Bitcoin, BTC/USD, US GDP, Crude Oil, Technical outlook – TALKING POINTS
- Merchants went danger on in a single day on a weak US GDP print that trimmed Fed bets
- Australia eyes second-quarter producer value index information 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 price hike bets as the specter of a recession weighs on the Fed’s calculus. That despatched US shares greater in a single day on Wall Street, the place the benchmark S&P 500 rose 1.21%. The 2 consecutive quarters of GDP decline put the US financial system in a probable recession, though it’s encouraging that the speed of contraction eased in Q2.
The US Dollar 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 towards the USD. USD/JPY fell to its lowest stage since June 17, dropping nearly 2% throughout New York buying and selling.
The Japanese Yen may even see extra motion in the present day on the discharge of a number of Japanese information prints. Japan’s June unemployment price is slated to cross the wires, adopted by July CPI figures for Tokyo. Later in the present day, the Financial institution of Japan’s abstract of opinions, June industrial manufacturing information, and June retail gross sales are due out. The information dump could assist merchants gauge the place the BoJ’s head is.
WTI crude oil prices fell, whereas Brent crude costs rose. The weak GDP print doubtless explains among 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 indicators the potential for extra weak point within the close to time period. Nevertheless, WTI’s low cost to Brent crude costs is probably going encouraging demand by means of exports on WTI, which might maintain costs elevated.
Client confidence in New Zealand rose in July, in keeping with ANZ. The Kiwi Greenback gained almost 0.5% towards the USD in a single day. The Australian Dollar was little modified regardless of greater iron ore costs in China. AUD/USD could rebound in the present day if Australia’s second-quarter producer value index exhibits that factory-gate costs elevated from Q1.
BTC/USD Technical Outlook
BTC/USD continued its run greater 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 subsequent goal for the cryptocurrency. The RSI and MACD oscillators are each monitoring greater above their respective midpoints.
BTC/USD Day by day Chart
Chart created with TradingView
— Written by Thomas Westwater, Analyst for DailyFX.com
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