Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week

Cryptocurrency

Summary:

Bitcoin teases a return of the bull market as the monthly and quarterly close save BTC price action from a major trend loss.

Bitcoin starts Q3 2024 with a pop as bulls aim to regain lost ground on the way to all-time highs.

BTC price strength is tentatively returning as the combined weekly, monthly and quarterly sees $60,000 support remain in place.

Building on 4% gains over the 24 hours to the time of writing, Bitcoin certainly has its work cut out in order to continue its bull market.

Months of consolidation has now resulted in two trips below the $60,000 mark, both of which are now looking increasingly like bear traps. Can bulls really win out?

Going forward, traders will be looking not just at $60,000, but at other important bull market trendlines in order to gain more confidence in the BTC price rebound.

Macroeconomic data will add to the overall volatility odds this week, with plenty of United States unemployment data on the cards in addition to inflation cues from senior Federal Reserve officials.

Attention is also on Bitcoin miners. After several weeks in a hash rate “capitulation,” will the current low hash price keep the industry from bouncing back?

Cointelegraph takes a closer look at these issues and more as BTC/USD recovers from what bulls hope was a fake breakdown as July gets underway.

Bitcoin faces battle for bull market continuation

A series of spikes higher on the last day of June helped Bitcoin secure a promising weekly, monthly and quarterly close above $62,500.

Momentum then continued, with BTC/USD hitting local highs of $63,724 on Bitstamp before consolidating lower, per data from Cointelegraph Markets Pro and TradingView. Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_1

Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_1

BTC/USD 1-hour chart. Source: TradingView

Figures from monitoring resource CoinGlass confirm 7% losses in June, while Bitcoin finished Q2 down a total of 12%. Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_2

Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_2

BTC/USD monthly returns (screenshot). Source: CoinGlass

Looking to the immediate future, market participants nonetheless remain cautious, with much ground left to recover for sentiment to improve.

For Keith Alan, co-founder of trading resource Material Indicators, “Bitcoin had a nice rally off of the lows, but at the moment, it doesn't look like Bulls have enough momentum to close above the 21-Week Moving Average.”

“Failure to move above it, could mean another retest of the lows before BTC can return to ATH territory,” he wrote in part of his latest update on X (formerly Twitter).

Alan referred to one important support line recently lost as support. The 21-week moving average currently sits at around $64,000.

“TLDR: Save some dry powder,” he summarized. Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_3

BTC/USD 1-day chart with 21-week MA. Source: TradingView

Popular trader Daan Crypto Trades meanwhile notes the large “gap” in CME Group Bitcoin futures which has opened thanks to the weekend’s upside.

Beginning at $60,400, this now represents the “largest we’ve had in a long time,” he warns.

“1. Yes the gap below can get closed but price is quite far away as we speak so don't value it too much,” he wrote in part of analysis on X.

“2. If the market wants to run away, these weekend moves/gaps are the perfect time to do so. Leaves most sidelined. We've seen gaps like that created before that never got closed or not until months/years later.” Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_4

Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_4

BTC/USD chart with CME futures "gaps." Source: Daan Crypto Trades/X

A look at order book liquidity meanwhile shows price staging multiple liquidity hunts into July, with $64,100 now a key area of interest overhead. Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_5

Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_5

BTC liquidation heatmap (screenshot). Source: CoinGlass

Unemployment data meets Fed's Powell

Several U.S. unemployment data releases form a key element of the week’s macro volatility catalysts.

Despite containing the July 4 holiday, there is no shortage of events which are apt to trigger surprise crypto market moves in the coming week.

In addition to unemployment — a sensitive topic for Bitcoin and altcoins this year — Fed Chair Jerome Powell will speak from a monetary policy forum in Sintra, Portugal on July 2.

A day later, the minutes of the Fed’s previous meeting on inflation policy matters will be released.

Looking forward, trading desk QCP Capital is increasingly optimistic about the broader risk-asset climate this month.

“Looking at seasonality, BTC has a median return of 9.6% in July and tends to bounce back strongly especially after a negative June (-9.85%),” it wrote in part of its latest bulletin to Telegram channel subscribers.

“Our options desk also saw flows positioning for an upside move last Friday into the month-end, possibly in anticipation of the ETH spot ETF launch. Many signs point to a bullish July.”

