The US major indices closed mixed as investors flowed out of of large-cap technology stocks and into the relative safety of the industrials. The Dow industrial average rose, while the NASDAQ index got creamed with its largest decline since January 23 when the index fell -2.23%. Today the index fell -2.05%.A look at the final number shows:Dow Industrial Average average rose 211.02 points or 0.56% at 37986.41S&P index fell -43.87 points or -0.88% at 4967.24. The decline was the 6th consecutive down day for the index.NASDAQ index tumbled -319.49 points or -2.05% at 15282.01.The decline was the 6th consecutive down day for the index.The small-cap Russell 2000 rose 4.69 points or 0.24% at 1947.65For the trading week, the Dow Industrial Average closed near unchanged, but the NASDAQ at its worst trading week since October 2022.Dow Industrial Average rose 0.01% which was good enough to snap a two-week declineS&P index fell -3.05% and closed lower for the third consecutive week. NASDAQ index-5.52%, and has now fallen for four consecutive weeks.Shares of Nvidia had their worst day since March 2020. Tesla had closed at its lowest level since January 2023. This article was written by Greg Michalowski at www.forexlive.com.

The Fed is out with the details of semiannual Financial Stability Report. In it they say:Persistent inflation, tighter monetary policy remain most cited potential risk to the financial system'Policy uncertainty,’ including escalating geopolitical tensions and upcoming US elections, cited by 60% of respondents as potential financial stability riskCommercial real estate and banking sector stress less frequently cited as stability risk than in Fed's fall 2023 surveyNearly two-thirds of respondents mentioned policy uncertainty as a risk, significantly higher than in the October reportCyberattacks, US-China tensions, Middle East conflicts also listed as risks, while nonbanks and Ukraine-Russia war have dropped off risk listLeverage at hedge funds reached highest level since data collection beganConcerns over uninsured deposits and other factors continued to generate funding pressures for a subset of banks1,804 of more than 9,000 eligible institutions tapped the Bank Term Funding Program; 95% of those had assets of less than $10 blnThe Federal Reserve's Financial Stability Report is a semi-annual publication that assesses and details the stability of the financial system in the United States. The key elements of this report include:Risk Analysis: It identifies and analyzes potential risks to financial stability, which could include issues like asset price volatility, borrowing by businesses and households, leverage within the financial sector, and funding risks.Current Assessment: The report provides an assessment of the current financial system conditions, noting any vulnerabilities that might pose risks to stability.Potential Shocks: It evaluates the system’s susceptibility to shocks from domestic and international sources, such as economic downturns, geopolitical tensions, and major policy changes.Regulatory and Policy Developments: The report also discusses the impact of regulatory and legislative changes on financial stability, including new rules or modifications to existing regulations.Economic Outlook: Although primarily focused on stability, the report often includes insights into the broader economic environment, including aspects like inflation rates, employment, and economic growth, which all influence financial stability.Stress Testing and Scenarios: The report might include results from stress tests conducted on banks to assess their resilience in adverse economic scenarios.The goal of the Federal Reserve’s Financial Stability Report is to promote market transparency by providing a thorough analysis of the financial system's robustness, and to signal to lawmakers, regulators, and the public about potential risks that could undermine financial stability. This helps in forming policies and taking measures to mitigate identified risks.CLICK HERE for the full report. This article was written by Greg Michalowski at www.forexlive.com.

The Bank of Canada's Macklem is on the wires saying:At first glance, federal budget does not really change fiscal track since the Nov 2023 fall economic statementBudget contains spending measures and new taxes; federal government's commitment to stick to fiscal guard rails is helpfulReiterates bank will be looking for evidence that the recent downward momentum in inflation is sustainedCanadian inflation is continuing to become less broad-based; things are moving in the right directionOverall we see downside risks to the inflation outlook are lower than they wereThere are some signs of stress in household finance, mostly in non-mortgage holders; delinquencies have moved up but they are not at alarming levelsGeopolitical tensions are a source of deep concern in the international communityIf there is a spike in oil prices that is something we'll have to take into account This article was written by Greg Michalowski at www.forexlive.com.

...and the beat (or beating) of the NASDAQ index goes on. The index is now down -2.21%. That's the worst day since January 31, when the index fell -2.23%.The price is moving further away from its 100-day moving average of 15488.78.The next support. Cons between 15012.77 and 15158.49. That area encompasses the 38.2% retracement of the longer-term move up from the October 26 low and other swing highs and lows going back to December and January (see red number circles on the chart above and the yellow area). This article was written by Greg Michalowski at www.forexlive.com.

The price of crude oil settled at $82.22. That's up $0.12 or 0.14%.The high price extended all the way up to $85.64 soon after the Israeli strike on Iran. Low price was at $81.13.The high price for the week reached $86.18. The low price was at $81.06. Last week's closing level was at $85.66. So at current levels the price is down -3.99% on the week. The high price for April (and for 2024) reached $87.67 on April 12. That was the highest level going back to October 23, 2023.Looking at the daily chart, the corrective moved to the downside this week was able to get back below the 50% midpoint of the range since the 2023 high price. That midpoint level comes in a $81.37 (see chart below). As mentioned the low price for the week was at $81.06 yesterday (and $81.13 today) below the midpoint, but momentum could not be sustained. It would take a move below the 50% and staying below, to increase the bearish bias in the commodity and give sellers more confidence. In a week that started with Iran bombing Isreal, and ending with Isreal bombing Iran, the price moving lower "is a result". HOwever, that 50% midpoint will still remain as a key barometer for both buyers and sellers in the new trading week. Stay above it and the buyers are in play. Move below it and the selling is likely to increase in intensity. This article was written by Greg Michalowski at www.forexlive.com.

ECBs Muller is weighing in on rate cuts in 2024 by saying:I can see a few more rate cuts by year-end after June if economy in line with ECBs expectations.Of course so easy the officials including ECB Pres. Lagarde has expressed this week that there is no pre-set arrangement as far as rates go - but they can strongly hint of their true thinking perhaps. This article was written by Greg Michalowski at www.forexlive.com.

In perhaps the understatement of the year, the White House is saying they do not want to see the conflict in the middle east escalate and that it has no comment on reports on Israel and Iran development.Although it is obvious the comment, the US does not want to be associated with escalating tensions with Iran.Israel lobbing some missiles toward Iran is one thing. If the US is lobbing rockets at the same time, that would not be good from a "hope for peace and de-escalation standpoint" This article was written by Greg Michalowski at www.forexlive.com.

The IMFs Japan MIssion Chief says:Weak yen's impact on Japan's economic growth is net positiveBank of Japan will likely have room to raise interest rates further, though future tightening must be gradual and data-dependentWhen asked if recent yen moves justify foreign exchange intervention by Japanese authorities, IMF's Japan mission chief says she firmly believes G7 nations, including Japan, are committed to flexible FX regimes This article was written by Greg Michalowski at www.forexlive.com.

BOEs Mann is speaking and says:Central-bank small have to use autonomy effectivelyClear concern is the fragmentation of global economies and its impact on inflationGlobal integration was important in taming inflation.Oh geez... Remember when inflation was not a concern? This article was written by Greg Michalowski at www.forexlive.com.

The weekly Baker Hughes rig count data shows:Oil rigs vs 511 vs 506 last weekNatural Gas rigs 106 vs 109 last weekTotal rigs 619 vs 617 last weekCrude oil is trading up $0.31 at $82.41. This article was written by Greg Michalowski at www.forexlive.com.

While US stocks, the major European indices are more mixed today and this week. For the day:German DAX, -0.56%France CAC, point changedUK's FTSE 100 +0.24%Spain's Ibex -0.33%Italy's FTSE MIB +0.12%For the trading week:German DAX, -1.08%France CAC,+0.14%UK FTSE 100, -1.25%Spain's Ibex, +0.41%Italy's FTSE MIB, +0.47%By comparison, the broader US stock indices are sharply lower:S&P index -2.77% - it's worst weeks since September 2023.NASDAQ index -5.01% - it's worst week since a -5.65% decline in the week of October 31, 2022 This article was written by Greg Michalowski at www.forexlive.com.

The votes are building for the ousting of House Speaker Mike Johnson.Rep. Paul Gosar (R-Ariz.) announced his co-sponsorship of Rep. Marjorie Taylor Greene’s (R-Ga.) resolution to remove Speaker Mike Johnson (R-La.) from his position.Gosar, a member of the conservative House Freedom Caucus, expressed his support shortly after the House passed a foreign aid package without border security measures, which was supported by Democrats.In his statement, Gosar criticized the lack of attention to border security and accused the current Speaker of prioritizing the interests of what he described as warmongers and the military industrial complex over national interests.Gosar is the third Republican to support the resolution, following Rep. Thomas Massie (R-Ky.) who endorsed it earlier.So what does it take to oust the Speaker of the House?To vote out the Speaker of the House in the United States, the process generally involves a motion or resolution being presented to the House of Representatives calling for a vote of no confidence or a vote to vacate the chair. Here’s how it typically works:Introduction of the Motion: A member of the House would need to introduce a motion or resolution to declare the office of the Speaker vacant. This is sometimes referred to as a "motion to vacate the chair."Scheduling the Vote: The motion would then need to be scheduled for a vote. The scheduling can be immediate or could take some time, depending on the rules of the House and the decisions by the House leadership.Majority Vote Required: For the motion to pass, a majority of the voting members must vote in favor of it. This means that more than half of the members present and voting must agree to remove the Speaker.Political Considerations: Such a motion is highly political and can be contentious. It generally reflects significant dissatisfaction with the Speaker's leadership either from within their own party or from the opposition. It is relatively rare due to the potential for significant political fallout and the disruption it can cause within the House.Outcome: If the motion passes, the office of the Speaker becomes vacant, and the House would then proceed to elect a new Speaker. If the motion fails, the Speaker remains in office. This article was written by Greg Michalowski at www.forexlive.com.

IMF meetings have been taking place this week and IMF Georgieva is speaking. She says:Central bankers need to finish the job with inflationAgees on the two rebel fiscal policy buffers, revive medium-term growth prospectswe need to address the challenges of rising debt, which is particularly severe in some countriesIMF reforms to debt restructuring process should make it smoother and speedier.Nothing new here. This article was written by Greg Michalowski at www.forexlive.com.

ECBs Wunsch is speaking and says:I don't have a base case, but it's very unlikely we will only cut by 25 basis points in 2024.I would not exclude a rate cut in July, but hard to forecast now.US a euro zone economies have decoupled.Gap between ECB, Fed rates may widen This article was written by Greg Michalowski at www.forexlive.com.

More from BOE Ramsden:We will do what makes sense in terms of our mandate when asked about Outlook for Fed rates.We will take into account Forex implications for inflationMarkets are entitled to take their position, UK curve has moved up in recent weeks and months, perhaps because market more worried about UK inflation persistence.Some of the fundamentals in terms of US growth dynamics are quite different from UK's This article was written by Greg Michalowski at www.forexlive.com.

There are some measures in the economy that historically don't pretend well including rise in delinquenciesLevel of delinquencies however doesn't look that different to pre-CovidI believe banks have adequate capitalWe don't want to be late on policy, we are forward-looking.There is nothing about elections or the stock market in the Fed's mandate This article was written by Greg Michalowski at www.forexlive.com.

Chicago Fed Pres. Goolsbee answers questions:We have done great unemployment mandate, but we have not succeeded on the inflation mandate.If you hold at this level of restrictiveness for too long, you will have to start thinking about the impact on jobs.The policy trade-offs are harder this year.The real Federal Funds rate is historically quite highWe will get inflation to 2% over a reasonable period of time.if you start to see rising inflation globally, that suggests it's driven by supply shocks or other things.The puzzle on housing inflation is why official data is so different from market rents data.Asked about a possible rate hike if needed, Goolsbee says "don't think anything is not on the table"It is not productive to speculate on conditions for raising or cutting rates. This article was written by Greg Michalowski at www.forexlive.com.

