Bitcoin hits $55K before possible ETF approval

Hope is bogus emotion that only costs you money.” – Jim Cramer

 

 

HEADLINES

 

 

• Dollar holds near 14-month high to euro on inflation fears
• King dollar not yet ready to abdicate, say FX strategists: Reuters poll
• Gold Down, but Moves Small Ahead of Latest U.S. Jobs Report
• Oil Down as Investors Digest Surprise Crude Oil Build
• Price spike: Are whales front-running the approval of a Bitcoin futures ETF?

 

 

FOREX

 

 

Dollar holds near 14-month high to euro on inflation fears

 

The safe-haven dollar held close to a 14-month high against the euro on Thursday as a surge in energy prices fueled worries that inflation could crimp economic growth while also prodding the Federal Reserve to act sooner to normalize policy. The U.S. currency was steady at $1.1558 per euro after strengthening to $1.1529 on Wednesday for the first time since July of last year.

 

King dollar not yet ready to abdicate, say FX strategists: Reuters poll

 

King dollar will dominate currency markets in the near term before ceding ground to its peers in a year, found a Reuters poll of FX strategists who said U.S. Treasury yields would give the greenback the most direction over the next 12 months.

Bolstered by the U.S. Federal Reserve's tapering plans and a growing chorus of Federal Open Market Committee members now forecasting a rate hike by the end of next year, benchmark yields in the U.S. have risen sharply. That has sent the dollar to levels not seen in more than a year.

 

 

COMMODITIES

 

 

Gold Down, but Moves Small Ahead of Latest U.S. Jobs Report

 

Gold was down on Thursday morning in Asia, remaining flat as the dollar remained near a one-year high. Investors also kept moves small, with the latest U.S. jobs report due later in the week. The yield on benchmark 10-year U.S. Treasuries eased off a more than three-month high overnight but remained above the 1.5% mark. On the data front, the U.S. ADP non-farm employment change for September was a higher-than-expected 568,000. Subsiding numbers of COVID-19 cases boosted high-contact activity such as dining out at restaurants and travel.

 

Oil Down as Investors Digest Surprise Crude Oil Build

 

Oil was down Thursday morning in Asia, dropping for a second session as U.S. crude oil supply data showed a surprise build. Wednesday’s U.S. crude oil supply data from the U.S. Energy Information Administration showed a build of 2.346 million barrels in the week to Oct. 1. Forecasts prepared by Investing.com predicted a 418,000-barrel draw, while a 4.578-million-barrel build was recorded during the previous week.

 

 

STOCKS

 

 

S&P 500 Makes Big Comeback as McConnell Offers Debt Ceiling Olive Branch

 

The S&P 500 rebounded strongly to end higher Wednesday, after Republican lawmakers softened their stance on a debt ceiling extension, paving the way to a possible deal that would avoid the U.S. defaulting on its debt. Senate Minority Leader Mitch McConnell said he would support extending the debt limit extension into December to give the Democrats more time to raise the ceiling.

 

 

CRYPTO

 

 

Price spike: Are whales front-running the approval of a Bitcoin futures ETF?

 

Bloomberg senior analyst Eric Balchunas says there is a 75% chance that the SEC will approve a Bitcoin futures ETF this month. A surge in Bitcoin prices today may be in response to increased speculation that an exchange-traded product could finally be approved in the coming weeks.

 

 

CHART

 

 

Euro / US dollar  – Daily Candlesticks

Source: GKFX Prime Metatrader 4

EUR/USD continues to fall away from the neckline of the completed head and shoulders pattern. The  price objective implied by the pattern is around 1.11- 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/commodities-news/gold-down-but-moves-small-ahead-of-latest-us-jobs-report-2636997
https://www.investing.com/news/economy/king-dollar-not-yet-ready-to-abdicate-say-fx-strategists-2636950
https://www.cnbc.com/2021/10/07/forex-markets-dollar-euro-inflation-concerns.html
https://www.investing.com/news/cryptocurrency-news/price-spike-are-whales-frontrunning-the-approval-of-a-bitcoin-futures-etf-2637019
https://www.investing.com/news/commodities-news/oil-down-as-investors-digest-surprise-crude-oil-build-2636986