Cryptocurrencies trading forecasts & signals

IndexaCo Signals Marketplace - trading signals with real-time results on the financial markets from professional traders


Forex analytical forecast for today, December 5, for NZDUSD, USDCHF, EURUSD and cryptocurrencies
EUR/USD, currency, USD/CHF, currency, NZD/USD, currency, Bitcoin/USD, cryptocurrency, Forex analytical forecast for today, December 5, for NZDUSD, USDCHF, EURUSD and cryptocurrencies NZDUSD: updating local lowsThe New Zealand currency shows a slight strengthening, revealing the potential of the "bulls" in the pair NZD/USD. The instrument is near the level of 0.6430 with the prospect of strengthening, continuing to update the local maximum of August 15.Investors attribute the positive trend of the asset to a number of technical factors, while the fundamental data was quite contradictory. "The American" got a short-term impulse for the positive dynamics on the background of the release of statistics on the employment market at the end of last week. Thus, the reporting reflected the increase of new vacancies, opened outside of AIC sector for November by 263 thousand, having earlier strengthened by 284,0 thousand for the previous month, at expectations of the market of increase by only 200,0 thousand.Resistance levels: 0.6450, 0.6500, 0.6535, 0.6600.Support levels: 0.6400, 0.6350, 0.6288, 0.6250.USDCHF: The US labor market put pressure on dollarIn the Asian trading session the currency pair USD/CHF showed moderate decline, approaching the level of 0.9350.The "bears" resumed its advantage over the American currency, having unsuccessfully attempted to strengthen on Friday amid investors' reaction to the release of the national labor market data in November, according to which the level of new vacancies rose by 263.0 thousand, By the end of October experts adjusted the value of the same indicator to 264.0 thousand from the previous 261.0 thousand, and unemployment remained at 3.7% for November, while the value of average hourly earnings rose to 0.6% monthly from 0.5% while analysts expected correction to 0.3% and annual to 5.1% from 4.9%, with expectations of 4.6%.Resistance levels: 0.9400, 0.9478, 0.9550 and 0.9600.Support levels: 0.9350, 0.9300, 0.9200, 0.9100.EURUSD: Russian oil is under EU sanctionsThe EUR/USD trading instrument is testing the 1.0562 mark.The currency pair is rapidly gaining in value amid the adoption by the European authorities of the price cap on the "black gold" from the Russian Federation. Thus, the sea routes of supplies will be capped at $60/bbl, including insurance costs, freight, etc., which will reduce the actual purchase price by several more dollars. According to Alexander Novak, the Minister of Energy of the RF, such manipulations are contrary to the market pricing mechanism and official Moscow reserves the right to cut the supplies of raw materials to the Eurozone countries which have approved this ban even in spite of the need to reduce hydrocarbon production. Economists assume that the execution of Russia's threats to start supplying energy resources to the alternative market could become a driver for inflation in the EU. Meanwhile, macroeconomic data block displays a negative sentiment. Thus, EU manufacturers in October reported a decline of 2.9% in the price index, having earlier strengthened in September by 1.6%, which lowered the annual rate from 41.9% to 30.8%. Manufacturing capacity in France also continued its strong decline which saw October industrial production decline 2.6%, previously down 0.9% in September.Resistance levels: 1.0640 and 1.0850.Support levels: 1.0490, 1.0320.Cryptocurrency Market AnalysisWithin the previous week, BTC undertook an upward correction, even managed to recover the losses incurred the day before, which helped it to trade at 17400.00 at present.The cryptocurrency market is affected by two opposing factors. First, market participants are frightened by the likely consequences that may occur due to the bankruptcy of the FTX platform, which caused them to reduce investment in the digital segment of the market, as evidenced by the decline in the level of "whales", which, according to statistics from Glassnode, updated the two-year low at 1.662 thousand. Second, cryptocurrencies should find support from monetary factors as announced measures a week earlier by U.S. Federal Reserve officials to lower the pace of interest rate hikes at the December summit weakened the U.S. currency against major competitors, which include digital. Some analysts expect the change in the regulator's rhetoric to start the traditional pre-Christmas "Santa Claus rally," in which market leaders can regain their positions.Resistance levels: 17830.00, 19100.00, 20000.00.Support levels: 16600.00, 15000.00, ...
