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- Forexlive Americas FX news wrap: Jobs headlines strong but the market has questionsby Adam Button on December 2, 2022 at 9:04 pm
<ul><li><a href="https://www.forexlive.com/news/us-november-non-farm-payrolls-263k-vs-200k-expected-20221202/">US November non-farm payrolls +263K vs +200K expected</a></li><li><a href="https://www.forexlive.com/news/canada-november-employment-change-101k-vs-50k-estimate-20221202/">Canada November employment change 10.1K vs 5.0K estimate</a></li><li><a href="https://www.forexlive.com/news/poland-formally-agrees-to-60-russian-oil-price-cap-with-review-mechanism-20221202/">Poland formally agrees to $60 Russian oil price cap with review mechanism</a></li><li><a href="https://www.forexlive.com/news/freeport-lng-now-says-it-will-restart-initial-production-around-year-end-20221202/">Freeport LNG now says it will restart initial production around year-end</a></li><li><a href="https://www.forexlive.com/centralbank/feds-evans-we-are-on-a-path-to-get-financial-conditions-appropriately-restrictive-20221202/">Fed's Evans: We are on a path to get financial conditions appropriately restrictive</a></li><li><a href="https://www.forexlive.com/centralbank/timiraos-strong-jobs-report-keeps-the-fed-on-track-to-hike-by-50-bps-20221202/">Timiraos: Strong jobs report keeps the Fed on track to hike by 50 bps</a></li><li><a href="https://www.forexlive.com/centralbank/feds-barkin-labor-supply-looks-like-it-will-remain-constrained-20221202/">Fed's Barkin: Labor supply looks like it will remain constrained</a></li><li><a href="https://www.forexlive.com/centralbank/ecbs-de-guindos-we-are-seeing-that-inflation-is-starting-to-slow-down-20221202/">ECB's de Guindos: We are seeing that inflation is starting to slow down</a></li><li><a href="https://www.forexlive.com/centralbank/ecbs-de-guindos-november-inflation-data-has-been-good-news-20221202/">ECB's de Guindos: November inflation data has been good news</a></li></ul><p>Markets:</p><ul><li>Gold down $5 to $1797</li><li>WTI crude oil down 99-cents to $80.22</li><li>US 10-year yields down 2.4 bps to 3.50%</li><li>S&P 500 down 10 points to 4072</li><li>JPY leads, CAD lags</li></ul><p>The US dollar was soft all week in the lead-up to non-farm payrolls and that was particularly true of USD/JPY in the hours before the release as the pair touched 133.64 early in Europe. With a strong bid in bonds, the market is seeing a Fed peak or creeping economic weakness.</p><p>So naturally non-farm payrolls were strong and the latest batch of dollar bears was stung by a quick roughly 150 pips US dollar rally across the board. The main headlines on jobs and wages were strong with hourly avg hours up 0.6% compared to 0.3% expected.</p><p>Then it all came slowly undone. People began to pick holes in the wages story with hours worked ticking lower. Then they looked closer a the household survey and noted another decline and a flat trend since March:</p><p>The result was a slow give-back of all the US dollar gains. That left the euro and pound largely unchanged on the day with USD/JPY down a full cent.</p><p>Helping the move was a relentless long-end led bid in bonds for the second day. US 30s fell 9 bps to 3.54% from a high of 3.70% shortly after the jobs report. </p><p>The Canadian dollar also had a jobs report to deal with and it was upbeat with a 50K increase in full time jobs. That makes next week's BOC meeting a bit more intriguing with the market 76% priced for 25 bps but with the remainder on 50 bps. The loonie underperformed but that was on a reversal in oil prices with the OPEC+ meeting on Sunday looming and the G7 oil price cap set to go into effect on Monday. </p> This article was written by Adam Button at forexlive.com.
- The bid for stocks and bonds is relentlessby Adam Button on December 2, 2022 at 8:11 pm
<p>We're back to where we started.</p><p>US markets have completely erased the moves after the strong non-farm payrolls report. The S&P 500 is now down just 5 points to 4071 and on track for a weekly close above 200-day moving average for the first time since April. It's an impressive performance.</p><p>More curious is the relentless bid in long-dated bonds. US 10s are down 3 bps to 3.49% from a high of 3.63%. US 30s are down 8 bps to 3.55% from a high of 3.70%.</p><p>One line of thinking is that bond market participants are trying to get ahead of 'the next big trade' which is the weakening of the global economy and a fall in inflation. Whatever it is, the decline in yields is sapping the US dollar.</p> This article was written by Adam Button at forexlive.com.
