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Daily Market Analysis By FXOpen in Fundamental_67f83ac065b44

Daily Market Analysis By FXOpen

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GBP/USD Eyes Fresh Increase, USD/CAD Could Extend Losses
Daily Market Analysis By FXOpen in Fundamental_4UmLWfX

GBP/USD faced resistance near 1.2845 and started a downside correction. USD/CAD is struggling below 1.3210 and might decline further.

Important Takeaways for GBP/USD and USD/CAD

  • The British Pound started a downside correction below the 1.2845 zone.
  • There is a key bearish trend line forming with resistance near 1.2740 on the hourly chart of GBP/USD at FXOpen.
  • USD/CAD declined below the 1.3210 and 1.3185 support levels.
  • A connecting bearish trend line is forming with resistance near 1.3185 on the hourly chart at FXOpen.

GBP/USD Technical Analysis
Daily Market Analysis By FXOpen in Fundamental_SCeM0bb

On the hourly chart of GBP/USD at FXOpen, the pair was able to climb above the 1.2800 resistance zone. However, the bears were active near the 1.2845 zone.

As a result, the pair started a downside correction below the 1.2780 and 1.2740 support levels. The pair even spiked below 1.2700 before the bulls appeared near 1.2690. A low is formed near 1.2684 and the pair is now consolidating losses.

There was a move above the 23.6% Fib retracement level of the downward move from the 1.2841 swing high to the 1.2684 low. Immediate resistance on the GBP/USD chart is forming near the 50-hour simple moving average at 1.2732.

The next resistance is near a key bearish trend line at 1.2740. An upside break above the 1.2740 zone, the pair could rise toward 1.2780. It coincides with the 61.8% Fib retracement level of the downward move from the 1.2841 swing high to the 1.2684 low.

Any more gains might open the doors for a test of 1.2845. On the downside, initial support is near the 1.2720 area. The next major support is near the 1.2690 level. If there is a break below 1.2690, the pair could extend its decline. The next key support is near the 1.2640 level. Any more losses might call for a test of the 1.2580 support.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#886 - June 26, 2023, 08:55:54 AM

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USDCAD Analysis: Low of the Year
Daily Market Analysis By FXOpen in Fundamental_QzAo7bs

USD/CAD fell below 1.3130 this morning, a level not seen since September 2022. The strength of the Canadian dollar can be justified, among other things, by the fact that the inflation rate in Canada is lower than in the US.

In April, we wrote that a false bullish break (indicated by a circle) of a triangle (shown in green) could indicate that a genuine break would occur in a bearish direction and set a downtrend in the USD/CAD market. And so it happened.

Today's news on inflation in Canada (15:30 GMT+3) may significantly affect the dynamics of the current downtrend, which, if continued, has the prospect of reaching the bottom line (1) of the long-term channel.

Daily Market Analysis By FXOpen in Fundamental_TKMhPay

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#887 - June 27, 2023, 09:05:33 AM

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GBP/JPY Analysis: Highs Since December 2015
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The GBP/JPY chart shows that this currency pair is in an uptrend (nearly +17% YTD) which can be explained by differences in economies. While the UK is fighting a rate hike against inflation (which has shown double digits), Japan continues to pursue an ultra-soft monetary policy.

Technically, the bulls still have a chance to reach the upper boundary of the channel (shown in blue), where the psychological resistance level of 190 yen per pound passes, but the situation may change:

→ First, the Japanese authorities are concerned. ?We closely monitor the movement of the currency. We will respond appropriately if it becomes excessive,? Vice Finance Minister and Chief Currency Strategist Masato Kanda said today. Recall that the Bank of Japan has already taken interventions in the foreign exchange market to support the yen in September and October last year ? and this has yielded results.

→ Secondly, the bullish momentum for the pound may weaken. Bank of America analysts' forecast for the pound is one of the most pessimistic among the G10. In their opinion, the fight against inflation in the UK will be the strongest, and the risk of a hard landing has increased.

