Daily Review

News, Trends, & Analytics 23.12.2020

Will the SEC crush Ripple?

Today, the focus is on the confidence of the CEO of BioNTech, the negotiation over an economic stimulus package in the US, and the lawsuit against Ripple.

 

Calendar

13:30 UTC

The US releases the Q3 2020 GDP. The indicator is expected to grow by 33.1%. If the real data is higher, it might push the USD up.

Assets to trade: EUR/USD, USD/JPY


15:00 UTC

The US releases the CB Consumer Confidence Index. Experts expect the reading to come out at 97 points. Lower data might weaken the USD.

Assets to trade: EUR/USD, USD/CAD

 

News

BioNTech CEO Ugur Sahin is confident that the COVID-19 vaccine co-developed by his company and Pfizer will be effective against the new strain of coronavirus. Affects Brent


The EU may make concessions to the UK in trade negotiations. Affects GBP


The SEC may sue Ripple. Affects Basic Altcoin Index


The US Senate Approves an $892 Billion Economic Aid Package. Affects USD


UK GDP grew by 16% in the third quarter. Affects GBP

 

Technical Analysis

Basic Altcoin Index

The US Securities and Exchange Commission (SEC) said it was preparing a lawsuit against Ripple, one of the most successful projects in the blockchain industry. The SEC accuses the company of selling unregistered securities. Brad Garlinghouse, Ripple’s CEO, said the commission’s action was an attack against the entire industry.

Against this background, the decline of so-called altcoins may accelerate, which will negatively affect the Basic altcoin index. In addition, the nearest support level is located around the 3.8 mark.

Brent

Oil is quite stable despite talk about a new strain of coronavirus. The resumption of positive dynamics is possible.

GBP/CHF

The target of the currency pair’s uptrend is the upper border of the narrowing channel. Therefore, the bullish trend is likely to continue.

GBP/CHF on this day in history

  • Since 2000, December 23d has been a trading day 12 times.
  • On 33% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.99%.
  • The downward trend was limited to 1.99%.
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