- Bitcoin gaining - not bothered by SBF's FTX NYT baloneyby Eamonn Sheridan on November 30, 2022 at 11:32 pm
<p>A tangled web was weaved at this:</p><ul><li><a href="https://www.forexlive.com/Cryptocurrency/sam-bankman-fried-founder-of-collapsed-crypto-exchange-ftx-speaking-at-ny-times-event-20221130/" rel="follow" target="_self" class="article-link vertical-align-baseline">Sam Bankman-Fried, founder of collapsed crypto exchange FTX, speaking at NY Times event</a></li></ul><p>Updating Bitcoin, its not bothered, continuing to add $ to its recent rise. Powell helped:</p><ul><li><a href="https://www.forexlive.com/news/forexlive-americas-fx-news-wrap-fed-powell-sooths-the-market-w-visions-of-a-soft-landing-20221130/" target="_blank" rel="follow" data-article-link="true">Forexlive Americas FX news wrap:Fed Powell soothes the market w/ visions of a soft landing</a></li></ul><p>This too:</p><ul><li><a href="https://www.forexlive.com/Cryptocurrency/nasdaq-ceo-says-expects-to-launch-institutional-crypto-custody-business-in-h1-2023-20221130/" target="_blank" rel="follow" data-article-link="true">Nasdaq CEO says expects to launch institutional crypto custody business in H1 2023</a></li></ul> This article was written by Eamonn Sheridan at forexlive.com.
- Sam Bankman-Fried, founder of collapsed crypto exchange FTX, speaking at NY Times eventby Eamonn Sheridan on November 30, 2022 at 10:17 pm
<p>SBF is not present at the event in person. </p><p>Speaking remotely. </p><p>Basically saying everything was not his fault, whatever he did wrong it wasn't on purpose etc. </p><p>“I wasn’t running Alameda. I didn’t know exactly what was going on … That’s a pretty big mistake … that I wasn’t more aware … I was a nervous about the conflict of interest about being more involved.”</p><p>"I didn’t ever try to commit fraud on anybody … I was shocked by what happened this month, & reconstructing it, there were things I wish I could have done differently." </p><p>Pathetic stuff. He lost billions for those that trusted him. </p> This article was written by Eamonn Sheridan at forexlive.com.
- GBPUSD is Challenging Supply Zonesby ForexLive on December 1, 2022 at 2:37 pm
<p>Main Scenario: Sell below 1.2150 towards 1.19, 1.18, and 1.1760 with SL above 1.22 at least 1% of account equity* Trailing Stop Applies</p><p>Alternate Scenario: Buy above 1.2155 towards 1.22 and 1.23 with SL below 1.2026 or at least 1% of account equity*. </p><p>Fundamental Scenario </p><p>The pound's gains in November added to October's 2.7% growth after Rishi Sunak replaced Liz Truss as Prime Minister, leaving behind her plans for significant unfunded tax cuts.</p><p>However, in November, GBPUSD was driven mainly by the US fundamentals that triggered the USD's corrective phase. In particular, the decline in US inflation made the Federal Reserve consider reducing the pace of rate hikes in the next meetings. The Fed Chair Jerome Powell has recently confirmed that prospect. As a result, bond yields dropped, and the dollar index experienced the deepest monthly dive since 2010. </p><p>What's on the pound's side of things? This week, the Bank of England (BoE) Chief Economist Huw Pill indicated that he expected inflation to fall "rapidly" in the second half of 2023. According to Pill, the central bank will have to keep raising interest rates to keep inflation at bay, but the borrowing costs may rise less than the market is pricing now, i.e., to 5.25%.</p><p>Although no rate change is expected at the next meeting on December 15, the BoE may increase its interest rates to 4.25% in the first quarter of 2023.</p><p class="MsoNormal">Macro scenario from Weekly chart</p><p class="MsoNormal">In November, GBPUSD achieved its biggest monthly rise since July 2020, breaking above the 1.1760 level, a supply zone from August and September that has now turned into support, so a retracement is expected towards this area in the short term as long as prices remain below 1.2155, May support.</p><p class="MsoNormal">The bullish scenario may continue in the short term if the selling zone is broken along with the 1.2155 level, targeting the July resistance at 1.2294. However, a more conservative scenario will occur after the retracement towards the 1.1760 level, from where we can expect a rebound towards the previously indicated highs with the possible breakout above 1.23. </p><p class="MsoNormal">The continuation of the annual macro bearish trend will occur when three events take place:</p><ol type="1" start="1"> <li class="MsoNormal">The decisive break of the zone around the 1.1760 level activates the bears again.</li> <li class="MsoNormal">The decisive break of the 1.1145 support and, with it, the last demand zone of September.</li> <li class="MsoNormal">Bearish force toward September support. </li> </ol><p class="MsoNormal">The RSI Indicator above the midpoint in the positive zone confirms the current bullish strength in a bullish channel, the break of which will be another sign of confirmation of the entry of the bears. </p><p class="MsoNormal">Intraday scenario from H4 chart</p><p class="MsoNormal">After Powell's speech yesterday, the pair consolidated below the 1.2155 offer zone. As long as this zone is respected, sellers will keep trying to break the 1.1940 support and cover last week's high volume concentration points between 1.1878 and 1.1808. The GBP futures volume profile 6B is very close to the critical 1.1760 zone. The bearish divergence of the RSI supports this bearish idea in the short term. </p><p class="MsoNormal">On the other hand, the bullish scenario will continue if there is a decisive break of the 1.2155 sell zone, projecting towards the next offer zone under 1.2294. Likewise, after the descent towards 1.18, it is prudent to observe the strength or weakness of the movements to determine the bullish rebound or the bearish breakout and continuation. </p><p class="MsoNormal">**Consider this risk management tip </p><p class="MsoNormal">**It is very important that risk management is done based on the capital and volume traded. For this, a risk of at least 1% of the capital is recommended. </p><p class="MsoNormal">Disclaimer: </p><p class="MsoNormal">This article does not constitute a recommendation to buy or sell financial products and should not be relied upon as a request or an offer to participate in a transaction. This document is the author's economic research and is not intended to constitute investment advice, or solicitation of securities transactions or any other type of investment by FBS.</p><p class="MsoNormal">Although every investment involves some degree of risk, the risk of loss from forex trading can be substantial. Therefore, if you are considering trading this market, you should be aware of the risks associated with this product so that you can make informed decisions before investing. The material presented here should not be construed as trading advice or strategy. All prices indicated in this report are for informational purposes only.</p> This article was written by ForexLive at forexlive.com.
