AUD/USD remains supported by 0.6700

AUD/USD remains supported by 0.6700

AUD/USD traded on the back foot, adding to Monday’s decline, although meeting decent contention around the 0.6700 barrier on Tuesday, all against the backdrop of a tepid upside bias in the US Dollar.

AUD/USD News
EUR/USD now targets the 200-day SMA

EUR/USD now targets the 200-day SMA

Extra weakness dragged EUR/USD to levels last seen in August around 1.0880 in response to the still unabated march north in the Greenback and rising cautiousness ahead of the ECB’s rate decision later in the week.

EUR/USD News
Gold holds on to modest gains around $2,660

Gold holds on to modest gains around $2,660

Gold clings to small gains above $2,650 on Tuesday after closing the first day of the week virtually unchanged. Growing signs of an economic downturn in the Chinese economy makes it difficult for XAU/USD to gather recovery momentum.

Gold News
XRP back above $0.54 as Ripple makes key announcements at Swell 2024

XRP back above $0.54 as Ripple makes key announcements at Swell 2024

Ripple (XRP) holds steady above key support at $0.54 on Tuesday as payment remittance firm Ripple makes announcements regarding exchange partners for its stablecoin RLUSD that is in the final stages of its launch.

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DEEPER DIVE

The FOMC, blue chip or the new framework: Predicting the Fed Funds rate

The FOMC, blue chip or the new framework: Predicting the Fed Funds rate

This installment presents a new framework to predict the two-quarters-out level of the fed funds rate. We compare our framework’s fed funds forecast with the FOMC and Blue Chip's forecasts to examine who is more accurate at predicting the near-term fed funds rate.

On the path to widespread monetary easing in Asia

On the path to widespread monetary easing in Asia

Bank Indonesia is the first central bank from the emerging countries in South Asia (excluding the Philippines) to cut its interest rates. This movement, which is expected to be followed by a further interest rates cut before the end of the year, is not expected to be a one-off.

Will the ECB be forced to follow the Fed?

Will the ECB be forced to follow the Fed?

The Eurozone economy is faltering, as today’s PMI data for September highlights, yet it’s the Fed that’s cutting interest rates by 50bps, while the ECB remains on a more cautious rate-cutting path. However, the September PMI data could add some urgency to ECB rate cuts for the rest of this year.

CRYPTOCURRENCIES

Ethereum Price Forecast: ETH shows mild signs of recovery

Ethereum Price Forecast: ETH shows mild signs of recovery

Ethereum price broadly consolidates after breaking above its 50-day EMA at $2,535, suggesting a possible rally ahead. US spot Ethereum ETFs records an inflow of $17 million on Monday. Ethereum’s open interest surged more than 16%, indicating new buying activity.

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Fantom price poised for a rally as on-chain data shows bullish bias

Fantom price poised for a rally as on-chain data shows bullish bias

Fantom price is nearing its key resistance level at $0.746; a firm close above it could continue the rally. On-chain data paints a bullish picture, as FTM’s Exchange Flow Balance shows a negative spike and fees collected are the highest since November 2023.

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Top 3 meme coins: Dogecoin, Shiba Inu and PEPE look set for further declines amid lower investor interest

Top 3 meme coins: Dogecoin, Shiba Inu and PEPE look set for further declines amid lower investor interest

Dogecoin, Shiba Inu and PEPE decline on Tuesday after gaining on Monday. The number of active addresses in DOGE has dropped sharply from its October 10 peak, while it edges up for SHIB and PEPE. The MVRV ratio shows that the top 3 meme coins are overvalued in the 30-day time frame. 

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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC targets $70,000 as bullish momentum builds

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC targets $70,000 as bullish momentum builds

Bitcoin is retesting the $66,000 resistance level; a firm close above it could continue its ongoing rally. Ethereum price broke above its resistance barrier, eyeing for a rally ahead. Ripple price is approaching the 200-day EMA at $0.553; a close above suggests a possible recovery.

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FXS Signals

STOCKS

UnitedHealth Group stock gets slammed as health costs soar

UnitedHealth Group stock gets slammed as health costs soar Premium

UnitedHealth Group stock, the largest holding in the Dow Jones Industrial Average, sank 9% on Tuesday after the US’s largest health insurer reported costs in the third quarter exceeding prior guidance.

Caterpillar stock closes 1.99% lower on Monday

Caterpillar stock closes 1.99% lower on Monday Premium

Caterpillar closed at $394.06 on Monday, 1.99% lower on the day. Caterpillar's stock price has increased 33.21% so far this year, more than the 13.80% advance registered by the overall DJIA index.

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WEEKLY FORECAST

EUR/USD Weekly Forecast: Sellers gain confidence alongside the Fed

EUR/USD Weekly Forecast: Sellers gain confidence alongside the Fed Premium

The EUR/USD pair fell towards a fresh two-month low of 1.0900, finishing the second consecutive week in negative though little changed at around 1.0940.
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GBP/USD Weekly Forecast: Pound Sterling stays vulnerable ahead of UK inflation data

GBP/USD Weekly Forecast: Pound Sterling stays vulnerable ahead of UK inflation data Premium

The Pound Sterling booked the second straight weekly loss against the US Dollar, sending the GBP/USD pair to the lowest level in a month below 1.3050.

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US Dollar Weekly Forecast: There is room for further upside

US Dollar Weekly Forecast: There is room for further upside Premium

US Dollar Index climbs further and tests the 103.00 level for the first time since August. The majority of Fed officials favour a rate cut in November.

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Gold Weekly Forecast: XAU/USD holds above key support area after bearish action to start week

Gold Weekly Forecast: XAU/USD holds above key support area after bearish action to start week Premium

Gold (XAU/USD) declined sharply in the first half of the week but regained its traction after coming within a touching distance of $2,600.

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Bitcoin Weekly Forecast: Will BTC decline further?

Bitcoin Weekly Forecast: Will BTC decline further?

Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.

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Week ahead – ECB headed towards another cut, CPI on the agenda elsewhere

Week ahead – ECB headed towards another cut, CPI on the agenda elsewhere

The ECB is expected to deliver its first back-to-back rate cut on Thursday. CPI data incoming in Canada, China, Japan, New Zealand and UK. China GDP and US retail sales also high on investors’ radar.

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