US inflation advanced to 6.2% in October. That’s the highest level since more than three decades. More worryingly, it looks less and less transitory.
The jump in US inflation, and the yields soured the mood in the equity markets. Nasdaq of course paid the highest price among the three major US indices. But overall, compared to the inflation shock, it’s not a dramatic decline. And activity in US equity futures was positive in Asia, Nasdaq futures are up 0.22% at time of writing, hinting that the moodiness in the market will likely be transitory, unlike inflation…
Goldman advises to buy the USD 5-year 5-year breakevens on a bet that inflation would accelerate, and that the Fed would do nothing dramatic to tame the inflationary pressures, but people actually prefer rushing to Bitcoin, as a new-age inflation hedge. As such, Bitcoin hit a fresh record yesterday, before easing.
I am not saying that Bitcoin is not a good inflation hedge, I am saying that we don’t have enough data in hand that proves that it is. So why are people rushing to Bitcoin?
Despite a limited risk appetite, Rivian made a great debut in Nasdaq. The company sold 156 cars so far and is public since a day only, but it is already worth more than GM and Ford. Why?!
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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 keeps range above 1.2950 as traders await US election result
GBP/USD keeps its range above 1.2950 in European trading on Tuesday, drawing support from a 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.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.
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.