikely, with 50 bps bring priced in. Following the cooler inflation data, Fed speakers also appear to be shifting their tone. Looking ahead, PPI wholesale inflation and US retail sales are likely to be the biggest catalysts this week. Fed speakers will also be in focus, with the market watching to see how commentary changes after the inflation report. The G20 also kicks off today with world leaders meeting in Indonesia. President Biden and China’s Xi Jinping are due to meet.

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