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EUR/USD struggles near 1.0550 amid dour mood
EUR/USD struggles near 1.0550 in the European morning on Thursday. The pair faces headwinds from risk-off flows due to rising geopolitical conflict between Russia and Ukraine and worries over the potential US tariffs on the EU. ECB- and Fedspeak are awaited.
GBP/USD trades around 1.2650, upside potential seems limited
GBP/USD keeps its range near 1.2650 in early European trading on Thursday. The pair's sidetrend could be attributed to the softer US Dollar and a risk-aversion market environment. Traders stay cautious amid rife geopolitical tensions and a light economic calendar. Fedspeak eyed.
Gold price retains its bullish bias near one-week high amid rising geopolitical risks
Gold price maintains its bid tone heading into the European session and currently trades around the $2,660 level, or a one-and-half-week high touched earlier this Thursday. This marks the fourth straight day of a positive move and is sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu (SHIB) trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
DEEPER DIVE
Global takeaways of the US election
We view a second Trump administration—and more specifically his proposed tariff policies—as a catalyst for further deglobalization and global economic fragmentation. Tariffs could also act as an inflection point for China to approach stimulus efforts differently.
What Donald Trump’s victory means for China
Chinese assets sold off after the Trump 2.0 outcome, but policymakers should be more prepared this time around. China’s stimulus plans and currency management responses are likely to be the most watched factors in the months ahead.
Business investment: Software outpaces bricks and mortar
In France, in Q3 2024, for the first time (statistical series dating back to 1949), non-financial companies invested more (in billions of euros, at constant prices) in "information and communication" than in construction.
CRYPTOCURRENCIES
Crypto Today: Cardano, XLM, FLOKI lead $3.1 trillion rally, Russia bans crypto mining, Bitcoin eyes $95K
Cardano (ADA) price action ADA’s ongoing rally has been attributed to rumors that the Trump administration could collaborate with the Cardano network to build a blockchain voting system.
Trump administration allegedly seeks to create new crypto position in White House
President-elect Donald Trump and his team are reportedly seeking to introduce a new White House position for crypto policy, Bloomberg reported on Wednesday.
Solana Price Forecast: Traders move 6.7B SOL as bulls target all-time highs
Solana price has succumbed to a 7% dip after rejecting the $250 resistance on Monday. Negative shifts in vital trading indicators suggest bears could delay the all-time high breakout target.
STOCKS
Nvidia beats estimates, but market enthusiasm is curbed
The time has come, and Nvidia has reported 3Q revenues above forecasts at $35.1bn, beating estimates of $33.2bn. Data centre revenue, which is the growth engine at Nvidia, was also stronger last quarter, it increased by $30.8bn, vs $29.1bn expected.
Williams-Sonoma stock jumps 30% to all-time high on strong Q3
Williams-Sonoma, a specialty retailer, has quietly been one of the best, most consistent stocks on the market over the past 15 years. It showed that again in the third quarter, with strong earnings that topped estimates and sent the stock skyrocketing.
WEEKLY FORECAST
EUR/USD: European economy under siege after Trump’s victory Premium
The EUR/USD pair fell for a second consecutive week, bottoming at 1.0495 on Thursday, its lowest in over a year. The pair got to bounce at the end of the week, recovering on Friday to settle at around 1.0520.
GBP/USD: Pound Sterling eyes short-lived rebound before next leg lower Premium
The Pound Sterling sellers refused to give up as the US Dollar remained in command. GBP/USD eyes UK and US economic data for some relief. Technically, downside risks remain intact for the Pound Sterling on a daily bearish RSI.
US Dollar: The ‘Green Sweep’ Premium
The US Dollar Index clinches its seventh weekly gain in a row. Trump secured the House of Representatives, reaching a ‘Red Sweep’. The US Dollar’s gains were largely propped up by the ‘Trump trade’.
Gold: The stronger US Dollar keeps buyers at bay Premium
The corrective move in Gold (XAU/USD) remained well in place for yet another week, this time revisiting the $2,540 region per troy ounce, or a fresh two-month low, where some initial contention zone appears to have emerged.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Week ahead: Preliminary November PMIs to catch the market’s attention
With the dust from the US elections slowly settling down, the week is about to reach its end and we have a look at what next week’s calendar has in store for the markets. On the monetary front, a number of policymakers from various central banks are scheduled to speak.
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