Market Brief January 10th, Forex and Cryptocurrencies: U.K. Manufacturing Production
Today we’ll share with you a couple of facts about the first and largest cryptocurrency.
Bitcoin is a digital currency that exists outside of the banking sector. It is the first currency to be created by people and not by a government. Another defining characteristic is its extremely volatile nature. In terms of appreciation, Bitcoin beats any other market in the history of finance with the exception of the tulip mania in Holland in the 17th century. We all witnessed how a year ago you could buy one Bitcoin for $ 1,000 and now the same is worth $14,800 per coin. Pretty amazing, isn’t it! The key with any asset is to buy low and sell high.
GBP, 09:30 a.m. GMT, Manufacturing Production (MoM) (Nov) – a major indicator with high-impact on the valuation of the cable. Manufacturing production measures the change in the total inflation-adjusted value of production. Projections for the month of November point to a slight increase at 0.3% versus last period’s result at 0.1%. If the actual number is higher than expectations, this could boost the value of the cable while a weaker than projected result could bring it down.
USD, 15:30 p.m. GMT, Crude Oil Inventories – we’re told the level of inventories held by U.S. firms. Projections are for higher levels of inventories at – 3.890M barrels versus – 7.419 the previous week. If the supply has increased, this could negatively affect prices and increase demand. On the other hand, if the level of inventories has been cut this increases demand and should consequently raise the price of the commodity.
Wishing you Happy and Successful Trading!
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