Key BTC price trendline stands out

So far, Bitcoin lacks the impetus to conquer nearby resistance at the key $64,000 level.

The significance of the zone at which BTC/USD has so far rejected after the monthly open is down to several trendlines merging together in a single place.

As Cointelegraph reported, in addition to the 21-week moving average, $64,000 is the site of the Bitcoin short-term holder (STH) cost basis. Also known as realized price, it reflects the aggregate buy price of coins acquired by speculators.

Throughout the current bull market, the cost basis has acted as support, with the only exception coming in August 2023. Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_6

Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_6

Bitcoin cost basis data. Source: Glassnode

“If the price does not move above the sth price quickly, it will likely turn into a resistance level for the price going forward,” SignalQuant, a contributor to on-chain analytics platform CryptoQuant, warned in one of its Quicktake blog posts last week.

At current prices, STH entities, which correspond to those hodling a given amount of BTC for 155 days or less, are on average modestly underwater.

The Market Value to Realized Value (MVRV) metric, which compares STH holdings to purchase price, is thus below the breakeven point of 1. With the exception of early May, this is the first such trip into loss-making territory since October 2023, data from on-chain analytics firm Glassnode confirms. Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_7

Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_7

Bitcoin STH-MVRV. Source: Glassnode

Light at the end of the tunnel for miners?

Despite the moderate BTC price rebound, network fundamentals remain in a state of what some describe as “capitulation.”

Difficulty is still forecast to drop by 5% this week, per estimates from monitoring resource BTC.com, and Bitcoin miners continue to adjust to the new economic reality post-halving. Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_8

Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_8

Bitcoin network fundamentals overview (screenshot). Source: BTC.com

As Cointelegraph reported, less efficient miners are likely shutting off due to costs, leading to a drop in hash rate — a familiar phenomenon after a halving event.

The Hash Ribbons metric, which compares 30-day and 60-day hash rate, shows a “capitulation” phase among miners still in situ. Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_9

Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_9

Bitcoin Hash Ribbons. Source: Glassnode

That said, withdrawals from miner-affiliated wallets, miner coins sent to exchanges and OTC transactions have all decreased sharply over the past month, leading to renewed optimism over profitability conditions.

“Miners' selling pressure has decreased significantly and their selling volume is being digested quickly,” CryptoQuant contributor Crypto Dan commented in a recent Quicktake post on the issue.

“Sufficient conditions have been created to continue the upward rally again in the third quarter of 2024.”

Bitcoin miner transactions to exchanges, OTC desk balance (screenshots). Source: CryptoQuant

Crypto market sentiment sees pronounced recovery

The quarterly close is already making itself felt when it comes to overall crypto market sentiment.

The latest readings from the Crypto Fear & Greed Index show marked upticks toward “greed” already taking hold over the weekend.

Fear & Greed increased six points into July 1, and as a lagging indicator, the full impact of the latest gains in the combined crypto market cap is likely not yet visible.

By comparison, on June 29, the Index measured just 30/100 — a value not only corresponding to “fear” but knocking on the door of “extreme fear” as the average sentiment score. Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_11

Was Sub-$60K a Bear Trap? 5 Things to Know in Bitcoin This Week_11

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

During the lows, research firm Santiment nonetheless noted “oversold” readings on Bitcoin’s Relative Strength Index (RSI) as a potential advance signal for a recovery.

“Bitcoin's mild rebound after the dip the past 2 weeks has been short-lived for now. But note the continued negative sentiment pouring in from the crowd, indicating their patience is wearing thin,” it told X followers.

“This, along with a low RSI of just 36, are strong indications a bounce is close.”

BTC/USD chart with RSI, sentiment data. Source: Santiment/X

Source: Cointelegraph

Risk Warnings and Disclaimers

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Glendon

Economic

Introduction

The global oil market plays a pivotal role in the world economy, with Brent Crude serving as one of its key benchmarks. Brent Crude oil is essential for pricing a large portion of the world's traded crude oil supplies. Its influence extends to numerous financial platforms, including FintechZoom, which provides comprehensive market analysis and financial news. This article explores the dynamics of Brent Crude, its significance in the global market, and how platforms like FintechZoom and FastBull provide valuable insights for traders and investors.