Forex analytical forecast for today, November 10, for EUR/USD, USD/CHF, silver & cryptocurrencies
EUR/USD, currency, USD/CHF, currency, Ethereum/USD, cryptocurrency, Bitcoin/USD, cryptocurrency, Silver, mineral, Forex analytical forecast for today, November 10, for EUR/USD, USD/CHF, silver & cryptocurrencies EUR/USD: change of trend in the pairThe single currency of the EU is under the influence of contradictory factors, trading at 1.0020. The EUR/USD trading instrument is set to recover the losses caused by the moderate decline earlier, which interrupted the upward dynamics of the last three sessions and did not allow it to retain the local high of September 13.The negative factor was the correction impulse in the market. Investors expect the release of macroeconomic data, announced for October inflation today, which can affect the mood among the US Federal Reserve officials in further tightening of monetary policy, because the dynamics of consumer prices is the key reason for the rapid strengthening of the interest rate. Economists' current expectations suggest the rate will soon decline to 8.0% from 8.2% for the year and raise the pace to 0.6% from 0.4% for the month.Resistance levels: 1.0050, 1.0100, 1.0150, 1.0200.Support levels: 1.0000, 0.9950, 0.9900, 0.9850.USD/CHF: the "bears" hold an advantage over the USDDuring the Asian trading session the currency pair USD/CHF traded in moderate decline, under the pressure of the "bears", which gained an advantage last Friday amid mixed U.S. labor market statistics, now has consolidated at 0.9825.Today the market participants are eager to wait for the key macroeconomic indicators publication in the US on the Consumer Goods and Services Price Index, which analysts estimate as a strong gain of 0.6% from 0.4% monthly figure, which can influence the US FRS policy on the key indicator growth rate, which might be adjusted with smaller increments. According to New York Fed President John Williams, the long-term outlook for inflation already looks more stable near the agency's 2.0% target.Resistance levels: 0.9840, 0.9876, 0.9914, 0.9948.Support levels: 0.9800, 0.9762, 0.9700, 0.9650.Read more: USD/CHF: forex signals, online trading forecasts for today, characteristics & featuresSilver signalsThe price of the precious metal is rising moderately, once again intending to fix the price above the level of 21.00.Negative influence on an asset has a news background from the People's Republic of China, where again noted slowdown of economic development. According to the latest data, the national inflation rate for October strengthened only by 0.1%, having risen by 0.3% a month earlier, while the annual consumer price index fell to 2.1% from 2.8%, with the market expectations of 2.4%.The latest report from the CFTC (Commodity Futures Trading Commission) shows that net speculative positions in the metal last week were 1.5K to -0.1K from the previous period. Leaders, as before, remain "bearish" mood in industrial sphere, which balance amounted to 31.831 thousand to "bullish" 5.975 thousand. Within the limits of this week sellers strengthened level of transactions by 1.792 thousand, buyers liquidated 0.749 thousand.Resistance levels: 21.20, 21.59, 22.00, 22.40.Support levels: 20.86, 20.48, 20.00, 19.74.Cryptocurrency market analysisAt the time of writing, ADA was showing rapid drawdowns, following the trend of the rest of the market. Recall, earlier, the asset quotes updated the annual low at 0.3585, but were able to win back positions a bit.Digital assets are under pressure because of the situation with the exchange FTX, which is unable to continue servicing deposit accounts of customers, and the platform coin may repeat the fate of the token LUNA, which collapsed by 90% within a few daily sessions. On the eve of trying to reassure customers with promises that the crisis is close to a solution, because the largest exchange Binance has agreed to buy assets FTX, but the CEO of the company announced the failure of the transaction, provoking an increase in negative sentiment in the market. According to the official statement of the company, the fact of misuse of client assets FTX has a much larger scale than it was presented at the beginning of negotiations, for which reason it is not possible to save the site. In the meantime, the head of FTX has already requested additional funding from investors in the amount of $ 8.0 billion to ensure the withdrawal of funds from customer accounts. If additional funding is refused, the platform will be declared bankrupt, with all the relevant consequences.Resistance levels: 0.3906, 0.4394, 0.4670.Support levels: 0.3085, ...
