Forex and other markets news
MARKET PULSE 23.11
MARKET PULSE 23.11
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RBNZ Interest Rate Decision 4.25%
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The U.S. dollar index rose to 106.896
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Gold declined to 1,735 USD
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Bitcoin trades around 16,473 USD
The Central bank of New Zealand (RBNZ) raised the rate by 75 bp to 4.25%. Inflation continues to stay high in all major economies. Recent data have shown that the efforts of central banks to fight price increases have not yet yielded measurable results, so all economists are increasingly tending to the coming recession.
The U.S. dollar index, which many traders are now focusing on, shows a slight recovery after falling to 105.521 last week. Now it is hard to say exactly by what the Fed will raise the rate in December. Most investors are inclined to 50 bp, but it is important to look at indicators such as inflation and the labor market (Nonfarm), which shows weak signs of recovery.
Bitcoin rebounded from 15,441 USD, but the overall picture for the first cryptocurrency is still vague. The markets are experiencing the consequences of the collapse of FTX, and news has already appeared about the problems of Genesis Block, a popular crypto platform in Hong Kong, which notified its customers about the shutdown of operations and asked them to withdraw their funds. Many traders tend to believe that bitcoin may fall to 10,000 USD, an important psychological level.
XAUUSD
Gold continues to decline towards the important support level of 1,725 USD due to rising greenback. If the price breaks down this level, the precious metal may fall to 1,703 USD. All indicators such as MACD, Bollinger Bands and moving averages are pointing in favor of possible decline.