Fundamental and Technical Analysis Report

27 Sep

Fundamental and Technical Analysis Report – 27 September 2022

/ CSFX Analytics

Bitcoin bounces above $20,000

Asian Pacific stock markets down on Tuesday. The Shanghai Composite is up 0.26% at 3,059.21. Overall, the Singapore MSCI is down 0.16% at 280.80. Over in Hong Kong, the Hang Seng Index is down 1.19% at 17,665.00. In Japan, the Nikkei 225 is up 0.50% at 26,330.00, while the Topix index is up 0.54% at 1854.00. South Korea’s Kospi is down 0.60% at 2,207.20. Australia S&P/ASX 200 up 0.25% at 6485.60.

Top News of the Day:

Bitcoin broke above $20,000 on Tuesday for the first time in about a week, as cryptocurrencies bounced, along with other risk-sensitive assets, in Asian trade.

The biggest cryptocurrency by market value, bitcoin, was up over 5% at $20,286. The second-biggest, ether, rose 4% to a one-week high of $1,389.

Market Summary as per 26/09/2022:

European equities Monday closing. The DAX futures contract in Germany traded down 0.46% at 12,227.92, CAC 40 futures down 0.24% at 5769.38 and the UK 100 futures contract in the U.K. up 0.03% at 7,020.96.

In the U.S. on Wall Street, the Dow Jones Industrial Average closed down 1.11% at 29260.82. The S&P 500 down 1.03% at 3655.05 and the Nasdaq 100 down 0.51% at 11254.11, NYSE closes down 1.57% at 13580.38.

Top Market News Today:

In the Forex market, GBPUSD up 0.79% at 1.0770. The USDJPY down 0.15% at 144.533. The USDCHF down 0.18% at 0.9914. EURUSD up 0.29% at 0.9636, EUR/GBP down 0.46% at 0.8946. The USD/CNY up 0.44% at 7.162 at the time of writing.

In the Commodity market U.S. Gold futures up 0.58% at $1,631.30. Elsewhere, Silver futures up 1.15% at $18.531 per ounce, Platinum up 0.78% at $857.12 per ounce, and Palladium up 0.45% at $2047.23.

Crude Oil up on Tuesday; Brent Crude Oil up 0.92% at $84.65 per barrel while U.S. West Texas Intermediate (CLc1) up 1.31% at $77.07.

In the Cryptocurrency Markets, Bitcoin at 20046.00 up 4.27%, Ethereum up 3.37% at 1381.80, Litecoin at 54.77 up 2.58%, at the time of writing.

Top Market Segment to Watch Out Today:

Micron Technology: Micron Technology (NASDAQ:MU) is set to report earnings for its latest quarter on Thursday, September 29, after the market closes.

The company’s shares are down over 47% in 2022, and investors will be hoping there is something to cheer about when the semiconductor manufacturing firm posts its earnings release.

Economic News:

US: U.S. Federal Reserve officials on Monday sloughed off rising volatility in global markets, from slumping U.S. stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation.

“There are interactions there,” Cleveland Fed President Loretta Mester said, noting that financial market volatility can affect investor decisions and the value of the dollar does impact the U.S. economy.

“But in terms of our goals, we are going to set our policy, considering the environment we are in, in order to get back to price stability here in the U.S,” Mester said after a hawkish speech at the Massachusetts Institute of Technology in which she argued that it could be more costly to do too little to rein in inflation than to do too much.

Asked at a Washington Post event whether he felt U.S. investors had taken an overly optimistic view of Fed policy until a recent sharp sell-off begin, Atlanta Fed president Raphael Bostic said that was beside the point.

Euro Zone: The Bank of England said on Monday it would not hesitate to change interest rates and was monitoring markets “very closely”, after the pound plunged to a record low and British bond prices collapsed in response to the new government’s financial plans.

Finance minister Kwasi Kwarteng sent sterling and government bonds into freefall on Friday with a so-called mini-budget that was designed to grow the economy by funding tax cuts with huge increases in government borrowing.

Such was the market turmoil on Monday there was growing speculation in financial markets that the BoE would make an emergency interest rate rise after it hiked rates only last week to 2.25% from 1.75%.

Instead, with the pound fragile and bond prices still tumbling, Kwarteng issued a statement just before the British stock market closed to say he would set out medium-term debt-cutting plans on Nov. 23, alongside forecasts from the independent Office for Budget Responsibility of the full scale of government borrowing.

Top Economic Releases Today:

U.S. New Home Sales (Aug) today at 10:00 this time estimated 500K, previously which was 511K.
, this time estimated 0.40%, previously which was 1.30%.
EURO ZONE ECB President Lagarde Speaks today at 7:30.

U.S. Core Durable Goods Orders (MoM) (Aug) today at 8:50 this time estimated 0.20%, previously which was 0.20%.
JAPAN Monetary Policy Meeting Minutes today at 19:50.