Forex signals for today, October 10, for EUR/USD, USD/JPY, gold and cryptocurrencies
EUR/USD, currency, USD/JPY, currency, Bitcoin/USD, cryptocurrency, Gold, mineral, Forex signals for today, October 10, for EUR/USD, USD/JPY, gold and cryptocurrencies EUR/USD signals: Negative factors continue to affect the pairThe single currency of the eurozone is showing a mixed trend in the market, testing the 0.9730 mark. Investors are refraining from new trades amid the Columbus Day holiday in the U.S.The Euro continues to be under the pressure from the second half of the previous week due to the US employment data, which will allow the US Federal Reserve to confidently continue its policy of further monetary tightening. According to the statistics, the number of new jobs in September amounted to 263.0 thousand, while in the previous month the value grew by 315.0 thousand. Experts forecasted an increase of 250.0 thousand. Average hourly earnings in September maintained a monthly growth rate of 0.3%, but showed a slowdown in the annual rate to 5.0% from 5.2%. The unemployment rate declined to 3.5% from 3.7% last year, with analysts expecting a zero correction.Resistance levels: 0.9750, 0.9800, 0.9850, 0.9900.Support levels: 0.9700, 0.9600, 0.9534, 0.9500.USD/JPY signals: US dollar is holding its position at the highest levelIn the Asian trading session, USD/JPY shows a slight increase, reaching the level of 145.40, with the prospect of further growth. "Bulls" update another record, having gained support from the positive labor market statistics, published by the end of last week.The Japanese regulator took a wait-and-see attitude, refraining from raising interest rates, wanting to bring inflation to the target. Officials of the agency expressed concern about the strong slump of the yen, therefore they believe it is necessary to support the currency by means of currency interventions. Earlier the Central Bank of Japan has resorted to similar practice, but the mechanism involved, as shown late in September, had limited stabilization potential, having a temporary effect, and the pair USD/JPY won back positions at record-breaking levels. The yen was moderately supported by positive national macroeconomic statistics, as last Friday's data showed a wage growth of 1.7% in August, previously showing a gain of 1.3% over the previous month, while analysts were expecting a growth of 2.5%. Household spending rose to 5.1% in August from 3.4% last month, missing the market's expectation of a 6.7% gain. Coincident indicators strengthened in the indicator to 101.7 points from 100.1 points in the past. The Leading Indicators for the same period strengthened to 100.0 points from the previous 98.9 points, with economists forecasting a drawdown to 98.7 points.Resistance levels: 146.00, 147.00, 148.00, 149.00.Support levels: 145.00, 144.00, 143.51, 142.54.Gold signalsThe precious metal started the trading week under the "bearish" influence, which lasted from the middle of the previous week, where the asset successfully updated the local high of September 12.Last Friday's positive statistics on the U.S. jobs market gave rise to yet another round of pressure on gold, as the U.S. Federal Reserve was now free to raise its interest rate in the future. By the way, the statistics showed the number of the unemployed decreased to 3.5% in September against 3.7% in August, while the jobless claims excluding the agricultural sector added 263,0 thousand, slightly exceeding the market expectations of 250,0 thousand. According to the CME Group surveys, the vast majority of experts are confident that the US Federal Reserve will raise the interest rate at its November meeting by 0.75%, with a minority of respondents allowing for a correction at 0.50%. Gold positions are under pressure amid actions of a number of world central banks. Thus, the Bank of England and the European Central Bank expressed their willingness to further tighten monetary policy to combat rising regional inflation.Resistance levels: 1675.00, 1688.58, 1700.00 and 1720.00.Support levels: 1653.92, 1640.00, 1620.00, 1600.00.Cryptocurrency signalsPositions of the first cryptocurrency BTC shows the movement of medium-term downward dynamics: last week displayed the value of the asset at the level of 20300.00, which it was unable to overcome, having retreated below the psychological level of 20,000.00.At the time of writing, BTC is showing the benefit of a bearish trend. The release of the US jobs market data was strong as the number of employed rose by 263,000 and the unemployment rate fell to 3.5%, with the average monthly payrolls up 0.3% and the year-to-date average payrolls up 5.0%. Indicators of the sector demonstrated the resistance to tighter monetary policy from the U.S. Federal Reserve, and the pace of wage growth in the country allows to maintain a high level of inflation, forcing the regulator to continue to adjust interest rates, and at the next meeting to strengthen the indicator by 0.75 percentage points, thereby strengthening support for the American currency against alternative assets in the market, especially against digital.Resistance levels: 20312.50, 21093.75, 21875.00.Support levels: 19400.00, 18750.00, 18000.00, 16900.00. More about Bitcoin tradingIf you are interested in Bitcoin analytics, we recommend you to visit the analytics page, where you can find the latest analytics on Forex from top traders from all over the world. These analytics will be useful both for beginners and professional traders. The Forex signals service makes it much easier for beginners to make their first steps in trading on the financial markets. The latest Bitcoin forecasts and signals contain support and resistance levels, as well as stop-loss ...
