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 1.0450 amid quiet markets
EUR/USD defends gains below 1.0450 in European trading on Monday. Thin trading heading into the Xmas holiday and a modest US Dollar rebound leaves the pair in a familair range. Meanwhile, ECB President Lagarde's comments fail to impress the Euro.
GBP/USD stays defensive below 1.2600 after UK Q3 GDP revision
GBP/USD trades on the defensive below 1.2600 in the European session on Monday. The pair holds lower ground following the downward revision to the third-quarter UK GDP data, which weighs negatively on the Pound Sterling amid a broad US Dollar uptick.
Gold price sticks to modest gains; upside seems limited amid USD dip-buying
Gold price attracts some follow-through buying at the start of a new week and looks to build on its recovery from a one-month low touched last Thursday. Geopolitical risks stemming from the protracted Russia-Ukraine war and tensions in the Middle East, along with trade war fears, turn out to be key factors benefiting the safe-haven precious metal.
Bitcoin fails to recover as Metaplanet buys the dip
Bitcoin hovers around $95,000 on Monday after losing the progress made during Friday’s relief rally. The largest cryptocurrency hit a new all-time high at $108,353 on Tuesday but this was followed by a steep correction after the US Fed signaled fewer interest-rate cuts than previously anticipated for 2025.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
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.