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Reviews (1113)

AdroFX

5 из 5
12

Professional

5

Barry

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AdroFX

5 из 5
12

Good broker

5

Sam

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Former SEC Director William Hinman remained a focal point. In 2018, Hinman said BTC and ETH are not securities. Empower Oversight filed charges against the SEC in 2021, alleging former SEC officials were biased against Ripple Labs and XRP. The government watchdog claimed former employer Simpson Thacher paid Hinman millions (USD) while working at the SEC.

After leaving the SEC, Hinman returned to Simpson Thacher and became an adviser at Andreessen Horowitz.

• Simpson Thacher is part of a group that promotes Enterprise Ethereum.
• Andreessen Horowitz: Hedge fund advocating Hinman statements on the classification of ETH.

Court documents from the SEC v Ripple case substantiate the allegations. Hinman speech-related documents revealed Hinman continued meeting with Simpson Thacher despite warnings from the SEC Ethics Division.

Since filing the charges against Ripple, the SEC has failed to shield the Hinman speech-related documents under attorney-client privilege on at least six attempts.

The increasing scrutiny of SEC officials and linkages with pro-BTC and ETH crypto firms will raise eyebrows.

Office of Inspector General Investigation in the Spotlight

The Office of Inspector General (OIG) is investigating reports of crypto conflicts of interest within the SEC. Empower Oversight provided the OIG with evidence of financial conflicts of interest in May 2022.

Findings of financial conflicts of interest could further pressure the SEC to end plans to appeal the Programmatic Sales ruling.

SEC plans to appeal against the Programmatic Sales ruling remain an XRP headwind.

The OIG could release its findings at any time, which could incentivize US lawmakers to address SEC oversight of the US crypto market.

XRP Price Action

The US Dollar started the week in a positive fashion on the back of further upside in US yields and shrinking bets on an interest rate cut at the June event. The move higher in the Greenback weighed on the risk complex and provoked a drop below 1.0900 in EUR/USD.

Here is what you need to know on Tuesday, March 19:

The USD Index (DXY) rose to new multi-session highs above 103.60 amidst rising US yields and the prevailing risk-off mood. On March 19, Building Permits, Housing Starts and Net Long-Term TIC Flows are due in the US docket.

EUR/USD retreated to multi-day lows in the 1.0870/65 band on the back of further Dollar gains. The Economic Sentiment tracked by the ZEW Institute in Germany and the euro area take centre stage on March 19.

GBP/USD traded in an inconclusive fashion in the low-1.2700s in response to the advance in the US Dollar.

USD/JPY rose for the fifth session in a row and broke above the 149.00 barrier ahead of the key BoJ event on March 19. Other than the BoJ meeting, the Japanese docket will include Industrial Production readings.

AUD/USD put the 200-day SMA around 0.6550 to the test amidst marginal losses. The RBA is expected to keep its OCR unchanged at its gathering on March 19. Further data will see the RBA’s Consumer Inflation Expectations.

WTI prices rose to multi-month tops north of the $82.00 mark on Monday on the back of Iraq headlines and auspicious results from the Chinese calendar.

Gold prices managed to leave behind two consecutive sessions of losses and regained the $2,160 region per troy ounce on Monday. Its cousin Silver retreated modestly although it maintained the trade above the key $25.00 mark per ounce.

A higher-for-longer Fed rate path could influence borrowing costs and reduce disposable income. Downward trends in disposable income could curb consumer spending and dampen demand-driven inflation.

Economists forecast US building permits to decline by 0.2% in February after falling 0.3% in January. However, economists expect housing starts to jump 7% in February after tumbling 14.8% in January.

While the forecasts send mixed signals, an increase in housing starts could signal the need for more building permits. Housing start forecasts align with better-than-expected NAHB Housing Market Index numbers from Monday.

Notably, the NAHB Housing Market Index numbers further reduced bets on an H1 2024 Fed rate cut. According to the CME Fedwatch Tool, the probability of a 25-basis point June rate cut fell from 55.2% to 50.8% on Monday.

Short-Term Forecast

Near-term AUD/USD trends will hinge on RBA and Fed forward guidance. Falling bets on an H1 2024 Fed rate cut have pressured the AUD/USD. A hawkish RBA and Fed support for a June rate cut could signal an AUD/USD move to the $0.67 handle.

AUD/USD Price Action

Daily Chart

The AUD/USD remained below the 50-day and 200-day EMAs, affirming the bearish price signals.

An Aussie dollar move through the 50-day EMA and $0.65760 resistance level would give the bulls a run at the 200-day EMA and the $0.66 handle.

The RBA press conference and US housing sector data warrant investor consideration.

Conversely, an AUD/USD drop below the $0.65500 handle could signal a fall to the $0.64582 support level.

Considering the RSI indicator, a 14-period Daily RSI reading of 48.58 indicates an AUD/USD drop to the $0.64582 support level before entering oversold territory.