Overall crypto market capitalization is currently at $954 billion, occupied 40.2 percent by Bitcoin and 17.2 percent by Ethereum.īitcoin gained 0.37 percent overnight to trade at $20,032.37. Meanwhile the Dollar Index (DXY), a key macro trigger for markets hovered between 110.09 and 111.09. Markets are now hoping the rates have peaked and a dovish pivot by the Fed is round the corner. This is projected to further increase to 4.6 percent by 2023, and thereafter reduce to 3.9 percent by 2024 and 2.9 percent by 2025. In the Summary of Economic Projections issued by the Fed at the time of the FOMC in September, the median year-end projection for the federal funds rate was raised to 4.4 percent, from 3.4 percent earlier. The increase in bad data has raised the expectations of a softer stance by not just the Fed but also by central banks worldwide as indicators of a recession emerge from more sectors and regions of the global economy. The latest reading pointed to the slowest growth in factory activity since the pandemic-induced contractions in 2020. unexpectedly declining to 50.9 in September, from the level of 52.8 in August and market forecasts of 52.2. Earlier, data released by the Institute for Supply Management had shown the ISM Manufacturing PMI in U.S. Markets were expecting a 10.775 million reading. Bureau of Labor Statistics on Tuesday had shown the number of job openings in the US falling to 10.1 million in August, from 11.2 million in July. Crypto markets remained firm near the flatline despite the stock market rally triggered by expectations of a pause in hawkish monetary policy, losing steam on Wednesday.ĭata released by the U.S.
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