Articles
Staking is coming to Chainlink this December as LINK price stands firm
260374 September 30, 2022 22:09 FXStreet Market News
- Chainlink’s co-founder, Sergey Nazarov, confirms plans for LINK staking.
- LINK bulls get ready to defend support at $7.00.
- Investor sentiment remains positive, with Chainlink whales capitalizing on lower price levels.
Chainlink price is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Despite LINK’s ongoing retracement at $7.68, bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.
Chainlink co-founder shares staking plans
Sergey Nazarov, the co-founder of Chainlink, revealed that the network is closer to launching support for staking, while speaking at the SmartCon 2022 conference. Users will, from December, start earning rewards for locking up tokens in the network. Besides being an avenue for investors and crypto enthusiasts to earn passively, staking helps secure the blockchain protocol and gives the users a sense of ownership.
Chainlink is also planning a couple more programs tailor-made to improve the economic viability of all the services offered by the platform. For example, SCALE, which will involve four other crypto projects (Metis, Moonbeam, Avalanche and Moonriver), is designed to reduce the costs of inputting oracle data and reports on-chain through the splitting of costs among a larger number of participants.
According to Nazarov, Chainlink is hoping to be the go-to platform for all services related to Web3. Through another program called BUILD, early-stage projects will tap seamless access to services and cutting-edge support.
“We are seeking to provide all the services that everyone needs to build Web3, and based on our market share we already do that very successfully,” reckoned Nazarov.
Assessing Chainlink price’s technical outlook
Chainlink price sits on top of a rising channel’s lower boundary support. The 50-day SMA (Simple Moving Average – red) caps movement to the upside, while the 100-day SMA (blue) could be contingency support if LINK price breaks below the channel.
The Stochastic oscillator’s position below 30.00 shows that Chainlink price is oversold. If investors continue to take advantage of the lower market price, LINK could gain momentum and rise to the previous high at $8.40.
LINK/USD four-hour chart
Investors holding 10,000 and 100,000 tokens are, according to on-chain data from Santiment, on a buying spree. Over the last six months, these cohort’s addresses increased to 2,998 from 2,511 in April. Investors with between 1 million and 10 million tokens have grown to 78 from 11 in the same period, inferring that sentiment toward the oracle token remained positive despite the price correction.
 [16.26.17, 30 Sep, 2022]-638001431168044032.png)
Chainlink Supply Distribution
Buyers are expected to prevent Chainlink price from sliding below $7.00. If anything, support at the channel’s lower boundary and the 100-day SMA could come in early and handy for an immediate northbound move. However, the uptrend will only be sustainable if LINK collects enough liquidity as investors fill their bags.
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United States Chicago Purchasing Managers’ Index below forecasts (51.8) in September: Actual (45.7)
260373 September 30, 2022 22:09 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United States Michigan Consumer Sentiment Index came in at 58.6 below forecasts (59.5) in September
260372 September 30, 2022 22:05 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United States UoM 5-year Consumer Inflation Expectation dipped from previous 2.8% to 2.7% in September
260371 September 30, 2022 22:05 FXStreet Market News
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
UMich September US final consumer sentiment 58.6 vs 59.5 expected
260370 September 30, 2022 22:02 Forexlive Latest News Market News
- Prior was 58.2
- Prelim was 59.5
- Current conditions 59.7 vs 58.9 prelim
- Expectations 58.0 vs 59.9 prelim
- 1-year inflation 4.7% vs 4.6% prelim
- 5-10 year inflation 2.7% vs 2.8% prelim
This is the final data point of the month but we will get speeches from Bowman, Barkin and Williams later today.
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EUR/USD to plummet towards 0.91 by Q1 2023 – Wells Fargo
260369 September 30, 2022 21:45 FXStreet Market News
Economists at Wells Fargo expect weakness in the euro to persist. They believe that the EUR/USD could fall as low as 0.91 by the first quarter of the next year.
Confidence surveys are now clearly pointing to contraction
“High and rising inflation should continue to weigh on the consumer, and energy supply disruptions could more directly impact manufacturing activity.”
“Confidence surveys are now clearly pointing to contraction, especially for Germany– the region’s largest economy.”
“While the European Central Bank should raise rates further, underwhelming Eurozone growth should see it lag well behind the Fed, another factor that could see the EUR/USD exchange rate reach 0.9100 by Q1-2023.”
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Gold Price Forecast: XAU/USD surrenders intraday gains to weekly high, back below $1,665 level
260368 September 30, 2022 21:45 FXStreet Market News
- Gold struggles to preserve its intraday gains to a fresh weekly high touched this Friday.
- The prospects for aggressive policy tightening by the Fed continue to act as a headwind.
- The emergence of fresh USD buying exerts additional downward pressure on the metal.
Gold surrenders a major part of its intraday gains to a fresh weekly high touched earlier this Friday and retreats below the $1,665 level during the early North American session.
Despite growing recession fears and geopolitical risk, the safe-haven XAU/USD has been struggling to gain any meaningful traction amid the Federal Reserve’s commitment to getting inflation under control. Investors seem convinced that the US central bank will stick to its aggressive rate hiking cycle and have been pricing in the possibility of another supersized 75 bps rate hike in November. The bets were reaffirmed by Friday’s release of the US Personal Consumption Expenditures (PCE) data, which continues to act as a headwind for the non-yielding gold.