Chicago Fed Pres. Goolsbee is speaking and says:Progress on US inflation has stalled.Makes sense to wait to get more clarity before moving on ratesFeds current restrictive monetary policy is appropriateProper Fed policy going forward, will depend on the data.Still helpful for return to improvement on inflation in months aheadPersistently high housing inflation is made short one problem.These more space for progress on services inflation from labor supply increases.Need to determine if a strong GDP, jobs numbers are a sign of overheating that is driving up inflation.Not all data suggests labor market overheating.Goolsbee is considered more of a dove, but has shifted from that view more recently.He gets in line with other Fed officials in saying that the Fed is likely to cut in 2024. This article was written by Greg Michalowski at www.forexlive.com.

IMF Kammer is now speaking on Europe and says:"Tit for tat" on trade and subsidies will be very distracting for European economy, structural reforms neededwe are expecting gradual reduction in policy rates.ECB needs to be ready to be tighter, or looser, on monetary policy based on uncertainties.If tightening path for US diverges from baseline, there is upside risk for European inflationMore comments:US inflation driven by demand, EU inflation driven by energy price shocks.EUs disinflation driven by fall in energy prices, supply chain disruptions easing and affects of monetary policy This article was written by Greg Michalowski at www.forexlive.com.

BOE Deputy Gov. Ramsden is speaking and says:There are likely to be bumps in the disinflation process from one month to the next.Over the last few months, I have become more confident in the evidence that risks to persistence and domestic inflation pressures are receding.Balance of domestic risks to the outlook for UK inflation is now tilted to the downside.Balance of domestic risk to the outlook for UK inflation relative to the February MPR forecasts, is now tilted to the downside.This leaves the UK as less of a outliner and more of a laggard in terms of recent inflation performance.Scenario where inflation stays close to the 2% target over the whole forecast. At least as likelyWe can be confident headline CPI inflation will fall sharply in April, to close to the 2% targetUK labor market has clearly continued to loosenComments are more dovish. The next CPI in the UK will have a 1.6% Month on Month rise drop out of the YoY calculation. As a result, if the month on month number for the month comes in at 0.4% as an example, a sharp decline of over 1% in the YoY could be expected. Hence the confidence that inflation for YoY will come down sharply.The GBPUSD remains just below its 50% midpoint of the move up from the October 2023 high. That level comes in at 1.24646. The current price trades at 1.2447 after testing and holding the midpoint level in the US session. Staying below is more bearish. This article was written by Greg Michalowski at www.forexlive.com.

The IMF European regional report is out and says:Soft landing for European economies is in reach but not assured - High-debt European economies should consolidate fiscal policy faster than currently envisagedMonetary policy in advanced Europe needs to match unfolding conditions, easing neither too fast nor too slowCentral banks in the rest of Europe will need to maintain tight policy for longer to fully reel in inflation Trying to fix competitiveness problems through a subsidy race with trading partners will do more harm than goodThe EURUSD is pushing to new highs for the day in the early US session, and is testing the high of its sewing area between 1.0655 to 1.0675. Move above and stay above is more bullish for the pair. This article was written by Greg Michalowski at www.forexlive.com.

The start of the quiet period for the Fed begins at the end of the day. Chicago Fed Pres. Goolsbee is not letting that restriction come-and-go without weighing in one more time. Goolsbee has hardened his dovish views of late in step with the other Fed officials, but is mostly more dovish overall.Dow Industrial Average is up 134 points or 0.35%. S&P index is unchanged at 5009.12. NASDAQ in is down -60 points or -0.39%. This article was written by Greg Michalowski at www.forexlive.com.

The major indices are opening mixed. The NASDAQ is lower. The Dow is higher. The S&P is in between but marginally lower. The NASDAQ index is being impacted by Netflix which is down over 6.5% after reporting earnings and revenues better-than-expected but with soft guidance. Shares of Nvidia and Super Micro Computers are also lower. Super Micro Computers set its earning date, but did not preannounce positive earnings projections. In the past they have preempted their earnings with positive comments. SMCI shares are currently down -4.4%. Nvidia shares are trading down -0.75%.A snapshot of the market currently shows:Dow industrial average is trading up 100 points or 0.26% at 37878S&P index up 0.32 points or 0.01% at 5011.38NASDAQ index down -51 points or -0.33% 15551The small-cap Russell 2000 down -3.58 points or -0.18% at 1939.34For the trading week, the major indices are lower. The S&P is on pace for its third straight weekly decline. The NASDAQ is on its fourth week lower and largest decline since March 2023.:Dow Industrial Average-0.34%S&P index -2.26%NASDAQ index -3.89%In the US debt market, yields are lower:2-year yield 4.977%, -1.3 basis points5-year yield 4.655%, -3.0 basis points10 year yield 4.604%, -4.3 basis points30-year yield 4.699%, -4.6 basis pointslooking at other markets:Crude oil is trading down $-0.62 at $81.48.Gold is trading near unchanged at $2378.25Bitcoin is trading higher at $64,780 This article was written by Greg Michalowski at www.forexlive.com.

ECB Pres. Lagarde is speaking and says:If inflation criteria met, it would be appropriate to reduce the current level of monetary policy restrictionAt the same time, the governing Council is not pre-committing to a particular Redpath (ok...)Surveys point to a gradual recovery over the course of the year.The disinflation process is expected to continue.Risks to the inflation outlet are two-sided.She hasn't said (yet) that ECB policy is independent of what the Federal Reserve does. Will be on the lookout for that comment.(/s) This article was written by Greg Michalowski at www.forexlive.com.

The major US stock indices have erased their declines of the Israeli territory strike against Iran. The S&P and Dow Industrial Average traded mostly in positive territory. They are trading above and below unchanged at the moment. Price action remains volatile. The opening is still 40 minutes away. This article was written by Greg Michalowski at www.forexlive.com.

