LMAX Group Research Desk
LMAX Group
We come into the new week with the market still digesting the latest employment report out of the US. The robust across the board data has been enough to shake out plenty of Dollar shorts as Fed rate expectations for a November cut sink back down to 25 basis points versus 50.
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Editors’ Picks
EUR/USD stays depressed toward 1.0950 ahead of EU data
EUR/USD holds lower ground, approaching 1.0950 in the early European session on Monday. The pair struggles despite the risk-on market mood, as the US Dollar clings to strong US Nonfarm Payrolls-led gains. Eurozone data and Fedspeak remain in focus.
GBP/USD turns south toward 1.3100, Fedspeak awaited
GBP/USD defends 1.3100 in European trading on Monday, erasing early gains. The US Dollar finds fresh demand, shrugging off the risk flows, as attention toward speeches from several Fed policymakers for fresh impetus after Friday's bumper Nonfarm Payrolls report.
Gold price keeps the red below $2,650, remains confined in a familiar trading range
Gold price remains on the defensive amid reduced bets for a 50 bps Fed rate cut in November. The USD consolidates last week’s strong gains and exerts some pressure on the XAU/USD. Geopolitical risks might continue to act as a tailwind and limit losses for the precious metal.
Bitcoin breaks above its $62,000 resistance barrier
Bitcoin has surged past its resistance barrier, signaling a potential rally, while Ethereum is testing a critical resistance level near $2,500, a close above suggesting further gains. In contrast, Ripple is approaching its resistance, and a rejection here could lead to a continuation of its downtrend.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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