Varying economic conditions have left consumers dazed and confused. Despite expecting joblessness to rise, consumers also expect income to go up; even as the Fed raises rates, consumers expect rates to go down. Short-term inflation expectations fell, longer-term did not.
Author
Wells Fargo Research Team
Wells Fargo
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EUR/USD is losing ground for the second consecutive day in quite a disheartening start to the new trading week, always on the back of the resurgence of the buying interest in the US Dollar ahead of key US data releases and amid shrinking bets of Fed rate cuts.
GBP/USD is slipping again on Monday, extending Friday’s pullback and orbiting around 1.3160 as the Greenback stages a decent bounce. In the meantime, sentiment toward the Sterling remains cautious, with UK fiscal concerns still hanging over the market and keeping buyers on the defensive.
Gold accelerates its losses at the beginning of the week, trading dangerously close to the $4,000 yardstick per troy ounce. Recent comments from key FOMC officials showed little enthusiasm for additional rate cuts, leading traders to pare back expectations for another Fed move, and leaving the yellow metal without a clear catalyst for now.
Strategy has added 8,178 BTC to its holdings, purchasing the stack for roughly $835.6 million, according to a SEC filing on Monday. The buying activity, which took place between November 10 and 16, has pushed Strategy's holdings to 649,870 BTC, with an average purchase price of $74,433.
At the start of a new week, the market mood has calmed. US stock futures are pointing to small gains later on Monday, after a sharp sell off on Friday, European stock index futures are mostly flat at the start of the week.
Chainlink trades above $14.00 on Monday, as the cryptocurrency market generally recovers from last week’s volatility. LINK faces declining retail interest amid a weak derivatives market characterised by suppressed Open Interest.
