It’s the Thanksgiving Day holiday here in the US, so you may notice lower trading volume especially in the USD crosses. But just to give us a wild sendoff to the holiday, the USD saw sharp declines on Wednesday, helping major cryptocurrencies to see further gains. Ethereum marched up to 12-week highs versus the US dollar, reaching 380. Dash/USD was able to erase Tuesday’s losses and retest the 600 level. XRP/USD has confirmed above the daily Ichimoku cloud, also erasing Tuesday’s losses. Meanwhile, Bitcoin struggled to reach the all-time-high level of earlier this week, despite showing a mild bullish sentiment. Speaking of Bitcoin, the Old Mutual Gold & Silver Fund, which manages $220 million of mostly precious metal equities, is jumping on the bitcoin wagon. The idea is to take profits from bitcoin as it advances to reinvest in gold and silver assets, as he believes that Bitcoin was explicitly designed to be digital gold. Thanks for watching, invest responsibly, and I’ll see you with more updates next time.
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EUR/USD steadies above 1.0600, awaits German ZEW and Powell speech
EUR/USD is holding above 1.0600 in the European morning on Tuesday, having hit fresh five-month lows. The pair draws support from sluggish US Treasury bond yields but the rebound appears capped amid a stronger US Dollar and risk-aversion. Germany's ZEW survey and Powell awaited.
Gold price holds steady below $2,400 mark, bullish potential seems intact
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The market’s focus may be on geopolitical issues at the start of this week, but there is a large amount of economic data and more earnings releases to digest in the coming days.