Daily Market Analysis By FXOpen in Fundamental_0w4X3ys

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#888 - June 28, 2023, 10:17:14 AM

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Daily Market Analysis By FXOpen in Fundamental_6803a6c52eb12
#889 - Today at 11:09:24 AM

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EUR/USD Resumes And USD/JPY Could Extend Rally
Daily Market Analysis By FXOpen in Fundamental_xXNcUy7

EUR/USD started a fresh increase above the 1.0890 resistance. USD/JPY is consolidating gains and might rally further above 144.20.

Important Takeaways for EUR/USD and USD/JPY Analysis Today

  • The Euro is rising and trading well above the 1.0925 resistance zone.
  • There is a key bullish trend line forming with support near 1.0940 on the hourly chart of EUR/USD at FXOpen.
  • USD/JPY is trading in a positive zone above the 143.40 and 143.70 levels.
  • There is a major bullish trend line forming with support near 143.70 on the hourly chart at FXOpen.

EUR/USD Technical Analysis
Daily Market Analysis By FXOpen in Fundamental_TE053qo

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0845 zone. The Euro climbed above the 1.0890 resistance zone against the US Dollar.

The pair even settled above the 1.0925 resistance and the 50-hour simple moving average. There was an upside break above the 50% Fib retracement level of the last key decline from the 1.1012 swing high to the 1.0844 low.

Finally, the bears appeared near the 76.4% Fib retracement level of the last key decline from the 1.1012 swing high to the 1.0844 low at 1.0970.

The pair is now consolidating gains below the 1.0970 resistance. The first major support is near a key bullish trend line at 1.0940.

The next key support is near the 50-hour simple moving average at 1.0925. If there is a downside break below 1.0925, the pair could drop toward the 1.0910 support. The main support on the EUR/USD chart is near 1.0890, below which the pair could start a major decline.

On the upside, the pair is now facing resistance near 1.0970. The next major resistance is near the 1.1010 level. An upside break above 1.1010 could set the pace for another increase. In the stated case, the pair might rise toward 1.1065.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#889 - June 28, 2023, 10:36:07 AM

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Gold Drops to 3-Month Low
Daily Market Analysis By FXOpen in Fundamental_irBk31v

Yesterday, a forum of heads of central banks was held, organized by the ECB, with speeches by Lagarde, Powell, Ueda, Bailey. In general (with the exception of Japan), according to bankers, they intend to maintain a tight monetary policy, not excluding new increases in interest rates, and plan that inflation will continue to decline.

Against the background of this information, the price of gold in dollars fell ? perhaps because forecasts for lower inflation, according to market participants, reduce the value of gold as a "rescue" asset.

Daily Market Analysis By FXOpen in Fundamental_gAPspMO

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#890 - June 29, 2023, 09:04:08 AM

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AUD/USD and NZD/USD At Risk of Additional Losses
Daily Market Analysis By FXOpen in Fundamental_PIaodp0

Important Takeaways for AUD/USD and NZD/USD Analysis Today

  • The Aussie Dollar started a fresh decline from well above the 0.6750 level against the US Dollar.
  • There is a key bearish trend line forming with resistance near 0.6630 on the hourly chart of AUD/USD at FXOpen.
  • NZD/USD declined heavily below the 0.6125 support zone and tested 0.6050.
  • There was a break above a major bearish trend line with resistance near 0.6070 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis
Daily Market Analysis By FXOpen in Fundamental_7M5sRTa

On the hourly chart of AUD/USD at FXOpen, the pair started a fresh decline from the 0.6720 zone. The Aussie Dollar traded below the 0.6670 support to enter a bearish zone against the US Dollar.

The pair even settled below the 50-hour simple moving average at 0.6630. A low is formed near 0.6595 and the pair is now consolidating losses. It is testing the 23.6% Fib retracement level of the downward move from the 0.6750 swing high to the 0.6595 low.

