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The economic outlook is unusually cloudy at present. On Oct. 1, the federal government shut down as lawmakers failed to pass a bill to fund the government past September. As we go to print, the shutdown continues with a reopening date uncertain.
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In-Depth Analysis
After the major upheaval of ‘Liberation Day’, the dust has settled somewhat. The level and scope of the new US tariffs are now largely known, and advanced economies are continuing to show resilience.
After the failure of Democrats and Republicans to reach an agreement to continue funding the US Federal government, a shutdown now looms. The deadline to reach a deal is midnight tonight, while there is a chance of an 11th hour deal, there does not seem to be much common ground between both sides.
Cryptocurrencies
Ethereum (ETH) reclaimed $4,500 on Wednesday following Bit Digital's (BTBT) announcement that it has boosted its treasury to 150,244 ETH. Ethereum treasury company Bit Digital said it bought 31,057 ETH, after raising $150 million from a convertible note offering, according to a statement on Wednesday.
Ripple (XRP) is struggling to hold above a short-term support at $2.85 on Wednesday, reflecting a relatively calm cryptocurrency market after a sharp decline the previous day.
Self-custody wallet provider MetaMask has launched derivatives on its platform, enabling users to trade Hyperliquid-based perpetual futures directly within their wallet.
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Stocks
The White House announced a $35.6 million investment in metal exploration and development company Trilogy Metals (NYSE: TMQ) to support mining exploration in Alaska’s Ambler Mining District to advance exploration in the firm’s Upper Kobuk Mineral Projects (UKMP).
Weekly Forecast
The EUR/USD pair ends the week around the 1.1750 level, having been stuck in a range since early August. Dismissing the peak towards the 2025 high at 1.1918 reached in mid-September, the pair has shown no signs of life.
The Pound Sterling (GBP) recovery from seven-week lows against the US Dollar (USD) lost legs, sending GBP/USD back below the 1.3500 threshold.
Bitcoin price hovers around $120,000 at the time of writing on Friday, following a strong weekly rally of nearly 7% amid optimism surrounding the ‘Uptober’ narrative. Institutional demand supports the price rise, with BTC’s spot ETFs recording a weekly inflow of over $2 billion, while firms such as Metaplanet and Strategy add BTC to their reserves.
The US Dollar spent the week on the back foot, pulling back from last week’s highs and dragging the US Dollar Index (DXY) down toward the 97.50 area, still moving within the broader consolidation that’s been in place since early August.
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