Forex analytical forecast for today, October 3, for USD/JPY, NZD/USD, gold and cryptocurrencies
USD/JPY, currency, NZD/USD, currency, Bitcoin/USD, cryptocurrency, Gold, mineral, Forex analytical forecast for today, October 3, for USD/JPY, NZD/USD, gold and cryptocurrencies USD/JPY: The dollar continues to hold record positionsThe US dollar continued to develop a gradual but steady growth in the Asian trading session, having resumed the testing of the level of 145.00, with the prospect of overcoming it. The U.S. currency continues to be attractive for the market participants in anticipation of the further steps on tightening of the US FRS monetary parameters, announced the day before. It is expected that the regulator plans at least another increase in interest rates by the end of this year, the more so as experts allow for a correction of 1.25%.Japanese regulator prefers to maintain the same position in order to avoid resumption of the past deflationary effects. Earlier the macroeconomic data was published in Japan that increased the negative factors for the national currency. Thus, Tankan index, showing the dynamics of large enterprises in Q3 decreased to 8.0 points from the previous 9.0 points against expectations of the market to strengthen to 11.0 points, and PMI (business activity index) of the manufacturing sector from Jibun Bank Japan decreased to 50.8 points for September from the previous 51.0 points a month earlier against expectations of the growth to 51.5 points.Resistance levels: 145.00, 146.00, 147.00, 148.00.Support levels: 144.00, 142.54, 141.50, 140.78.NZD/USD: The New Zealand currency is moving in a weak corrective growthThe New Zealand dollar is moving within the weak strengthening during the morning session, moderately recovering from the strong losses suffered last week, testing the 0.5633 level. At the end of the previous trading week traders increased demand for the dollar during Friday's trading after reading the Consumer Price Index data, which showed another strengthening. Moreover, the statistics from the United States only supported consumer sentiment. According to the data, the U.S. households in August increased their incomes by 0.3%, which meets the experts' preliminary expectations, while personal expenses went up by 0.4% against decrease by 0.2% in the previous month, while economists expected correction by 0.2% only.The New Zealand currency was put under increased pressure by the statistics from China released the day before. Thus, the volume of approved applications for construction work in New Zealand in August fell by 1.6% from 4.9% the previous month, with the analysts' forecasts of strengthening by 2.0%. Chinese data had disappointed with a strong decline of services PMI for September to 50.6 points against expectations of 52.6 points.Resistance levels: 0.5650, 0.5720, 0.5800, 0.5850.Support levels: 0.5563, 0.5467, 0.5400, 0.5300.Gold pricesThe precious metal is priced at 1660.00, enjoying moderate support amid the uncertainty in the US currency towards the end of the previous week, still leaving the bulls under the influence of negative factors. Moreover, the safe-haven asset continues to remain vulnerable to rising US Treasury yields.There are still probability that gold will resume its downward trend this week, because the world's leading regulators maintain their stance on the necessity to tighten monetary policy. According to reliable data, officials from the Australian Central Bank are expected to meet on October 4 to raise the interest rate to 2.85% from 2.35%. On Wednesday, the New Zealand regulator will adjust its key rate to 3.5% from the current 3.0%. By Friday market participants will expect statements from ECB (European Central Bank) and Bank of England wishing to evaluate regulators' intentions to tighten monetary parameters due to inflation reaching 10.0% in Eurozone countries.Resistance levels: 1675.00, 1688.58, 1700.00 and 1720.00.Support levels: 1653.92, 1640.00, 1620.00, 1600.00.Cryptocurrency analysisThe first cryptocurrency BTC has been holding in the price range of 19800.00-18750.00 for about two weeks. The previous week the altcoin tested the upper resistance level, but the attempts were not successful and the "bears" retook the advantage of the asset.Like the entire digital asset market, BTC continues to be under pressure over the long term. The dominance of hawks at the U.S. Federal Reserve promoting systemic monetary policy tightening, as well as widespread increased interest from regulators in the turnover of funds on crypto markets in the world's leading economies, geopolitical instability and risks of the beginning of recession by region significantly reduce the attractiveness of investment instruments among institutional market participants. In addition, analysts report that the popularity of crypto-assets is losing demand even among traders in the medium and small segments of the market. As reported in the results of Bankrate's survey of American teenagers, in 2022, no more than 30% of respondents showed interest in cryptocurrencies, compared to 50% in 2020. According to experts, earlier interest was due primarily to the rapidly growing value of the tools, allowing investors to quickly earn money, but now the chances for a rapid return decreased many times over.Resistance levels: 19800.00, 21093.75, 21875.00.Support levels: 18750.00, 17800.00, 17187.50, 16900.00. More about Bitcoin tradingIf you are interested in Bitcoin analytics, we recommend you to visit the analytics page, where you can find the latest analytics on Forex from top traders from all over the world. These analytics will be useful both for beginners and professional traders. The Forex signals service makes it much easier for beginners to make their first steps in trading on the financial markets. The latest Bitcoin forecasts and signals contain support and resistance levels, as well as stop-loss ...

