Litecoin Rallies One Week After its Adoption by South Korean Exchange [Video]

Kiana Danial, CFP Invest Diva

It's Wednesday, November 8th, my name is Kiana Danial, CEO of Invest Diva, and here is your forex market report. Bank of Canada Governor Stephen Poloz defended the use of inflation targets on Tuesday and said that policymakers will be cautious about future interest rate moves even as encouraging signs of wage growth show up. On the economic calendar today we have Japan's Leading Index CI (SEP P) at 5 AM GMT, followed by the MBA Mortgage Applications out of the US at 12 PM. Canada's Housing Starts (OCT) and Building Permits (SEP) will be up next at 1:15 and 1:30 PM respectively. Finally, during the next day's Asian session, we have the all-important RBNZ Official Cash Rate at 8 PM GMT. Market participants expect the cash rates to remain unchanged at 1.75%. Finance Minister Grant Robertson mentioned yesterday that there are no plans to include Kiwi's levels in RBNZ's new mandates, but there still could be some surprises. Thanks for watching, invest responsibly and I wish you the best of luck making pips by trading forex.

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Author

Kiana Danial, CFP

Invest Diva

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert.

EUR/USD onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold bounces back toward $4,900, looks to FOMC Minutes

Gold is attempting a bounce from the $4,850 level, having touched a one-week low on Tuesday. Signs of progress in US–Iran talks dented demand for the traditional safe-haven bullion, weighing on Gold in early trades. However, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders now seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

DeFi could lift crypto market from current bear phase: Bitwise

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.