Understanding Brent Crude

Brent Crude oil, often referred to simply as Brent, is a major trading classification of sweet light crude oil that serves as a benchmark price for purchases of oil worldwide. The name derives from the Brent oil field in the North Sea, managed by Shell UK Limited. Brent Crude is one of the most prominent oil benchmarks, along with West Texas Intermediate (WTI) and Dubai Crude.

Characteristics and Importance

Brent Crude is known for its relatively low sulfur content and density, making it easier to refine into high-value products like gasoline and diesel. These characteristics make it highly desirable in the global market. Its pricing serves as a reference for other types of crude oil and is integral to the financial markets.

The Role of FintechZoom

FintechZoom is a leading financial news and analysis platform that offers a wide range of services, including market data, financial news, and in-depth analysis of various commodities, including Brent Crude. The platform caters to both novice and seasoned investors, providing real-time updates and comprehensive reports that help traders make informed decisions.

Market Analysis and Insights

FintechZoom's analysis on Brent Crude covers various aspects, from price movements to geopolitical factors affecting supply and demand. The platform's insights are crucial for understanding market trends and anticipating future movements. FintechZoom also offers technical analysis tools, enabling traders to analyze price charts, identify trends, and make strategic trading decisions.

Geopolitical Influences

One of the significant factors affecting Brent Crude prices is geopolitical events. FintechZoom provides timely updates on geopolitical developments, such as conflicts in oil-producing regions, OPEC decisions, and international sanctions. These factors can cause significant fluctuations in oil prices, and staying informed through platforms like FintechZoom is essential for market participants.

Economic Impacts of Brent Crude

The price of Brent Crude has far-reaching impacts on the global economy. It affects the cost of fuel, transportation, and even the prices of various goods and services. Understanding these impacts is crucial for businesses and consumers alike.

Inflation and Consumer Prices

Rising Brent Crude prices often lead to higher inflation, as the cost of production and transportation increases. This, in turn, affects consumer prices, making everyday goods more expensive. FintechZoom's analysis helps businesses and consumers understand these trends and plan accordingly.

FastBull: Enhancing Financial Insights

FastBull is another prominent financial platform that provides real-time market data, analysis, and trading signals, with a focus on forex and commodities, including Brent Crude. FastBull's insights are invaluable for traders looking to capitalize on market opportunities and manage risks effectively.

Comprehensive Analysis and Trading Signals

FastBull offers a range of tools and services designed to enhance trading efficiency. These include detailed market analysis, trading signals, and risk management tools. The platform's emphasis on data accuracy and timely information makes it a reliable resource for traders looking to stay ahead of market trends.

Integration with FintechZoom

Both FintechZoom and FastBull provide complementary services that cater to the needs of modern traders. While FintechZoom offers broad market insights and news updates, FastBull focuses on actionable trading signals and detailed analysis. Together, they offer a comprehensive toolkit for navigating the complexities of the oil market and other financial instruments.

Conclusion

The oil market, with Brent Crude as a central benchmark, remains a crucial element of the global economy. Platforms like FintechZoom and FastBull play a significant role in providing the necessary insights and tools for traders and investors to make informed decisions. By staying informed through these platforms, market participants can better navigate the volatile oil market and capitalize on opportunities while managing risks effectively.

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

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Warren Takunda

Economic

European election fever is running almost as hot as Euro 2024 football tournament excitement, as this weekend's first round of voting in France promises to be market-moving, while Britain may see its first left-of-centre government in 14 years.

England, currently joint favourite with France, along with hosts Germany, are through to the quarter finals of the Euros. But the excitement is not just on the football pitch, or the polling booths. The coming week also brings the market's favourite data point - U.S. monthly employment figures.

Here is your look at what matters for markets in the coming week from Lewis Krauskopf in New York, Rae Wee in Singapore, Yoruk Bahceli in Amsterdam and Andres Gonzalez and Naomi Rovnick in London.

1/JOBS DAY

Investors assessing when the Federal Reserve could start to cut interest rates will get a critical economic datapoint with the monthly U.S. jobs report released on July 5.

