Eliman Dambell
Tradeview Markets
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 treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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.