Prices of Ethereum were also trading higher on Monday, with the world’s second largest cryptocurrency moving closer to $5,000.
ETHUSD rallied to an intraday high of $4,794, its highest level on record, and comes as the interest in DeFi networks continues to grow.
The Ethereum network has been one of the pillars in developing NFT’s, and with interest in these tokens becoming more popularised, ETH has profited as a result.
Litecoin was also trading by as much as 10% to start the week, with prices in BTCUSD nearing new highs also.
Despite recent highs, many are still cautious on the price surge, and expect some corrections in upcoming weeks.
Gold climbs, as US consumer spending expectation climb to 8-year high
Gold prices were up to start the week, as markets reacted to data which showed that consumers in the U.S. expected to spend and earn more over the next year.
According to the survey from the New York Federal Reserve, consumers believe that household income will grow by an average of 3.3% in 2022.
This is 0.3% higher than September’s survey, and the highest since the series began in October 2013.
In addition to this, consumers expected more in the next year, with expectations rising to 5.4% in October from 5.0% in September, which was also a new high.
XAUUSD rose to an intraday high of $1,826, its highest level since September 6th.
Trading any financial instrument on margin involves considerable risk. Therefore, before deciding to participate in margin trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney or accountant as to the appropriateness of an investment in margin trading is recommended. This electronic mail message is intended only for the person or entity named in the addressee field. This message contains information that is privileged and confidential. If you are not the addressee thereof or the person responsible for its delivery, please notify us immediately by telephone and permanently delete all copies of this message. Any dissemination or copying of this message by anyone other than the addressee is strictly prohibited.
Recommended Content
Editors’ Picks
EUR/USD trades sideways below 1.0900 amid cautious optimism
EUR/USD trades sideways below 1.0900 in the early European session on Tuesday. The US Dollar looks to stabilize amid cautious optimism, as uncertainty over the US presidential election outcome lingers. US ISM Services PMI is also in focus, as Americans head to the polls.
GBP/USD rises toward 1.3000, awaits US election result
GBP/USD is rising toward 1.3000 in European trading on Tuesday, having found support near 1.2950 on a broadly subdued US Dollar. Traders eagerly await the outcome of the US presidential election, refraining from placing fresh bets on the major.
Gold price holds steady around $2,735 area amid modest USD slide, US election jitters
Gold price attracts dip-buyers after touching a one-week low on Tuesday and draws support from a combination of factors. Fed rate cut bets, declining US bond yields and subdued USD demand continue to act as a tailwind for the precious metal.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
US presidential election outcome: What could it mean for the US Dollar? Premium
The US Dollar has regained lost momentum against its six major rivals at the beginning of the final quarter of 2024, as tensions mount ahead of the highly anticipated United States Presidential election due on November 5.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.