Economists are forecasting an increase of 180,000 jobs for the month of June. For May, non-farm payrolls increased by 272,000, far more than expected, underscoring the resilience of the labour market.

The Federal Reserve held rates steady this month and pushed out the start of rate cuts to perhaps as late as December, as officials look for more convincing signs that inflation is moderating to the central bank's target, or evidence that the employment market is worsening.

The latest consumer price index report showed U.S. consumer prices were unexpectedly unchanged in May.

Bar chart shows the number of additional non-farm payrolls recorded in the U.S. every month from Jan. 2023 to May 2024. A projection from Reuters poll of economists for June 2024 is included. Take Five: Election Nerves Reach Fever Pitch_1

Take Five: Election Nerves Reach Fever Pitch_1

2/FRENCH VOTE

Marine Le Pen's far-right National Rally (RN) party scored historic gains to win the first round of France's parliamentary election on Sunday, exit polls showed, but the final result will depend on days of horsetrading before next week's run-off.

Prosecutors subsequently concluded that Boeing had not honoured the terms of the deferred prosecution deal, something the company disputes.

Investors are unlikely to get much more clarity before the results of the second round vote on July 7. But a 577-constituency race where candidates just need 12.5% of the vote to make it to the second round, also featuring three-way races, means uncertainty may prevail.

Market jitters over fears of a spending surge have stabilised, helped by a signals from Marine Le Pen's far-right National Rally (RN), leading the polls, that it would be fiscally responsible.

Yet they are far from recovery. The closely-watched risk premium French bonds pay over Germany's is still over 25 basis points higher than before the election announcement. French bank stocks are sitting on double-digit losses.

Another worry for markets has been the left-wing alliance polling second, which many in the market now see as a bigger threat than the RN.

Take Five: Election Nerves Reach Fever Pitch_2

3/A MIXED M&A BAG

Global M&A volumes in the first half of 2024 have seen an uptick of 20% compared with 2023, and deals exceeding $5 billion have surged by 53%, according to data provided by Dealogic.

But for some dealmakers the glass is only half full.

Despite the recovery, deal volumes as of June 24 remain 15% below the last decade's average, largely impacted by the slowest Q2 in the Asia-Pacific region since 2009.

The number of deals announced in Q2, 2024 is the lowest of the past 16 years, even worse than in Q2, 2020, when COVID-19 forced a worldwide pause in M&A activity.

The remainder of the year looks bleak, with upcoming elections in France, Britain, and particularly in the U.S. causing corporate boards and private equity funds to reconsider their decisions.

Some investment bankers are wondering whether they should focus on 2025 instead, a year they finally hope will deliver the goods. Take Five: Election Nerves Reach Fever Pitch_3

Take Five: Election Nerves Reach Fever Pitch_3

4/BRITISH BLUES

Polls predict a landslide British election win for the opposition Labour Party on July 4, boosting UK stocks and government bonds, as trade-weighted sterling has bounced back to levels not seen since 2016's Brexit vote.

Traders see a return to stability after heavy political turbulence during the Conservatives' 14-year rule and have speculated Labour leader Keir Starmer will rebuild trade links with Europe.

But Britain has vast fiscal challenges that neither Labour nor the Conservatives have clarified how they would solve, the Institute for Fiscal Studies think-tank said.

Economic growth is tepid, public debt-to-GDP has hit a 63-year high and taxation as a share of national income is approaching its highest since 1949.

If voters expect better public services without tax hikes and investors want government borrowing to stabilise, Starmer could find it tough to keep both sets of stakeholders on side.

Take Five: Election Nerves Reach Fever Pitch_4

5/STAND-OFF

Inflation readings across countries in emerging Asia scatter the data calendar, though with consumer prices seemingly coming to heel for most economies it begs the question of how much longer policymakers will need to keep rates higher for.

Yet their hands are tied, with a foot-dragging Federal Reserve and a towering dollar leaving little to no room for any imminent rate cuts in Asia.

It's that or running the risk of their currencies getting hammered further.

In Thailand, that dissonance has sparked a months-long spat between the central bank and government.

The latter insists an urgent rate cut would revive Southeast Asia's second-largest economy, while the Bank of Thailand (BOT) has said rates remain appropriate.