MondayOver the weekend, Iran launched its retaliatory attack against Israel with drones and ballistic missiles. There were no casualties and 99% of the attack was neutralised. Iran eventually said that the matter could be deemed concluded. There was some initial risk on sentiment, but things turned around pretty soon as Israel pledged to retaliate. Eventually, Israel did retaliate on Friday night although the attack seemed limited based on various reports and Iran downplayed the airstrikes. This should have put an end to this episode, and we should go back focusing on macro. ECB’s Villeroy (neutral – voter) confirmed the incoming rate cuts:Barring a surprise, we should decide on the first cut at our next meeting on June 6.I’m more confident about the downward trajectory of inflation.Our cut early June will have to be followed by other cuts by year-end.The New Zealand March Services PMI plummeted back into contraction:Services PMI 47.5 vs. 53.0 prior.Long-term average is 53.4.BNZ’s Senior Economist Doug Steel:“Combining today’s weak PSI activity with last week’s similarly weak PMI activity, yields a composite reading that would be consistent with GDP falling below by more than 2% compared to year earlier levels. That is much weaker than what folk are forecasting”.The PBoC left the MLF rate unchanged at 2.50% as expected.ECB’s Simkus (hawk – voter) said that a rate cut was also possible in July.The Eurozone February Industrial Production came in line with expectations:Industrial Production M/M 0.8% vs. 0.8% expected and -3.0% prior (revised from -3.2%).Industrial Production Y/Y -6.4% vs. -5.7% expected and -6.6% prior (revised from -6.7%).ECB’s Rehn (hawk – voter) confirmed that rates could be lowered in June if inflation slows as expected:Inflation is converging towards ECBs 2% target.Monetary restraint is continuing to reduce inflation and impact the real economy.Although ECB rates are at levels that are making substantial contributions to ongoing disinflation process, we no longer see need to maintain them at current levels for a long duration.Provided we are confident inflation will continue converging to our 2% target in a sustained way, the time will be right in June to start easing the monetary policy stance and to cut rates.This assumes there will be no further setbacks in the geopolitical situation and thus in energy prices.ECB’s Kazimir (hawk – voter) confirmed a rate cut in June but stayed clear from pre-committing to anything beyond then:ECB can cut rates in June given persistent fall in inflation; restriction can be gradually reduced.ECB not committing to any policy path beyond June.Economic recovery taking hold, will accelerate in H2.ECB’s Lane (dove – voter) stressed about the need to get wage growth in check:Deceleration in wage growth is necessary to get inflation to target.Wage pressures are gradually moderating but remain elevated.While services inflation should decline somewhat in the near term, it is expected to remain relatively elevated for most of the year.Headline inflation is expected to fluctuate around current levels in the near term.It should be recognized that the current phase of disinflation is necessarily bumpy.The US March Retail Sales beat expectations across the board by a big margin with positive revisions to the prior figures:Retail Sales M/M 0.7% vs. 0.3% expected and 0.9% prior (revised from 0.6%).Retail Sales Y/Y 4.0% vs. 2.1% prior (revised from 1.5%).Ex-autos M/M 1.1% vs. 0.5% expected and 0.6% prior (revised from 0.3%).Control group 1.1% vs. 0.4% expected and 0.3% prior (revised from 0.0%).Retail sales ex gas and autos 1.0% vs. 0.3% expected and 0.5% prior (revised from 0.3%).Fed’s Williams (neutral – voter) didn’t change his view about inflation as he still sees a path to the 2% target:Overall economy will continue to grow this year around 2%.Consumer spending has been strong.There are tailwinds from the supply side of the economy.I don't see the recent inflation data as turning point.Markets are taking slower inflation progress into account.I'm data dependent as always.The US March NAHB Housing Market Index came in line with expectations:NAHB Housing Market Index 51 vs. 51 expected and 51 prior.TuesdayFed’s Daly (neutral – voter) didn’t add anything new on the monetary policy front as she just echoed others in supporting a patient stance:Recent inflation data was not surprising.Inflation bumps along the way isn't particularly surprising.Don't want to end up with too-strong, or too-weak policy response.Worst thing to do is act urgently when urgency isn't necessary.Inflation above target, need to be confident it's on the way to target before can react.No urgency to cut rates.Can't just look at published information, that's backwards looking.Economy growing at a solid rate, labour market is still strong, inflation above target.Our progress on inflation has been significant, but we are still not there yet.We don't know if R-star (more commonly written by the economists as r*) has risen.It’s reasonable to think r* is between 0.5 and 1.Labor force supply increase would be an upside surprise, but I can't count on it to make policy.The Chinese Q1 GDP beat expectations:GDP Y/Y 5.3% vs. 5.0% expected and 5.2% prior.GDP Q/Q 1.6% vs. 1.2% prior (revised from 1.0%).The Chinese March Retail Sales missed expectations:Retail Sales Y/Y 3.1% vs. 4.5% expected and 5.5% prior.The Chinese March Industrial Production missed expectations:Industrial Production 4.5% vs. 5.4% expected and 7.0% prior.The UK Labour Market report missed expectations although the wage growth figures remained strong:Unemployment rate 4.2% vs 4.0% expected and 4.0% prior (revised from 3.9%).Employment change -156K vs. 58K expected and -21K prior.Average weekly earnings 5.6% vs. 5.5% expected and 5.6% prior.Average weekly earnings (ex-bonus) 6.0% vs. 5.8% expected and 6.1% prior.March payrolls change -67K vs. -18K prior (revised from 20K).The Canadian March CPI came mostly in line with expectations across the board with further easing in the underlying inflation measures:CPI Y/Y 2.9% vs. 2.8% prior. CPI M/M 0.6% vs. 0.7% expected and 0.3% prior.Core CPI Y/Y 2.0% vs. 2.1% prior.Core CPI M/M 0.5% vs. 0.1% prior.Core CPI M/M SA -0.1% vs. 0.0% prior (revised from -0.1%).Trimmed Mean CPI Y/Y 3.1% vs. 3.2% expected and 3.2% prior.Median CPI Y/Y 2.8% vs. 3.0% expected and 3.0% prior (revised from 3.1%).Common CPI Y/Y 2.9% vs. 3.1% prior.The US March Housing Starts and Building Permits missed expectations:Housing Starts.1.321M vs. 1.487M expected and 1.549M prior (revised from 1.521M).Housing starts M/M -14.7% vs. 12.7% prior (revised from 10.7%).Building Permits 1.458M vs. 1.514M expected and 1.523M prior (revised from 1.524M).Building Permits M/M -4.3% vs. 2.3% prior (revised from 2.4%).Fed’s Jefferson (neutral – voter) didn’t add anything new but between the lines the Fed is saying that the bar for a rate hike is very high, so if inflation were to be more persistent, the Fed will just hold rates steady for longer:If incoming data suggest inflation is more persistent than I currently expect, it will be appropriate to hold in place current restrictive stance of policy for longer.Outlook is still quite uncertain.Recent readings on both job gains in inflation have come in higher than expected.In March, headline PCE was 2.7% over past 12 months based on Fed staff estimates core PCE at 2.8%.Despite considerable progress in lowering inflation, job not yet done.My baseline outlook remains inflation will decline further with policy rate at current level.My baseline outlook is also for labour market remaining strong, demand and supply continuing to rebalance.Compared to Q4 2023 I expect Q1 economic growth to slow down but remain solid as indicated by February and March retail sales data.I am fully committed to getting inflation back to 2%.The US March Industrial Production came in line with expectations:Industrial Production M/M 0.4% vs. 0.4% expected and 0.4% prior (revised from 0.1%).Industrial Production Y/Y 0.0% vs. -0.3% prior (revised from -0.2%). Capacity utilization 78.4% vs. 78.5% expected and 78.2% prior (revised from 78.3%).ECB President Lagarde (neutral – voter) reaffirmed the commitment to cut rates in June barring any surprise:We will cut rates soon, barring any major surprises.Geopolitical events impact on commodity prices not very significant so far.We are observing a disinflationary process that is moving according to our expectations.Subject to no development of additional shock, it will be time to moderate restrictive monetary policy in reasonably short order.We are not pre-committing to a path of rate cuts.There is still huge uncertainty out there.ECB must be cautious and must look at the data to confirm our perspective.Declines to comment on market pricing for three rate cuts in 2024.We believe that rates are restrictive enough and they are producing an effect on inflation.April and May will be a key confidence on inflation.The path to 2% inflation will be bumpy. The rate decline is not linear.We expect inflation to fluctuate around the line that is currently going lower.What is most different between the US and EU is the behaviour of the consumer.EU consumers are very cautious and continue to save.The American consumer consumes, and the level of savings is less than EU.Fiscal policy was significantly higher in the US and targeted toward the consumers.We are data dependent; we are not Fed dependent.We have to be attentive to exchange rates and the value of the currency.Lagarde refuses to comment on whether the EURUSD goes to parity is a good thing or a bad thing.We will single-mindedly be focused of price stability and 2% target.Growth in Europe mediocre, much slower than in the US.We are clearly seen to mid signs of recovery.Euro area inflation is a different animal than in the US.We monitor the exchange rate.It is obvious that exchange rates may have an impact on inflation.Fed Chair Powell (neutral – voter) confirmed that the recent inflation data did not give the Fed greater confidence and therefore they will keep rates steady for longer. There’s a strong message that the Fed will just keep rates steady for longer if needed and the bar for a rate hike is very high:Recent data shows a lack of progress on inflation this year.Twelve-month core PCE was little changed in March, according to estimates.Labor market moving into better balance.The performance of the US has been quite strong.Recent data have not given greater confidence in inflation.We took a cautious approach to not overreact to declines last year.Restrictive policy needs further time to work.The current situation is not the standard case of inflation driven by overheated demand.WednesdayThe New Zealand Q1 CPI came in line with expectations:CPI Q/Q 0.6% vs. 0.6% expected and 0.5% prior.CPI Y/Y 4.0% vs. 4.7% prior.The UK March CPI beat expectations:CPI Y/Y 3.2% vs. 3.1% expected and 3.4% prior.CPI M/M 0.6% vs. 0.4% expected and 0.6% prior.Core CPI 4.2% vs. 4.1% expected and 4.5% prior.Core CPI M/M 0.6% vs. 0.6% prior.Services CPI Y/Y 6.0% vs. 5.8% expected and 6.1% prior.BoE’s Greene (hawk – voter) is still a bit worried about high wage growth and doesn’t see any imminent rate cut:We're closer to target than just a few months ago.News has been encouraging.Achieving inflation target has been a bumpy ride, it was always going to be, and that last mile is the hardest work.What's going on in the Middle East does pose a risk.Latest data shows pretty high wage growth, though moving in the right direction. Latest inflation data surprised on the upside a little.Wage growth in services price inflation is not consistent with this sustainable return to 2% inflation.UK labour market loosening, but still remains pretty tight. We expect inflation to return to target in coming months, but don't expect it to stay there.I don't think a rate cut is imminent.ECB’s Cipollone (dove – voter) didn’t add anything new on the monetary policy front:We see some signs of economic recovery (citing PMI data).Expects for rest of year inflation at this level more or less.Base effects are due to unwinding of cost-of-living measures.We expect inflation resuming path to 2% next year, at target by mid-2025.If incoming data in June and July confirm that confidence it will be appropriate to remove some restrictive measures imposed in 2023.Middle East conflict's impact on energy costs is a major risk.As recovery unfolds, we expect productivity to go up.ECB’s Nagel (hawk – voter) supports a June rate cut although he’s less confident than others:Price pressure in euro zone could continue for some time.Is not completely clear if inflation rate will reach 2% target next year and stay at that level. Expect slight growth in the German economy in 2024.A June cut is looking increasingly likely, but there are still some caveats.Certain inflation data still looks higher than desired.Core inflation is still high. Service inflation is high.ECB’s Schnabel (hawk – voter) didn’t add anything new on the monetary policy front although she stressed that they are paying attention to actual inflation not just forecasts:Financial market repricing of rates over last few months shows investors expect policymakers, at least for now, to continue to pay more attention to actual inflation outcomes.It could be prudent to continue to consider the baseline forecast as just on communication, even as inflation continues to fall.Regular inconsistent use of alternative scenarios could better convey the uncertainty facing central banks.BoE’s Bailey (neutral – voter) remains confident about the disinflationary path and expects the next month’s inflation data to show a strong drop:We are pretty much on track for where we thought we would be in February on inflation.I expect next month's inflation number will show quite a strong drop.The effect of the Mideast conflict is less than feared.The Federal Reserve released the Beige Book:Below are the highlights of the overall economic activity report:Economic Expansion: Activity expanded slightly overall since late February, with 10 out of 12 Districts reporting slight to modest growth.Consumer Spending: There was a minimal overall increase in consumer spending, though the results were mixed across different districts and categories.Discretionary Spending Weakness: Several reports highlighted a weakness in discretionary spending due to high price sensitivity among consumers.Auto Spending: Improved inventories and dealer incentives notably boosted auto spending in some Districts, while sales remained sluggish elsewhere.Tourism: Tourism activity modestly increased on average, though the extent varied significantly across reports.Manufacturing: There was a slight decline in manufacturing activity, with only three Districts reporting growth.Nonfinancial Services and Bank Lending: Nonfinancial services saw slight increases on average, while bank lending was roughly flat.Construction and Real Estate: Residential construction and home sales showed some improvement on average, whereas nonresidential construction was flat and commercial real estate leasing declined slightly.Economic Outlook: Contacts were cautiously optimistic about the future, on balance.Below are the summarized highlights of employment from the report:Overall Employment Growth: Employment grew at a slight pace, with nine Districts experiencing very slow to modest increases, while the remaining three reported no changes.Labor Supply and Quality: Most Districts observed increases in labor supply and the quality of job applicants, improving the overall employment landscape.Employee Retention and Reductions: Several Districts noted improved employee retention, though some also reported staff reductions at certain firms.Persistent Shortages: Many Districts faced ongoing shortages of qualified applicants for specific roles such as machinists, trades workers, and hospitality workers.Wage Growth: Wages grew moderately in eight Districts, while the others saw only slight to modest increases. It was noted that annual wage growth rates have returned to historical averages in multiple districts.Future Expectations: The general expectation is that labor demand and supply will remain relatively stable, with modest job gains continuing and wage growth moderating back to pre-pandemic levels.Below are the summarized highlights regarding prices from the report:Modest Price Increases: Overall, price increases remained modest and consistent with the pace observed in the previous report.Impact of Disruptions: Despite shipping delays caused by disruptions in the Red Sea and the collapse of Baltimore’s Key Bridge, these incidents have not led to widespread price increases.Energy Prices: Six Districts reported moderate increases in energy prices, indicating some upward pressure in this sector.Insurance Rate Hikes: Contacts in several Districts observed sharp increases in insurance rates for both businesses and homeowners.Weaker Pricing Power: Many firms noted a significant weakening in their ability to pass on cost increases to consumers, which has led to reduced profit margins.Strain on Nonprofits: Inflation has also strained nonprofit entities, with some reporting service reductions as a result.Inflation Expectations: On balance, contacts expect inflation to remain steady at a slow pace, although some manufacturers in a few Districts see potential upside risks to near-term inflation, both in input and output prices.ECB’s Centeno (dove – voter) just confirmed the June rate cut and added that the number of cuts will depend on the incoming data:If we have to cut rates before Fed, so be it.Number of cuts will depend on incoming data.First cut in June is at this point very likely.After June we'll look at data, especially growth and employment.Even after 25 or 50 basis points of cuts we’ll still have a tight monetary policy stance.I don’t know anybody who says neutral rate is above 3%.How fast should we get to neutral? We’ve got time.Many shocks we're facing are deflationary, such as China's participation in global trade.ECB’s Vasle (hawk – voter) is basically in line with market’s expectations of three rate cuts this year if everything goes to plan:We should be much closer to 3% towards the end of the year if everything goes according to plan.Cautioned, though, that he saw some worrying developments in the Middle East.Fed’s Mester (neutral – voter) echoed her colleagues in saying that if inflation were to persist, they will just keep rates steady for longer:We want to get more information before we can say inflation is on a sustainable path to 2%.This year inflation is a little higher than expected.We want to be pretty confident inflation is on this downward trajectory.We have strong labor markets, solid economic growth.I still expect inflation to come down.If inflation isn't moving down to 2% we could keep rates where they are for longer.At some point we will start to ease policy.We don't have to ease policy in a hurry.Watching risks to both of the Fed's mandates.ThursdayFed’s Bowman (hawk – voter) continues to question the recent inflation dynamics and whether the current policy is sufficiently restrictive:Progress on inflation has slowed and perhaps stalled.Economic conditions are strong.Strength of consumer spending tied to ongoing job growth.Current monetary policy is restrictive; time will tell if it is "sufficiently" restrictive.Consumers may be trading down to lower goods; but also spending large amounts of money on things like travel to see eclipse.The Australian March Labour Market report missed expectations although the unemployment rate came in better than expected:Employment Change -6.6K vs. 7.2K expected and 117.6K prior (revised from 116.5K).Unemployment Rate 3.8% vs. 3.9% expected and 3.7% prior.Full-time employment 27.9K vs. 79.4K prior (revised from 78.2K).Part-time employment -34.5K vs. 38.2K prior (revised from 38.2K).Participation Rate 66.6% vs. 66.7% prior.BoJ’s Noguchi didn’t add much in terms of forward guidance, but he seems to be one of the most dovish ones:Japan is seeing wage hikes unseen in the past via spring wage negotiations.Essential to continue to maintain appropriate balance between labour supply and demand through the continuation of its accommodative monetary policy to achieve the 2% price target.Japan must achieve positive wage-inflation cycle as soon as possible and for this, service prices must keep rising.Last year's spring labour-management negotiations have triggered an unprecedented wave of wage increases.Another factor that is key is for small manufacturers to be able to smoothly pass on rising wage costs to prices.If wage hike translates into higher prices, that will show through rise in service prices and this trend is clearly appearing.Focus now is on the pace at which the policy rate will be adjusted and at what level it will eventually stabilize.Long-term neutral interest rate is highly likely to be lower than that of other countries.At some point in future, it's desirable to start shrinking BoJ's balance sheet.Steps BoJ decided in March is a move toward this direction of future shrinking of BoJ's balance sheet.I dissented to BoJ's March decision since I thought it would be appropriate to maintain JGB buying under negative rate.Rise in service prices not driven mainly by wage hikes yet.Japan's economy in a moderate recovery trend, but recently growth has stalled.Some big firms are benefiting from a weaker yen.The likelihood of reaching 2% inflation target is rising.Main scenario is that future rate hikes are likely to be slow, depends on economic data.Prolonged yen weakness could have various impacts on wages and prices.Have to take that into account when deciding monetary policy.Cannot say whether there will be another rate hike this year.The US Jobless Claims beat expectations:Initial Claims 212K vs. 215K expected and 212K prior (revised from 211K).Continuing Claims 1812K vs. 1818K expected and 1810K prior (revised from 1817K).Fed’s Williams (neutral – voter) added more to his previous comments earlier in the week as he said that if the data called for higher rates, the Fed would hike:I don't feel an urgency to cut rates.The Fed is data dependent, and the data has been good.We have a strong economy.Economic imbalances have been reduced.Fed rates haven't caused the economy to slow too much.Monetary policy is in a good place.Eventually interest rates will need to be lower.Rate cuts will be determined by economic activity. Fed rate hike is not my baseline forecast.If data called for higher rates, Fed would hike.Fed has work to do to lower inflation.Fed 2% inflation goal is the right objective.Critical for the Fed to achieve its 2% inflation goal.Economy back on pre-pandemic growth track.Worth watching performance of China's economy.The US Leading Economic Index (LEI) missed expectations in March:LEI -0.3% vs. -0.1% expected and 0.1% prior (revised from 0.2%).“February’s uptick in the U.S. LEI proved to be ephemeral as the Index posted a decline in March,” said Justyna Zabinska-La Monica, Senior Manager, Business Cycle Indicators, at The Conference Board. “Negative contributions from the yield spread, new building permits, consumers’ outlook on business conditions, new orders, and initial unemployment insurance claims drove March’s decline. The LEI’s six-month and annual growth rates remain negative, but the pace of contraction has slowed. Overall, the Index points to a fragile—even if not recessionary—outlook for the U.S. economy. Indeed, rising consumer debt, elevated interest rates, and persistent inflation pressures continue to pose risks to economic activity in 2024. The Conference Board forecasts GDP growth to cool after the rapid expansion in the second half of 2023. As consumer spending slows, US GDP growth is expected to moderate over Q2 and Q3 of this year.”BoJ’s Ueda said that there is a risk that the weakening Yen could affect the trend in inflation and lead to a policy shift:There is a chance weak JPY might affect trend inflation and if so, could lead to policy shift.Don't think big picture changed on US inflation, Fed Outlook.Fed’s Bostic (hawk – voter) is another member citing possible rate hikes if the progress on inflation were to stall or worse, reverse:The economy is slowing down but slowing down slowly.Wage growth is happening faster than the inflation rate.I'm grateful of the progress we've made on inflation and grateful the economy continues to grow.If inflation stalls out, we won't have any option but to respond.I'd have to be open to increasing rates if inflation stalls out or goes in the other direction.Getting inflation under control is very important.FridayThe Japanese March CPI came in line with expectations with all measures easing further:CPI Y/Y 2.7 vs. 2.7% expected and 2.8% prior.Core CPI Y/Y 2.6% vs. 2.6% expected and 2.8% prior.Core-Core CPI Y/Y 2.9% vs. 3.2% prior.The UK March Retail Sales missed expectations:Retail sales M/M 0.0% vs. 0.3% expected and 0.1% prior (revised from 0.0%).Retail sales Y/Y 0.8% vs. 1.0% expected and -0.3% prior (revised from -0.4%).Retail sales (ex autos, fuel) M/M -0.3% vs. 0.3% expected and 0.3% prior (revised from 0.2%).Retail sales (ex autos, fuel) Y/Y 0.4% vs. 0.9% expected and -0.4% prior (revised from -0.5%).The highlights for next week will be:Monday: PBoC LPR, Canada PPI.Tuesday: Australia/Japan/Eurozone/UK/US Flash PMIs.Wednesday: Australia CPI, Canada Retail Sales, US Durable Goods Orders.Thursday: US Q1 GDP Advance, US Jobless Claims.Friday: Tokyo CPI, Australia PPI, BoJ Policy Decision, US PCE. That’s all folks. Have a nice weekend! This article was written by Giuseppe Dellamotta at www.forexlive.com.