Articles about financial markets

There was a successful merger of the Ethereum Ropsten test network with Beacon
Ethereum/USD, cryptocurrency, There was a successful merger of the Ethereum Ropsten test network with Beacon Today, on June 9, Ethereum developers informed the community about the successful merger of the oldest Ethereum Ropsten test network using the Proof-of-Work algorithm with the Beacon test network using the Proof-of-Stake consensus algorithm, which was one of the final test steps before the full update of the Ethereum 2.0 network.Repeated testing of the chain with Proof-of-Stake, according to the developers, will allow for a secure merger of the existing blockchain with a new version of the block network and obtain a single effective Erhereum blockchain that will not have existing problems and will open the way for the introduction of innovative ideas in the development of a decentralized financial system and the digital economy as a whole.Before the full launch of Ethereum 2.0 with the deployment of PoS, two more mergers of the Beacon network with the Goerli and Seoplia test networks are planned.The final implementation of PoS in the Ethereum blockchain, according to co-founder Vitalik Buterin, should take place in August of this year.The market reacted sluggishly to the technologically important event that took place, and investors did not show high purchasing activity.Ethereum is trading at around $1,800 with no spikes in volatility.The acute foreign policy and macroeconomic situation today has a greater impact on the mood of investors seeking to preserve their capital than the prospect of future income.Therefore, analysts do not predict a surge in volatility even with the full completion of the Ethereum 2.0 update. Volatility may arise, perhaps, only if problems arise in the network that can affect user ...
You can pay with cryptocurrency: which companies accept crypto in 2022
Ethereum/USD, cryptocurrency, Bitcoin/USD, cryptocurrency, Visa, stock, MasterCard, stock, Coca-Cola, stock, PayPal, stock, Shopify, stock, You can pay with cryptocurrency: which companies accept crypto in 2022 The governor of the Bank of England, Andrew Bailey, said that bitcoin is impractical as a means of payment. While cryptocurrencies are not being calculated massively. But today, large companies not only use blockchain, but also accept crypto as payment:Coca-Cola. In 2020, the corporation's Asia-Pacific division announced that it would allow customers in Australia and New Zealand to buy drinks with bitcoin and other coins. Payment is available through devices that accept digital payments.PayPal is the first payment system to add cryptocurrency for transactions. The company acts as an intermediary: the service will exchange cryptocurrency for ordinary dollars at the internal exchange rate, which already includes the cost of conversion.Visa and Mastercard, following PayPal, thought about the possibility of conducting transactions with cryptocurrencies. The systems focus on stablecoins, which have collateral in the form of real assets.Shopify is a platform for creating online stores. Thanks to the developers, the owners of these stores can accept cryptocurrency.Emirates. The airline from the UAE intends to accept bitcoins as payment. Moreover, Emirates will add its own NFT tokens to the site. This is not the first airline operating with cryptocurrencies. Latvian airBaltic has been selling tickets for the crypt for several years.Balenciaga, Gucci, Tag Heuer are also starting to accept cryptocurrency. Moreover, the new payment method will be available not only online, but also in regular stores using QR codes. And the first major retailer that started accepting the crypt was Overstock.Brazilian developer Gafisa announced that now an apartment can be bought for bitcoins. So the company wants to attract investors from other countries, and the cryptocurrency helps to transfer funds quickly and ...
