December 10, 2022

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Bitcoin dumped from $40,000 to sub-$37,000

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Forex news for Asia trading on
Tuesday
27
July 2021

Major forex rates were subdued
today, trading in very small ranges and there is little net change
from late US levels. Watching the Olympics seems to be on many
agendas, especially while awaiting the Federal Reserve’s Federal Open
Market Committee statement and Powell’s
press conference on Wednesday afternoon (US time).

Across
the board the yen was the winner, with USD/JPY dropping 20 or so
points to lows circa 110.20.

Meanwhile
crypto was much more active. Bloomberg reported on an Amazon denial
the firm would be accepting Bitcoin payment this year or next, and
not developing their own currency either. BTC/USD had hit highs circa
US$40,500 (just above)
but the Amazon headlines saw it slump to under $38K and subsequently
to under $37K. It managed to stumble sideways around that level but
as I post new session lows are being made towards $36,700 (I
am struggling to keep up … its under $36,500).

Stocks
in HK and China are heavy. Chinese real estate stocks were
particularly hit.

On
the geo-political front North and South Korea have re-established
communication. Otherwise news flow has been light, with
only
minor-league data flow also. 

Forex news for Asia trading onTuesday27July 2021




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