The WTI crude oil market has initially fell during the trading session here on Thursday, but then turned around as we bounced from the 50 day EMA.

The Australian dollar has tested the 0.6450 level early on Thursday, but it looks as if it's going to struggle to continue going higher.

The NASDAQ 100 went back and forth early during the trading session on Thursday.

Gold has done a little bit of sideways dancing during the early hours on Thursday just as we have seen it do all week.

The dollar has recovered after initially falling down a bit against the Japanese yen during trading on Thursday as we continue to see the buy on the dip mentality come into the picture.

The poll shows that no economists are anticipating a rate hike before the end of June. But 21 of 61 economists do see that rates could rise during Q3 this year. Meanwhile, 17 of 55 economists forecast that rates will be raised during Q4 instead. The median forecast sees the upper end of the overnight call rate at 0.25% in Q4 and staying there until late 2025.Of a smaller sample size of 36 economists who provided a specific forecast on when the BOJ might move, 19% are seeing a move in July. But October is the favourite, with roughly 36% expecting a move then. Meanwhile, 31% are seeing the BOJ move in "2025 or later".With regards to the Japanese yen, nearly all economists (91%) say that Tokyo will step in at some point to stop the currency from weakening further.As for the levels they expect, 16 of 21 economists expect action at 155 for USD/JPY. The remainder see a move at 156 (2), 157 (1), and 158 (2) instead. This article was written by Justin Low at www.forexlive.com.

As for the rest of the major currencies, they are all sitting little changed with one another. The dollar and yen have relinquished most of their earlier gains, with changes among dollar pairs roughly around 0.1% or less currently. It is only USD/CHF that is down 0.3% to 0.9090 but that is well off its earlier low of 0.9010.In other markets, European indices are still keeping lower between 0.7% to 1.0%. Meanwhile, S&P 500 futures are still down 0.4% after having recovered its drop from the fears surrounding Israel and Iran earlier. In the bond market, 10-year Treasury yields are down 6 bps to 4.585% but is well off the low of 4.496% in Asia trading. This article was written by Justin Low at www.forexlive.com.

Reuters is reporting on this, citing a source familiar with the matter. The German government is set to raise its growth forecast for the economy this year to 0.3%, up from 0.2% previously. As for 2025, they see the economy growing by 1.0%.On the inflation front, the government expects inflation at 2.4% this year. And that is down from the previous forecast of 2.8%. This article was written by Justin Low at www.forexlive.com.

At the low earlier, S&P 500 futures were down by roughly 1.7%. It is now down just 0.4% as European markets open for trading. The improvement in the mood owes much to the fact that Iran has downplayed the attack from Israel. And also that they won't retaliate, at least not immediately.That is seeing a turn in the mood in FX as well. EUR/USD is back up to flat levels at 1.0645 while GBP/USD is off its earlier low of 1.2405 to near 1.2440 in the past hour. AUD/USD has also pared most of its decline from earlier to be down just 0.1% at 0.6415 currently.But with the weekend approaching, are traders bold enough to place their bets on risk trades going into next week? That still has the potential to temper with the overall market mood a little later in the day. This article was written by Justin Low at www.forexlive.com.

Eurostoxx -0.8%Germany DAX -1.0%France CAC 40 -0.6%UK FTSE -0.4%Spain IBEX -0.8%France CAC 40 -0.8%The picture was definitely much worse an hour ago. We're even seeing US futures slowly pare some of the earlier losses, with S&P 500 futures now down just 0.5%. At the bottom earlier, S&P 500 futures were down 1.7% on the day. In FX, we're also seeing the dollar pare its gains for the most part. EUR/USD is flat at 1.0645 while AUD/USD is down just 0.1% to 0.6413 currently. This article was written by Justin Low at www.forexlive.com.

That continues with the earlier narrative as Iran has been downplaying the whole incident from the beginning. From earlier:Report says early assessment is that Iran will not be retaliating against Israel tonight This article was written by Justin Low at www.forexlive.com.

German DAX futures -1.5%UK FTSE futures -0.9%Well, the whole Iran-Israel episode has been a good excuse for stocks to come off the boil. And the latest set of headlines today gives more reason for investors to play things on the safer side for now. S&P 500 futures are also still down 0.8% on the day currently. With the weekend approaching, there might not be much appetite for dip buying in the sessions ahead. This article was written by Justin Low at www.forexlive.com.

Prior -0.4%If you strip out energy prices, producer prices were actually up 0.3% on the month in March. Looking at the breakdown, the price for intermediate goods were up 0.1%, consumer goods up 0.6%, and capital goods up 0.2%. This article was written by Justin Low at www.forexlive.com.

Prior 0.0%; revised to +0.1%Retail sales +0.8% vs +1.0% y/y expectedPrior -0.4%; revised to -0.3%Retail sales (ex autos, fuel) -0.3% vs +0.3% m/m expectedPrior +0.2%; revised to +0.3%Retail sales (ex autos, fuel) +0.4% vs +0.9% y/y expectedPrior -0.5%; revised to -0.4%That's a rather disappointing reading with the breakdown showing the volume of food store sales down 0.7% and department store sales down 3.8% on the month. Non-store retailing sales also fell by 1.5% in March. All of that was largely balanced out by a rise in other non-food store sales (+1.8%) and automotive fuel sales (+3.2%).In any case, the divergence between value and volume of sales is still largely persisting. And that indicates the impact that higher inflation has had on UK spending over the last two years. This article was written by Justin Low at www.forexlive.com.

The US dollar has been strong for some time, and recently we have seen the GBP/USD pair go back and forth.

Over the last several sessions, I have been paying close attention to the GBP/CHF pair, as it has such a significant amount of swap that you can get paid.

The euro initially found during trading on Thursday, but then turned around to show signs of strength again as we continue to threaten the ¥165 level.

