XM Group | May 01, 2024 04:42AM ET
May starts on a high note
The at the most recent interventions by Japan reveals that first, the BoJ tends to intervene multiple times, unless there is another plan in the works like quantitative easing, and second, market interventions as a stand-alone reaction have proven to be an insufficient measure.
This means that only a combination of domestic and foreign developments, such as a hawkish BoJ and a Fed rate cut soon, could allow the yen to sustainably appreciate against the dollar.
Interesting moves in both bitcoin and oil
Bitcoin remains under selling pressure as it tries to stay above the $60k level. The completion of the much-touted halving and a lack of positive news on the ETFs front appear to have cast a shadow on the king of cryptos.
In the meantime, WTI oil futures are preparing to test the April lows as the market appears more relaxed about geopolitics. However, developments in the Middle East could come to the foreground soon if the discussed ceasefire is not agreed and an Israeli ground operation in Rafah commences.
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