On the upside, the AUD/USD pair is facing resistance near a key bearish trend line at 0.6630. The next major resistance is near the 61.8% Fib retracement level of the downward move from the 0.6750 swing high to the 0.6595 low at 0.6670. A close above the 0.6670 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6750.

On the downside, initial support is near the 0.6595 level. The next support could be the 0.6550 level. If there is a downside break below the 0.6550 support, the pair could extend its decline toward the 0.6500 level.  Any more losses might send the pair toward the 0.6440 support.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#891 - June 30, 2023, 06:27:12 AM

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EURUSD Analysis: Double Bearish Pattern
Daily Market Analysis By FXOpen in Fundamental_IFNxsCw

The EUR/USD chart indicates an interesting situation from the point of view of technical analysis, namely, a ?nested? head-and-shoulders pattern.

The global bearish SHS pattern is formed by the peaks of February, April, June.
The local bearish SHS pattern is formed by three peaks formed in the second half of June. This should give confidence to the bears, who have statistics that indicate the effectiveness of the pattern.

Please note that inflation data will be published today:
→ 12:00 GMT+3: Core CPI Flash Estimate.
→ 12:00 GMT+3: US Core CPE is an indicator that the Fed pays special attention to.

Daily Market Analysis By FXOpen in Fundamental_Iysr6mY

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#892 - June 30, 2023, 04:32:55 PM

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Watch FXOpen's June 26 - 30 Weekly Market Wrap Video

Weekly Market Wrap With Gary Thomson: GBP/EUR, AAPL ALL-TIME HIGH, GOLD DROP

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights.

  • Market Analysis: Yield curve and stock market downside risks. Alarming signals?
  • GBP/EUR Analysis: GBP makes a sudden dip against EUR. Is a recession finally looming, or is it just a blip?
  • Market Analysis: AAPL share price hits all-time high. Will we see the company's capitalization reach USD 3 trillion?
  • Market Analysis: What made gold drop to 3-month low?

Stay in the know and empower yourself with our short, yet power-packed video. Watch it now and stay updated with FXOpen.

Don't miss out on this invaluable opportunity to sharpen your trading skills and make informed decisions.

Daily Market Analysis By FXOpen in Fundamental_FRi07yI

FXOpen YouTube


Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

#fxopen #fxopenyoutube #fxopenuk #weeklyvideo
#893 - July 01, 2023, 02:49:11 AM

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GBP/USD Resumes Increase While EUR/GBP Faces Hurdle
Daily Market Analysis By FXOpen in Fundamental_jh3O2iT

GBP/USD jumped above the 1.2650 and 1.2690 resistance levels. EUR/GBP declined and now trading below the 0.8595 resistance.

Important Takeaways for GBP/USD and EUR/GBP Analysis Today

  • The British Pound is trading in a bullish zone above 1.2650 against the US Dollar.
  • There was a break above a key bearish trend line with resistance near 1.2650 on the hourly chart of GBP/USD at FXOpen.
  • EUR/GBP started a fresh decline from the 0.8660 resistance zone.
  • There is a major bearish trend line forming with resistance near 0.8595 on the hourly chart at FXOpen.

GBP/USD Technical Analysis
Daily Market Analysis By FXOpen in Fundamental_B1Kv17M

On the hourly chart of GBP/USD at FXOpen, the pair started a fresh increase from the 1.2600 support zone. The British Pound climbed above the 1.2650 resistance zone against the US Dollar.

The bulls were able to pump the pair above 1.2690 and the 50-hour simple moving average. The pair settled above the 61.8% Fib retracement level of the downward move from the 1.2759 swing high to the 1.2591 low.

Finally, the pair climbed above 1.2700 but struggled to clear the 1.2720 resistance zone. The pair is now consolidating above 1.2690. The GBP/USD chart indicates that the pair is facing resistance near the 76.4% Fib retracement level of the downward move from the 1.2759 swing high to the 1.2591 low at 1.2720.

