FUNDAMENTAL NEWS AND TECHNICAL ANALYSIS REPORT – 27 FEBRUARY 2023
27 Feb 2023
SEC Chair Reasserts Every Crypto is a Security Away From Bitcoin, Lawyers Disagree
The Asian stock market closes down on Monday. The Shanghai Composite is in red by 0.11% at 3287.48. Overall, the Singapore MSCI is in red at 1.01% at 295.15. Over in Hong Kong, the Hang Seng Index is down 0.35% at 20351.35. In Japan, the Nikkei 225 is down 1.34 at 27104.32. While the Topix index is down 1.11% at 1975.25, South Korea’s Kospi is up 0.89% at 2439.09. Australia S&P/ASX 200 up 0.27% at 7304.90.
Top News of the Day
Gary Gensler’s recent interview with New York Mag (NYMAG) has ruffled feathers across the crypto assiduity again. The SEC president reiterated that he considers all crypto means and all transitions to be subject to U.S. securities laws, away from spot trading for Bitcoin.
Although crypto means have yet to be officially classified, Gensler said “everything other than Bitcoin ” is security. In his opinion, the people behind all cryptosystems and networks are furtively trying to bait investors into buying the commemoratives.
In the Commodity market, U.S. Gold futures are down at 0.09% $1,819.03. Elsewhere, Silver futures down 0.66% at $21.15 per ounce, Platinum down 0.90% at $936.00 per ounce, and Palladium down 0.27% at $1476.50.
After relief measures such as the fuel discount and the 9-euro transport ticket ended, consumers spent less on consumption in the fourth quarter than in the third quarter, the statistics office said. Household spending was down 1.0%.
Market Summary as per 26/02/2023:
Jake Paul, a former YouTube star who chose to pursue a future in boxing, was defeated by Tommy Fury on Sunday night by a split decision. Paul has since apologized to Aubrey Drake Graham, a Canadian rapper who lost$,000 in Bitcoin laying on Paul’s battle with Tommy Fury. before on Sunday, Drake bared his huge bet on Instagram. He posted screenshots of his bets in the Stake app, a platform for cryptocurrency pavilions and sports laying, along with the cryptic caption, I am laying on this. Source Twitter According to the post, the rapper had a total stake of$,000 and a possible payout of $.
Drake is well-known for placing sizable bets on well-known sporting events, and he constantly divulges his vaticinations before each one. also, he gambled$ 2 million in November on Israel Adesanya to master Alex Pereira at UFC 281. Pereira won by knockout in the fourth round, and Drake was out 2 million Canadian bones
Top Market News Today
In the Forex market, GBPUSD up 0.07% at 1.2017. The USDJPY up 0.16% at 134.90, The USDCHF up 0.24 at 0.9361. EURUSD down 0.12% at 1.0581. EUR/GBP down 0.07% at 0.8811. The USD/CNY up 0.46% at 6.9387 at the time of writing.
to do to bring it in line with the Federal Reserve’s 2% annual target.
Yellen also told reporters on the side-lines of a G20 finance ministers and central bank governors’ meeting near the Indian tech hub of Bengaluru that she still believes that a “soft landing” without a recession is possible due to a strong labour market and strong U.S. balance sheets.
“Inflation is coming down if you measure it on a 12-month basis, but still core inflation, which I think will fall further, remains higher than is consistent with 2%,” she said, referring to the Fed’s target rate.
Echoing comments, she made on Thursday that the U.S. and global outlooks were improving despite ongoing pressures from the war in Ukraine, Yellen said the U.S. economy is “fundamentally in good shape.”
“Employment, you know, continues to increase. Households are in good shape. You know, we don’t have balance sheet problems of the type that we had prior to the (2008-2009) global financial crisis,” Yellen said referring to high debt levels and crashing home prices of that era.
UK: – Britain marked the one-year anniversary of the invasion of Ukraine by issuing more sanctions against Russia, including export bans on every item it has used on the battlefield and import bans of iron and steel goods.