Madeira "accepts" Bitcoin. What does this mean for the archipelago and the crypto industry?
Bitcoin/USD, cryptocurrency, Madeira \ Speaking at the Bitcoin 2022 conference in Miami, the president of the autonomous region of Madeira, Miguel Albuquerque, made several ambitious statements about the prospects of Bitcoin on the islands."I believe in the future and I believe in Bitcoin," Albuquerque said.He recalled that de facto, Bitcoin is already a legal means of payment on the island, since individuals in Madeira are not subject to capital gains tax when buying and selling bitcoins.The regional corporate tax rate on business on the islands is only 5% — one of the lowest in Europe, which is extremely beneficial for cryptocurrency startups.The President also met with MicroStrategy CEO Michael Taylor. He recommended that he "focus on Bitcoin. Everything else is garbage."Madeira is part of Portugal, which attracts crypto enthusiasts with its zero interest rates on cryptocurrency ...
Cryptocurrency is allowed in Cuba. Will it save from an eternal crisis?
Ethereum/USD, cryptocurrency, Bitcoin/USD, cryptocurrency, Cryptocurrency is allowed in Cuba. Will it save from an eternal crisis? On May 16, the Central Bank of Cuba will begin issuing licenses for the use of cryptocurrencies in economic activities. The authorities are going to allow the cryptocurrency because of the consequences of the coronacrisis and US sanctions, which have been destroying the country's economy for 60 years.Cuba is a "passing prize"The first settlements on the island were founded by Spanish colonists in the early 16th century and ruled for almost three centuries. Then the metropolis brought African slaves and began to use the land for sugar cane and tobacco – the "oil" of that time.Cuba received relative freedom only at the end of the 19th century after an uprising of local residents and a long war for independence. Spain lost its influence in the Caribbean region, and the United States took its place. Nominally, the United States developed the economy and industry of Cuba, investing hundreds of millions, and then billions of dollars. In fact, they used it as a semi-colony: troops could enter at any moment, local authorities and production controlled it.Before World War I, about 90% of Cuba's exports were tobacco and sugar. Most of the agricultural territories were given over to them. Products for domestic consumption had to be imported – there were not enough of their own. At the same time, companies from the United States received privileges and imported goods to Cuba without duties.The country's economy suffered severely during the First and Second World Wars: first, the flow of goods from Europe stopped, then pro-American officials banned exports from the Soviet Union. As a result of the crisis, the poor could not get vital things, and the elite lived in comfort and luxury.In 1940, President Fulgencio Batista came to power – later he would be called a puppet of the United States. Under Batista, the capital of Cuba, Havana, became the "Latin American Las Vegas." The business was controlled by American monopolies and mafia clans. Businessmen from the United States owned 90% of the mining industry, 80% of utilities and fuel companies and half of sugar production. Batista received millions in bribes, and America turned a blind eye to numerous crimes: from the organization of brothels to drug and human trafficking.13 years later, a group of revolutionaries led by Fidel Castro rebelled against Batista. Impoverished and intimidated by the authorities, people joined the fight against tyranny. Castro promised to distribute land to peasants, ensure independence from the United States and improve the financial situation of Cubans. The resistance has been active for almost six years. A guerrilla war has begun in Cuba. By 1959, Castro's forces were able to capture the capital, and Batista lost control of the state and fled to the Dominican Republic. At the same time, the former dictator took most of the gold and foreign exchange reserves of the Central Bank of Cuba."Friendship against the USA"The Castro government reformed the economy and nationalized most of the companies owned by Batista supporters. 60% of agricultural land was transferred to peasants, the rest went to the state. The authorities began to control the turnover of currencies and trade. Residents of the United States were forced to pay 100% tax on luxury goods and 25% on minerals.In response, the U.S. government stopped importing oil to Cuba and reduced the sugar trade. An economic war has begun between the countries. Castro continued to nationalize American companies, and the United States imposed an embargo: they stopped trading with the Island of Freedom, and any country that provided assistance to Cuba fell under sanctions.The USSR took advantage of the situation. The Soviets gave the Castro government $100 million in loans at 2.5% per annum. Specialists in geological exploration, builders and the military were brought to Cuba. The USSR provided the new ally with equipment, weapons and agricultural products, and in return received sugar, coffee, minerals and representation in the Caribbean. During the period of active trade with the Union, Cuba's economy grew. In the 80s, the country began to