The next major resistance is near the 1.2745 level. If the RSI moves above 70 and the pair climbs above 1.2745, there could be another rally. In the stated case, the pair could rise toward the 1.2800 level or even 1.2840.

On the downside, there is a major support forming near the 50-hour simple moving average at 1.2650. If there is a downside break below the 1.2650 support, the pair could accelerate lower.

The next major support is near the 1.2600 zone, below which the pair could test 1.2550. Any more losses could lead the pair toward the 1.2500 support.

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Disclaimer: This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
#894 - July 03, 2023, 02:50:07 PM

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What Events Will Affect Your Trading This Week?
Daily Market Analysis By FXOpen in Fundamental_i32inaO

Despite a quiet start to the week for the US holidays, there is still plenty going on. The Reserve Bank of Australia unexpectedly kept interest rates at 4.1%, sending the Aussie dollar lower before flying back like a boomerang to where it was trading, at 0.6680 against the USD.


On Wednesday (21:00), we get to see the minutes of the FOMC's last meeting, where they held rates at 5.25%. However, the market is pricing in at least two more rate hikes by the end of the year, so traders will be looking for clues in the minutes as to if and when this might happen.

Daily Market Analysis By FXOpen in Fundamental_lqTrUPR

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#895 - July 04, 2023, 12:34:23 PM

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#896 - Today at 11:09:24 AM

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EUR/USD Drops Again While USD/CHF Gains Strength
Daily Market Analysis By FXOpen in Fundamental_HIvora5

EUR/USD started a fresh decline from the 1.0930 resistance. USD/CHF is rising and might aim a move toward the 0.9015 resistance.

Important Takeaways for EUR/USD and USD/CHF Analysis Today

  • The Euro struggled to clear the 1.0930 resistance against the US Dollar.
  • There is a major bearish trend line forming with resistance near 1.0890 on the hourly chart of EUR/USD at FXOpen.
  • USD/CHF is gaining pace above the 0.8965 resistance zone.
  • There is a key bearish trend line forming with resistance near 0.8980 on the hourly chart at FXOpen.

EUR/USD Technical Analysis
Daily Market Analysis By FXOpen in Fundamental_VIHu4xW

On the hourly chart of EUR/USD at FXOpen, the pair struggled many times near the 1.0930 resistance. The Euro started a fresh decline from the 1.0931 swing high against the US Dollar.

There was a move below the 50-hour simple moving average at 1.0890. The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.

It seems like the pair might continue to move down considering the RSI is below 35. On the downside, immediate support on the EUR/USD chartis seen near 1.0845. It is close to the 76.4% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.

The next major support is near the 1.0835 level. A downside break below the 1.0835 support could send the pair toward the 1.0780 level.

Immediate resistance on the upside is near the 50-hour simple moving average at 1.0890. It is close to a major bearish trend line. The first major resistance is near 1.0920. The next key resistance is near the 1.0930 level.

An upside break above the 1.0930 level might send the pair toward the 1.0970 resistance. Any more gains might open the doors for a move toward the 1.1010 level.

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#896 - July 05, 2023, 11:55:08 AM

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USDJPY Analysis: Calm Before the Storm?
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There is some lull (consolidation) in the USD/JPY market, which is evidenced by the width of the Bollinger bands, which dropped to the lows of the end of February on the 4-hour chart. Bank holidays in the US in connection with the celebration of Independence Day contributed to the decrease in volatility.

However, the calm could be replaced by a storm.

The USD/JPY chart shows that the bulls have tested the level of 144 and on the morning of July 5, the rate is gradually rising towards the level of 145 ? technically this can be interpreted as a demand force for dollars.

