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EUR/USD falls apart on Wednesday in post-election Greenback rush
EUR/USD plummeted during the midweek market session, falling over 1.75% into the red and tumbling back below 1.0750 for the first time since July. Markets have broadly pivoted into the Greenback following clear results from this week’s US presidential election that sees former President Donald Trump as the frontrunner.
USD/JPY: Prospects for extra gains remain on the table
USD/JPY cleared the 154.00 barrier in a convincing fashion, leaving behind the key 200-day SMA (151.60) and opening the door to potential extra gains in the short-term horizon.
Gold loses its shine as Trump's victory boosts US Dollar
Gold plunged to a three-week low below $2700 a troy ounce on Wednesday after the 2024 US Presidential election. The Republican candidate, former President Donald Trump, won the contest, bolstering the Greenback and US Treasury bond yields.
What's next for Bitcoin and Crypto industry following Trump's victory in US Presidential election
The 2024 US presidential election ended with pro-crypto advocates leading the House of Representatives, the Senate, and Donald Trump as the president-elect. The results stirred massive celebration across the crypto industry, with Bitcoin and the crypto market rallying following Trump's win.
DEEPER DIVE
Europe’s booming labour market needs to brace for change
The luxury of labour hoarding is coming to an end in the eurozone as corporate profits dwindle. And that’s going to mean wage growth will ease, unemployment will tick up and we’ll see more bankruptcies too. A terrible prediction? We’re actually just getting back to normality.
United States: FHLB deposits, leading indicators of pressure on liquidity
On 30 September, the Federal Housing Finance Agency announced its intention to raise counterparty exposure limits on the deposit accounts of Federal Home Loan Banks to the same level as those limits set for their federal funds loans, an approach discussed in its December 2023 report.
This time is not different for China
High profile policy announcements from China have captured financial markets' attention over the past few weeks. China's central bank eased monetary policy, while the Ministry of Finance deployed fiscal resources to aid the property sector and local banks.
CRYPTOCURRENCIES
Bitcoin soars to a new all-time of $75,407 as Trump wins US presidential election
Bitcoin soared over 7% to a new all-time high of $75,407 on Wednesday as Donald Trump was elected as the 47th President of the United States, the candidate that was seen as more favorable for crypto markets due to his pro-crypto stances.
Shiba Inu: Looking at June high as Trump lead in US election propels crypto
Shiba Inu’s price rally extends as Donald Trump takes the lead to become the next US president. The meme coin price is close to a descending trendline that, if broken, would signal a further rally ahead.
BTC breaks all-time high of $73,777 as Trump takes the lead
Bitcoin breaks above its all-time high of $73,777 on Wednesday, buoyed by Donald Trump's poll lead. At the same time, Ethereum is nearing its key resistance level, with a strong close above it, potentially signaling upward momentum.
STOCKS
JPMorgan, Goldman Sachs stocks soar as Trump win signals financial deregulation, higher interest rates Premium
JPMorgan (JPM) and Goldman Sachs (GS) both saw their stars rise in Wednesday’s premarket after Donald J. Trump won a convincing election to a second consecutive term in office on Tuesday.
Equities report: US elections results reshape potentials for US stock markets
Major US stock market indexes got renewed support fed from the path of the US elections and Trump’s win on Wednesday. Despite the support for US stock markets being clear the extend of the rise of major US stock markets may have been clipped.
WEEKLY FORECAST
EUR/USD: It’s all about economic growth Premium
The United States, Germany and the Eurozone will release preliminary Q3 GDP estimates. The US will also publish employment data ahead of the Nonfarm Payrolls report on Friday. EUR/USD could retest the year low at 1.0600 in the upcoming days.
GBP/USD: Pound Sterling falls for fourth straight week amid persistent Dollar strength Premium
The Pound Sterling (GBP) remained at its lowest level in over two months versus the US Dollar (USD), leaving the GBP/USD vulnerable below the 1.3000 threshold.
US elections: The race to the White House tightens
Trump narrows the gap The time for Americans to vote for a new president is drawing ever closer, but who will win on November 5 is looking a lot less certain now than it did when Vice President Kamala Harris entered the race.
Gold: XAU/USD corrects lower after setting new record-high Premium
Gold corrected lower after touching a new all-time high at $2,758. The technical outlook suggests that the bullish bias remains intact in the near term. Next week’s economic calendar will feature key US data releases that could impact Gold’s valuation.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Week ahead – US election draws all eyes, Fed, RBA and BoE meet
Traders lock gaze on Tuesday’s US election.Trump and Harris battle neck and neck in final stretch. Fed to decide whether to cut interest rates. RBA and BoE decisions are also on next week’s agenda.
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