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Forex news for Asia trading Wednesday 28 January 2015
Singapore's central bank unexpectedly eased monetary policy
- Singapore central bank reduces the slope of monetary policy band
- More on the shock announcement from the Monetary Authority of Singapore
- More again from the Monetary Authority of Singapore & their stunning announcement earlier
Australian CPI data out today:
- Australia Q4 CPI: +0.2% q/q (vs. expected 0.3%)
- Australian CPI and implications for the RBA … analyst reactions
- Australia – Westpac / Melbourne Institute (MI) Leading Index (December): 0.00% (prior was -0.06%)
- Australia – ANZ Roy Morgan weekly Consumer Sentiment (week ended January 25): 113.2 (prior was 113.6)
- Bank of Canada rate cut was a “pre-emptive manoeuvre” … will the RBA do the same?
- “Greece Begins The Great Pivot Toward Russia”
- Barclays says stronger yen is raising the possibility that BOJ will take rates negative
- Nikkei: Japan banks, insurers shunning domestic government bonds
- Bank of Canada says easier monetary conditions are already being seen
- API US crude oil inventories +12.7 million barrels
- Nikkei poll shows consumers still sitting on their cash I
- AAPL Q1 EPS $3.06 (est $2.60)
The Australian CPI data for Q4 was to be the market focus in Asia today, until in the hours leading up to it the Monetary Authority of Singapore announced a surprise easing in policy (see bullets, above). The SGD was marked down immediately.
The Australian CPI data showed a softer headline result, but the core ‘trimmed mean' came in at an above-expectation +0.7% q/q (see bullets, above). It's the trimmed mean that the RBA pay most attention to in this data set, and this jump brings a February rate cut right off the table … the market reaction was swift – AUD/USD marked higher to tick above 0.8 before coming off 20-odd points, settling then attempting 0.8 again. So far the sellers just above the figure have held it, and it does indeed look like a reasonably decent short sale … but trader stops are now building above the highs and are something to wary of.
The yen was also a mover today, USD/JPY (and yen crosses) up during the Tokyo morning (albeit in a choppy fashion).
EUR/USD and cable were both a little softer today, but were not where the action was. Even USD/CHF calmed itself a little – just an 80-odd point range today as it continues to swing around.
Still to come!
- Preview – Reserve Bank of New Zealand policy meeting on 29 January 2015
- Technical analysis: NZD ahead of the RBNZ decision
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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