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AUD/USD: Fresh declines should not be ruled out
AUD/USD came under renewed and strong downside pressure on Wednesday, breaking below the 0.6500 support to hit new two-day lows amid further improvement in the US Dollar.
EUR/USD: There is no life above 1.0600… for now
The resumption of the buying pressure lent extra wings to the Greenback and dragged EUR/USD to the boundaries of the key 1.0500 region, all following another unsuccessful attempt to surpass the key 1.0600 hurdle.
Gold now retargets the $2,700 region
Following a pullback during the European trading hours, Gold regains its traction and climbs toward $2,650. Escalating geopolitical tensions help XAU/USD stretch higher, while rising US Treasury bond yields limit the pair's upside.
Ethereum Price Forecast: ETH could see 23% decline as investors are potentially rotating to other altcoins
Ethereum (ETH) trades near $3,040 on Wednesday as on-chain data reveals a mix of capitulation and profit-taking among long-term holders. The selling pressure stems from investors potentially rotating into other better-performing altcoins in the past week.
DEEPER DIVE
Global takeaways of the US election
We view a second Trump administration—and more specifically his proposed tariff policies—as a catalyst for further deglobalization and global economic fragmentation. Tariffs could also act as an inflection point for China to approach stimulus efforts differently.
What Donald Trump’s victory means for China
Chinese assets sold off after the Trump 2.0 outcome, but policymakers should be more prepared this time around. China’s stimulus plans and currency management responses are likely to be the most watched factors in the months ahead.
Business investment: Software outpaces bricks and mortar
In France, in Q3 2024, for the first time (statistical series dating back to 1949), non-financial companies invested more (in billions of euros, at constant prices) in "information and communication" than in construction.
CRYPTOCURRENCIES
Why is Bitcoin performing better than Ethereum? ETH lags as BTC smashes new all-time high records
Bitcoin has outperformed Ethereum in the past two years, setting new highs while the top altcoin struggles to catch up with speed. Several experts exclusively revealed to FXStreet that Ethereum needs global recognition, a stronger narrative and increased on-chain activity for the tide to shift in its favor.
Bitcoins hits new record high above $94K, signals continuation of larger uptrend
Bitcoin hit new record high on acceleration above 94K on Wednesday, lifted by growing expectations for more crypto-favorable conditions under incoming Trump’s administration. Break above the top of seven-day consolidation range generated initial signal of continuation of larger uptrend after bulls paused to consolidate recent strong post-US election gains.
Cardano surges to over two-year high as on-chain metrics show bullish bias
Cardano (ADA) price extends its bullish momentum, rallying more than 10% on Wednesday and reaching levels not seen since early May 2022. On-chain data further supports this rally as ADA’s whale transaction, trading volume, and open interest all rise, reaching record levels.
STOCKS
Walmart stock earnings send WMT to all-time high Premium
Walmart, the world’s largest box store retailer by revenue, closed up 3% on Tuesday after releasing third-quarter earnings that came in above consensus. The box store megolith also raised full-year guidance, which pushed its share price to a new all-time high.
Equities report: All eyes on Nvidia
Major US stock market indexes moved lower last week, yet appear to be on the rise since Monday. Today we are to have a closer look at NVIDIA’s earnings report which is due out later today and the recent updates in the DOJ lawsuit against Google which could have severe implications in the overall tech industry.
WEEKLY FORECAST
EUR/USD: European economy under siege after Trump’s victory Premium
The EUR/USD pair fell for a second consecutive week, bottoming at 1.0495 on Thursday, its lowest in over a year. The pair got to bounce at the end of the week, recovering on Friday to settle at around 1.0520.
GBP/USD: Pound Sterling eyes short-lived rebound before next leg lower Premium
The Pound Sterling sellers refused to give up as the US Dollar remained in command. GBP/USD eyes UK and US economic data for some relief. Technically, downside risks remain intact for the Pound Sterling on a daily bearish RSI.
US Dollar: The ‘Green Sweep’ Premium
The US Dollar Index clinches its seventh weekly gain in a row. Trump secured the House of Representatives, reaching a ‘Red Sweep’. The US Dollar’s gains were largely propped up by the ‘Trump trade’.
Gold: The stronger US Dollar keeps buyers at bay Premium
The corrective move in Gold (XAU/USD) remained well in place for yet another week, this time revisiting the $2,540 region per troy ounce, or a fresh two-month low, where some initial contention zone appears to have emerged.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Week ahead: Preliminary November PMIs to catch the market’s attention
With the dust from the US elections slowly settling down, the week is about to reach its end and we have a look at what next week’s calendar has in store for the markets. On the monetary front, a number of policymakers from various central banks are scheduled to speak.
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