SEC Slams Brakes on Crypto Vault Firm QMMM - That ’1,000% Surge’ Was Manipulated

Regulators just dropped the hammer on another crypto fantasy.

The SEC exposed what many suspected - QMMM's miraculous 1,000% price explosion wasn't market genius, just old-fashioned manipulation. The so-called 'crypto vault' firm promised revolutionary security while allegedly engineering their own pump.

Another day, another crypto 'miracle' turning out to be basic math - artificial demand meets gullible investors. The SEC's message cuts through the noise: when returns look too good to be true, they're probably manufactured.

Yet somehow, the crypto faithful will blame regulators for 'stifling innovation' rather than the fraudsters emptying their pockets. The market's memory remains conveniently short - until the next 'can't-miss opportunity' arrives.

What to expect in the next JOLTS report? 

Job Openings are expected to edge lower to 7.1 million in August. Fed policymakers have been growing louder in pointing out their concerns over the labor market outlook. 

Following the decision to lower the policy rate by 25 basis points at the September policy meeting, Fed Chair Jerome Powell acknowledged that job gains are running below the breakeven rate. On a more dovish note, Fed Governor Michelle Bowman argued that the recent downward revisions to employment data suggest that the Fed is even further behind the curve on interest rate cuts than previously estimated.

Similarly, Kansas City Fed President Jeffrey Schmid explained that the September rate cut was appropriate to offset risks to the labor market but added that recent data point to rising risks. 

The CME FedWatch Tool shows that markets nearly fully price in another 25 bps rate cut in October, while seeing about a 30% probability of a policy hold in December. A significant negative surprise in the JOLTS Job Openings data, with a reading well below 7 million, could feed into expectations for two more rate cuts and weigh on the US Dollar (USD) with the immediate reaction.

Conversely, a reading NEAR or above the market consensus could help the USD stay resilient against its peers, at least until Friday’s Nonfarm Payrolls official employment report for September. 

When will the JOLTS report be released, and how could it affect EUR/USD? 

Job Openings will be published on Tuesday at 14:00 GMT. Eren Sengezer, European Session Lead Analyst at FXStreet, shares his technical outlook for EUR/USD: 

“The near-term technical outlook points to a lack of directional momentum. The Relative Strength Index (RSI) indicator on the daily chart stays close to 50 and the pair trades at around the 20-day and the 50-day Simple Moving Averages (SMAs). On the downside, the 100-day SMA forms a critical support level at 1.1600 ahead of 1.1530 (Fibonacci 23.6% retracement of the February-September uptrend) and 1.1300 (Fibonacci 38.2% retracement). Looking north, resistance levels could be spotted at 1.1800 (round level), 1.1920 (September 17 high) and 1.2000 (static level, round level).”