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There are moments in geopolitics when words hit harder than missiles — and yesterday, Washington’s Treasury Department fired one straight into the bloodstream of global energy. Rosneft and Lukoil, the twin juggernauts that keep Russia’s oil heart pumping, are now sanctioned under U.S. law.
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In-Depth Analysis
Tariffs remain one of Trump’s main foreign policy tools, as well as an important source of public finance funding. Beyond the daily churn of breaking news, US tariffs remain firmly in place.
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.
Cryptocurrencies
Pi Network trades above $0.2000 on Thursday, avoiding further losses below this psychological level. Technically, the PI token approaches the apex of the descending triangle pattern on the 4-hour chart, while on-chain data could provide tailwinds to tilt the breakout on the upside.
Kadena price drops below $0.065 on Thursday after crashing more than 70% so far this week. This price drop comes as the company behind the Kadena network announced that it's closing down due to market conditions.
Hyperliquid, BNB, and Monero are staging minor recoveries as the broader crypto market trades in the red. The recovery in HYPE, BNB, and XMR emerges as selling pressure cools down, but overhead resistance poses the risk of bearish turnaround.
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Stocks
Tesla may have delivered a record number of cars in the third quarter, but this did not translate to higher earnings per share or net income. Although revenues for Q3 came in above estimates at $28.09 billion, net income was $1.77 billion, below the $1.9 billion expected.
Weekly Forecast
The EUR/USD pair started the week on the wrong footing, as a dismal market mood benefited the US Dollar (USD). The pair, however, quickly changed course as turmoil came from the United States (US).
The Pound Sterling found fresh buyers once again near the 1.3250 area when compared with the US Dollar, pushing GBP/USD higher toward the 1.3500 threshold.
Bitcoin (BTC) price continues to trade in red, below $105,000 at the time of writing on Friday, having corrected nearly 9% so far this week. Renewed geopolitical tensions fueled the pullback in BTC, and the US government shutdown pressured risk assets.
The US Dollar (USD) spent much of the week on the back foot, retreating from last week’s highs and leaving the US Dollar Index (DXY) with a softer tone. That said, the index found some support around the 98.00 area but stayed stuck in the sideways range it’s been in since early August.