BOT Governor Sethaput Suthiwartnarueput speaks to the media on Thursday, and will likely reiterate the central bank's stance.

Take Five: Election Nerves Reach Fever Pitch_5

Source: Reuters

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Economic

Stocks

London stocks were set to rise at the open on Monday as investors mulled the latest French election results and looked ahead to the UK election this week.

The FTSE 100 was called to open around 33 points higher.

Over the weekend, Marine Le Pen’s National Rally got 33% of the votes in the first round of parliamentary elections. The leftwing New Popular Front alliance was second with 28% of the votes, while President Macron’s centrist Together coalition got 20%.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said: "The kneejerk reaction was a jump in the euro in the early week trading. The EURUSD jumped past 1.0750, the euro-pound flirted with the 0.85 level and the European futures trade in the positive as a ‘buy the rumour sell the fact’ reaction to the election outcome - and also on chatter that National Rally may not secure an absolute majority in the second round. But there is a non-neglectable chance for Marine Le Pen and Mr, Bardella to win the parliamentary majority next week and that risk will unlikely let the euro run too high before more clarity.

"Across the Channel, the week starts with increased election vibes as well, because Brits will be headed to their own general election this Thursday with little suspense on the horizon. A Labour win is seen as a net positive for financial markets, and would benefit to banks, homebuilders and groceries the most according to JP Morgan. A Labour should also benefit to the British pound in the long run on hope of improved relations with Europe post- Brexit.

"In the short run, however, a Labour win is broadly priced in. Therefore the return of the Bank of England (BoE) doves following the election could keep the pound’s upside potential limited."

Investors were also digesting the latest data from Nationwide, which showed house price growth was broadly stable in June.

On the year, house prices rose 1.5% following 1.3% growth in May. On the month, meanwhile, prices were 0.2% higher in June, down from 0.4% growth a month earlier.

The average price of a home stood at £266,604, versus 264,249 in May.

Nationwide chief economist Robert Gardner said prices were around 3% below the all-time high recorded in the summer of 2022.

"Housing market activity has been broadly flat over the last year, with the total number of transactions down by around 15% compared with 2019 levels," he said. "Transactions involving a mortgage are down even more (nearly 25%), reflecting the impact of higher borrowing costs. By contrast, the volume of cash transactions is actually around 5% above pre-pandemic levels."

Gardner continued: "While earnings growth has been much stronger than house price growth in recent years, this hasn’t been enough to offset the impact of higher mortgage rates, which are still well above the record lows prevailing in 2021 in the wake of the pandemic. For example, the interest rate on a five-year fixed rate mortgage for a borrower with a 25% deposit was 1.3% in late 2021, but in recent months this has been nearer to 4.7%.

"As a result, housing affordability is still stretched. Today, a borrower earning the average UK income buying a typical first-time buyer property with a 20% deposit would have a monthly mortgage payment equivalent to 37% of take-home pay - well above the long run average of 30%."

In corporate news, Croda International said it had appointed Johnson Matthey chief financial officer Stephen Oxley to the same role at the chemicals company.

Oxley was previously a Partner at KPMG where he spent nearly 30 years advising global companies across consumer, healthcare and industrial sectors, Croda said in a statement. He is expected to join the firm no later than April 1, 2025 following a notice period.

Mining giant Anglo American said it had been forced to suspend production at its Grosvenor steelmaking coal mine in Queensland after an underground coal gas ignition incident at the weekend.

No injuries were reported and all workers were evacuated safely. Grosvenor is expected to contribute 3.5m tonnes of steelmaking coal to Anglo’s 15-17m total in 2024 - though the company said it will update the market with guidance "once more information is available".

Source: ShareCast

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Glendon

Economic

Introduction

Meta Platforms, Inc., formerly known as Facebook, Inc., is one of the leading technology companies globally. Its stock, often referred to as Meta stock (META), is a significant component of the technology sector and a favorite among investors. This article explores the dynamics of Meta stock, its performance, and how financial platforms like FintechZoom and FastBull provide valuable insights and analysis for traders and investors.

Understanding Meta Platforms, Inc.

Meta Platforms, Inc. is a multinational technology conglomerate that owns some of the most popular social media platforms, including Facebook, Instagram, and WhatsApp. It has also made significant investments in virtual reality (VR) and augmented reality (AR) through its Oculus brand and is pioneering the development of the metaverse—a virtual shared space.

