AUD/USD holds steady around 0.6700 ahead of Chinese macro data
AUD/USD continues to draw support from Thursday's upbeat Australian jobs report, which dashed hopes for an RBA rate cut this year. This, along with a positive risk tone and the optimism over China's stimulus, underpin the Aussie. That said, a bullish USD acts as a headwind ahead of the Chinese macro data dump.
Gold price conquers $2,700 for the first time on record
Gold price breaks through $2,700 for the first time on record in Friday's Asian trading. Gold price capitalizes on Middle East tensions and the expected rate cuts by major central banks, including the Fed. Further, the uncertainty around the US Presidential election benefits the safe-haven.
USD/JPY weakens to near 150.00 after Japanese CPI inflation data
The USD/JPY pair edges lower to around 150.05 despite the firmer US dollar on Friday during the early Asian session. Investors will keep an eye on the US Building Permits and Housing Starts, which are due later on Friday.
Solana Price Forecast: SOL hovers above $150 as interest in building on its blockchain doubles in 2024
Solana (SOL) hovers around the $150 level on Thursday. Recent gains in the native token of the Solana blockchain are likely catalyzed by rising investor and developer interest.
DEEPER DIVE
Europe’s booming labour market needs to brace for change
The luxury of labour hoarding is coming to an end in the eurozone as corporate profits dwindle. And that’s going to mean wage growth will ease, unemployment will tick up and we’ll see more bankruptcies too. A terrible prediction? We’re actually just getting back to normality.
United States: FHLB deposits, leading indicators of pressure on liquidity
On 30 September, the Federal Housing Finance Agency announced its intention to raise counterparty exposure limits on the deposit accounts of Federal Home Loan Banks to the same level as those limits set for their federal funds loans, an approach discussed in its December 2023 report.
This time is not different for China
High profile policy announcements from China have captured financial markets' attention over the past few weeks. China's central bank eased monetary policy, while the Ministry of Finance deployed fiscal resources to aid the property sector and local banks.
CRYPTOCURRENCIES
Ethereum Price Forecast: Bulls are gaining strength
Ethereum price stabilizes above $2,600 on Thursday after finding support around the 50-day EMA. Ethereum’s fees collected are increasing, signaling rising network usage. ETH staking reached an all-time high in Q3 as more holders sought to earn yield.
Crypto Today: Bitcoin dominance hits highest level since 2021, BTC and Ethereum steady while XRP gains
Bitcoin dominance climbs to 58.85% on Thursday, the highest level since April 2021. BTC and Ethereum hold steady above $67,000 and $2,600, key price levels for the top two cryptocurrencies.
Bitcoin Price Forecast: Recent rally fuels “Uptober” hopes
Bitcoin demand appears to be picking up, according to a CryptoQuant report. BTC’s performance since the fourth halving closely resembles that of the third halving, when prices increased sharply. US Bitcoin Spot ETFs recorded a third straight day of inflows on Wednesday.
XRP climbs above $0.54 as Ripple prepares for lengthy SEC lawsuit and appeals process
Ripple trades above $0.5400 on October 16, Wednesday. The Ripple Swell event announcements and Securities & Exchange Commission (SEC) vs. Ripple lawsuit’s appeal process and its timeline are the key market movers for the altcoin.
FXS Signals
STOCKS
Cisco stock gains over 4% on Buy rating from Citi Premium
Cisco Systems got a needed upgrade from Wall Street on Wednesday, which helped it gain 4.25%, its best showing in some time. The DJIA, of which it is a constituent member, advanced 0.79%. This performance led both the NASDAQ and S&P 500.
Visa stock closes 2.95% higher on Wednesday Premium
Visa (V) closed at $287.52 on Wednesday, 2.95% higher on the day. Visa's stock price has increased 10.44% so far this year, less than the 14.30% advance registered by the overall Dow Jones Industrial Average (DJIA) index.
REAL-TIME RATES
Customize your ratesWEEKLY FORECAST
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.
Read full analysis
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.
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.
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.
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.
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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