#USDStrength

[cambcurrencies]

Quiet Markets Ahead: USD Strength Holds Amid Key Canadian Speech

Market Overview: October 28, 2024 Today’s markets are relatively quiet, with a key speech from Canada’s Governor Macklem in focus. Despite weaker oil prices, USD/CAD is holding below 1.3900, while the USD shows strength against most major currencies. Get a Free Quote Key Data Points BoC Governor Macklem Speech: Scheduled for 17:30, this speech could bring insights into Canada’s monetary…

[basechop]

Title: Chinese Economic Woes Could Impact Bitcoin (BTC) Amid Yuan Depreciation

Bitcoin Faces Potential Impact as Chinese Economic Woes Lead to Yuan Depreciation

Market Insights:

Experts from CoinDesk have highlighted the potential repercussions of China's economic situation on the value of the cryptocurrency Bitcoin (BTC). Market researchers observe that China is experiencing the devaluation of its national currency due to the threat of a deflationary downturn. Real Estate Market Challenges: Financial analysts emphasize that issues in the real estate market are compelling many foreign investors to withdraw capital from China. Observers believe that recent measures taken by Beijing to address these challenges may carry risks of a Bitcoin (BTC) price decline "through the currency channel." Currency Devaluation Statistics: According to CoinDesk data, the Chinese Yuan (CNY) depreciated by 1.4% against the US Dollar within a day. Simultaneously, the offshore Hong Kong version, CNH, dropped by 1.25%. TradingView's data reveals that China's benchmark stock index, Shanghai Composite, plummeted by 2.6% to its lowest level since March 2020, standing at 75.94. Government Bank Actions: On January 22, 2024, as reported by Reuters, Chinese state banks sold US Dollars (USD), concurrently reducing liquidity in the offshore foreign exchange market to support the Yuan (CNY). Financial analysts explained that the "one-week CNH offshore bid rate—indicating liquidity conditions—rose to 4.95%. This is the highest level since September 26, 2023." Potential Impacts on Global Finance: Financial industry analysts speculate that such measures could strengthen the US Dollar (USD), tighten global financial conditions, and reduce investments in risky assets. Consequently, this current scenario may adversely affect Bitcoin (BTC), causing a significant decline in the value of the digital currency and other altcoins, as well as the stocks of technology companies. BTC and USD Correlation: It is well-known that BTC exhibits an inverse correlation with the US Dollar. The 50% increase in the cryptocurrency's value in the fourth quarter of 2023 is attributed to optimism regarding the approval of spot ETFs. However, this coincided with a 4.5% decline in the US Dollar Index (DXY). As the situation unfolds, the crypto market watches closely for potential impacts resulting from China's economic challenges. Read the full article

[forexgroup01]

Gold prices slide amid Fed rate hike expectations and strong USD, despite geopolitical tensions. Market awaits key US data and FOMC speeches for further direction. #GoldMarket #FedExpectations #USDStrength #GeopoliticalTensions #marketanalysis#marketexpergroup #marketgroup #money #forex #comex #Crypto #Signalservice #signals #forexsignals #EA #Profit

[cambcurrencies]

UK Retail Bounces Back While US Sales Stronger Than Expected

UK Retail Sales and Market Impact UK retail sales data for July came in as expected showing a 0.5% increase month-over-month. This data has supported the pound pushing GBP/USD above 1.2850. But with political uncertainties following the recent general election where Labour won a historic victory could weigh on the pound moving forward​ (Wikipedia). U.S. Retail Sales Continue to Support the…

[cambcurrencies]

Japan GDP Contracts, Aus Employment Surges & Fed Speeches Awaited