Bitcoin may be due for a bounce with markets having priced in a hawkish stance before Fed chair Powell's speech at Jackson Hole. By godbole17
Financial markets are more interested in what the future holds than what happened in the past or what is happening right now. The forward-looking nature means traders try to predict the impact of upcoming events and discount the same in advance, setting the stage for more volatility after the event.
"The market has 72% chance of a 75 basis point rate hike, the third in row, priced in. My scenario that I have been writing about and trading is bullish dollar ahead of Powell, and buy the rumor sell the fact," Marc Chandler, chief market strategist at Bannockburn Global Forex and the author of the book"Making Sense of the Dollar," said."So as soon as Powell begins talking, look for the dollar to set back.
"He could choose to walk quite a non-committal track; he does not have to make any bold statements at all!," analysts wrote in the Jackson Hole preview note published Wednesday, adding that,"there is a risk that the market has overdone the build for a hawkish commentary."
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