Bitcoin back over $60k after ETF approval

“Unless you can watch your stock holding decline by 50% without becoming panic-stricken, you should not be in the stock market.” - Warren Buffett

 

 

 

HEADLINES

 

 

 

• Dollar set to snap 5-week win but yen hits lowest in almost 3 years
• GBP/JPY rallies at five-year highs, braces to 157.00
• Oil prices hit three-year high on back of supply deficit forecasts
• Gold ends lower, but prices log strongest weekly gain since early September
• Earnings are the big catalyst for stocks in the week ahead, as Tesla and Netflix report
• Gold ends lower, but prices log strongest weekly gain since early September
• European stocks close higher as earnings power global markets; Temenos slides 13%
• BTC price hovers above $61K amid fresh concerns over fate of physical Bitcoin ETF

 

 

FOREX

 

 

Dollar set to snap 5-week win but yen hits lowest in almost 3 years

 

The dollar headed for its first weekly decline versus major peers since the start of last month, falling back from a one-year high as traders turned their attention to when the U.S. Federal Reserve will start raising interest rates. Improved market sentiment, which has lifted global stocks, commodity prices and bond yields, is also weighing on the safe-haven dollar.

 

GBP/JPY rallies at five-year highs, braces to 157.00

 

Since Monday of this week, the British pound has been on the right foot against the yen. Over the last weekend, members of the Bank of England expressed concerns about higher energy prices, which in part spurred consumer prices that passed the levels tolerated by the central bank. That said, Michael Saunders, and Governor Andrew Bailey, talked openly about the need for higher rates to contain inflationary pressures.

In the meantime, Finance Minister Shunichi Suzuki said that currency stability is “very important” and that Japan’s government will scrutinize the economic impact of the forex market moves. Further added, that “we will continue to closely watch currency market moves and their impact on the economy.”

 

 

COMMODITIES

 

 

Oil prices hit three-year high on back of supply deficit forecasts

 

Oil prices jumped to a three-year high above $85 a barrel on Friday, boosted by forecasts of a supply deficit in the next few months as the easing of coronavirus-related travel restrictions spurs demand. Brent crude futures advanced 1% to settle at $84.86 per barrel. Front-month prices, which touched their highest level since October 2018 at $85.10, were headed for a weekly rise of 3%, which would be their sixth straight weekly gain.

 

Gold ends lower, but prices log strongest weekly gain since early September

 

Gold futures ended lower on Friday, as strength in Treasury yields and the U.S. stock market help lead prices to their first loss in four sessions, but the precious metal still notched its best weekly advance in six weeks.

 

 

STOCKS

 

 

Earnings are the big catalyst for stocks in the week ahead, as Tesla and Netflix report

 

Stocks appear to have shaken off the often spooky trading pattern of October for now, and whether that continues could depend on earnings in the week ahead. Dozens of companies are reporting, from Netflix and Tesla to Intel, Procter & Gamble and American Express. Railroads, airlines, health care, tech, financial firms, energy and consumer products companies are all reporting in the first big wave of reports.

 

European stocks close higher as earnings power global markets; Temenos slides 13%

 

The pan-European Stoxx 600 closed up 0.7%, with banks adding 1.7% to lead gains while media stocks dropped 0.4%. Oil prices were in focus after rising on Thursday when top producer Saudi Arabia dismissed requests for additional OPEC+ supply, while the International Energy Agency said spikes in natural gas prices could bolster oil demand from power generators.

 

 

CRYPTO

 

 

BTC price hovers above $61K amid fresh concerns over fate of physical Bitcoin ETF

 

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $61,500 on Saturday, still up by 4% in 24 hours. The pair had hit $62,940 hours after the Wall Street open on Friday as news hit that regulators had green-lit two ETF applications after years of failed applications. These ETFs will have CME Bitcoin futures as the underlying asset, rather than Bitcoin itself, with the Securities and Exchange Commission (SEC) set to begin deciding the fate of "physical" ETFs next month.

 

 

CHART

 

 

Bitcoin – Daily Candlesticks

Source: GKFX Prime Metatrader 4

BTC/USD has broken out from a pennant pattern and is now challenging the supply zone created by the former record high. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

 

SOURCE

 

 

https://www.fxstreet.com/economic-calendar
https://www.investing.com/news/cryptocurrency-news/btc-price-hovers-above-61k-amid-fresh-concerns-over-fate-of-physical-bitcoin-etf-2646019
https://www.cnbc.com/2021/10/15/forex-markets-dollar-japanese-yen-federal-reserve.html
https://www.cnbc.com/2021/10/15/oil-markets-supply-outlook.html
https://www.cnbc.com/2021/10/15/europe-markets-earnings-power-global-stocks.html
https://www.cnbc.com/2021/10/15/earnings-are-the-big-catalyst-for-stocks-in-the-week-ahead-as-tesla-and-netflix-report.html
https://www.msn.com/en-us/money/markets/gold-ends-lower-but-prices-log-strongest-weekly-gain-since-early-september/ar-AAPz17d