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Risk appetite has not fully enjoyed the treats of a Fed rate cut, strong earnings and trade peace. Fedspeak, the US Supreme Court and US data could challenge the Dollar’s current strength. Aussie and Pound are on divergent paths as respective central banks meet next week.
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In-Depth Analysis
In September, inflation rebounded slightly in the United States, the Eurozone and Japan, while remaining stable in the United Kingdom. In the United States, the inflationary impact of tariffs has so far been contained.
The Fed eased its monetary policy, with two expected announcements: the end of the central bank's balance sheet reduction process from 1st December; and a second straight cut (-25 bp) in the Fed Funds target, without unanimity, bringing it to +3.75% - +4.0%, due to downside risks in the labour market.
Cryptocurrencies
Cardano (ADA) price slips 6%, trading below $0.58 at the time of writing on Monday, extending last week’s 10% fall. Weakening on-chain activity and rising short positions among traders signal growing bearish sentiment.
Bitcoin (BTC) price edges below $109,000 at the time of writing on Monday, down 3.51% over the previous week. Ethereum (ETH) and Ripple (XRP) prices are near their key support levels, and a decisive close below could trigger a steeper decline.
Dash (DASH), Aster (ASTER), and Internet Computer (ICP) outperform the broader cryptocurrency market during the weekend rally. DASH extends rally approaching the $100 mark on Aster-listing gains, while ASTER and ICP take a breather.
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Stocks
Don't click that "buy" button just yet! Meta Platforms (META) might look appetizing to some dip buyers after Wednesday's earnings massacre, but even a quick glance at the daily chart tells us that the downside for META from here offers more possibilities.
Weekly Forecast
The EUR/USD pair ended October with a weak note, barely holding above a three-month low of 1.1522 posted in the last trading day of the month. The pair is down for a second consecutive week following the Federal Reserve (Fed) and European Central Bank (ECB) monetary policy decisions.
The Pound Sterling (GBP) accelerated its recent declines against the US Dollar (USD), as GBP/USD briefly revisited levels under the 1.3150 psychological mark.
Bitcoin (BTC) extends its decline this week, slipping below $110,000 at the time of writing on Friday as macroeconomic headwinds continued to weigh on risk assets.
Following an apathetic start to the week, the US Dollar (USD) managed to regain impulse on the back of hopes for a US-China trade deal and Chair Jerome Powell’s prudent message after the Federal Reserve (Fed) matched consensus on Wednesday, trimming its Fed Funds Target Range (FFTR) by a quarter per
