Ethereum dips before 1st US Bitcoin ETF launch

“Generally, the greater the stigma or revulsion, the better the bargain.” - Seth Klarman

 

 

HEADLINES

 

 

• Dollar resumes upward March on higher yields; yen falls again
• USD/CAD climbs to 1.2400 neighbourhood amid a pickup in USD demand
• USD/TRY clinches another all-time high past 9.3000
• Gold Down, but Caps Losses as U.S. Bond Yields Ease
• Refining Billionaire: $100 Oil Is Likely
• S&P, Nasdaq enjoy boost from big tech firms, Dow dips
• Asia stocks slip as data shows China’s economy grew less than expected; oil prices surge
• Indian stocks close at record levels as banks, metals jump
• Bitcoin ProShares ETF confirmed for Tuesday launch; Bitcoin to reach record high?

 

 

FOREX

 

 

Dollar resumes upward March on higher yields; yen falls again

 

The U.S. dollar gained broadly on Monday, rebounding towards a one-year high hit last week as slowing economic growth in China and firmer U.S. Treasury yields boosted the appeal of the greenback with the Japanese yen among the major losers.

Three data points over the weekend, namely strong inflation data in New Zealand, hawkish comments from the Bank of England and slowing growth in China has reaffirmed the broad theme of rising inflation and slowing growth in global markets.

 

USD/CAD climbs to 1.2400 neighbourhood amid a pickup in USD demand

 

Having shown some resilience below mid-1.2300s, the USD/CAD pair attracted some buying on the first day of a new week and for now, seems to have snapped four successive days of the losing streak. The uptick allowed the pair to move away from over three-month lows touched on Friday and was sponsored by a modest US dollar strength.

 

USD/TRY clinches another all-time high past 9.3000

 

USD/TRY entered its third consecutive week of gains on Monday on the back of extra depreciation in the Turkish currency and the moderate recovery in the greenback. Indeed, the pair advanced in six out of the last seven weeks since the beginning of September and was (once again) the worst performer EM currency during last week.

 

 

COMMODITIES

 

 

Gold Down, but Caps Losses as U.S. Bond Yields Ease

 

Gold was down on Monday morning in Asia, recouping some losses after a steep sell-off during the previous session as U.S. bond yields eased. The benchmark U.S. 10-year Treasury yields eased after rising to a high of 1.5904% on Monday. Meanwhile, the dollar, which usually moves inversely to gold, edged up on Monday.

 

Refining Billionaire: $100 Oil Is Likely

 

“With oil nearly at $84 this morning, we are going to see $100 oil, it looks like, there’s no sign of it stopping,” said Catsimatidis, who is chief executive of United Refining Company, and president and CEO of Gristedes, D’Agostino Foods, and the Red Apple Group.

 

 

STOCKS

 

 

S&P, Nasdaq enjoy boost from big tech firms, Dow dips

 

The S&P and Nasdaq were gaining on Monday with a helping hand from heavyweight technology companies as investors appeared optimistic about the third-quarter earnings season. While stocks were under pressure in early trading due to concerns about slowing economic growth in China and inflation, particularly in oil prices, the S&P had turned firmly positive by late morning.

 

Asia stocks slip as data shows China’s economy grew less than expected; oil prices surge

 

Stocks in Asia-Pacific mostly slipped on Monday as investors reacted to the release of key Chinese economic data. China’s gross domestic product grew 4.9% in third quarter, official data showed Monday. That was below expectations of analysts in a Reuters poll for a 5.2% expansion.

 

Indian stocks close at record levels as banks, metals jump

 

Indian shares rose for the seventh straight session to close at an all-time high on Monday helped by gains in public sector banks, while metals and energy stocks surged on the back of a rise in commodity prices. The Nifty Metals index surged 3.9%, led by gains of more than 10% in National Aluminium Co, Vedanta, Hindustan Copper and Hindustan Zinc, as global metal prices spiked.

 

 

CRYPTO

 

 

Bitcoin ProShares ETF confirmed for Tuesday launch; Bitcoin to reach record high?

 

The first exchange-traded fund (ETF) linked to Bitcoin Futures is to begin trading on Tuesday morning, according to a new report. The New York Times reported that ProShares Bitcoin Strategy ETF (NYSE:BITO) will launch on Tuesday morning on the New York Stock Exchange, citing the firm and the exchange. The move is seen as a major milestone for the adoption of cryptocurrencies as it allows investors to gain exposure to digital assets without the need to hold Bitcoin directly.

 

 

CHART

 

 

Ethereum – Daily Candlesticks

Source: GKFX Prime Metatrader 4

ETH/USD dropped back from a downtrend line connecting the highs from May and August. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

 

SOURCE

 

 

https://www.fxstreet.com/economic-calendar
https://www.fxstreet.com/news/usd-cad-climbs-to-12400-neighbourhood-amid-a-pickup-in-usd-demand-202110180328
https://www.fxstreet.com/news/usd-try-clinches-another-all-time-high-past-93000-202110181337
https://www.reuters.com/article/india-stocks/indian-stocks-close-at-record-levels-as-banks-metals-jump-idUSKBN2H80AJ
https://www.cnbc.com/2021/10/18/asia-markets-china-economy-currencies-oil.html
https://www.reuters.com/article/global-forex/forex-dollar-resumes-upward-march-on-higher-yields-yen-falls-again-idUSL8N2RE2KJ
https://www.investing.com/news/commodities-news/gold-down-but-caps-losses-as-us-bond-yields-ease-2646227
https://www.investing.com/news/cryptocurrency-news/bitcoin-proshares-etf-confirmed-for-tuesday-launch-bitcoin-to-reach-record-high-2646607