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Alexander Kuptsikevich

FxPro Forex Analysis: Crypto Market Enters New Correction Phase

The crypto market entered a new correction phase in the middle of the current week, a phase associated with investor doubts regarding the market’s future. The total market capitalisation fell to $434 billion, down from the $500 billion levels it had reached earlier. Many Bitcoin investors were observed selling the cryptocurrency as it faced resistance near $12,000, with Bitcoin losing almost $2,000 of its value in only a number of days as a result; a drawdown supported by other altcoins. While ...

Alexander Kuptsikevich

FxPro Forex Analysis: U.S. Treasury Auctions Offer Temporary Support for the Dollar

The U.S. currency continues to register gains this week, having so far recovered two thirds of last week’s losses. EURUSD is currently trading near 1.2330, while USDJPY has gone up to 107.70, hinting at limited demand for safe havens. With emerging markets and commodities generally stable, dollar growth does not seem to derive from economic growth fears. Yet, concerns about the U.S. budget deficit, coupled with potential rate hikes, suggest challenges in the dollar’s future. Nonetheless, the ...

Alexander Kuptsikevich

FxPro Forex Analysis: A Terrible Week for the Dollar as Yen and Euro Display Growth

The dollar is down 2.2% since the start of this week in what’s come to be the currency’s worst performance in two years, with USDX falling to 88.15 in a new three-year low. Strong macroeconomic indicators have triggered expectations that the ECB and the Bank of Japan, the second and third most important central banks in the world respectively, will soon start normalisation. Once again, EURUSD surpassed the 1.2500 mark, up by 2.5%, while USDJPY fell by 3% to 105.50 since the beginning of this ...

Alexander Kuptsikevich

FxPro Forex Analysis: U.S. Inflation Worry Seems Unfounded

The last 24 hours have seen no drastic changes in the overall mood of market participants. In equity markets cautious purchases prevail, while in the foreign exchange market the U.S. dollar is retreating. U.S. stock indices are displaying growth mainly due to the dollar weakening, while Asian markets displayed mixed dynamics this morning. The USDX index lost 0.4%, while EURUSD added 0.5% and traded at 1.2370. On its third attempt, USDJPY managed to break through, falling to its lowest levels ...

Alexander Kuptsikevich

FxPro Forex Analysis: Bitcoin Finds Resistance at $9,000

Cryptocurrencies are following a sideways trend. On the one hand, we’ve seen some crypto-investor relief after SEC and CFTC representatives at the U.S. Senate hearing unequivocally decided not to impose any limitations on cryptocurrency trading on a national level, though the IRS plans to put together a control group to monitor operations on the cryptocurrency market. On the other, the Japanese National Tax Agency has started classifying profits from cryptocurrency trading as ‘miscellaneous ...

Alexander Kuptsikevich

FxPro Forex Analysis: Cryptocurrency Market Waits for New Triggers

The cryptocurrency market has remained relatively stable. According to CoinMarketCap, the total market capitalisation has gone up by almost $120 billion (42%) from Tuesday lows, with Bitcoin trading around $8,000 and Ethereum near $800. The market seems to be waiting for new triggers, with the exception of Bitcoin Cash, that’s been adding more than 25% a day. During this week, we’ve witnessed a classic example a pump with Ecoin, the price of which suddenly began to rise from $6 to $290, ...

Alexander Kuptsikevich

FxPro Forex Analysis: The U.S. Reaches Milestone in Oil Supply

Crude oil came under pressure yesterday following the release of weekly statistics on inventories and supply in the United States. Inventories are up for a second week in a row, a common occurrence for this time of year, with nothing notable shown after 10 weeks of substantial decline. Most importantly, perhaps, the report showed that production exceeded 10 million barrels a day for the first time. With their 10.25 million barrels per day, the U.S. became the third country in the world behind ...

Alexander Kuptsikevich

FxPro Forex Analysis: Stock Markets Find Support, Still Too Early to Celebrate

American stock indices closed higher on Tuesday, despite the drops experienced earlier in the day. This morning, index futures are trading at slightly lower levels, with a prevalent sense of caution creating pressure on Asian sites. The MSCI Asia Pacific Index, excluding Japan, is now at +0.8%, albeit trading earlier at 2% gains. The U.S. index dynamic towards the end of Tuesday’s trading could be viewed as a return to growth, yet this morning’s trading activity has shown seller strength. It’s ...

Alexander Kuptsikevich

FxPro Forex Analysis: Yellen’s Departure – A New Era in U.S. Monetary Policy?

On Wednesday, Janet Yellen held her last FOMC meeting as Chair of the Federal Reserve. On Saturday, February 3, Jerome Powell will officially take over as the new head of the most powerful central bank in the world. During Yellen’s 4-year term, the Fed smoothly moved from an extraordinary stimulus policy to raising rates and starting a programme of winding down the balance sheet of the Central Bank. One of Yellen’s major advantages was an increase in policy transparency, together with her ...