In any case, the focus at the moment is more on the broader market mood. Risk sentiment was rocked earlier by news of Israel striking Iran. But we're seeing those fears fade slightly after Iran played that all down and doesn't seem interested to retaliate.Still, this is all coming just before the weekend. And you can understand if and why traders would decide to lean towards being more safe than sorry. S&P 500 futures are down 0.9% but were down as much as 1.7% earlier when the news first hit. Meanwhile, gold is back down to $2,383 after having hit a high of $2,417 earlier.In FX, the dollar remains in a comfortable spot on the week amid the push and pull flows. USD/JPY did fall earlier to 153.60 but is now back up to 154.30 ahead of European trading. AUD/USD is down 0.3% to 0.6400 but off earlier lows at least of 0.6362.Looking to the session ahead, UK retail sales will be on the cards. The estimate is for a slight increase in retail sales in March but keep in mind that this particular trend is still very much persisting in the UK. The data will at least give pound traders something to scrutinise before the weekend.0600 GMT - Germany March PPI figures0600 GMT - UK March retail sales dataThat's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there. This article was written by Justin Low at www.forexlive.com.

The German DAX initially fell during the trading session on Thursday, reaching down to the 50-Day EMA.

Bitcoin has rallied significantly during the course of the trading session on Thursday, as we have seen the $60,000 level offer significant support.

From the way Iran is going about playing down the strikes, that is expected. Meanwhile, Iran's senior commander is out saying that "there was no damage" caused by the strikes. And that continues with the rhetoric that they are continuing to play down any response to the matter. This article was written by Justin Low at www.forexlive.com.

Wage growth is happening faster than the inflation rateI'm grateful of the progress we've made on inflation and grateful the economy continues to growIs this slow enough for him?More:If inflation stalls out, we won't have any option but to respondI'd have to be open to increasing rates if inflation stalls out or goes in the other directionGetting inflation under control is very important This article was written by Adam Button at www.forexlive.com.

If you've been paying any kind of attention, about a dozen different ECB policymakers have been trotted out in the past week to tout a June cut, barring some kind of data disaster. Of course, that goes against the hundreds of times they've reminded us that they don't precommit to anything.Then there's this lovely contrast: This article was written by Adam Button at www.forexlive.com.

Everyone at the Fed is saying the same thing but the timelines differ. They all want to wait for some confidence that inflation will fall to 2% but they have differing opinions on when that will be. I think what's ultimately important is that when growth stumbles, they will transpose that to falling inflation (perhaps a tad late) and signals cuts.So while they have different forecasts, they're all data dependent.These latest comments were from a Fox Business interview. This article was written by Adam Button at www.forexlive.com.

BOJ Gov. Ueda is now on the wires saying:There is a chance weak JPY might affect trend inflation and if so could lead to policy shiftExplained BOJs March decision at meetings; Many counterparties voiced relief the shift did not because distributions in market.Don't think big picture changed on US inflation, Fed OutlookThe USDJPY rotated marginally lower and trades at 154.574 after reaching an intraday high of 154.674. Be aware. The big guy is in early and chirping.More from Suzuki:It was meaningful that G7 confirmed commitment that excessive FX moves have negative impact on economyNo direct discussion on FX at G 20 meetingSome G 20 members mentioned how high US rates could lead to fund outflows, rising debt interest payment This article was written by Greg Michalowski at www.forexlive.com.

SNB's governing board member Martin is on the wires saying :Interest rates, FX interventions have brought inflation under control.Swiss inflation likely to remain in zero – 2% range for the next three years This article was written by Greg Michalowski at www.forexlive.com.

Feds Bostic is speaking:US inflation is too highWe still have a ways to go on inflation.I'm comfortable being patient.I'm not in a mad dash hurry to get there.If we can keep jobs, wages going inflation is moving to target, we can stay where we are on rates.I don't have a recession in my Outlook.We won't be able to reduce rates until towards the end of the year.I think the economy will continue to grow as we get both mandates back in the line.Atlanta Fed Pres. Bostic was one of the first to start to dial back the easing when he commented that 1 cut might be appropriate. It was not long ago (March 20) that the Fed dot plot was still focused on 3 cuts in 2024. This article was written by Greg Michalowski at www.forexlive.com.

BOE's Greene is on the wires saying:latest patent data shows pretty high wage growth, though moving in the right direction. Latest inflation data surprised on the upside littleWage growth in services price inflation are not consistent with this sustainable return to 2% inflation.UK labor market loosening, but still remains pretty tight. We expect inflation to return to target in coming months, but don't expect it to stay there.I don't think a rate cut is imminent.Comments are on the hawkish sideThe GBPUSD as move back toward the midpoint of the move up from the October 2023 low at 1.24646. Getting and staying above that level is still needed to give the buyers more confidence from a technical perspective This article was written by Greg Michalowski at www.forexlive.com.

ECBs Rehn is speaking and says:inflation is converging towards ECBs 2% targetmonetary restraint is continuing to reduce inflation and impact the real economy.Although ECB rates are at levels that are making substantial contributions to ongoing disinflation process, we no longer see need to maintain them at current levels for a long duration.Provided we are confident inflation will continue converging to our 2% target in a sustained way, the time will be right in June to start easing the monetary policy stance and to cut rates.This assumes there will be no further setbacks in the geopolitical situation and thus in energy prices. This article was written by Greg Michalowski at www.forexlive.com.

NY Fed Pres. Williams is speaking and reiterates sentiment from earlier this weekI don't feel an urgency to cut rates.It data fed is that data dependent and the datah as been goodWe have a strong economy.Economic imbalances have been reducedFed rates haven't cause the economy to slow too muchMonetary policy is in a good place.Eventually interest rates will need to be lower.Rate cuts will be determined by economic activity. Fed rate hike are not my baseline forecast.If data called for higher rates, Fed would hikeFed has work to do to lower inflation.Fed 2% inflation goal is the right objective.Critical for the Fed to achieve its 2% inflation goal.Economy back on pre-pandemic growth track.Is watching performance of China's economyThe speaking points for Fed officials has been shifted this week with the Fed chair Powell saying that rates need to stay where they are for longer. The Fed chair also did not say that a rate cuts were likely to start this year.Fed Gov. Jefferson got in line yesterday. Fed Atlanta Fed Pres. Bostic has been speaking to the as has other Fed officials (even the most dovish perhaps Kashkari).The Fed goes in there quiet period on Friday after the close ahead of the May 1 rate decision. To go on the scheduled speaking calendar today:Atlanta Fed Pres. Bostic will speak at 11 AM ETAtlanta Fed Pres. Bostic will also speak at 5:45 PM just in case he forgot to remind us that the Fed policy will likely be delayed. This article was written by Greg Michalowski at www.forexlive.com.

USD/TRY trading rose in early Thursday trading, as the pair seeks to break through resistance levels that have held this month at 32.50 and close above them daily.

Bowman said late yesterday that while current monetary policy is restrictive, time will tell if it is "sufficiently" restrictive. The format of these comments is a 'fireside chat' so there could be more to come. This article was written by Adam Button at www.forexlive.com.

In limited trading, the British pound received a boost after the latest UK inflation reading exceeded expectations and shifted the odds in favor of an August rate cut.

Increasingly confident about the disinflationary processMeanwhile Nagel is also speaking:Says he sees a cautious slide in rates after June This article was written by Adam Button at www.forexlive.com.

Recently, the US dollar exchange rate against other major currencies has remained supported by new warnings from Federal Reserve Chairman Jerome Powell that US interest rates will need to stay at current levels for longer than previously expected.

For three trading sessions in a row, the price of the euro against the US dollar (EUR/USD) is trying to rebound higher, but its gains did not exceed the level of 1.0680.

In the middle of trading this week, gold futures retreated as investors digested the latest remarks from Federal Reserve Chairman Jerome Powell.

Gold and Silver are holding up well despite the generally strong bearish reversals we have just seen in commodity markets.

The downwards momentum in the NZD/USD which has developed over the mid-term cannot be denied.

Small recovery against the greenback after G7 statement.

Bitcoin is about to undergo a transactional halving.

The US dollar pulled back slightly during the trading session on Monday.

The USD initially pulled back against the ZAR during the trading session on Wednesday but has found support below the 19 Rand level in order to get involved.

The US dollar has fallen a bit against the Canadian dollar during the trading session on Wednesday, as we continue to see a lot of volatility.

Stocks Make Deepest Pullback in Months; Precious Metals Remain Strong; Dollar Weakens After G7 Statement; Several Trends May Be Reversing

The British pound has rallied significantly during the early hours on Wednesday but has given back some of the gains.

The US dollar initially pulled back during the trading session on Wednesday but found buyers underneath to continue to pick it up.

In his words: "If our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary transmission were to further increase our confidence that inflation is converging to our target in a sustained manner, it would be appropriate to reduce the current level of monetary policy restriction."Ugh. That was a bit of a mouthful. In any case, it just continues to reaffirm the likelihood of a June rate cut. This article was written by Justin Low at www.forexlive.com.

The GBP/USD exchange stabilized as the recent sell-off took a breather after the latest UK inflation data and a statement by Andrew Bailey.

The EUR/USD exchange rate recovered slightly on Thursday morning, erasing some of the recent losses.

It was a sea of red in the cryptocurrency market as the countdown to the Bitcoin halving event continued.

The S&P 500 initially fell overnight in the electronic hours, but it looks to me as if we are trying to recover a bit.

The British pound has rallied against the Japanese yen. Yet again on Wednesday, as it looks like the ¥193 level continues on for a lot of resistance.

The U.S. dollar has fallen just a bit during the trading session on Wednesday as the 17.10 level has offered a bit of resistance.

The highly anticipated Bitcoin Halving event is close, bringing with it heightened expectations regarding the long-term impact on the Bitcoin price.  There are concerns, however, that this quadrennial event may already be priced in, as Bitcoin recently reached an unprecedented all-time high of $73,700 on March 14. This surge broke the pattern of previous Halvings, where Bitcoin had never surpassed its previous ATH before the event. However, historical data reveals significant price increases in the year following previous Halvings. Experts Predict Delayed Bitcoin Halving Price Impact Analysts argue that the compounding impact of reduced issuance takes several months to materialize, suggesting that the Halving itself may not prompt a significant rally before or immediately after the event.  Deutsche Bank analysts share this sentiment, highlighting that substantial price increases have typically occurred in the run-up to previous Halvings rather than immediately after them. Related Reading: Analyst Forecast: Litecoin Poised For $250-$300, But Can It Hold? Another factor to consider is the increased production costs for Bitcoin miners resulting from the Halving. As the mining reward decreases, participating in the mining process becomes less profitable.  This has historically led to a decline in the hashrate, the total computational power used for Bitcoin mining. JPMorgan analysts predict that production costs could rise to an average of $42,000 after the Halving. One JPMorgan analyst wrote, “This estimate is also the level we envisage Bitcoin prices drifting towards once Bitcoin-Halving-induced euphoria subsides after April.” While these factors may influence short-term price movement, historical data reveals that the price of Bitcoin has experienced significant increases in the year following previous Halvings.  The respective price gains for the three previous halvings were 8,760%, 2,570%, and 594%. However, it’s important to note that each successive halving has a diminishing impact on the new supply of Bitcoin. Mining Industry Shake-Up In the mining sector, Halving could lead to significant revenue losses, estimated to be around $10 billion annually.  According to Fortune, publicly traded miners have taken measures to increase their resilience, diversify their offerings, and optimize their operations. However, mining stocks have faced challenges, with some experiencing significant declines. While larger miners may undergo a period of adjustment, smaller miners and pools may be pushed offline. This could result in a wider market share for the surviving miners.  Experts at private asset management firm Bernstein expect the mining industry to consolidate, with “smaller and less efficient players” potentially selling assets to raise capital and shore up their balance sheets.  The increased market dominance of the surviving miners is expected to be profitable over the long term, especially with the continued structural demand for Bitcoin from ETFs. Timing The Bitcoin Bull Market Peak Cryptocurrency analyst Rekt Capital has provided insights into the potential timing of Bitcoin’s bull market peak based on historical Halving cycles and the current acceleration seen in the market.  According to Rekt Capital, Bitcoin has traditionally reached its peak in the bull market approximately 518-546 days after the Halving event. However, the current cycle has shown signs of unprecedented acceleration, with Bitcoin surpassing previous all-time highs roughly 260 days ahead of historical norms. Nonetheless, the recent “pre-Halving retrace” has slowed down the cycle by around 30 days and counting. Related Reading: The Next Dogecoin? Top Trader Points To This Memecoin Taking into account this accelerated perspective, if Bitcoin’s bull market peak is measured from the moment it breaks its old all-time high, it may occur 266-315 days later. As Bitcoin achieved new all-time highs in March, this suggests a potential bull market peak in December 2024 or February 2025, according to Rekt’s analysis. Both perspectives carry significance throughout the cycle, especially if the acceleration trend persists. However, prolonged retracements or consolidation periods can slow down the cycle, potentially pushing the anticipated bull market peak further into the future. At the time of writing, BTC was trading at $64,300, up from the $59,000 mark reached in the early hours of Friday. Featured image from Shutterstock, chart from TradingView.com 