Apart from this, resurgent US dollar demand turns out to be another factor exerting additional downward pressure on the dollar-denominated commodity. In fact, the USD Index, which measures the greenback’s performance against a basket of currencies, stages a solid recovery from the weekly low and for now, seems to have stalled this week’s sharp pullback from a two-decade high. That said, the spill-over effect of the Bank of England’s move to calm the markets drags the benchmark 10-year US Treasury note further away from a 12-year high set on Wednesday.
This, in turn, is seen holding back the USD bulls from placing aggressive bets. Apart from this, the prevalent risk-off environment offers some support to gold and should help limit the downside, at least for the time being. Nevertheless, the precious metal remains on track to register the sixth successive month of losses and the biggest quarterly fall since early 2021.
Technical levels to watch
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US stocks trade above and below unchanged as premarket gains are erased
260367 September 30, 2022 21:40 Forexlive Latest News Market News
The major US indices are opening mixed close to unchanged levels.
The major indices erased the premarket gains that saw the Dow industrial average up around 200 points at its highs.
The S&P index today is getting closer to its rising 200 week moving average which currently comes in at 3589.57. The low price in early trading reached 3630.90 within about 41 points of the key moving average level. The NASDAQ and Dow industrial average are below those moving average levels.
A snapshot a few minutes into the opening is showing:
- Dow industrial average -75.03 points or -0.26% at 29150.59
- S&P index -1.02 points or -0.03% at 3639.44
- NASDAQ index up 16.31 points or 0.15% at 10753.82
- Russell 2000-2.00 points at -0.12% at 1672.92
USD Index Price Analysis: Recovery appears capped by 114.77
260366 September 30, 2022 21:26 FXStreet Market News
- DXY reverses recent weakness and reclaims 112.00 and above.
- Further upside pressure keeps targeting the YTD high near 114.80.
DXY advances moderately beyond the 112.00 hurdle following two consecutive daily pullbacks at the end of the week.
The index retreated from recent extreme overbought levels and seems to have met some contention around 111.50 so far. The continuation of the ongoing rebound could see the 2022 peak at 114.77 (September 28) revisited.
The prospects for extra gains in the dollar should remain unchanged as long as the index trades above the 7-month support line near 107.20.
In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 102.45.
DXY daily chart
GBP/USD remains on the defensive amid stronger USD, moves little post-US PCE data
260365 September 30, 2022 21:26 FXStreet Market News
- GBP/USD retreats over 100 pips from the weekly high touched earlier this Friday.
- The emergence of fresh USD buying turns out to be a key factor exerting pressure.
- The US PCE data does little to provide any impetus, though favours the USD bulls.
The GBP/USD pair retreats sharply from the 1.1235 region, or the weekly high touched this Friday and refreshes the daily low during the early North American session. Spot prices, however, recover a few pips and hold steady just above the 1.1050 area post-US macro data.
The US dollar makes a solid comeback on the last day of the week and stalls its recent sharp corrective decline from a two-decade high. This turns out to be a key factor behind the GBP/USD pair’s intraday turnaround. The USD sticks to its intraday gains following the release of stronger-than-expected US Personal Consumption Expenditures (PCE) data.
The US Bureau of Economic Analysis reported that PCE Price Index eased to 6.2% YoY in August from 6.4% in the previous month, missing expectations for a rise to 6.6%. The disappointment from the headline print, however, was offset by the Core PCE Price Index (the Fed’s preferred inflation gauge, which rose by 0.6% and to a 4.7% YoY rate during the reported month.
The data all but reaffirmed market bets that the Federal Reserve will stick to a more aggressive rate hiking cycle to curb persistently high inflation. This triggers an intraday recovery in the US Treasury bond yields, which, along with the prevalent risk-off environment, underpins the safe-haven greenback and continues to weigh on the GBP/USD pair.
That said, the lack of any follow-through selling warrants some caution before confirming that the strong recovery from an all-time low touched on Monday has run out of steam. Nevertheless, the GBP/USD pair, for now, seems to have snapped a three-day winning streak, though remains on track to register strong weekly gains.
Technical levels to watch
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Fed’s Daly: Additional rate hikes are the right thing to do
260364 September 30, 2022 21:21 FXStreet Market News
“Additional rate hikes are the right thing to do but how high we will go depends on data,” San Francisco Fed President Mary Daly said on Friday, as reported by Reuters.
Additional takeaways
“Our number one priority is to get inflation down.”
“We are starting to see the benefits of rate increases with housing market cooling.”
“We need to see a lot more relief on inflation.”
“Rate increases we have taken and project will bring inflation down.”
“The economy is not teetering on recession; it needs to slow.”
“The economy is moving from frenetic to something more sustainable.”
Market reaction
The greenback preserves its strength after these comments and the US Dollar Index was last seen rising 0.8% on the day at 112.65.
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EUR/SEK to enjoy further gains towards 11.20 over coming months – Danske Bank
260363 September 30, 2022 21:21 FXStreet Market News
Economists at Danske Bank continue to expect EUR/SEK to move higher in the coming 12 months to 11.20 on the back of rising concerns for global recession and the expectation of a substantial drag on domestic demand and real asset prices.
Weakness in store
“We are negative on the krona as the SEK usually underperforms in a global, in particular European, recession risk-off environment and also since the Riksbank’s tightening of financial conditions will (is intended to) be a substantial drag on domestic demand and real asset prices.”
“We look for weaker SEK in the 6-12M perspective, forecasting 11.20 in 12M.”
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