EUR/USD finds demand above 1.0800 ahead of key US data
EUR/USD is finding fresh demand above 1.0800 in European trading on Tuesday. A minor improvement in the market mood offsets a pause in the US Dollar correction, offering support to the pair ahead of top-tier US economic data releases.
GBP/USD regains traction toward 1.3000 as risk sentiment improves
GBP/USD has regained upside traction, nearing 1.3000 in the European session on Tuesday. A positive shift in risk sentiment helps the pair recover ground amid bets for smaller Fed rate cuts, which checks the US Dollar correction ahead of key US jobs data and corporate earnings results.
Gold price consolidates near record high, holds above $2,750 ahead of US macro data
Gold price maintains its bid tone through the early part of the European session on Tuesday and currently trades just above the $2,750 level, within the striking distance of the all-time peak touched last week.
US JOLTS job openings expected to fall back below 8 million in September
Markets expect job openings to come in at 7.99 million on the last business day of September. Fed policymakers have made it clear after the July policy meeting that they are shifting their focus to the labor market, given the encouraging signs of inflation retreating toward the central bank’s target.
DEEPER DIVE
Europe’s booming labour market needs to brace for change
The luxury of labour hoarding is coming to an end in the eurozone as corporate profits dwindle. And that’s going to mean wage growth will ease, unemployment will tick up and we’ll see more bankruptcies too. A terrible prediction? We’re actually just getting back to normality.
United States: FHLB deposits, leading indicators of pressure on liquidity
On 30 September, the Federal Housing Finance Agency announced its intention to raise counterparty exposure limits on the deposit accounts of Federal Home Loan Banks to the same level as those limits set for their federal funds loans, an approach discussed in its December 2023 report.
This time is not different for China
High profile policy announcements from China have captured financial markets' attention over the past few weeks. China's central bank eased monetary policy, while the Ministry of Finance deployed fiscal resources to aid the property sector and local banks.
CRYPTOCURRENCIES
Bitcoin Cash Price Forecast: Technical and on-chain metrics suggest a rally ahead
Bitcoin Cash continues to trade in green on Tuesday and is approaching its descending trendline; a successful close would suggest a bullish move ahead. On-chain data further supports the bullish thesis, as BCH’s long-to-short ratio is above one, and its funding rate is positive, all hinting at a possible rally ahead.
BTC hits $70K as investors lock eyes on US elections in November
Bitcoin started the week on a strong note, rising above $70,000, with prices indicating a bullish outlook amid increasing correlation with the upcoming US elections, according to VanEck's Head of Digital Asset Research Matthew Sigel. Institutional investors have also shown positive sentiment toward crypto ETFs.
FTT plunges as FTX reaches $228 million cash settlement with Bybit
In a filing uploaded on Monday, the defunct exchange FTX reached a $228 million cash settlement with the Bybit crypto exchange to support its cash repayment to creditors. The settlement entails that FTX will recover $175 million in assets held in Bybit and an agreement that the latter's trading arm, Miranda, will purchase 105.4 million FTX debtor's BIT tokens for $52.7 million.
XRP stabilized as former SEC lawyer criticizes approach to crypto regulation
Ripple holds steady above $0.5100 on Monday. The native token of the XRP Ledger noted no significant price change for the day. Former SEC lawyer Ladan Stewart shared her thoughts on crypto regulation, the agency’s approach and her experience being on both the industry and the regulator’s side, according to a tweet by Fox Business journalist Eleanor Terret on X.
FXS Signals
STOCKS
What the US presidential election outcome could mean for stocks Premium
Wall Street prefers Trump to win the US presidential election and thinks it is likely. Kamala Harris winning could benefit Deere, Brookfield Renewable Corporation, NextEra Energy, Dr. Horton, or Centene.
3M stock rallies, leading Dow Jones index Premium
3M, the Minnesota-based manufacturer of everything from Post-it Notes to chemicals, is outperforming its main index at the start of the week. 3m stock has risen 4.5% at the time of writing, while the DJIA gains 0.76%.
REAL-TIME RATES
Customize your ratesWEEKLY FORECAST
EUR/USD: It’s all about economic growth Premium
The United States, Germany and the Eurozone will release preliminary Q3 GDP estimates. The US will also publish employment data ahead of the Nonfarm Payrolls report on Friday. EUR/USD could retest the year low at 1.0600 in the upcoming days.
GBP/USD: Pound Sterling falls for fourth straight week amid persistent Dollar strength Premium
The Pound Sterling (GBP) remained at its lowest level in over two months versus the US Dollar (USD), leaving the GBP/USD vulnerable below the 1.3000 threshold.
US elections: The race to the White House tightens
Trump narrows the gap The time for Americans to vote for a new president is drawing ever closer, but who will win on November 5 is looking a lot less certain now than it did when Vice President Kamala Harris entered the race.
Gold: XAU/USD corrects lower after setting new record-high Premium
Gold corrected lower after touching a new all-time high at $2,758. The technical outlook suggests that the bullish bias remains intact in the near term. Next week’s economic calendar will feature key US data releases that could impact Gold’s valuation.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Week ahead – A decisive week for USD with NFP and more – BoJ meets
A crucial week lies ahead with US jobs report, advance GDP and PCE inflation. The Bank of Japan is expected to hold rates, but will it flag a year-end hike? Flash GDP and CPI data for the euro area are also hotly anticipated.