Key Drivers of Meta Stock

Several factors influence the performance of Meta stock, including user growth, advertising revenue, regulatory changes, and technological advancements. Investors closely watch these elements to gauge the company's future prospects and stock performance.

User Growth: The number of active users on Meta's platforms is a critical metric. Growth in user base translates to increased advertising revenue.

Advertising Revenue: As a major source of income, fluctuations in advertising revenue directly impact Meta's financial performance. Changes in ad policies or competition can significantly affect this revenue stream.

Regulatory Environment: Regulatory scrutiny and data privacy concerns are ongoing challenges for Meta. New regulations or legal challenges can impact the company's operations and stock performance.

Technological Innovation: Meta's investment in VR, AR, and the metaverse is seen as a long-term growth driver. Successful development and adoption of these technologies can positively influence stock performance.

The Role of FintechZoom

FintechZoom is a leading financial news and analysis platform that offers a wealth of information on various stocks, including Meta. It provides real-time updates, detailed analysis, and market insights that are crucial for making informed investment decisions.

Market Analysis and Insights

FintechZoom's coverage of Meta stock includes various aspects, such as price movements, earnings reports, and industry trends. The platform offers both fundamental and technical analysis, helping investors understand the stock's intrinsic value and market behavior.

Earnings Reports: FintechZoom provides comprehensive analysis of Meta's quarterly and annual earnings reports. These reports highlight key performance indicators (KPIs), revenue breakdowns, and future outlooks.

Technical Analysis: The platform offers tools and charts for technical analysis, enabling investors to identify patterns, trends, and potential entry and exit points for trades.

Industry Trends: FintechZoom also covers broader industry trends that can impact Meta stock. This includes insights into the social media landscape, advertising market dynamics, and technological advancements.

News and Updates

Staying updated with the latest news is crucial for investors. FintechZoom provides timely news updates related to Meta, including new product launches, regulatory developments, and major strategic moves. This information helps investors stay informed and adjust their strategies accordingly.

FastBull: Enhancing Financial Insights

FastBull is another prominent financial platform that complements FintechZoom's offerings by providing real-time market data, analysis, and trading signals. While FintechZoom offers a broad perspective on market trends and stock analysis, FastBull focuses on actionable insights and trading efficiency.

Comprehensive Analysis and Trading Signals

FastBull offers a range of tools designed to enhance trading decisions. These include detailed market analysis, trading signals, and risk management tools. For traders focused on Meta stock, FastBull provides specific insights into price movements, volume analysis, and sentiment indicators.

Trading Signals: FastBull's trading signals help traders identify potential buying or selling opportunities based on real-time market data and technical indicators.

Risk Management Tools: Effective risk management is crucial in trading, and FastBull offers tools to help traders set stop-loss levels, calculate position sizes, and manage their portfolios effectively.

Sentiment Analysis: Understanding market sentiment is key to predicting stock movements. FastBull's sentiment analysis tools provide insights into how investors and traders feel about Meta stock, which can influence trading decisions.

Integration with FintechZoom

The integration of FintechZoom and FastBull offers traders a comprehensive toolkit for navigating the complexities of Meta stock. While FintechZoom provides broad market insights and detailed analysis, FastBull offers actionable trading signals and efficient risk management tools. Together, they enable traders and investors to make well-informed decisions and optimize their trading strategies.

Conclusion

Meta Platforms, Inc. remains a dominant player in the technology sector, with its stock being a key focus for investors. Platforms like FintechZoom and FastBull play a vital role in providing the necessary insights, analysis, and tools for making informed investment decisions.

By leveraging the comprehensive market analysis from FintechZoom and the actionable trading signals from FastBull, investors can better navigate the dynamics of Meta stock and capitalize on market opportunities while managing risks effectively.

To stay updated on all economic events of today, please check out our Economic calendar

Risk Warnings and Disclaimers

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Warren Takunda

Economic

Marine Le Pen's National Rally is on course to win about 33% of the vote, which is what the polls suggested would be the case. Pollsters say National Rally can now win a majority in the National Assembly in Sunday's second round of votes.