- Capital Wallet Wins Best Crypto Solution for Payments Award at FMLS22by ForexLive on December 1, 2022 at 8:52 am
<p class="MsoNormal">Global cryptocurrency payments solutions provider, <a href="https://capitalwallet.com/" target="_blank" rel="follow">Capital Wallet</a>, bagged the “Best Crypto Solution for Payments” award at the Finance Magnates London Summit (FMLS), held at Old Billingsgate, London, on November 21-23, 2022. </p><p class="MsoNormal">This win came close on the heels of the company winning the “Best Crypto Payment Solutions Provider” award at the Forex Expo, held in Dubai on October 19-20, 2022.</p><p class="MsoNormal">Being recognized by peers in the industry for its cryptocurrency solutions twice in a row was a big win for Capital Wallet. </p><p class="MsoNormal">It highlighted the company’s mission to create a global financial ecosystem based on transparency and fairness. </p><p class="MsoNormal">The awards are proof of the company's ability to innovate with blockchain tools to offer cryptocurrency payment processing systems that are effortless to use and allow seamless transactions.</p><p>A Valuable Experience</p><p class="MsoNormal">Capital Wallet participated at FMLS 2022 with great success, exhibiting its powerful cryptocurrency solutions to support business growth. </p><p class="MsoNormal">In addition, Executive Director of Capital Wallet, Abha Garg, led a key panel discussion on “Future of Payments: The Revolution Will Not Be Wired.” </p><p class="MsoNormal">Being part of one of the largest <a href="https://www.forexlive.com/terms/f/fintech/" target="_blank" id="8232560d-48e5-4659-ab47-f279df6145ae_1" class="terms__main-term">fintech</a> events in the world solidified the company’s position as a leading global player in the industry, with a view to disrupting the way transactions are conducted.</p><p class="MsoNormal">The Finance Magnates London Summit 2022 was also a very special event since it was the 10th edition of the conference. </p><p class="MsoNormal">FMLS is among the most awaited fintech events of the year, attended by more than 3,500 people. </p><p class="MsoNormal">The event has brought together more than 150 exhibitors and over 130 speakers. </p><p class="MsoNormal">The agenda was packed with insightful sessions, held by thought leaders and industry professionals of the financial world. </p><p class="MsoNormal">FMLS is an excellent opportunity for technology & liquidity providers, payments providers, retail and institutional brokers, banks, hedge funds, and other financial service providers to network, showcase their products and services, and grow their businesses.</p><p>“Being recognized for our cutting-edge crypto solutions is not just a huge reward for our consistent efforts to bring the best in technology to the payments space, but it is also a motivator for us to double our efforts to be a global market leader,” said Fotis Fotinias, Capital Wallet’s CEO. </p><p>A Mission to Ease Crypto Payments</p><p class="MsoNormal">Capital Wallet is focused on simplifying the exchange of cryptocurrencies and making digital currencies a convenient medium of transactions through cutting-edge payment solutions for merchants. </p><p class="MsoNormal">The company's solutions enable transactions in over 200 different cryptocurrencies with dedicated support from a highly skilled and experienced team.</p><p class="MsoNormal">The company has developed a powerful and comprehensive platform for merchants that does not require any third-party integrations. </p><p class="MsoNormal">With this solution, users can receive and then convert digital currencies in real time at the best available conversion rates. </p><p class="MsoNormal">With the hassle-free verification and onboarding process for merchants, along with the low processing charges on crypto payments, Capital Wallet simplifies the integration of cryptocurrency payment options.</p><p class="MsoNormal">To safeguard customers, Capital Wallet follows the highest security standards, including advanced encryption and an additional security layer to protect against malicious cyberattacks. Its all-in-one platform ensures seamless transactions without the need for any third-party integrations.</p><p>To learn more about Capital Wallet, please visit <a href="https://capitalwallet.com/eu/" target="_blank" rel="follow">https://capitalwallet.com</a></p> This article was written by ForexLive at forexlive.com.