Forex Analysis

The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the US.

Gold has been valued for its stability when the financial fires are raging. That stable nature was underscored in 2024 when its price shot upward, gaining over $700 per ounce. This amounted to a 34% increase since January. The vibrant price increase has gotten traders and investors all jazzed up again about gold.

The economic growth in Hungary and Romania was the most surprising in Q3, with the former contracting and the latter expanding by 1.1% YoY, well below expectations. As a result, we have already revised our 2024 growth forecast downwards to 0.5% and 0.8%, respectively. Similarly, flash GDP in Slovakia was also disappointing at 1.2% YoY.

Republicans selected French Hill as the new Chairman of the House Financial Services Committee. Hill is a crypto supporter and spearheaded the FIT21 bill for crypto regulations. French Hill will be replacing Chair Patrick McHenry, who is retiring from office.

Ethereum is up 1% on Thursday as it aims to tackle the selling pressure near the $4,000 psychological level. On-chain data shows that ETH has begun seeing increased bullish momentum, which could push its price to a new all-time high above $5,000.

Cryptocurrency market valuation broke $3.5 trillion Thursday, up 9.4% since Tuesday's market crash halt. In the last 24 hours, 104,700 traders liquidated $172.7 million in long contracts, accounting for 58% of the $298.5 million total liquidations.