Bitcoin, BTC/USD, US GDP, Crude Oil, Technical outlook – TALKING POINTS
- Merchants went threat on in a single day on a weak US GDP print that trimmed Fed bets
- Australia eyes second-quarter producer value index knowledge as AUD/USD stalls
- BTC/USD’s technical posture improves after breaking above resistance
Friday’s Asia-Pacific Outlook
A weak US second-quarter GDP print noticed merchants trim Fed charge hike bets as the specter of a recession weighs on the Fed’s calculus. That despatched US shares larger in a single day on Wall Avenue, the place the benchmark S&P 500 rose 1.21%. The 2 consecutive quarters of GDP decline put the US economic system in a possible recession, though it’s encouraging that the speed of contraction eased in Q2.
The US Greenback fell as merchants moved into Treasuries, particularly on the short-end of the curve. That pushed yields decrease, dragging on the US Greenback. The DXY index fell to its lowest stage since July 05. The Japanese Yen was an enormous gainer in opposition to the USD. USD/JPY fell to its lowest stage since June 17, dropping virtually 2% throughout New York buying and selling.
The Japanese Yen might even see extra motion right this moment on the discharge of a number of Japanese knowledge prints. Japan’s June unemployment charge is slated to cross the wires, adopted by July CPI figures for Tokyo. Later right this moment, the Financial institution of Japan’s abstract of opinions, June industrial manufacturing knowledge, and June retail gross sales are due out. The info dump could assist merchants gauge the place the BoJ’s head is.
WTI crude oil costs fell, whereas Brent crude costs rose. The weak GDP print seemingly explains a number of the softness within the US costs. The WTI immediate unfold and the 1:1 RBOB/CL crack unfold, each gauges of demand for oil and gasoline have traded decrease over the previous week. That alerts the potential for extra weak spot within the close to time period. Nevertheless, WTI’s low cost to Brent crude costs is probably going encouraging demand by way of exports on WTI, which might preserve costs elevated.
Client confidence in New Zealand rose in July, in line with ANZ. The Kiwi Greenback gained almost 0.5% in opposition to the USD in a single day. The Australian Greenback was little modified regardless of larger iron ore costs in China. AUD/USD could rebound right this moment if Australia’s second-quarter producer value index reveals that factory-gate costs elevated from Q1.
BTC/USD Technical Outlook
BTC/USD continued its run larger after crossing above a key stage of resistance in place since early June following a break above the 50-day Easy Transferring Common and a descending trendline from March. The 100-day SMA and a stage of prior help from Might is the following goal for the cryptocurrency. The RSI and MACD oscillators are each monitoring larger above their respective midpoints.
BTC/USD Each day Chart
Chart created with TradingView
— Written by Thomas Westwater, Analyst for DailyFX.com
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