Reuters reports the words of Shusuke Yamada, chief forex strategist at Bank of China, who believes that the market expects further weakening of the yen in the medium term. And this is important, because last fall, the level of 145 yen per US dollar was the trigger for intervention by the Bank of Japan.

Daily Market Analysis By FXOpen in Fundamental_10eFPFg

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#897 - July 05, 2023, 12:02:21 PM

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FTSE 100 Drops Below June Low
Daily Market Analysis By FXOpen in Fundamental_gQkHmji

Earlier we wrote about the reasons for the weak behavior of the UK stock market.

Firstly, it is the highest inflation among the G7 countries.

Yesterday JP Morgan analysts suggested that the base rate in the UK could be raised to 7% under certain scenarios. And the likelihood of a hard landing for the British economy next year is rising due to the impact of rising borrowing costs on business confidence and rising unemployment.

Secondly, this is a decline in commodity prices, which is important for the FTSE 100 index, where the share of oil and mining companies is relatively large. Commodity prices reflect expectations of a global economic growth outlook that has been overshadowed by news from China. There, according to the latest data, activity in the services sector in June grew at the slowest pace in 5 months.
Daily Market Analysis By FXOpen in Fundamental_QsJHxAq

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#898 - July 06, 2023, 10:33:48 AM

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Gold Price Struggles While Crude Oil Price Aims Higher
Daily Market Analysis By FXOpen in Fundamental_Lrey4sW

Gold price is moving lower below the $1,918 support. Crude oil price is rising as the bulls aim for a move above the $72.20 resistance.

Important Takeaways for Gold and Oil Prices Analysis Today

  • Gold price failed to clear the $1,930 resistance and start a fresh decline against the US Dollar.
  • A major bearish trend line is forming with resistance near $1,925 on the hourly chart of gold at FXOpen.
  • Crude oil prices are also moving higher above the $71.50 resistance zone.
  • There is a key bullish trend line forming with support near $70.50 on the hourly chart of XTI/USD at FXOpen.

Gold Price Technical Analysis
Daily Market Analysis By FXOpen in Fundamental_HvoVJ9D

On the hourly chart of Gold at FXOpen, the price struggled to start a fresh increase above the $1,930 resistance. The price started a fresh decline below the $1,918 support.

There was a close below the 50-hour simple moving average and $1,912. It tested the $1,910 support zone. A low is formed at $1,902.60 and the price is now consolidating losses above the 23.6% Fib retracement level of the downward move from the $1,927 swing high to the $1,902 low.

The price is now facing resistance near the $1,912 level. The next major resistance is near the 50-hour simple moving average at $1,918. It is close to the 61.8% Fib retracement level of the downward move from the $1,927 swing high to the $1,902 low.

The main resistance is near a bearish trend line at $1,925 and then $1,930. An upside break above the $1,930 resistance could send Gold price toward $1,938. Any more gains may perhaps set the pace for an increase toward the $1,950 level.

Initial support on the downside is near the $1,902 level. The first major support is near the $1,892 level. If there is a downside break below the $1,892 support, the price might decline further. In the stated case, the price might drop toward the $1,880 support.

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#899 - July 07, 2023, 09:38:38 AM

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The Price Has Updated the High of the Year, What's Wrong With That?
Daily Market Analysis By FXOpen in Fundamental_TJ5WHcd

In an interview with Fox Business, the CEO of Black Rock fund (over $8 trillion under management), Larry Fink, made some positive comments about bitcoin. Briefly:

→ bitcoin can become a catalyst for the tokenization of various assets and securities, which, in turn, can lead to a revolution in the financial sector;
→ bitcoin has unique properties that distinguish it from traditional stores of value such as gold. For example, its international recognition.

Fink also expressed the hope that the positive experience of cooperation between Black Rock and the SEC will allow the regulator to approve the launch of an ETF based on bitcoin (the application has already been submitted, but Larry did not give forecasts on the timing of its consideration).
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#900 - July 07, 2023, 11:32:13 AM

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