Bitcoin holders have again reaffirmed their faith in the flagship crypto despite its recent price declines. This follows recent data showing that Bitcoin accumulation addresses recorded a new all-time high (ATH) amidst the current market downward trend.  Accumulation Addresses Record New All-Time High Of Bitcoin Inflows Data from the on-chain analytics platform CryptoQuant shows that over 27,700 BTC was transferred into accumulation addresses between April 16 and 17. This is a new all-time high (ATH) for these addresses in terms of their daily Bitcoin inflows.  Related Reading: Crypto Analyst Predicts Cardano Rally To $3 As Price Reaches ‘Ultimate Support Test’ Before now, the highest amount of BTC sent to these addresses in a day stood at 25,500, recorded on March 23 earlier this year. Interestingly, the March 23 record came just about a month after Bitcoin inflows into accumulation addresses hit an all-time high (ATH) of 25,300 BTC on February 21.  Accumulation addresses are wallets with no outgoing transactions and have a balance of over 10 BTC. Accounts belonging to centralized exchanges and Bitcoin Miners are excluded from this category. Meanwhile, these addresses must have received two incoming transactions, with the most recent occurring within the last seven years.  These addresses can be considered the most bullish on Bitcoin, and the growing accumulation trend from these wallets shows how much faith these long-term holders have in the flagship crypto. Furthermore, they are also believed to be positioning themselves ahead of the bull run, as BTC may never drop to these price levels once it comes into full force.  Meanwhile, CryptoQuant’s CEO, Ki Young Ju, also highlighted the significance of this development, noting that on-chain accumulation has remained “very active” even as the demand for Spot Bitcoin ETFs has stagnated for four weeks. This suggests that Bitcoin bulls could help shore up the demand gap left open by these ETFs.  BTC Price Shows Strength Bitcoin dropped below the $60,000 support level following reports about Israel’s retaliatory attack on Iran. However, the flagship crypto showed strength as it quickly rebounded above the $60,000 price mark. This is significant considering how much Bitcoin and the broader crypto market declined rapidly following Iran’s attack against Israel on April 13.  Related Reading: XRP Whales Are On The Move Again, But Are They Bullish Or Bearish? Furthermore, the quick price recovery also suggests that Bitcoin has established strong support around the $60,000 price range and could be set for a parabolic move to the upside once this period of consolidation is over. Crypto analyst Crypto Rover also recently commented on Bitcoin’s future trajectory, stating that the crypto token will come out with a “banger” soon enough. At the time of writing, Bitcoin is trading at around $62,000, up in the last 24 hours according to data from CoinMarketCap.  BTC price recovers above $64,000 | Source: BTCUSD on Tradingview.com Featured image from Crypto News, chart from Tradingview.com

Llama 3, Meta's most advanced large language model arrived early and hit millions of devices across top apps. We took it for a test drive.

Over the past seven days, the stablecoin sector has expanded by $2.81 billion, bringing the dollar-pegged cryptocurrency market close to a total valuation of $160 billion. A significant portion of this growth, exceeding $2 billion, is attributed to the increase in USDT’s market capitalization, which reached $109.38 billion by Friday at 1:00 p.m. Eastern Time. […]

Legendary trader Peter Brandt has recently shared notable insights into the potential future trajectory of Bitcoin price, suggesting the possibility of a significant market move for the crypto asset. This insight comes as Bitcoin appears to be recovering slightly from its week-long decline. The asset is up nearly 5% over the past 24 hours, with a current trading price of $64,968 at the time of writing. Related Reading: Bitcoin Halving Hysteria: Will History Repeat Itself Or Are We Heading For A Market Meltdown? Bitcoin Next Move According To This Chart Pattern Brandt’s analysis, presented through a series of charts, outlines a distinctive pattern in Bitcoin’s historical price behavior, characterized by three distinct phases.: the Hump-Slump, Bump-Rump, and Pump-Dump cycles. As per Brandt’s observation, while Bitcoin has completed the initial two phases of the cycle, the third phase, marked by the “pump” component, remains unfulfilled, hinting at potential bullish momentum ahead. What say you?? $btc pic.twitter.com/IDvIpkZeER — Peter Brandt (@PeterLBrandt) April 18, 2024 Meanwhile, amid heightened market volatility and uncertainty, Bitcoin has faced notable price fluctuations, experiencing a nearly 10% decline over the past week. However, recent bullish momentum has seen the cryptocurrency surging by 3.7% in the past 24 hours, with its price briefly climbing above $65,000 after hitting a 24-hour low of $60,000. This upward movement aligns with Brandt’s suggestion of a pending bullish phase in Bitcoin’s price cycle, adding weight to the anticipation of a potential market “pump.” Insights From Industry Leaders And Analysts In addition to Brandt’s analysis, industry leaders and analysts have offered their perspectives on Bitcoin’s future trajectory. Anthony Scaramucci, founder and managing partner of Skybridge Capital, has recently projected a bullish outlook for Bitcoin, forecasting a potential price surge to $200,000 following the upcoming halving event. Scaramucci cited various factors, including the influence of new financial products like spot ETFs and increasing institutional interest, as key drivers behind Bitcoin’s anticipated price appreciation. Related Reading: Bitcoin Could Drop To $52,000 If Price Breaks Below This Mark – CryptoQuant However, amidst optimistic forecasts, CryptoQuant, a prominent crypto analytics platform, has cautioned that Bitcoin could face a significant downturn to $52,000 if its price breaches the critical $60,000 support level. Derivative Uncertainty “If the price breaks below $60,000, we might witness a decline to $52,000 before a subsequent rise.” – By @ShivenMoodley Full post 👇https://t.co/XSBnfexbzZ — CryptoQuant.com (@cryptoquant_com) April 18, 2024 A CryptoQuant analyst particularly noted: If the price breaks below $60,000, we might witness a decline to $52,000 before a subsequent rise. However, given the significant dominance of institutional ETFs, I wouldn’t be surprised if they accumulate excess supply from liquidations near the short-term support level of $60,000. Featured image from Unsplash, Chart from TradingView

As the Bitcoin halving nears, anticipation builds among creators trying to etch one of the very first tokens via the Runes protocol.

Recently, the crypto market fluctuations have seen most cryptocurrencies exhibit red numbers. While many remain unfazed by the market dynamics, some sectors of the crypto community have turned more pessimistic, and their bags are seemingly going down instead of up. Related Reading: Are Altcoins Cooling Off? Analyst Weighs In On This Cycle’s Market Despite this, some projects have shown a remarkable performance this week. Among the top gainers today, privacy protocol Railgun has skyrocketed 53% in the last 24 hours after a week of support from crucial figures in the crypto industry. Vitalik Buterin Shows Support To Privacy Tools On Monday, news broke that Ethereum’s founder Vitalik Buterin had transferred 100 ETH, worth around $325,000, to Railgun. The project is an Ethereum Virtual Machine (EVM) privacy protocol that allows DeFi private transactions. Although the move raised criticism, most replies supported his use of privacy tools. Some users pointed out that Buterin’s every on-chain move is watched and speculated on. Ethereum’s founder later addressed the news, expressing support for the project’s use of the Privacy Pools protocol, which “makes it much harder for bad actors to join the pool without compromising users’ privacy.” Privacy is normal. Railgun uses the privacy pools protocol ( https://t.co/DekkatsMR5 ) which makes it much harder for bad actors to join the pool without compromising users' privacy.https://t.co/MG0huDzpAu — vitalik.eth (@VitalikButerin) April 15, 2024 Buterin also stated in his post that “privacy is normal,” an idea he has expressed several times before. He has researched the use of Privacy Pools to achieve an equilibrium between blockchain privacy and regulatory compliance. After the post, Railgun (RAIL) skyrocketed 257%. The token went from trading at $0.56 to changing hands for $1.97 in a few hours. Moreover, the rest of the privacy tokens market saw a pump, with tokens like Monero (XRM) and Oasis Network (ROSE) rising 7% and 12.3%, respectively. As of this writing, privacy tokens are 4.7% up, per CoinGecko data. Railgun Defends From Crypto Laundering Allegations On Tuesday, the crypto news platform Wu Blockchain highlighted the alleged links between the privacy protocol and the North Korean hacker group Lazarus Group. The post affirmed that Lazarus Group “is also a user of the coin mixer Railgun.” Moreover, the news platform pointed out that, in January 2023, the US FBI claimed over $60 million worth of stolen ETH was laundered through Railgun. Additionally, the post stated that the privacy protocol became the “main alternative” after the Tornado Cash sanctions. Railgun shut down Wu Blockchain’s claims, deeming them “not true and false reporting.” The post stated the news was “a mistaken, false allegation in the first place.” However, they clarified that the Lazarus Group is blocked from using the protocol’s system due to the “Private Proofs of Innocence” (Private POI). The Private POI tool was implemented a year ago and gives “cryptographic assurance that funds entering the RAILGUN smart contract are not from a known list of transactions or actors considered undesirable by respective wallet providers.” Congratulations to the exchange website @Poloniex who since yesterday are serving spot markets for $RAIL token! pic.twitter.com/P1RL8bKWsZ — RAILGUN – Private & Anonymous DeFi (@RAILGUN_Project) April 19, 2024 Despite the controversy, the price of RAIL remained above the $1 support level, hovering between $1.00 and $1.30 in the following days. RAIL continued an upward trajectory after its listing on the crypto exchange Poloniex. At writing time, RAIL is trading at $1.85, an 18.2% surge in the last hour. According to an X user, a whale recently bought 152,034 RAIL tokens, which could have fueled the price jump. Moreover, following its remarkable week, RAIL has increased 156% in the last seven days, with its daily trading volume rising a stellar 376% from yesterday. Related Reading: Bitcoin Halving Hysteria: Will History Repeat Itself Or Are We Heading For A Market Meltdown? Railgun performance in the 7-day chart. Source: RAILUSDT on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

Foundry, a digital assets mining and staking company, has announced that it plans to monetize what it has called the “epic satoshi,” the first satoshi of the halving block, via Ordinals. If the company mines it through its mining pool, it plans to distribute the proceeds to its members based on the hashrate on the […]

Increased scarcity for Bitcoin after the halving, paired with demand for Runes tokens, could shake up the Ordinals space.

The Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse, has revised his earlier ambitious prediction on the crypto industry’s future market capitalization, acknowledging that he had underestimated the market’s potential surge.  Ripple CEO Underpredicts Crypto Market Cap Appearing in a recent interview with Fox Business, Garlinghouse shed light on the growth potential of the cryptocurrency market as well as its performance since the beginning of the year.  The Ripple CEO was questioned about his previous optimistic forecast for the crypto industry’s market capitalization, in which he projected that the market cap would double to approximately $5 trillion by the end of the year. According to CoinMarketCap, the current global cryptocurrency market capitalization stands at roughly around $2.25 trillion.  Related Reading: Here’s What Would Happen If The Bitcoin Price Fell Below $58,000 In response to the inquiry, Garlinghouse expressed his belief that his previous predictions were not overly ambitious, emphasizing the market’s potential for further growth. He admitted to underpredicting the industry’s potential market capitalization by the end of 2024, citing factors such as the current supply and demand dynamics driving additional increases.  Garlinghouse noted that the current market conditions are characterized by increased demand and reduced supply, with these dynamics playing a significant role in the performance of cryptocurrencies.  He disclosed that the Spot Bitcoin ETF market and the overall sentiment regarding Bitcoin’s value have significantly boosted demand for the cryptocurrency. Meanwhile, Bitcoin’s supply is diminishing due to the increasing number of large-scale investors purchasing the cryptocurrency rapidly. Additionally, the impending Bitcoin halving event is expected to further decrease the cryptocurrency’s supply.  Assessing the current state of the crypto market, Garlinghouse stated that since the last six months, Bitcoin has been up by more than 250%, with further increases anticipated. He also asserted that this overperformance was largely driven by the approval and launch of Spot Bitcoin ETFs as well as the upcoming Bitcoin halving.  Regulations Are Vital For Market Development Garlinghouse has disclosed that establishing proper regulatory frameworks for the cryptocurrency market would yield positive outcomes for the market in the future.  He explained that one of the primary factors hindering the growth of this evolving market was the United State’s prevailing anti-crypto stance, suggesting that the country’s enforcement actions on the developing industry were “problematic.” Related Reading: Goldman Sachs On Bitcoin Halving: ‘It doesn’t Matter If It’s A Buy The Rumor, Sell The News Event’ The Ripple CEO highlighted several countries, including Dubai, Singapore and the United Kingdom, which have been proactively embracing cryptocurrencies and implementing proper regulatory systems to foster further growth in the market.  Garlinghouse has asserted that the US has significantly lagged in recognizing the transformative and innovative impact of the cryptocurrency market, attributing this setback to the United States Securities and Exchange Commission (SEC) and its current Chair, Gary Gensler. Total market cap at $2.2 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from Bitcoinist, chart from Tradingview.com

After the overnight Israeli retaliatory strikes against Iran, gold prices have settled around $2,388 per ounce, having briefly touched the $2,400 mark right after the events. Over the last five days, gold has increased by 1.85%, while bitcoin has declined by 8% since the onset of the conflict last Saturday, April 13. Following last night’s […]

BlockDrop Coin operates as a cutting-edge cryptocurrency that allocates mining rewards to token holders via weekly airdrops, simplifying access to the mining economy. Historically, the entry barriers to profitable Bitcoin mining have steadily increased, pushing individual miners and small operators to the periphery of the Bitcoin mining economy. This centralization of Bitcoin mining power raises […]

The winds of change are swirling around Ethereum (ETH), the world’s second-largest cryptocurrency. While the Ethereum network itself is buzzing with activity, the price of ETH has taken a tumble in recent days, leaving investors scratching their heads. Related Reading: All Quiet On The Bitcoin ETF Front – Should You Be Paranoid? A glimmer of hope emerged with Tether’s (USDT) recent movement. Tether, the issuer of the world’s most popular stablecoin pegged to the US dollar, transferred a whopping $318 million worth of USDT from its treasury wallet directly to exchanges on the Ethereum network. Source: X This outflow suggests potential anticipation of increased demand for USDT, which could, in turn, signal rising investor interest in the broader cryptocurrency market. Historically, Tether has minted large amounts of USDT during periods of heightened crypto activity, and the rumor mill now churns with speculation that another billion USDT might soon be minted specifically on Ethereum. However, analysts caution against blind optimism. While an increase in USDT activity could bode well for Ethereum, it’s not a guaranteed path to prosperity. Other blockchains, like Tron, are also capable of handling USDT transactions, offering investors alternative avenues. Total crypto market cap is currently at $2.289 trillion. Chart: TradingView Price Woes And Investor Sentiment Meanwhile, the price of ETH has stubbornly refused to cooperate. As of today, ETH is trading below the crucial $3,000 mark, having dropped by nearly 3% in the last 24 hours. Ethereum has lost 11% of its value in the last seven days, data from Coingecko shows. Related Reading: Toncoin Unleashes DeFi Monster Growth: TVL Soars 300% In A Month A further price drop below $3,000 could trigger panic selling, exacerbating the downward spiral. The current situation presents a complex picture for Ethereum. While Tether’s recent move and steady network activity offer slivers of optimism, the declining price and NFT market correction paint a contrasting picture. A Hive Of Activity Despite Stress On Price While the price of ETH might be feeling the heat, the Ethereum network itself is humming with activity. Unlike the recent slump in the NFT (Non-Fungible Token) market, overall network usage has remained remarkably consistent. This suggests a shift in focus within the Ethereum ecosystem. While the flamboyant world of NFTs might be experiencing a temporary correction, other sectors within Ethereum are picking up the slack. The rise in DeFi (Decentralized Finance) transactions, stablecoin swaps, and general token activity could be the hidden forces keeping the network busy. Featured image from Pexels, chart from TradingView

As hopes for a Fed rate cut fade, Bitcoin is finding more sellers than buyers. Will the tide turn?

Tether, the company behind the largest stablecoin in the market, USDT, has made a significant expansion move that has propelled the Toncoin price, the native token of The Open Network (TON), by 17% in the past 24 hours.  Tether Expands Reach To 15 Blockchains On Friday, Tether announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT), a gold-backed digital token, on The Open Network. This development marks a significant move for Tether, expanding its presence to 15 blockchains.  The integration of TON with Telegram, which boasts over 900 million global users, is expected to provide a “seamless and borderless” experience for peer-to-peer (P2P) payments within Telegram’s user base. With the introduction of USDT and XAUT on TON, Tether aims to facilitate the easy transfer of value between users in the TON ecosystem and other blockchain networks while increasing the transfer speed and reducing costs.  Related Reading: Analyst Forecast: Litecoin Poised For $250-$300, But Can It Hold? Paolo Ardoino, CEO at Tether, expressed excitement about the launch, emphasizing their support for The Open Network’s vision of an open and “decentralized internet.” Ardoino stated: We’re excited to bring USD₮ and XAU₮ to The Open Network because we support its vision of an open and decentralized internet and a borderless financial system. The launch of USD₮ and XAU₮ on TON will allow seamless value transfer, increasing activity and liquidity while offering users a financial experience that can match those found in the traditional financial system. This furthers our mission of powering open financial infrastructure across the blockchain space. 11 Million TON Tokens To Drive Adoption Of USDT, XAUT Meanwhile, The Open Network claims to “revolutionize” global peer-to-peer payments, allowing Telegram users to send money instantly without needing a blockchain address or downloading a new app.  Notably, USDT on TON will be complemented by fully integrated on-ramps supporting most fiat currencies globally. Additionally, integrated global off-ramps will facilitate users’ withdrawal of supported fiat currencies directly to their bank accounts or cards. The TON Foundation has allocated 11 million TON tokens as incentives to drive adoption. Five million TON will be utilized to boost rewards in USDT/TON liquidity pools across TON decentralized exchanges (DEXes) like StonFi and Dedust.  Another 5 million TON will be distributed to users who deposit USDT to the Earn campaign of Telegram’s wallet. Furthermore, withdrawals to TON from supporting exchanges such as OKEx, Bybit, and KuCoin will be free for all users until the end of June 2024. Related Reading: Bitcoin Halving Could Catalyzed $100,000 Price Surge: Bitwise CEO Ultimately, the introduction of USDT and XAUT on TON, coupled with the incentives provided, is expected to accelerate the adoption of TON and establish it as a “faster, easier and more cost-effective” cross-border payment system compared to traditional financial services, according to The Open Network’s announcement.   Toncoin Price Rallies Following the disclosure of the partnership, the Toncoin price surged, reaching a high of $8.02 on Friday. This marked the end of a sharp decline over the past week since the token achieved its all-time high (ATH) of $8.79 on April 11. After reaching the new ATH, the Toncoin price dropped to a low of $5.42 on Saturday, April 13. However, with the recent partnership announcement, the Toncoin price has regained its bullish momentum and is currently trading at $6.59.  It aims to surpass the price resistance level of $7.70, which will pave the way for reaching and surpassing the $8 mark. This would provide a favorable trajectory for the Toncoin price to conquer and exceed its current ATH. Featured image from Shutterstock, chart from TradingView.com

The creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20. Here’s what you need to know.

U.S. spot bitcoin exchange-traded funds (ETFs) have seen outflows for the fifth consecutive day since April 12, with a reduction totaling $4.3 million during Wednesday’s trading sessions. ETF Analyst’s Perspective: Recent Bitcoin ETF Outflows Within Expected Norms The newly launched spot bitcoin ETFs have been active on the stock market for 99 days, having commenced […]

The halving will reshape who mines Bitcoin, and thus the network’s energy efficiency, experts say. Will that offset BTC’s immense usage?

The Web3 Foundation has a 10 million DOT prize pool to foster development of the JAM protocol, which aims to replace Polkadot's Relay Chain.

Crypto expert Michaël van de Poppe has provided insights into what to expect when the Bitcoin halving occurs on April 19. As part of his analysis, van de Poppe suggested that the attention might shift from Bitcoin once the event occurs.  A Narrative Shift To Occur Post-Halving Van de Poppe mentioned in an X (formerly Twitter) post that narratives will change as the halving event approaches but failed to specify what the new narrative will be when this happens. However, in a previous X post, the crypto expert laid out some of his expectations for the crypto market going forward, which included what he expected the new narrative to be.  Related Reading: XRP Whales Are On The Move Again, But Are They Bullish Or Bearish? According to Van de Poppe, the narrative will shift to Ethereum (ETH) and projects that are focused on Decentralized Physical Infrastructure Networks (DePIN) and Real World Assets (RWA). These sectors, along with Artificial Intelligence (AI) and meme coins, have been projected to be among the leading narratives in this bull run.  Meanwhile, the crypto expert, who has so far continued to state that altcoins are greatly undervalued, expects these crypto tokens to bounce “in their Bitcoin pairs” once the hype around the halving is over. Furthermore, Van de Poppe mentioned that altcoins will show bullish strength from this second quarter until the summer after which a correction will come in the third quarter of the year. Before now, the crypto expert listed ten altcoins he believes could make the most price gains when the altcoin season begins in full force. These tokens include Chainlink (LINK), Celestia (TIA), Arbitrum (ARB), Polkadot (DOT), Cosmos (ATOM), DYDX (DYDX), WooNetwork (WOO), Sei (SEI), Skale Network (SKL), and Covalent (CQT).  Expectations For Bitcoin In the short term, Van de Poppe expects Bitcoin to experience a relief bounce to around $70,000. However, he didn’t sound so bullish about the flagship crypto’s long-term trajectory, predicting that Bitcoin will face a period of consolidation that he doesn’t expect to change in the “coming months.” In another X post, he said, “It’s a waiting game on Bitcoin currently, as momentum is relatively gone.” He added that he expects Bitcoin to continue “the retracement and consolidation,” while altcoins will bounce up in their BTC pairs during this period.  Related Reading: Crypto Analyst Predicts Cardano Rally To $3 As Price Reaches ‘Ultimate Support Test’ This predicted consolidation period looks to be the re-accumulation phase in the stages of Bitcoin halving, which crypto analyst Rekt Capital once referred to. Elaborating on what this period is like, Rekt Capital stated back then that many investors get “shaken out in this stage due to boredom, impatience, and disappointment with lack of major results in their BTC investment in the immediate aftermath of the Halving.” Once this period is over, Bitcoin is expected to make its “parabolic uptrend,” a phase that Rekt Capital noted historically lasts just over a year. In line with this, it is worth noting that most of Bitcoin’s price gains usually come between six months to a year after the Bitcoin halving has occurred.  BTC price shows bullish momentum ahead of halving | Source: BTCUSD on Tradingview.com Featured image from Yahoo Finance, chart from Tradingview.com

