EUR/USD struggles to gain traction, trades near 1.0800
EUR/USD finds it difficult to gather recovery momentum and trades near 1.0800 on Tuesday as the US Dollar benefits from the risk-averse market atmosphere. ECB President Lagarde's cautious remarks about inflation outlook helps the pair limit its losses.
GBP/USD extends slide after failing to reclaim 1.3000
GBP/USD loses its traction and trades in negative territory after failing to stabilize above 1.3000 earlier in the day. The souring market mood doesn't allow the pair to stage a decisive rebound as the market focus remains on geopolitics and central bank speak.
Gold continues uptrend toward $2,750 as Middle East conflict rages on
Gold continues its uptrend and trades near the record-high it set at $2,740 as the conflict in the Middle East remains unabated, while markets assess the changing outlook for global interest rates. Technically, XAU/USD trends higher as a multi-time-frame uptrend extends.
Bitcoin dips below $67,000 as holders book profits
Bitcoin continues to trade in the red on Tuesday after facing rejection around the $70,000 level on Monday. Despite the price decline, institutional investors capitalized on the recent dips, with the US spot Exchange Traded Funds recording over $297 million in inflows.
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 Price Forecast: BTC dips below $67,000 as holders book profits
Bitcoin continues to trade in the red on Tuesday after facing rejection around the $70,000 level on Monday. Despite the price decline, institutional investors capitalized on the recent dips, with the US spot Exchange Traded Funds recording over $297 million in inflows.
SUI Price Forecast: On-chain metrics and technical indicators show bearish bias
SUI’s technical analysis shows a formation of bearish divergence on a momentum indicator. On-chain data suggests a bearish outlook for SUI as the long-to-short ratio is below one, and daily trading volume is decreasing.
1inch Network Price Forecast: Technical outlook suggest a rally ahead
1inch price is retesting key support levels on Tuesday after breaking above a descending trendline on Sunday. Technical outlooks suggest a rally ahead and provide a potential buying opportunity for sideline investors in the $0.261 to $0.273 range.
Crypto Today: Bitcoin, Ethereum lose gains, XRP corrects on Monday, traders brace for $400 million unlocks
Bitcoin erases 2% of its value on Monday and hovers around $67,000. Ethereum holds above $2,600, down nearly 3% on Monday. XRP trades near $0.55 as holders digest developments in lawsuit appeal and Elon Musk’s reaction to the altcoin.
FXS Signals
STOCKS
American Express sells off on lower full-year revenue guidance Premium
American Express stock swooned over 5% on Friday after it reported third-quarter results. The company reduced its outlook for full-year revenue guidance from between 9% and 11% to the lower end of that range, which perturbed market sentiment.
Home Depot stock closes 2.1% lower on Monday Premium
Home Depot closed at $406.40 on Monday, 2.1% lower on the day. Home Depot's stock price has increased 17.27% so far this year, more than the 14.6% advance registered by the overall Dow Jones Industrial Average (DJIA) index.
REAL-TIME RATES
Customize your ratesWEEKLY FORECAST
EUR/USD: European growth under scrutiny after ECB’s decision Premium
The EUR/USD pair bottomed at 1.0810 on Thursday, its lowest since early August, closing for the third straight week in the red a handful of pips above the level. On the one hand, the US Dollar benefited from a risk-averse environment and upbeat US macroeconomic data.
GBP/USD: Pound Sterling appears ‘sell-the-bounce’ trade Premium
The Pound Sterling hit two-month lows against the US Dollar, then rebounded. GBP/USD looks to S&P Global PMIs and Bailey’s speeches for fresh trading impetus. Technically, any Pound Sterling upswings could be short-lived as long as the daily RSI stays bearish.
US Dollar: Outlook turns to bullish above the 200-day SMA Premium
The US Dollar (USD) had another strong performance these past few days, extending its gains for the third consecutive week, including a test of the critical 200-day SMA around 103.80 when tracked by the US Dollar Index (DXY) for the first time since the summer.
Gold: XAU/USD rallies to new record-high as global interest rate environment changes Premium
Gold ignored the broad-based US Dollar strength this week and advanced to a new all-time high above $2,700 as investors reacted to growing prospects of a globally lower interest rate environment. Next week’s calendar will feature S&P Global’s preliminary October PMI data.
Bitcoin: Will the “Uptober” rally reach a fresh all-time high?
Bitcoin rallied nearly 8% so far this week until Friday after breaking its resistance barrier, aiming for a fresh ATH. This rise in Bitcoin’s price is supported by an increase in institutional demand, which showcased a $1.86 billion inflows this week, the largest streak of inflows since mid-July.
Week ahead: Preliminary October PMI figures in sight
In the coming week the calendar seems to be getting lighter. On the monetary front we note the release from China of PBoC’s interest rate decision on Monday’s Asian session, while the highlight is expected to be from Canada, BoC’s interest rate decision on Wednesday.
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