For currency markets, the base-case scenario has come to pass as the outcome aligns with pre-election polls.

The Euro's rise confirms the market is now quite relaxed with the prospect of a National Rally government and the 'cohabitation' arrangement that will emerge between the government and President Emmanual Macron.

The worst-case scenario was a stronger showing by the far-left New Popular Front, which we warned could propel the Pound-Euro towards 1.22.

The New Popular Front looks to be on about 29% and Ensemble, Macron’s coalition, on about 22%.

The Pound to Euro exchange rate 'gapped' lower when markets opened late on Sunday night, reversing the gap higher it experienced just weeks prior following the unexpected announcement by Macron that the country would be asked to vote for a new legislature. Pound to Euro Drops Below 1.18 after France Sets Le Pen's Party on Course Towards Power_1

Pound to Euro Drops Below 1.18 after France Sets Le Pen's Party on Course Towards Power_1

Above: GBP/EUR at daily intervals.

Pound-Euro has sliced through the 1.18 level and is now close to levels consistent with the market having removed the political risks premium associated with France. This means there is a growing likelihood the exchange rate will fall back into familiar 2024 territory, which saw trade centred around the 1.17 level.

The Pound-Euro rose following Macron's decision to call a vote as markets feared the uncertainty posed by a radical far-left or far-right party taking power.

The rally peaked at €1.19, the highest level for those buying euros in 22 months, meaning a long-running deadlock between the Pound and Euro was broken. (For most of 2024, the GBP/EUR conversion has been locked between 1.1764 and approximately 1.16.)

During the campaign period, Le Pen's party sought to calm investor fears, saying it would respect the institutions and would fund all its spending commitments, easing fears France's debt levels would ultimately become unsustainable.

Remember, too, that this week, the UK goes to the polls, and any unexpected results could offer some short-term volatility, although we don't anticipate that to last.

In short, it is central bank interest rate settings that matter, and whether the Bank of England will cut interest rates in August.

Source: Poundsterlinglive

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Economic

South Korea on Monday extended its foreign exchange trading hours to provide better access to investors in different time zones.

Financial authorities in the country hope the longer trading hours will help South Korea to win designation as a developed market by the MSCI and allow it to join FTSE Russell's World Government Bond Index.

Following a six-month trial run, dollar-won trading now runs from 9 a.m. to 2 a.m. the following day, whereas it used end at 3:30 p.m., according to the Finance Ministry.

The initiative "moves the Korean won a step forward to its G10 counterparts, which typically trade around the clock," said Shen Li, head of forex sales for the Asia-Pacific at State Street in Hong Kong. Allowing investors in Europe and the U.S. to trade the won at a more convenient time is "perceived as a positive support for Korean bonds to be included in major fixed-income indices," he said.

Around 30 foreign institutions registered with the South Korean government to trade under the new hours, as of Thursday, according to the Finance Ministry.

In 2023, the country's daily dollar-won trades averaged $18.5 billion, up around 7% compared with the previous year, according to central bank data.

While the longer market operation is expected to increase trading volume, "The extent to which trading activities will go up still depends on demand from end investors and supply readiness from qualified registered foreign institutions," State Street's Li said.

The government urged financial institutions doing business in the country to play a leading role in late-night market making, a statement from the Finance Ministry said Thursday. Choi Ji-young, the ministry's deputy minister for international affairs, asked heads of local and foreign banks to "pay attention to staff working night shifts and those assigned to overseas branches, and to ensure stable transaction and payment systems," the statement said.

The longer hours mean overseas investors will gradually shift to forex spot trades and forward transactions from relying on nondeliverable forwards, said Ethan Seo, head of global markets at BNP Paribas in Seoul.

Offshore trading of the Chinese yuan, which took effect in 2010, offers a precedent, he said. While opening up onshore markets to investors overseas round the clock typically takes five to eight years, he predicts it will take around five years for South Korea. He expects banks to be the main users of extended trading hours at first. For the change to take root, he said more global investors should be encouraged to participate, and added that it is important for the country to open up its bond and stock markets as well.

"I think the new system will gain more traction in the long term, considering domestic banks, global banks and the authorities are working on it together," he said.

Source: NikkeiAsia

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