Drilling down to the four hour chart:- an Inverted Hammer formation has warned of an intraday bounce for EUR/USD. However follow-through has been limited, which suggests the signal may have been overlooked by traders given noteworthy resistance at 1.3805 is hanging nearby
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Bitcoin Falls $70 as Chinese Banks Ordered to Stop BTC Deposits (based on forexnews article)
Bitcoin prices tumbled by more than $70 today as the PBOC ordered Chinese banks to halt deposits to 15 bitcoin exchanges based in the country. The new rules are adding to previous restrictions imposed by the Central Bank. Previously, Chinese exchanges were getting around the PBOC deposit ban by using the personal account of their CEO. In addition, most Chinese exchanges implemented a roundabout voucher system. The new order aims to put an end to the loopholes.
Bobby Lee, chief executive officer of BTC China, told Bloomberg: ‘’I’m aware of the rumors circulating on the topic. I haven’t heard of anything else to confirm that. We are still waiting to see what happens.’’
While the order hasn’t been made official yet, several reputable Chinese news outlets have already published a snapshot of the new rules and the future doesn’t look bright for the virtual currency in China. China’s central bank has ordered banks and payment companies to close the accounts of the btc exchanges by April 15th, China financial news site Caixin said, citing a notice sent to banks earlier this month.
Bitcoin plunged over $70 in just a few hours on the news. BTC/USD fell from $582.70 to a low of 509.90 on BTC-E. One bitcoin is currently quoted at $523.10 on the exchange, btc prices are slightly higher on BitStamp at $525.
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China’s Equities Plummet on Slow Industrial Profit Growth (based on Forexminute article)
Chinese equities plunged, causing the benchmark index to post its biggest loss in 7 days, after benchmark money-market rates surged and industries recorded slower profit growth.
The Shanghai Composite Index fell 0.8 percent to close at 2,046.59. Industrial profits grew at 9.4 percent in January and February, down from 12.2 percent in December. The measure has declined 3.3 percent since January over fears that the economic slowdown will hurt profits and that the resumption of new initial public offerings will siphon away monies.
“We are back to market fundamentals with investors concerned about new IPOs, which might not have been fully priced in already, and soft economic data,” Gerry Alfonso,*a Shanghai-based dealer at Shenyin & Wanguo Securities Co. told Bloomberg. “There is no obvious short-term catalyst for the equity market. The Hang Seng China Enterprises Index grew 0.3 percent, while the CSI 300 Index plunged 0.7 percent to 2,155.71 on Thursday. The ChiNext index also plummeted 3.5 percent.
9 out 10 industry categories in the CSI 300 fell today, with the sub-category of industrial shares tumbling 1.2 percent. Power equipment maker Dongfeng Electric slid 2.6 percent to 12.54 yuan, while wind turbine maker Xinjiang Goldwind fell 3 percent to 9.91 yuan.
However, Shanghai’s trading volumes rose 0.6 percent above the 30-day average on Thursday, valuing it at 7.5 times projected 12-month earnings, which is close the a record trough touched last week. The National Bureau of Statistics revealed the industrial profits were 779.3 billion yuan ($125.4 billion) in the first two months of the year, down from a 17.2 growth recorded in the same period a year earlier. The index of technology stocks fell 2.5 percent, the biggest among the 10 industry categories. Touch screen maker Shenzhen O-film fell 9.8 percent to 43.39 yuan, while Communist Party’s People.cn.CO tumbled 6.6 percent to 71.31 yuan.
ChiNext index touched its lowest point since the start of the year as Huayi Brothers fell 5.3 percent to 24.73 yuan.