Top Market Segment to Watch Out for Today:
GOLD- Gold prices rose slightly on Friday but were set for a fourth consecutive week in red amid growing uncertainty over U.S. monetary policy, with markets seeking more cues from a reading on the Federal Reserve’s preferred inflation gauge later in the day.
The yellow metal saw some relief as U.S. fourth-quarter GDP data was revised slightly lower, indicating that the economy had cooled more than expected under the yoke of high-interest rates. The reading pushed up some hopes that the Fed will have less economic headroom to keep raising rates
Adobe Systems (NASDAQADBE) shares dropped further than 7 following a Bloomberg report that the U.S. Justice Department is planning to file an antitrust action in March to help the company’s proposed$ 20 billion accessions of Figma. The European Union is also checking the deal, with several nations requesting the block controller to probe, while the U.K.’s Competition and Markets Authority( CMA) is reviewing it. Despite the nonsupervisory challenges, an Adobe prophet stated that the company remains married to closing the deal in 2023 and is laboriously engaging with controllers in the U.S. U.K, EU, and other authorities. The report also suggests the possibility of an extension until March 2024.
Today we are sanctioning the elites who run Putin’s key industries and committing to prohibit the export to Russia of every item Russia has been found using on the battlefield,” Foreign Secretary James Cleverly said in a statement.
Other executives to be targeted include those at the state-owned nuclear power company Rosatom and others who work at defense groups and Russian banks.
It will also ban the import of 140 goods including iron and steel products processed in third countries.
“Trade sanctions are working. UK goods imports from Russia have fallen by 99%, since before the invasion, and goods exports to Russia have fallen by nearly 80%,” Business and Trade Secretary, Kemi Badenoch, said.
The meeting of G7 leaders and Zelenskiy is expected to discuss further sanctions on Russia.
Top Economic Releases Today:
- USD: Core PCE Price Index (MoM) (Jan) Forecast 0.4%, Previous 0.3% at 19:00
- USD: New Home Sales (Jan) Forecast 620K, Previous 616k at 20:30
- EUR: German GDP (QoQ) (Q4) Actual –0.4%, Forecast –0.2%, Previous –0.2% at 12:30
- JPY: National Core CPI (YoY) (Jan) Actual 4.2%, Forecast 4.2%, Previous 4.0% at 05:00
- EUR: German GDP (YoY) (Q4) Actual 0.3%, Forecast 0.5%, Previous 0.5% at 12:30
GBPUSD TECHNICAL ANALYSIS
TRADE SUGGESTION – SELL AT 1.21099, TAKE PROFIT AT 1.20723, SL AT 1.21287
EURUSD TECHNICAL ANALYSIS
TRADE SUGGESTION – SELL AT 1.06511, TAKE PROFIT AT 1.06379, SL AT 1.06567
AUDUSD TECHNICAL ANALYSIS
TRADE SUGGESTION– SELL AT 0.68289, TAKE PROFIT AT 0.68120, SL AT 0.68406
USDJPY TECHNICAL ANALYSIS
TRADE SUGGESTION- BUY AT 134.661, TAKE PROFIT AT 134.960, SL AT 134.549
HANG SENG INDEX TECHNICAL ANALYSIS
TRADE SUGGESTION – BUY AT 20544.13, TAKE PROFIT AT 20341.60, SL 20627.94
BRENT CRUDE OIL TECHNICAL ANALYSIS
TRADE SUGGESTION– SELL AT 82.239, TAKE PROFIT AT 81.841, SL 82.533
GOLD TECHNICAL ANALYSIS
TRADE SUGGESTION– SELL AT 1838.45, TAKE PROFIT AT 1832.23, SL 1841.16
LITECOIN TECHNICAL ANALYSIS
TRADE SUGGESTION- BUY AT 94.41, TAKE PROFIT AT 95.08, SL AT 94.04