Australian Dollar weakening:
The AUD/USD pair is under pressure today, declining steadily from its recent high and dropping below the mid-0.7000s level during early European trading sessions. This decline is likely attributable to a number of factors, including weak economic data released recently by both Canada and Australia.
The Australian Dollar is facing external pressure due to disappointing domestic macro data and a modest US dollar strength. Combined, these factors are causing some investors to flee the currency in search of safety. Meanwhile, the cautious mood is also leading some people towards gold and weakening the risk-sensitive Aussie.
DXY extends the breakout of 1.02 ahead of Data
The DXY Index (a measure of the performance of stocks) extended its breakout ahead of data today, indicating that there is strong momentum in the move.
The index advanced for the fourth consecutive session on turnaround Tuesday, reaching 102.00 yards above the starting point and gradually approaching the initial resistance at 103.80.
The market is still cautious and moody, as investors remain wary of future risks ahead of the important Federal Open Market Committee (FOMC) meeting on Wednesday.At this time, analysts are predicting that the Fed will raise rates by a quarter percentage point.
Later in the North American Economic Outlook conference, consumer confidence for January will be discussed seconded by the Federal Housing Finance Agency’s house price index and Chicago Purchasing Managers Index.
Rupee may remain under depreciation pressure:
The country’s current account deficit (CAD) widened to 4.4 per cent of the GDP in the quarter ended September from 2.2 per cent in April-June due to higher trade gap, as per latest data of the Reserve Bank of India.In the opening trade on Tuesday, the rupee depreciated 12 paise to 81.64 against the US dollar, weighed down by significant foreign fund outflows and a muted trend in domestic equities.
Bitcoin and Ethereum Price Hints At A Correction – Is Now The Time To Buy?
Bitcoin’s price declined again today, falling below $23,250. The digital currency remains vulnerable to further declines before the bulls arrive and push it back up near $22,200 or $22,000.
Bitcoin’s price reached a resistance level of $23,500 before increasing toward $24,000. However, the currency was unable to break through the lower resistance zone of $24,000.
The price of Bitcoin dropped sharply below $23,500 and $23,200 support levels on the news that a new swing high had been set. Additionally, on the hourly chart, there was a breach beneath a significant bullish trend line with support near $23,000. This indicates that the market is pessimistic about the short-term future prospects for Bitcoin