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AUD/USD stays firm above 0.6500 amid softer US Dollar, China headlines
AUD/USD is holding the rebound above 0.6500 in Thursday's Asian trading. The pair is underpinned by a broad US Dollar retreat and Chinese headlines but the further upside appears capped amid a cautious market mood, fuelled by the disappointing Nvidia's guidance.
USD/JPY trades in the red around 155.00; downside seems limited
USD/JPY is keeping the red near the 155.00 mark in the Asian session on Thursday, though any meaningful decline seems elusive in the wake of the uncertainty about the timing of another rate hike by the BoJ. Softer US Dollar and Treasury bond yields remain a drag on the pair.
Gold needs acceptance above 2,660 to unleash additional recovery
Gold price is sitting at the highest level in over a week above the $2,650 barrier in the Asian trading hours on Thursday. All eyes remain on the speeches from several US Federal Reserve (Fed) policymakers and Russia and Ukraine geopolitical updates, in the absence of top-tier US economic data releases.
Trump administration allegedly seeks to create new crypto position in White House
President-elect Donald Trump and his team are reportedly seeking to introduce a new White House position for crypto policy, Bloomberg reported on Wednesday.
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
Crypto Today: Cardano, XLM, FLOKI lead $3.1 trillion rally, Russia bans crypto mining, Bitcoin eyes $95K
Cardano (ADA) price action ADA’s ongoing rally has been attributed to rumors that the Trump administration could collaborate with the Cardano network to build a blockchain voting system.
Trump administration allegedly seeks to create new crypto position in White House
President-elect Donald Trump and his team are reportedly seeking to introduce a new White House position for crypto policy, Bloomberg reported on Wednesday.
Solana Price Forecast: Traders move 6.7B SOL as bulls target all-time highs
Solana price has succumbed to a 7% dip after rejecting the $250 resistance on Monday. Negative shifts in vital trading indicators suggest bears could delay the all-time high breakout target.
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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