build solar and wind power plants, recycle recyclables. Over 20 years of cooperation, Cuba has turned into an industrial and agrarian power. But its economy continued to depend on its "curse" – cane sugar.At the same time, the United States declared Cuba a "sponsor of terrorism" and tightened the embargo again. However, by this time the diplomats were able to establish trade with Latin American countries. Uruguay, Argentina and Venezuela became new partners."Island of freedom" without UnionCuba's economy began to collapse after 1991. Despite diplomatic ties with Latin American and Caribbean countries, the country was dependent on the Soviet Union and still suffered from US sanctions. When the USSR collapsed, the Castro government had to switch to economy mode: there was nowhere to bring equipment and cheap oil in exchange for local goods. The sugar industry became the basis of the economy again, but tourism began to develop in Cuba in parallel.The United States has adopted additional sanctions. Now foreign companies trading with the "disgraced" country were threatened with restrictions. In Cuba, there was a shortage of food and medicines, interruptions in the supply of fuel and spare parts for equipment. GDP began to decrease. During the three years of the crisis, it has decreased by a third. To compensate for the losses, Cuba was looking for foreign partners and investments. Three free economic zones were organized on the island and part of the trade bans were lifted. The government began to create a socialist economy with elements of market relations. State-owned enterprises have introduced self-financing.The first effect of the reforms in Cuba was felt in 2001. Up to this point, the country's economy was shrinking by an average of 3-7% per year, and after that it began to grow. The country has reduced the state monopoly on foreign trade and began to recognize cooperative, private and mixed forms of ownership. After 2010, the government allowed local entrepreneurs to work and introduced a progressive taxation system. Cuba began to actively trade with countries that were less dependent on America. In particular, Venezuelan President Hugo Chavez supplied up to 53,000 barrels of oil to the island daily, in response Cuba sent teachers, doctors and engineers to the new partner. By 2013, about 100,000 Cubans were working in Venezuela. One of the important sectors for the economy has become "medical internationalism". Local doctors started working all over the world.Hurricanes, COVID and new sanctionsCuba still continues to suffer because of the US blockade. The damage has already exceeded $104 billion. And taking into account the depreciation of the US currency — up to $ 1 trillion. After America imposed sanctions against Venezuela, Cuba's main partner began to have serious problems. They were reflected, among other things, on the Cubans. If earlier it was profitable to work in an oil-rich country, then after the Venezuelan crisis, this market almost closed. In addition, interruptions in oil supplies began.The country's economy was also affected by Hurricanes Dennis and Wilma in 2005, Gustav and Ike in 2008, Sandy in 2012. Each of them disabled infrastructure facilities, destroyed buildings and destroyed crops. The military had to deal with the consequences of natural disasters.Another serious blow was the coronavirus pandemic. Many medical professionals were working abroad when COVID was discovered in Cuba. And local doctors lacked medical equipment: there were many elderly people living in the country who were at risk. Officially, the country has coped with the crisis: it was able to introduce an effective system of protection against coronavirus, developed its own vaccines and started immunization. More than 5 million Cubans have been vaccinated against COVID-19. At the same time, the Cuban economy was in a precarious position: the flow of tourists dried up, and investment declined.Dinner for two for a month's salaryNow the "Island of Freedom" has a single currency – the Cuban peso (CUP). $1 = 23.98 CUP or 70-100 CUP at the "street rate". The authorities ask tourists to exchange American currency for euros in advance – banks do not accept and do not exchange USD.The average salary in Cuba for the last 4 years is about $33-45. At the same time:a kilogram of vegetables, a large loaf of bread or a bottle of water cost $0.5;a dozen eggs – $0.7;a liter of gasoline – $1;payment for communal services – $5-10;unlimited internet – more than $100 per month;dinner for two in a restaurant for tourists – up to $25;economy class car rental - $20;1 sq.m. of housing – from $1,500 to $5,000, in tourist areas – higher.Tourists and journalists who have visited Cuba note that it has become unprofitable to work in local industries. Most people live at the expense of relatives who have gone to work in other countries. It is enough to send $50-100 per month to provide for the family.Cubans themselves believe that the authorities have begun to resemble the "puppet government" of Batista. On the islands, "two parallel Cubes" coexist again: elites and Latin American businessmen live in luxury, and ordinary people are forced to live in shacks or sit on the necks of those who left the "Island of ...
Message sent successfully.
We will contact you soon!