As the cryptocurrency community excitedly awaits the impending Bitcoin halving, Bitwise Chief Executive Officer (CEO) Hunter Horsley has weighed in on its impact on BTC, predicting that the event could potentially propel prices to $100,000 or even higher. Horsley expressed his optimistic outlook toward the upcoming Bitcoin Halving on the X (formerly Twitter) platform. Every four years, the Halving has historically been linked to greater price increases, and Horsley’s upbeat view indicates that this cycle might be no different from the others. Upcoming Bitcoin Halving Is Being Underestimated According to the CEO, the much-anticipated event is presently being significantly underestimated in the crypto space. He claims that the market has never priced in it in the past, and it will not be priced in this time either, expressing his confidence toward the occasion. Related Reading: Bitwise CEO Predicts $11 Billion Drop In Bitcoin Supply Post Halving Horsley highlighted the historical relevance and transformative implications of these occurrences, drawing comparisons with past Halvings and citing the notable profits that investors achieved in 2020, 2016, and 2012. He stated that following months of debate by investors on whether the previous three halvings were priced in, Bitcoin grew by 5.4x, 2.8x, and 88x, respectively. Given the past price developments, the Bitwise CEO anticipates this Halving to serve as a catalyst for the $100,000 target for BTC. Horsley’s prediction seems very reasonable since the figure is just about a 47% increase from the digital asset’s current price. It is worth noting that the opinions of fully deployed current holders are not used to measure the impact of the Halving. Rather, it depends on whether there will be a significant and sustained increase in demand in addition to the daily decrease in the supply of natural sellers.  In all, the Bitwise CEO foresees a steady growth in demand along with the conditions for a substantial Halving event this year. As investors prepare for the possible impact of this historic occasion on Bitcoin’s price trajectory, this audacious prognosis highlights the possibility of massive price increases not only in BTC but the entire cryptocurrency market. BTC Move Into No Man’s Land With the Halving less than 24 hours away, Cold Blooded Shiller, a cryptocurrency analyst, has reported that Bitcoin has entered No Man’s Land. “There are some interesting discussion points on BTC right now, but we have just entered No Man’s Land,” he stated. Related Reading: Bitcoin Miners Always Sell Into Halvings, Is This Time Any Different? According to Shiller, until one of the two green zones highlighted in his chart is contacted, he believes the price action is far more unpredictable. Nonetheless, there are some interesting links here for former price action and Relative Strength Index (RSI). The analyst claimed the RSI is currently resetting on the Higher Time Frame (HTF), and the last time it occurred was back in January, following a similar breakdown from consolidation seen now. While Shiller does not think the results will be the same this time, it’s quite reasonable if no recovery happens due to this degree of loss. Featured image from iStock, chart from Tradingview.com

With the Bitcoin halving on the horizon, anon Twitter user Leonidas broadcasted some top tips when minting Runes.

Just before the upcoming block reward halving, with only 72 blocks left until reaching block height 840,000, bitcoin miners have significantly boosted their hashrate. As of 8:50 a.m. EDT on April 19, 2024, the hashrate soared to a record 653 exahash per second (EH/s). Bitcoin Hashrate Achieves New High as Halving Approaches Just hours ahead […]

Integration Promises Enhanced Privacy for Bitcoin.com Wallet Users Bitcoin.com, a leading platform for cryptocurrency users, announces its strategic partnership with the Data Ownership Protocol (DOP) to empower users with unprecedented control over their data within the Bitcoin.com ecosystem and beyond. This collaboration marks a significant milestone in the quest for data sovereignty in the crypto […]

As bitcoin navigates a tumultuous trading range between $60,022 and $65,430, market analysts scrutinize oscillators and moving averages for future price direction clues. The cryptocurrency’s price hovers at around $65,110 on April 19, 2024, reflecting a volatile day for traders after the escalating conflict in the Middle East and ahead of the halving. Bitcoin Bitcoin’s […]

The partnership with Tether is meant to rapidly expand TON’s attractiveness to a broader audience of non-crypto savvy Telegram users.

Crypto trading sensation Ansem, known on X (formerly Twitter) as @blknoiz06, has directed the market’s gaze towards the Bitcoin Runes ecosystem, labeling it as the nascent grounds for the next 100x crypto opportunity, as NewsBTC reported yesterday. Ansem, whose prowess is well-documented through his previous astronomical gains of 170x on Solana (SOL), 520x on dogwifhat (WIF), and 80x on Bonk (BONK), stirred the crypto community with his recent Dogecoin comparison. On the cusp of Bitcoin’s highly anticipated halving today, Ansem doubled down on his initial assessment, particularly highlighting two tokens within the Bitcoin Runes ecosystem: Bitcoin Wizards (WZRD) and PUPS. He equates WZRD with Dogecoin, suggesting it has the potential to mirror Dogecoin’s viral success. In contrast, he compares PUPS to the lesser-known but highly profitable dogwifhat (WIF). Related Reading: Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today? In a tweet that caught the eye of both investors and enthusiasts, Ansem elaborated on his reasoning behind the picks, stating: Great thread, been saying, I believe Runes are next asymmetric 100x opp in crypto. The meme that got DOGE founder interested in Bitcoin & the phrase magic internet money is still used today – representative of bitcoin culture. DOGE equivalent = WZRD, WIF equivalent = PUPS. Ansem references a thread on X by Immutable Edge (@ImmutableSOL), who delved into the historical and cultural significance of the “Magic Internet Money” meme, originally sparked by mavensbot’s viral Reddit ad. The “Magic Internet Money” meme dates back to February 18, 2013, when mavensbot, a digital artist, submitted a hand-drawn depiction of a blue wizard to promote Bitcoin on Reddit. This ad, created during Bitcoin’s early adoption phase, was crucial in cultivating a cultural ethos around Bitcoin. It resonated deeply within the community, encapsulating the whimsical yet revolutionary nature of Bitcoin’s rise. The ad’s simplicity and authenticity resonated with the Reddit community, propelling Bitcoin from a niche internet experiment to a major financial phenomenon. Within weeks of the ad’s debut, Bitcoin’s value surged from $27 to a record high of $1,132 by November 2013. Related Reading: Dogecoin Flashes Weekly Golden Cross: Why This Analyst Believes The Bull Rally Is Far From Over Bitcoin Wizards, one of the highlighted tokens, aims to rekindle this original spirit. The token leverages the iconic imagery and cultural narrative of the “Magic Internet Money” meme to foster a new wave of interest and adoption. The creators of WZRD are not only paying homage to Bitcoin’s roots but are also embedding this storied meme within the mechanics of a modern cryptocurrency, aiming to capture both nostalgia and innovation. The Bitcoin Wizards project is part of the broader Bitcoin Runes ecosystem, which reached a lot of hype prior to its launch. According to Ansem, WZRD’s history and deep roots in memes give it the perfect ingredients to become the next Dogecoin, just on Bitcoin Runes. Moreover, the analyst assessment comes at a critical time for the crypto market, which is often influenced by the narratives that capture the community’s imagination. As the Bitcoin halving event unfolds, many eyes will be on the Bitcoin Runes ecosystem to see if it can indeed replicate the meteoric rises seen in BRC-20 tokens and Ordinals. At press time, WZRD traded at $12.15, up 70% in the last 24 hours. Featured image created with DALL·E, chart from TradingView.com

In the first quarter of 2024, spot trading volumes of the top ten centralized exchanges (cex) topped $4.29 trillion, a 95.3% increase from the previous quarter. Despite facing legal challenges Binance remained the largest cex platform with a market share of 50%. The top crypto asset manager Grayscale’s converted GBTC exchange-traded fund (ETF) was the […]

The SEC argued that because Justin Sun "traveled extensively" to the U.S., the case falls under the regulator's jurisdiction.

PRESS RELEASE. April 19th, 2024 — Merlin Chain, the largest Bitcoin Layer 2 protocol by total value locked (TVL), is thrilled to announce the launch of its native token, $MERL. As a significant enhancement to the Bitcoin network, Merlin Chain facilitates the rapid growth of decentralized applications (DApps) across various sectors, including decentralized finance (DeFi), […]

Bitcoin touched $65,000 as it experienced another jolt of volatility ahead of the BTC halving, set to take place late tonight.

At Token 2049 in Dubai, The Open Network’s director of investments sat down with Decrypt’s Sander Lutz to discuss what he sees as the game-changing integration of USDT onto TON, and his plans for getting Telegram’s 900 million users to start using crypto in the immediate future.

Bitcoin fell again late Thursday amid reports of explosions in Iran, and with the quadrennial halving event less than a day away.

Meta has deployed its brand new Llama 3 AI model across its massively popular apps.

Analysts at America’s biggest bank say the quadrennial event has already been priced in for BTC.

Ansem, the crypto trader who's amassed a sizable following on the back of meme coin Dogwifhat (WIF) and other calls, chats with Decrypt reporter Sander Lutz at Token 2049 Dubai about his meme coin thesis, why he's bullish on Bitcoin Runes, and what he sees ahead for the crypto markets.

Shark Cat used the likeness of a social media-famous feline without permission. Now the cat's owner is fighting back.

On-chain analysis back a bullish view, but major banks see more losses ahead.

The JP Morgan CEO revisits some of his classic digs, calling BTC a “decentralized Ponzi scheme.”

Over 4,000 HV-MTL NFTs have been burned by Bored Ape Yacht Club creator Yuga Labs at the request of game studio Faraway.

The Bitcoin halving on Friday has been expected for years. Is the milestone priced in for BTC? Here’s a look back at historical examples.

Firms involved in upcoming Hong Kong ETFs believe that they may cause a ripple effect across Asia—possibly even in China.

Avraham Eisenberg was found guilty of manipulating the Solana DeFi platform Mango Markets in 2022 and fleeing the U.S. with the funds.

UPDATED: The first wave of BitBoy One Genesis handhelds sold out this week. Here's what you need to know about the Bitcoin gaming device.

Rumors of a PlayStation 5 Pro model are looming large. Here's everything we know so far about the anticipated Sony PS5 Pro.

Corporate miners have been prepared for the Bitcoin halving for months. At-home miners, by contrast, could face extinction.

The launch is "paving the way for a new era of innovation and growth in DeFi," said Layer N CEO and co-founder Dima Romanov.

Dubai, AEU, April 18th, 2024, Chainwire   Quest-based battler game Pixelverse, who recently partnered with Mon Protocol the web3 publishing protocol of Pixelmon has announced a “Play-to-Airdrop” pre-listing campaign aimed at enriching the Web3 gaming landscape. Combining elements of exploration, crafting, and combat within a rich cyberpunk universe, the campaign is launching today introduces a […]

To ensure “reliability and stability” Binance has converted its entire insurance fund of BTC and BNB to USDC. But, what does this mean?

Wright dropped the lawsuit against 12 Bitcoin developers after UK court denies he's Satoshi Nakamoto.

The Bitcoin price has leveled off since yesterday, but left a $255 million trail of liquidations in its wake.

The Ark 21 Shares Bitcoin ETF (ARKB) has seen two straight days of outflows for the first time since the start of the month.

Maison Margiela and The Fabricant's new digital fashion NFT combines combines physical products with a Web3 and metaverse experience.