The Bank of England is set to reveal its latest monetary policy decision on Thursday, coinciding with its seventh rate-setting meeting of 2026. Market analysts expect the ‘Old Lady’ to increase its policy rate by a quarter percentage point to 4.00%, the highest level since November 2025.

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In-Depth Analysis

US Dollar breaks below 101.50 as Democrats sweep Congress

The US Dollar (USD) comes under heavy selling pressure on Wednesday, with the US Dollar Index (DXY) falling around 0.5% to trade near 101.35 after sliding below the 101.50 level. The Greenback retreats to its lowest level in four weeks as investors reassess the political and economic outlook following the Democratic Party's sweeping victory in the United States (US) midterm elections.

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What a split Congress means for the US Dollar

The United States (US) is going to the polls on Tuesday, and much is at stake. The mid-term elections mean the renovation of roughly one-third of the Senate and all 435 of the House seats. Additionally, special elections in Florida and Ohio will be held to fill the seats vacated by US Secretary of State Marco Rubio and Vice President JD Vance.

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Cryptocurrencies

Official Trump Price Forecast: TRUMP hits record low amid mounting selling pressure

Official Trump hovers around $1.2500, taking a breather after a 20% drop the previous day. TRUMP token’s decline aligns with Republicans' defeat in the US midterms. Positional buildup in TRUMP derivatives suggests a more bearish bias among traders, while the technical outlook reaffirms the potential for further downside as selling pressure persists.

Ripple and Stellar outlook: XRP and XLM extend recovery as bears lose steam

Ripple and Stellar extend their recovery as bearish pressure begins to ease for both altcoins. XRP trades above $1.30 after breaking above the upper trendline of a falling channel pattern, while XLM holds above $0.168 and approaches resistance at $0.173. Meanwhile, improving derivatives metrics and strengthening momentum indicators hint at a potential for further recovery.

Dogecoin Price Forecast: Rebound gains traction as bulls target key resistance trendline

Dogecoin shows signs of recovery, hovering above $0.0770 after two consecutive days of gains. The meme coin gains traction despite muted appeal from institutional investors and declining Open Interest. The technical outlook for DOGE suggests an upside bias as the recovery gains traction, hinting at a potential bullish breakout of a key resistance trendline on the four-hour chart.

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Stocks

While stock market celebrates Dem sweep, the AI trade deteriorates

The US stock market is giddy on Wednesday as the Democratic Party's resounding success at the ballot box has translated into big stock index gains. A widespread belief that the heavy Democratic win, which is still being tabulated in many races, will usher in an end to President Donald Trump's tariffs and volatile trade policy has led the Dow Jones Industrial Average (DJIA) to surge 2.8%.

Weekly Forecast

EUR/USD: US President Donald Trump judgment day has come

The EUR/USD pair settled around 1.1160, down for the week and closing October with losses. The US Dollar (USD) advanced through the first half of the week but changed course after the Federal Reserve (Fed) monetary policy announcement, then fell further after the European Central Bank (ECB) reported the same decision. The Greenback regained some poise on Friday, as risk aversion took the lead.

European Central Bank faces 3-year-high inflation at 3.8%

The European Central Bank (ECB) faces a difficult monetary policy environment as Eurozone inflation reached 3.8% in September, its highest level in three years and almost twice the central bank's 2% target.

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Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.

US Dollar: A hawkish Fed is no longer enough

The US Dollar (USD) managed to regain some composure, ending the week with acceptable gains after surrendering some ground following earlier two-week highs. Indeed, the US Dollar Index (DXY), at some point in the last few days, popped to as high as the 102.50 zone, just to lose some momentum soon afterwards despite keeping its weekly bullish mood well in place.